Maruti Suzuki India Limited (MARUTI)
₹11,489.00 +0.38% last close, 16 Oct
Q2 FY27 results
📅 Next results: 27 Oct 2026 (board meeting)Maruti Suzuki India Limited's board meets on 27 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q4 FY26, Maruti Suzuki's revenue was ₹52,462 Cr (+28.2% year on year, +5.1% on the previous quarter), and net profit ₹3,659 Cr (-6.4% year on year); the operating margin was 11.7%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹52,462 | +28.2% | +5.1% |
| Operating profit | ₹6,158 | +27.1% | +10.5% |
| Net profit | ₹3,659 | -6.4% | -5.7% |
| EPS (₹) | 116.38 | -6.4% | -5.7% |
| Operating margin | 11.7% | — | — |
MARUTI delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 53.58% of the MARUTI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.08%. That is close to its usual level. In MARUTI futures, open interest rose 0.62% while the futures price rose 0.29%: long buildup (new long positions). NSE's short-selling report for 15 Oct lists 2,711 MARUTI shares sold short, 0.53% of that day's volume.
Delivery in the last 5 sessions: 53.6% · 67.1% · 56.9% · 45.0% · 53.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Maruti Suzuki has received a favorable Income Tax Appellate Tribunal (ITAT) order covering eight financial years (FY 2013-14 to FY 2019-20 and FY 2021-22). The issues were majorly decided in the company's favor, resulting in an estimated positive tax impact (including interest) of approximately Rs 130,000 million (Rs 13,000 crore). Consequently, the company will reduce its contingent liability by approximately Rs 63,000 million (Rs 6,300 crore), primarily from the interest component. The company reported no major immediate impact on current operations or reported financials, and will apply to the jurisdictional Assessing Officer to effect the order.
- ITAT order rules majorly in favor of Maruti Suzuki for 8 financial years (FY 2013-14 to FY 2019-20 and FY 2021-22)
- Estimated positive tax impact (including interest) of approximately Rs 130,000 million (Rs 13,000 crore)
- Contingent liabilities to be reduced by approximately Rs 63,000 million (Rs 6,300 crore), primarily interest
- Company to file application before jurisdictional Assessing Officer to give effect to the order
Maruti Suzuki has received notification from the Hon'ble National Company Law Appellate Tribunal (NCLAT) regarding its ongoing matter with the Competition Commission of India (CCI). The hearing, which was previously adjourned and listed for 02nd November 2026, will not be taken up on that date. The NCLAT has stated that the fresh hearing date will be notified in due course. This follows an earlier disclosure made by the company on 28th September 2026.
- Hearing before NCLAT in the CCI matter scheduled for 02nd November 2026 postponed
- Next date of hearing to be notified by NCLAT in due course
- Follows earlier regulatory intimation submitted on 28th September 2026
Maruti Suzuki reported a total production volume of 242,011 units for September 2026, marking a 19.9% YoY increase compared to 201,915 units in September 2025. Total Passenger Vehicle output climbed 20.1% YoY to 238,091 units, primarily driven by strong momentum in Utility Vehicles, which surged 37.9% YoY to 109,615 units. The mini and compact passenger car segment also grew by 9.1% YoY to 115,220 units, while Light Commercial Vehicles rose 8.9% YoY to 3,920 units.
- Total production increased 19.9% YoY to 242,011 units in September 2026 from 201,915 units in September 2025
- Utility Vehicles production jumped 37.9% YoY to 109,615 units from 79,496 units
- Mini and Compact segment volume rose 9.1% YoY to 115,220 units compared to 105,619 units
- Total Passenger Vehicles output expanded 20.1% YoY to 238,091 units against 198,316 units
- Light Commercial Vehicles (Super Carry) volume increased 8.9% YoY to 3,920 units
Maruti Suzuki reported total sales of 236,013 units for September 2026, up 24.4% from 189,665 units in September 2025. Growth was heavily driven by the Utility Vehicle segment, which surged 62.1% YoY to 78,911 units, while passenger cars grew 24.0% to 91,887 units. Total domestic sales (including OEM and LCV) rose 30.1% YoY to 191,794 units, whereas exports grew 4.8% YoY to 44,219 units. For H1 FY27 (April-September 2026), cumulative sales reached 1,379,378 units compared to 1,078,735 units in H1 FY26, representing a 27.9% growth.
- Total September 2026 sales reached 236,013 units vs 189,665 units in September 2025 (+24.4% YoY)
- Utility Vehicle sales jumped 62.1% YoY to 78,911 units from 48,695 units
- Total domestic passenger vehicle sales grew 36.9% YoY to 181,838 units
- Sales to other OEMs declined 44.3% YoY to 6,542 units from 11,750 units
- H1 FY27 total sales reached 1,379,378 units, up 27.9% YoY from 1,078,735 units
Maruti Suzuki India Limited disclosed that its amalgamated entity, Suzuki Motor Gujarat Private Limited, received an Income Tax penalty order of Rs 149.64 million (~Rs 14.96 crore) under Section 270A of the Income-tax Act, 1961 for FY 2022-23. The penalty stems from certain additions/disallowances sustained in the Final Assessment Order, which remain subjudice before appellate authorities. Maruti confirmed that it will contest the penalty by filing an appeal. Given Maruti's FY26 net profit of Rs 14,679.4 crore, the penalty represents roughly 0.1% of annual profit and poses no operational disruption.
- Penalty order received under Section 270A of the Income-tax Act, 1961 for FY 2022-23
- Total penalty imposed amounts to Rs 149.64 million (Rs 14.96 crore)
- Order received on 29th September 2026 by amalgamated entity Suzuki Motor Gujarat
- Company confirmed it will file an appeal against the penalty order
- Management noted no major impact on operational or financial activities
Maruti Suzuki India Limited announced that Mr. Kazunari Yamaguchi has resigned as Whole-time Director (Director - Production) effective 30th September 2026 following Suzuki Motor Corporation's nomination withdrawal, though he will remain a Non-executive Director. Simultaneously, Mr. Sarada Prasana Nayak, who brings over 30 years of manufacturing and capex experience, has been appointed as Senior Management Personnel designated as Head (Production and Production Engineering) effective 1st October 2026. This leadership transition occurs as the auto major operates at near 90% capacity and executes major greenfield and brownfield capacity expansions at Kharkhoda and Gujarat.
- Mr. Kazunari Yamaguchi resigned as Whole-time Director effective close of business 30th September 2026.
- Mr. Yamaguchi will continue to serve on the board as a Non-executive Director.
- Mr. Sarada Prasana Nayak appointed as Head (Production and Production Engineering) effective 1st October 2026.
- Mr. Nayak brings over 30 years of experience in leading large-scale greenfield and brownfield capex programs.
Maruti Suzuki India Limited has informed the exchanges regarding its ongoing legal matter with the Competition Commission of India (CCI). The hearing scheduled for September 28, 2026, for CCI arguments has been adjourned. The matter is now posted for hearing on November 2, 2026. This is a procedural adjournment in continuing legal proceedings, with no immediate financial liability quantified in the intimation.
- Hearing listed on 28th September 2026 adjourned
- Matter adjourned to 02nd November 2026 for arguments to continue
- Pertains to ongoing proceedings involving the Competition Commission of India (CCI)
- Follows earlier disclosure dated 30th July 2026
Maruti Suzuki shared parent Suzuki Motor Corporation's Technology Strategy Briefing 2026. The group reiterated its long-term plan to expand manufacturing capacity in India to approximately 40 lakh (4 million) units annually from FY2030 onward. Operational goals toward 2030 include halving new model development periods, improving development efficiency by 30%, and lifting production efficiency by 50% compared to the Manesar plant. The briefing also outlined green initiatives, including operating 3 biogas plants in Gujarat and co-initiating a plan for 1,000 biogas plants across India.
- Targeting annual production capacity in India of about 4 million units (40 lakh units) from FY2030 onward
- Aims to halve new model development period and lift development efficiency by 30% compared to FY2020
- Targeting a 50% increase in production efficiency compared to the Manesar plant benchmark
- Operationalized 3 biogas plants in Gujarat by August 2026, aligned with a bilateral initiative to set up 1,000 plants across India
- Developing on-board carbon capture capable of capturing ~50% (1 kg per 20 km) of vehicle emissions
Maruti Suzuki has commissioned a 300 kW Green Hydrogen electrolyzer pilot plant at its Manesar facility in Haryana. The generated green hydrogen will be blended with natural gas and used as process fuel in manufacturing operations, utilizing surplus solar energy generated on holidays. The initiative is part of the company's broader sustainability roadmap to cut manufacturing carbon emissions from 615,000 tonnes to 266,000 tonnes by FY 2030-31. Additionally, the company disclosed progress on a 10 TPD biogas plant at Kharkhoda (FY27 target) and INR 5,610 million board approval for four compressed biogas projects.
- Commissioned a 300 kW Green Hydrogen electrolyzer plant as a pilot at the Manesar facility
- Targets cutting manufacturing carbon footprint from 615,000 tonnes to 266,000 tonnes by FY 2030-31
- Setting up a 10 Tonnes Per Day (TPD) biogas plant at Kharkhoda to be commissioned within FY 2026-27
- Board approved 4 compressed biogas projects with an earmarked budget of INR 5,610 million
- Commissioned a 1 MWh Battery Energy Storage System at the Kharkhoda facility
Maruti Suzuki has expanded its alternative fuel portfolio by introducing 5-speed AMT (automatic) versions of its popular S-CNG models: Swift (starting at Rs 7,92,400), Dzire (Rs 8,53,100), and Baleno (Rs 8,32,400). The Dzire S-CNG AMT is certified as India's most fuel-efficient sedan delivering 36.47 km/kg. The company disclosed that Q1 S-CNG vehicle sales grew 58% year-on-year, followed by an all-time high monthly sale of 83,000 S-CNG units in July. This product rollout addresses urban demand for automatic transmissions combined with low operating costs, reinforcing Maruti's 40.58% domestic market share.
- Launched automatic (5-Speed AMT) S-CNG variants for Swift (Rs 7,92,400), Dzire (Rs 8,53,100), and Baleno (Rs 8,32,400)
- Delivers certified fuel efficiencies of 35.34 km/kg for Swift, 36.47 km/kg for Dzire, and 34.47 km/kg for Baleno
- Recorded a 58% YoY increase in S-CNG sales in Q1 of the current year
- Achieved highest-ever monthly S-CNG vehicle sales of 83,000 units in July
Maruti Suzuki India Limited has informed the exchanges that a meeting with an investor group is scheduled to be held on September 22, 2026. The intimation is submitted pursuant to Regulation 30(6) of SEBI LODR Regulations, 2015. The company noted that the scheduled date is subject to change based on exigencies from either party. No material financial details or corporate actions were disclosed in this administrative filing.
- Meeting with an investor group is scheduled for September 22, 2026
- Intimation issued under Regulation 30(6) of SEBI LODR Regulations, 2015
- Filing dated and communicated to BSE and NSE on September 17, 2026
Crisil ESG Ratings & Analytics Limited has upgraded Maruti Suzuki India Limited's ESG score to 68 (Rating category - Strong) for FY 2025-26, up from 63 in FY 2024-25. Additionally, the company's Crisil core ESG score rose to 64 from 57 during the same period. The evaluation was prepared independently by Crisil based on publicly available data, with no commercial engagement from Maruti Suzuki. The announcement reflects ongoing sustainability improvements without direct short-term financial impact.
- ESG score upgraded to 68 from 63 for FY 2025-26
- Rating category retained at 'Strong'
- Crisil core ESG score increased to 64 from 57
- Independent report prepared using public domain data without company engagement
Maruti Suzuki India Limited has announced a price hike of up to Rs 20,000 on selected vehicle models effective September 2026. The revision comes in response to continuous increases in input costs and sustained inflationary pressures. The company stated that despite internal cost reduction efforts, a portion of the elevated costs must be passed on to the market to protect margins (TTM OPM stands at 11.7%).
- Price increase of up to Rs 20,000 on selected vehicle models
- Price revision effective starting September 2026
- Implemented to partially offset continuous sustained increase in input costs and inflationary pressures
Maruti Suzuki India Limited has issued a corrigendum regarding its press release dated September 5, 2026 (Ref: MSIL: COS: NSE&BSE: 2026/09_05). The filing clarifies that the term 'New Brezza' appearing on page 3 of the release should be read as 'Stunning New Baleno'. The link provided for high-resolution images remains unchanged, and this correction has zero financial or operational impact on the company.
- Corrigendum issued for press release dated 5th September 2026 (Ref: MSIL: COS: NSE&BSE: 2026/09_05)
- Replaced the term 'New Brezza' with 'Stunning New Baleno' on Page No. 3
- High-resolution image link remains active and unchanged
Maruti Suzuki India Limited has officially launched the refreshed Baleno premium hatchback with ex-showroom prices starting at Rs 6,09,900 and booking amounts set at Rs 11,000. The refreshed model introduces segment-first Level 2 ADAS technology and ventilated front seats, powered by the Advanced Z12E powertrain (61 kW power, 112.4 Nm torque). Fuel efficiency has improved by 6.4% on MT (23.80 km/l), 7.9% on AGS (24.77 km/l), and 9.8% on S-CNG (33.61 km/kg). This launch is intended to maintain Maruti's market presence in the premium hatchback category under the NEXA retail network.
- Starting ex-showroom price of INR 6,09,900 with bookings opening at INR 11,000.
- Powered by Advanced Z12E powertrain delivering 61 kW at 5700 rpm and 112.4 Nm torque at 4500 rpm.
- Certified fuel efficiency of 23.80 km/l (MT), 24.77 km/l (AGS), and 33.61 km/kg (CNG), showing up to 9.8% improvement.
- Introduces segment-first Level 2 ADAS with 8 advanced safety functions along with standard 6 airbags.
Financial Performance
Revenue Growth by Segment
Net sales for Q2 FY26 reached INR 40,135.9 Cr, representing a 9.6% sequential growth from Q1 FY26. H1 FY25 revenue grew 4.8% YoY, driven by a 4% growth in realizations and a shift toward Utility Vehicles (UVs). Export revenue for Q2 FY26 was reported at over INR 8,300 Cr.
Geographic Revenue Split
Domestic market volume share stood at 40.58% in H1 FY25, while the export segment share increased to 14.8% (up from 13.1% in H1 FY24). Export volumes grew 11.8% in H1 FY25, contrasting with a 3.2% decline in domestic volumes during the same period.
Profitability Margins
Operating margin for H1 FY26 was 11.9%, a decline from 13.8% in H1 FY25. Net Profit Margin for FY25 was 9.6% compared to 9.8% in FY24. The decline in H1 FY26 was attributed to a 100 bps increase in material costs and a 75 bps rise in sales promotion expenses.
EBITDA Margin
Operating EBIT margin stood at 8.5% in Q2 FY26, up 20 bps from 8.3% in Q1 FY26. This improvement was driven by favorable operating leverage (110 bps) and lower operating expenses (50 bps), despite higher sales promotions (-75 bps).
Capital Expenditure
The company plans to invest over INR 15,000 Cr per fiscal year to fund sizeable expansion plans, including the new manufacturing plant at Kharkhoda (Haryana) and a new plant in Gujarat. Net cash accruals of over INR 13,000-15,000 Cr per year are expected to support this.
Credit Rating & Borrowing
CRISIL has reaffirmed a 'CRISIL AAA/Stable' long-term rating and 'CRISIL A1+' short-term rating. The company maintains negligible debt levels with a debt-equity ratio of -0.001 as of FY25 and an interest coverage ratio of 406 times.
Operational Drivers
Raw Materials
Key raw materials include Platinum Group Metals (PGM), steel, and semiconductor chips. Material costs accounted for 76.5% of net sales in Q2 FY26, up from 75.5% in Q1 FY26.
Import Sources
Not explicitly disclosed in available documents, though Japanese Yen (JPY) forex exposure indicates significant sourcing or royalty linkages to Japan.
Key Suppliers
The company works with over 30 major supplier partners and maintains 100% training coverage for Tier-1 suppliers. Specific supplier names like SMC (Suzuki Motor Corporation) are mentioned regarding preferential allotments.
Capacity Expansion
Current plants are operating at nearly 90% capacity. Expansion is underway at Kharkhoda, Haryana, and a new plant in Gujarat to bolster market leadership and meet the 2030-31 production goals.
Raw Material Costs
Material costs rose to 76.5% of sales in Q2 FY26. Adverse commodity prices (specifically PGM) and unfavorable forex (JPY) impacted margins by 30 bps in the recent quarter. Procurement strategies include high indigenization and established linkages with component suppliers.
Manufacturing Efficiency
Capacity utilization is high at ~90%. Efficiency is driven by digitalization initiatives, including QR code-based safety rules and digital tracking of process optimization.
Logistics & Distribution
Not disclosed as a specific percentage of revenue, but the company maintains the largest distribution network in the domestic PV market as a core competitive strength.
Strategic Growth
Expected Growth Rate
6%
Growth Strategy
The company targets a 50% market share and 10% EBIT margin by FY 2030-31. Strategy involves aggressive product launches in the UV segment, expanding the BEV portfolio for export (e VITARA), and commissioning new capacity at Kharkhoda and Gujarat to leverage 90% current utilization.
Products & Services
Passenger vehicles including small cars (entry-level PVs), Utility Vehicles (UVs), and Battery Electric Vehicles (BEVs). Services include taxi fleet solutions and defense agency supplies.
Brand Portfolio
VICTORIS, e VITARA, and various models in the Utility Vehicle and small car segments.
New Products/Services
The VICTORIS model was recently launched, securing 30,000 bookings by October 2025. The e VITARA (BEV) commenced exports in August 2025 with over 7,000 units shipped to Europe.
Market Expansion
Targeting a significant increase in export share (currently 14.8%) with a focus on European markets for EVs. Domestically, expanding capacity in Haryana and Gujarat to regain 50% market share.
Market Share & Ranking
Market leader in the domestic PV industry with a 40.58% share as of H1 FY25.
Strategic Alliances
Preferential allotment of equity shares to Suzuki Motor Corporation (SMC) for the acquisition of the Gujarat plant.
External Factors
Industry Trends
The industry is shifting toward Utility Vehicles (UVs) and Electric Vehicles (EVs). Small car demand is reviving due to recent GST reforms and reduced rates, which is a key monitorable for Maruti's volume recovery.
Competitive Landscape
Intense competition from domestic and international PV OEMs, particularly in the fast-growing UV segment where Maruti is aggressively expanding its portfolio.
Competitive Moat
Durable moat built on the largest distribution network in India, high brand trust, and cost leadership through 90% capacity utilization and high indigenization. These are sustainable due to the massive scale of the Kharkhoda and Gujarat expansions.
Macro Economic Sensitivity
Highly sensitive to interest rates and inflation which affect consumer financing. Sustainable industry growth is estimated at 6% YoY.
Consumer Behavior
Shift in consumer preference toward higher-priced UVs, which fetch better realizations, and a temporary rebound in small cars driven by festive euphoria and GST incentives.
Geopolitical Risks
Export momentum to Europe (7,000 e VITARA units) is subject to international trade regulations and carbon emission norms.
Regulatory & Governance
Industry Regulations
Compliance with evolving emission norms and safety regulations requires continuous R&D spend, which can impact return on investment if costs aren't fully passed to consumers.
Environmental Compliance
The company has a Board-level Sustainability Committee and an Executive Director for Sustainability. Focus is on reducing environmental impact through R&D in green technologies.
Taxation Policy Impact
The company benefits from GST reforms that reduced rates on small cars, aiding segment revival. Corporate tax rate impacts PAT (INR 32.9 billion in Q2 FY26).
Legal Contingencies
The company has a Code of Business Conduct and Ethics to manage anti-corruption. Specific pending court case values were not listed in the provided 'NA' summary for appealed actions.
Risk Analysis
Key Uncertainties
Volatility in raw material costs (PGM/Steel) and JPY forex fluctuations are primary risks. Sustaining the small car revival post-festive season is a key uncertainty with a potential impact on volume growth.
Geographic Concentration Risk
Heavy domestic concentration (85.2% of revenue), though exports are growing (14.8% share).
Third Party Dependencies
Dependency on Suzuki Motor Corporation (SMC) for technology and the Gujarat plant acquisition. Tier-1 suppliers are critical, with 100% training coverage maintained to mitigate supply risks.
Technology Obsolescence Risk
Risk of falling behind in the EV transition is being mitigated by the launch of e VITARA and the start of BEV exports to Europe.
Credit & Counterparty Risk
Superior liquidity with INR 61,505 Cr in liquid surplus and a debtors turnover of 26 times indicates high receivables quality.
