Maruti Suzuki India Ltd
Maruti Suzuki India Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Maruti Suzuki expects continued growth driven by robust demand post-GST reform, with quarter 3 FY26 showing a 20.5% industry growth and 22% domestic sales volume growth for the company. Maruti Suzuki experienced strong growth in Q3 FY26 due to GST tax cuts, with 22% domestic volume growth and robust overall demand.
From Maruti Suzuki India Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Maruti Suzuki expects continued growth driven by robust demand post-GST reform, with quarter 3 FY26 showing a 20.5% industry growth and 22% domestic sales volume growth for the company.
- They currently face supply constraints but strive to meet demand backed by a healthy order book (~175,000 vehicles) and low inventory levels.
- Sustainable demand levels for FY27 and beyond will be reassessed in a few months; early estimates suggested around 7% volume growth for the industry.
- Capex run rate stands at about INR 12,000 crores for FY26 with two new plants becoming operational soon; next year's capex budgeting is in progress.
- Exports are growing, targeted at 400,000 units in FY26, with new models like VICTORIS contributing.
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Profitability & Margins
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Capital Expenditure Plans
- Two new plants of 250,000 units each (Kharkhoda second plant and fourth line at Gujarat facility) will become operational soon.
- Current capex run rate is about INR 12,000 crores for FY26, including Gujarat facility.
- Next year's capex is yet to be budgeted; expected around INR 10,000 crores annually.
- Capex focused on both capacity expansion and new model launches, with no plans to cut back on either.
- Emphasis on meeting market demand without supply constraints.
- Investment aligned with India's growing car market, being the third largest globally.
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Top-ranked in Automobiles
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- Maruti Suzuki ended Q3 FY26 with a healthy order book of around 175,000 vehicles.
- The company is currently supply-constrained but working to meet the strong demand.
- Rahul Bharti mentioned the momentum in demand and assured supply will be aligned to market demand.
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Maruti Suzuki India Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹52.5K Cr, net profit ₹3.7K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Maruti Suzuki India Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Maruti Suzuki India Ltd Q3 FY26 results?
Maruti Suzuki expects continued growth driven by robust demand post-GST reform, with quarter 3 FY26 showing a 20.5% industry growth and 22% domestic sales volume growth for the company. Maruti Suzuki experienced strong growth in Q3 FY26 due to GST tax cuts, with 22% domestic volume growth and robust overall demand.
What is Maruti Suzuki India Ltd share price analysis?
Maruti Suzuki India Ltd currently shows a neutral. The stock trades at a P/E of 30.3 with a market cap of ₹434,945 Cr. Investors should review the full earnings analysis for detailed insights.
Is Maruti Suzuki India Ltd planning capital expenditure?
Two new plants of 250,000 units each (Kharkhoda second plant and fourth line at Gujarat facility) will become operational soon.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.