Maruti Suzuki Q3 Results: Profit Rises to ₹3,794 Crore, Revenue Jumps 29%
Maruti Suzuki reported strong revenue growth in the December quarter, supported by higher sales volumes, operating leverage, and improved product mix.
Maruti Suzuki Q3 results reflect strong revenue growth driven by higher volumes and operating leverage during the December quarter. The company reported a rise in profit despite cost pressures from commodities, foreign exchange, and a one-time labour provision.
Live Earnings Snapshot
- Net sales: ₹47,534 crore (up 29% YoY)
- EBITDA: ₹5,572 crore (up 10% YoY)
- Profit before tax: ₹4,830 crore
- Net profit: ₹3,794 crore (up ~4% YoY)
- Sales volume: 6.68 lakh units (up 17.9% YoY)
Table of Contents
- Key Highlights
- Financial Performance
- Operational Drivers
- Segment Trends
- Capital-Flow Impact
- Valuation Context
- Risks
- Outlook
Maruti Suzuki Q3 Results: Key Highlights
- Net sales rose 29.2% YoY to ₹47,534 crore.
- EBITDA increased 10% YoY to ₹5,572 crore.
- Net profit stood at ₹3,794 crore, up 3.7% YoY.
- Total sales volume grew 17.9% YoY to 6.68 lakh units.
- Profit figures include one-time labour code provision.
Maruti Suzuki Q3 Results: Financial Performance
| Metric | Q3 FY26 | Q3 FY25 | YoY Change |
|---|---|---|---|
| Sales volume | 6,67,769 units | 5,66,213 units | +17.9% |
| Net sales | ₹47,534 crore | ₹36,802 crore | +29.2% |
| EBITDA | ₹5,572 crore | ₹5,065 crore | +10.0% |
| PBT | ₹4,830 crore | ₹4,657 crore | +3.7% |
| Net profit | ₹3,794 crore | ₹3,659 crore | +3.7% |
The company delivered strong revenue growth on higher volumes, while profit growth was moderated by cost pressures and a one-time provision related to new labour codes.
Maruti Suzuki Q3 Results: Operational Drivers
Maruti Suzuki’s performance was supported by strong volume growth across domestic and export markets, along with operating leverage benefits.
- Domestic sales rose 20.9% YoY.
- Exports grew 3.9% YoY.
- Favorable product mix supported margins.
- Lower sales promotion expenses aided profitability.
However, margins were impacted by higher commodity costs, adverse foreign exchange movements, rare earth supply issues, and the one-time labour code provision.
Segment Trends
Overall Sales Mix
- Total sales: 6,67,769 units (up 17.9% YoY).
- Domestic sales: 5,64,669 units (up 20.9% YoY).
- Exports: 1,03,100 units (up 3.9% YoY).
Domestic Segment Mix
- Mini + compact cars: 46.6% of domestic sales.
- Utility vehicles: 39.7% of domestic sales.
- Vans: 6.8% share.
- Light commercial vehicles: 2.1% share.
Utility vehicles and compact cars continued to dominate the domestic sales mix, reflecting strong demand in core segments.
Capital-Flow Impact
Maruti Suzuki’s results reinforce the resilience of the passenger vehicle segment within the auto sector, supported by domestic demand and export growth.
- Strong volume growth indicates steady consumer demand.
- Market leadership ensures scale advantages.
- Export growth supports diversification.
- Operating leverage improves earnings visibility.
Large-cap auto manufacturers like Maruti typically attract institutional capital during consumption-led growth cycles, particularly when domestic demand remains strong.
Valuation Context
Auto companies are generally valued based on:
- Volume growth and market share trends.
- Margin sustainability across cycles.
- Product mix and premiumisation.
- Capital expenditure and electrification strategy.
Maruti’s leadership position and scale advantages provide earnings stability, though margins remain sensitive to commodity prices and currency movements.
Risks
- Commodity price volatility impacting margins.
- Foreign exchange fluctuations.
- Supply chain disruptions, including rare earth materials.
- Competitive intensity in the passenger vehicle market.
Outlook
The company’s outlook remains linked to domestic consumption trends, export growth, and product mix improvements.
- Domestic passenger vehicle demand remains a key driver.
- Export expansion offers diversification.
- Operating leverage may support margins.
- Cost pressures remain a key variable.
Long-term performance will depend on margin management, product portfolio evolution, and execution across domestic and export markets.From an institutional perspective, Maruti’s performance reflects the resilience of domestic passenger vehicle demand despite cost headwinds. The company’s scale, distribution strength, and leadership in the compact and utility vehicle segments continue to provide earnings visibility across cycles. However, margin sustainability will remain dependent on commodity trends, currency movements, and the pace of demand recovery across urban and rural markets.
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