Synopsis: Maruti Suzuki is set to announce its Q4FY26 and full-year results on April 28, with expectations of steady performance supported by strong demand, new launches, and export growth. However, capacity constraints and pricing pressures may continue to impact near-term growth, keeping investor focus on management commentary and future outlook.
Maruti Suzuki has informed the exchanges that its board will meet on April 28, 2026, to review and approve its audited financial results for the quarter and the year ended March 31, 2026. Along with the results, the board will also consider whether to recommend a dividend for the financial year 2025-26.
How Did Maruti Suzuki Perform in Q3FY26
Maruti Suzuki reported a strong performance in Q3FY26, with standalone revenue from operations coming in at Rs. 49,892 crore. This reflects a sequential increase of about 18 percent compared to Rs. 42,332 crore in Q2FY26. On a year-on-year basis as well, revenue saw a healthy growth of around 29 percent from Rs. 38,752 crore recorded in the same quarter last year.
Profitability also improved during the quarter, with net profit standing at Rs. 3,794 crore. This marks a growth of nearly 15 percent compared to Rs. 3,303 crore in the previous quarter, while on a year-on-year basis, profit increased by about 4 percent from Rs. 3,659 crore. However, earnings were partly impacted due to a one-time provision of approximately Rs. 594 crore related to the implementation of the New Labour Codes.
Operationally, the company benefited from recent GST reforms, which supported a strong recovery in demand across the domestic passenger vehicle market. Maruti Suzuki achieved its highest-ever domestic sales during the quarter at 5,64,669 units, up by 97,676 units from 4,66,993 units in Q3FY25. A significant portion of this incremental growth came from the small car segment, which falls under the lower 18 percent GST bracket and contributed 68,328 units.
Management indicated that the passenger vehicle industry has witnessed a sharp turnaround following the GST rate cuts, which reduced taxes by around 5 percent to 10 percent. After witnessing a marginal decline of 0.4 percent in the first half of FY26, the industry rebounded strongly with a growth of 20.5 percent in the third quarter, reflecting improved demand conditions.
Maruti Suzuki outperformed the broader industry during this recovery phase, with its domestic volumes rising by 22 percent in Q3FY26, compared to a decline of 5.8 percent in the first half of the year. This improvement has largely been driven by the revival in the small car segment, which has seen a meaningful comeback after being under pressure in recent periods.
What Are The Expectations?
According to Motilal Oswal, Maruti Suzuki is expected to see a steady improvement in performance in Q4FY26, supported by a recovery in demand and strong traction from recent launches. After a relatively softer phase earlier in the year, the company has seen a meaningful pickup following the launch of its new model in September 2025, along with the benefit of GST rate cuts. Between April and August 2025, Maruti’s retail sales growth was broadly in line with the industry. However, during the period from September to February, the company outperformed, with retail volumes rising 16.3 percent year-on-year compared to industry growth of 15.1 percent. This has resulted in a recovery in market share by around 170 basis points to 40.9 percent.
Despite this improvement, growth has been partly restricted due to capacity constraints, as the company is currently operating at peak production levels. Motilal expects this issue to ease once new capacity comes on stream, which could support stronger growth, particularly in the utility vehicle segment. The company’s upcoming launch pipeline is also expected to aid performance, especially as it continues to strengthen its presence in higher-growth segments.
The recently launched Victoris has performed better than expected, with minimal cannibalisation of existing models such as the Brezza and Grand Vitara. Instead of impacting existing volumes, the new model has helped expand overall demand, contributing incremental growth. At the same time, Maruti has had to absorb some pricing pressure in key models like the Brezza due to changes in GST rates on competing vehicles. Despite this, demand for the model remains strong, with monthly sales of around 15,000 units, highlighting its continued market relevance.
In the electric vehicle segment, the company has introduced the e-Vitara with a Battery-as-a-Service model, which lowers the upfront purchase cost and makes EV ownership more accessible. Customers can buy the base variant at a lower price and pay separately for battery usage, which helps reduce initial cost barriers. Along with this, incentives and Maruti’s strong distribution network are expected to support adoption. However, meaningful volume ramp-up for this model is likely to begin only from July, once the new manufacturing facility becomes operational.
On the operational side, flexible manufacturing lines are allowing the company to manage production across models, although this has led to some volatility in dispatches in recent months. Demand visibility remains strong, with an order backlog of around 1.75 lakh units as of February 2026. Inventory levels have also increased slightly to around 12 days, with a significant portion still in transit, indicating continued supply tightness.
Demand trends across other models also remain encouraging. The newly launched Dzire is witnessing strong traction, while models like the Baleno have seen a revival in demand. Additionally, recent GST cuts have improved affordability for small cars, which has widened the price gap with micro-SUVs and used cars, leading to a pickup in demand in the entry-level segment.
Maruti’s export performance has also remained strong, with the company already surpassing its FY26 export target of 4 lakh units by February. Export momentum is expected to sustain, supported by the ramp-up of new models such as the e-Vitara and Victoris.
Overall, while near-term growth continues to be impacted by capacity constraints, the combination of strong demand, new launches, improving product mix, and export momentum is expected to support performance in Q4. Over the medium term, a stronger SUV pipeline and recovery in the small car segment are likely to drive further market share gains.
What Are The Estimates?
Building on this outlook, Motilal Oswal estimates Maruti Suzuki’s Q4FY26 revenue at around Rs. 51,350 crore. EBITDA is expected to come in at Rs. 6,390 crore, with a margin of 12.4 percent, while EBIT is estimated at Rs. 4,630 crore. Profit before tax is projected at Rs. 5,630 crore, and adjusted profit after tax is expected at Rs. 4,150 crore, translating into a PAT margin of 8.08 percent.
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