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Maruti Suzuki Q3 FY26: Net Sales Up 29.2% to ₹47,534 Cr; PAT Rises 3.7% Amid Margin Pressure
Maruti Suzuki reported a strong 29.2% YoY growth in net sales for Q3 FY26, reaching INR 475,344 million, supported by a 17.9% increase in sales volume. However, EBITDA margins contracted by 210 bps to 11.7%, significantly impacted by a one-time provision of INR 5,939 million for New Labour Codes and adverse commodity prices. Despite these cost pressures, PAT grew 3.7% YoY to INR 37,940 million. The company demonstrated robust domestic demand, particularly in the Mini, Compact, and Utility Vehicle segments.
Key Highlights
Net Sales for Q3 FY26 rose 29.2% YoY to INR 475,344 million, with total sales volume reaching 667,769 units.
Operating EBITDA margin stood at 11.7%, down from 13.8% YoY, inclusive of a ~125 bps impact from a one-time labour code provision.
Domestic Utility Vehicle (UV) sales grew 20.8% YoY in Q3, while the Mini + Compact segment saw a 25.4% volume increase.
Material costs increased to 76.2% of net sales compared to 74.0% in the previous year due to adverse commodity and FX movements.
9M FY26 PAT reached INR 108,549 million, reflecting a 4% growth over the same period last year.
💼 Action for Investors
Investors should look past the one-time labour provision to assess core operational efficiency, while monitoring if volume growth in the UV segment can offset rising material costs. The stock remains a key play on Indian consumer demand, but margin recovery is the critical metric to watch in upcoming quarters.
Maruti Suzuki Q3 FY26 Net Profit Rises to ₹3,794 Cr; Revenue Up 17.8% YoY
Maruti Suzuki reported a strong top-line performance for Q3 FY26 with standalone revenue reaching ₹49,891 crore, up 17.8% from ₹42,332 crore in the year-ago period. Net profit grew modestly to ₹3,794 crore compared to ₹3,659 crore YoY, primarily due to a one-time provision for new labour codes. The company recognized an incremental impact of ₹593.9 crore related to revised wage definitions for gratuity and leave encashment. Additionally, the merger with Suzuki Motor Gujarat (SMG) was successfully completed and reflected in the restated financials.
Key Highlights
Revenue from operations increased 17.8% YoY to ₹49,891 crore.
Standalone Net Profit stood at ₹3,794 crore, up 3.7% YoY despite regulatory cost hits.
Recognized a one-time incremental impact of ₹5,939 million (₹593.9 crore) due to new Labour Codes.
Earnings Per Share (EPS) for the quarter rose to ₹120.61 from ₹116.39 YoY.
Amalgamation of Suzuki Motor Gujarat Private Limited became effective from December 1, 2025.
💼 Action for Investors
Investors should focus on the robust revenue growth and treat the profit suppression as a one-time regulatory adjustment. The successful integration of the Gujarat plant and steady EPS growth support a long-term positive outlook.
Maruti Suzuki: NCLAT Hearing on CCI Order Adjourned to February 27, 2026
Maruti Suzuki has announced that the National Company Law Appellate Tribunal (NCLAT) has adjourned the hearing regarding the 2021 Competition Commission of India (CCI) order. The hearing, which was scheduled for January 27, 2026, was not taken up and has been rescheduled for February 27, 2026. This legal matter involves an appeal against a CCI order dated August 15, 2021, for which Maruti Suzuki currently holds an interim stay. This is a continuation of a long-standing legal process with over 30 previous disclosures on the matter.
Key Highlights
NCLAT hearing scheduled for January 27, 2026, was adjourned without being taken up.
The next date for the hearing is now set for February 27, 2026.
The case pertains to an appeal against the CCI order issued on August 15, 2021.
This update marks the 31st formal disclosure regarding the timeline of this specific legal proceeding.
💼 Action for Investors
No immediate action is required as this is a routine procedural delay in a long-running legal case. Investors should continue to monitor the final outcome for any potential impact on the company's provisions or cash flows.