Maruti Suzuki India (MARUTI) Q4 25/26 earnings summary

Executive summary

• Achieved record annual sales of 2.42 million vehicles, with highest-ever exports at 447,000 units and cumulative domestic sales surpassing 30 million units.

• Consolidated revenue from operations for FY26 reached ₹1,743,820 million, up from ₹1,451,099 million year-over-year.

• Q4 FY26 saw highest-ever quarterly sales of 676,209 units, up 11.8% year-over-year, and record net sales of INR 501 billion.

• Strong demand rebound in H2 FY26, especially in small cars post-GST reform, with pending orders of 190,000 units at year-end.

• Launched new models including Victoris (fastest to 50,000 sales) and first battery electric vehicle, e Vitara.

Financial highlights

• Q4 FY26 net sales: ₹500,787 million; Op. EBITDA: ₹61,569 million; PAT: ₹35,905 million.

• FY26 net sales: ₹1,743,695 million; Op. EBITDA: ₹214,502 million; PAT: ₹144,454 million.

• Consolidated net profit for FY26 was ₹146,795 million, compared to ₹145,002 million in FY25.

• Board recommended highest-ever dividend of INR 140 per share (face value INR 5), up from INR 135 last year.

• Export revenue for Q4 was $1.24 billion; retail sales for Q4 were 468,700 units, up 12.9% year-over-year.

Outlook and guidance

• Management expects about 10% domestic volume growth in FY27, above industry estimates.

• Additional 250,000 units of capacity to be added in FY27, with further ramp-up planned.

• Margin outlook remains positive, with mitigation actions for cost headwinds and focus on maintaining high utilization.

• The company continues to monitor regulatory changes, including new labour codes and environmental obligations, which may impact future financials.

• Forward-looking statements are subject to risks and uncertainties, including commodity prices and market conditions.