Maruti Suzuki India (MARUTI) Q4 24/25 earnings summary

Executive summary

• Achieved record annual sales of 2,234,266 vehicles in FY25, with highest-ever exports of 332,000 units and a production milestone of 2 million units.

• Launched two new models (fourth-gen Swift and Dazzling Dzire) with strong customer response; plans to launch two more models in FY26, including the e Vitara electric SUV.

• Board approved audited financial results for FY25, recommending a final dividend of INR 135 per share, up from INR 125, subject to AGM approval.

• Opened a new Greenfield plant at Kharkhoda with 250,000 units annual capacity, impacting margins due to initial overheads and depreciation.

• Annual General Meeting scheduled for August 28, 2025; dividend record date set for August 1, 2025, and payment on September 3, 2025.

Financial highlights

• FY25 net sales grew 7.5% year-over-year to INR 1,451,152 million; net profit rose 5.6% to INR 139,552 million.

• Q4 FY25 net sales reached INR 388,488 million, up 5.9% year-over-year; Q4 net profit was INR 37,111 million, down 4.3% year-over-year.

• Board recommended a record dividend of INR 135 per share, up from INR 125 per share in FY24.

• Consolidated revenue from operations for FY25 was INR 1,579,352 million, with consolidated net profit at INR 145,002 million.

• Export revenue for the quarter was about INR 5,500 crores; royalty rate at 3.5%.

Outlook and guidance

• Exports expected to grow by at least 20% in FY26, with a target of 70,000 e Vitara units (mainly exports).

• Domestic market growth forecasted at a modest 1–2% for FY26, with potential upside from new SUV launches.

• CapEx guidance for FY26 is INR 8,000–9,000 crores, including SMG.

• Margin pressures attributed to new plant expenses, higher sales promotion, and increased overheads.

• Amalgamation scheme with Suzuki Motor Gujarat Private Limited filed with NCLT, pending regulatory approvals.