India · Delayed Price · Currency is INR Maruti Suzuki India Earnings Call Transcripts
Fiscal Year 2026
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Record annual and quarterly sales achieved, driven by strong demand post-GST reform and new model launches. EBIT margin expanded to 8.8% in Q4, though net profit declined due to mark-to-market losses. Management expects 10% domestic growth in FY27 and continued capacity expansion.
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Q3 FY26 saw record sales and profit growth, driven by GST-led demand rebound, strong small car and SUV performance, and robust exports. Margins faced commodity headwinds, but operating leverage and product mix offset some pressures. CapEx and capacity expansion remain on track.
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Q2 saw record net sales and profit growth, driven by strong exports and festive retail momentum. Small car sales surged, inventory levels dropped, and the company is on track to exceed export targets, with eight new SUVs planned to boost market share.
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Q1 FY26 saw a 1.1% sales volume increase driven by strong exports, offsetting a 4.5% domestic decline. Net sales and profit rose year-over-year, with operating margins slightly down due to new plant costs and input pressures. Two new SUV launches and strong rural demand support an optimistic outlook.
Fiscal Year 2025
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Record annual sales and exports were achieved, with net profit and margins impacted by new plant ramp-up and adverse product mix. FY26 guidance targets 20% export growth and modest domestic growth, with continued focus on new model launches and capital investment.
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Q3 FY25 saw record net sales and profit, driven by strong domestic and export growth, especially in CNG and premium segments. The company launched its first electric SUV, e VITARA, and expects continued moderate growth amid a subdued demand environment.
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Q2 saw record profit before tax and stable sales, with net profit impacted by tax law changes. Retail sales grew 14% during the festive period, and full-year growth is projected at 3–4%. CNG, hybrid, and EV segments are expanding, with rural markets outperforming urban.
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Q1 FY25 saw net sales rise 9.8% year-over-year and net profit jump 46.9%, driven by cost savings, favorable commodity prices, and strong CNG and export performance. SUV and CNG segments showed robust growth, while domestic demand was muted due to external factors.