Maruti Suzuki India (MARUTI) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw passenger vehicle industry growth of 20.5% YoY, with sales volume rising to 683,000 units and net sales up to INR 475 billion, driven by GST reform and robust demand in small cars and SUVs.

• Consolidated revenue for the quarter ended December 31, 2025, was ₹499,041 million, with consolidated profit at ₹38,791 million and standalone profit at ₹37,940 million.

• Achieved cumulative domestic sales of 30 million units and annual production over 2 million units for the second consecutive year.

• Export share reached 46% of India's passenger vehicle exports in 2025, with e-Vitara shipped to 29 countries.

• Amalgamation of Suzuki Motor Gujarat became effective December 1, 2025, with financials restated and no impact on consolidated results.

Financial highlights

• Q3 FY26 net sales reached INR 475 billion, up from INR 368 billion YoY; net profit at INR 38 billion, impacted by a one-time labor code provision of INR 5,939 million.

• Standalone total income for the quarter was ₹509,458 million, with standalone profit before tax at ₹48,300 million.

• Q3 FY26 operating EBITDA was INR 55,717 million, up 10% YoY; operating EBIT rose 5.5%.

• 9M FY26 net sales at INR 1,242 billion (vs. INR 1,063 billion YoY); net profit at INR 108.5 billion (vs. INR 104.4 billion YoY).

• Export revenue for Q3 was INR 8,200 crore.

Outlook and guidance

• Short-term demand outlook remains strong with a healthy order book and low inventory; Q4 expected to be robust.

• Margin pressures expected to persist due to commodity prices, REE supply issues, and regulatory costs, but favorable operating leverage and product mix partially offset negatives.

• The company is monitoring the finalization of Central and State Rules regarding new Labour Codes and EPR obligations, with further accounting impacts possible.

• Export target for FY26 is 400,000 units, with next year’s target to be set by March.