Q3: Maruti Suzuki Net Profit Up 3.7%; Small Cars Drive Growth
The company achieved its highest-ever quarterly domestic sales of 564,669 units as compared to 466,993 units in Q3 the previous year
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Maruti Suzuki India Limited reported a net profit of INR 3,794 crore for Q3 FY2025-26, up by 3.7 per cent compared to INR 3,659 crore in the year-ago period. The company clocked net sales of INR 47,534 crore in Q3 FY2025-26, up 29.2 per cent from INR 36,802 crore in Q3 FY2024-25.
The GST reform led to a sharp recovery in the Indian car market, primarily led by the small car segment. The company achieved its highest-ever quarterly domestic sales of 564,669 units as compared to 466,993 units in Q3 the previous year, an increase of 97,676 units. “Out of this increase, the small car segment in the 18 per cent GST bracket accounted for 68,328 units. It clocked record total sales of 667,769 units including exports of 103,100 units. In the same period last year, the total sales were at 566,213 units, comprising domestic sales of 466,993 units and exports of 99,220 units,” Maruti Suzuki India, said in a statement.
Emkay Global said in a note, shared that MSIL’s channel inventory stood at an all-time low of three-four days at end-Q3, with a pending orderbook of 175,000 units. MSIL is also seeing sustained traction in exports and is confident of achieving its FY26 guidance of 400kpa units, implying 20 per cent YoY growth in FY26 (sees a one-off hit in Q3). The mgmt also indicated commodity pressures and would thus take calibrated hedges. We remain positive on MSIL, given its LT prospects aided by its aggressive product cycle targets (8 new SUVs by FY31) and expectations of rebound in small cars after years of muted demand (GST cut, better affordability). However, we cut FY26E-28E EPS by 6.5-7.5 per cent on rising commodity pressure.
Over the nine-month period (9M FY’26), the company’s trajectory remained positive. Total sales volume reached 1,746,504 units, a 7.2 per cent increase compared to 1,629,631 units in 9M FY’25. Net Sales for 9M FY’26 was up by 17.0 per cent to INR 1,242,908 million from INR 1,062,589 million, demonstrating consistent revenue generation. Domestic sales for 9M FY’26 grew by 3.9 per cent to 1,435,945 units, while exports exhibited a surge of 25.5 per cent to 310,559 units.
Maruti Suzuki India Limited reported a net profit of INR 3,794 crore for Q3 FY2025-26, up by 3.7 per cent compared to INR 3,659 crore in the year-ago period. The company clocked net sales of INR 47,534 crore in Q3 FY2025-26, up 29.2 per cent from INR 36,802 crore in Q3 FY2024-25.
The GST reform led to a sharp recovery in the Indian car market, primarily led by the small car segment. The company achieved its highest-ever quarterly domestic sales of 564,669 units as compared to 466,993 units in Q3 the previous year, an increase of 97,676 units. “Out of this increase, the small car segment in the 18 per cent GST bracket accounted for 68,328 units. It clocked record total sales of 667,769 units including exports of 103,100 units. In the same period last year, the total sales were at 566,213 units, comprising domestic sales of 466,993 units and exports of 99,220 units,” Maruti Suzuki India, said in a statement.
Emkay Global said in a note, shared that MSIL’s channel inventory stood at an all-time low of three-four days at end-Q3, with a pending orderbook of 175,000 units. MSIL is also seeing sustained traction in exports and is confident of achieving its FY26 guidance of 400kpa units, implying 20 per cent YoY growth in FY26 (sees a one-off hit in Q3). The mgmt also indicated commodity pressures and would thus take calibrated hedges. We remain positive on MSIL, given its LT prospects aided by its aggressive product cycle targets (8 new SUVs by FY31) and expectations of rebound in small cars after years of muted demand (GST cut, better affordability). However, we cut FY26E-28E EPS by 6.5-7.5 per cent on rising commodity pressure.
