Maruti Suzuki Q3 Results Highlights: Net profit rises 4%, revenue up 29%; auto stock ends 2.4% lower post Q3 earnings

Q3 Results Key highlights

• Q3FY26 net profit rose 3.7% YoY to ₹3,794 crore despite one-time labour code provision.
• Revenue from operations jumped 28.7% YoY to ₹49,891.5 crore in the December quarter.
• Domestic sales hit a record 564,669 units, up 97,676 units from last year’s quarter.
• Total sales touched an all-time high of 667,769 units, including exports of 103,100 unit

Maruti Suzuki share price ended 2.39% at ₹14876.80. The auto stock fell as much as 5.5% to its day's low of ₹14433.95 after the auto maker announced its Q3 results despite broader market gains on Dalal Street.

The automaker has delivered strong gains over the longer term, rising 23% over the past one year and also 23% in the last six months, even as near-term performance has remained weak. The stock declined 8% over the past three months and slipped 10% in the last one month. It is currently trading nearly 15% below its recent peak of ₹17,371.60, which was recorded on January 5, 2026, while its 52-week low stands at ₹11,072.20, touched in April 2025.

For the first nine months of FY26, Maruti Suzuki’s total sales volumes increased 7.2% year-on-year to 1,746,504 units. Domestic sales stood at 1,435,945 units, up 3.9%, while exports recorded a strong 25.5% growth to 310,559 units, raising their share to 17.8% of total volumes.

Segment-wise, mini car volumes declined 15.2% to 76,044 units, whereas compact cars grew 8.8% to 597,189 units, together accounting for 46.9% of domestic sales. Utility vehicles saw a modest 2.3% rise to 541,266 units and continued to contribute the largest share at 37.7%. Vans also grew 2.3% to 104,902 units, LCV volumes increased 12.5% to 28,465 units, while sales to other OEMs rose 6% to 86,099 units.

Maruti Suzuki reported strong sales momentum in Q3 FY26, with total volumes rising 17.9% year-on-year to 667,769 units. Domestic sales grew 20.9% to 564,669 units, accounting for 84.6% of total volumes, while exports increased 3.9% to 103,100 units. Within the domestic portfolio, growth was broad-based.

Mini segment volumes rose 27.9% to 35,639 units, while compact cars climbed 25% to 227,773 units, together contributing 46.6% of domestic sales. Utility vehicles remained a key driver, with volumes up 20.8% at 223,887 units, forming nearly 40% of domestic sales. Vans grew 13.9% to 38,636 units, LCVs surged 29.6% to 11,498 units, while sales to other OEMs were largely flat at 27,236 units.

Negative Factors

• Adverse commodity prices and adverse impact due to Rare Earth Element (REE) supply issues
• Unfavourable Fixed Cost Incidence (FCI) on account of inventory depletion
• Price reduction in some models
• One-time provision on account of the New Labour Codes leading to higher employee cost

Positive Factors

• Favorable operating leverage
• Favorable product mix
• Lower sales promotion expense

Maruti delivered its strongest-ever performance for the nine months ended December, recording all-time highs in sales volumes, net sales and net profit. Total sales volume rose to 17,46,504 units in 9MFY26, compared with 16,29,631 units in 9MFY25, led by domestic sales of 14,35,945 units and exports of 3,10,559 units. Net sales increased to ₹12,42,908 million during the period from ₹10,62,589 million a year earlier. Net profit also improved to ₹1,08,549 million in 9MFY26, up from ₹1,04,403 million in the corresponding period last year.

The automaker said the recently implemented GST reform triggered a sharp recovery in the Indian passenger vehicle market, led mainly by the small car segment. It reported its highest-ever quarterly domestic sales at 5,64,669 units, up from 4,66,993 units in Q3 last year, translating into an increase of 97,676 units. Of this incremental volume, the small car segment under the 18% GST bracket contributed 68,328 units, highlighting the impact of lower tax rates. Total sales during the quarter stood at a record 6,67,769 units, including exports of 1,03,100 units.

Maruti Suzuki share price recovered some losses and was trading 1.42% lower at ₹15025.00 at 2:27 pm after the auto maker announced its Q3 results despite broader market gains on Dalal Street.

The automaker has delivered strong gains over the longer term, rising 23% over the past one year and also 23% in the last six months, even as near-term performance has remained weak. The stock declined 8% over the past three months and slipped 10% in the last one month. It is currently trading nearly 15% below its recent peak of ₹17,371.60, which was recorded on January 5, 2026, while its 52-week low stands at ₹11,072.20, touched in April 2025.

The auto maker reported a steady year-on-year improvement in profitability, with net profit rising 3.7% to ₹3,794 crore compared with ₹3,659 crore in the year-ago period. Revenue posted a strong growth of 28.7% YoY to ₹49,892 crore, up from ₹38,752 crore, supported by higher volumes and better realisations. EBITDA increased 10% YoY to ₹5,572 crore from ₹5,064 crore, though margins contracted to 11.2% from 13% in the corresponding period last year, reflecting cost pressures.

Deven Choksey Research pegged Maruti Suzuki’s Q3FY26 revenue at ₹46,506.7 crore, reflecting a 20% year-on-year rise, driven by stronger exports and improved realisations. Volumes were expected to grow 5.3% YoY to 5,95,957 units, supported by festive demand and a recovery following GST-related disruptions. The brokerage projected EBITDA growth of 18.2% YoY and PAT growth of 9.2% YoY, with momentum likely to be sustained by the company’s expanding SUV portfolio, EV exports and margin gains from higher localisation.

Elara Capital expects Maruti Suzuki to benefit from strong operating leverage, supported by healthy passenger vehicle demand during the festive season. The brokerage said EBITDA margin is likely to expand by around 100 basis points quarter-on-quarter to 11.5% on a like-to-like basis, driven by a richer sales mix of Victoris and Grand Vitara.

However, this improvement could be partly offset by a weaker export mix, higher discounts and commodity cost pressures. Elara Capital has estimated revenue at ₹52,055.2 crore, reflecting a 35.2% year-on-year increase. EBITDA is projected at ₹5,969.3 crore, up 33.5%, while adjusted profit after tax is seen at ₹4,663.6 crore, marking a 32.3% rise.

Nirmal Bang expects Maruti Suzuki to deliver a strong year-on-year revenue growth of 26%, driven by an 18% rise in volumes and an 8% improvement in average selling prices. The brokerage said growth is likely to be supported by healthy domestic and export demand, although higher discounting in entry-level segments could partly cap the upside.

It added that EBITDA margins may soften marginally due to elevated raw material costs and increased discounts. Nirmal Bang has estimated revenue at ₹48,500 crore, EBITDA at ₹5,262.3 crore, reflecting a 17.7% growth, with EBITDA margin pegged at 10.9%. Profit after tax is projected at ₹4,053.5 crore, up 15% year-on-year.

Calendar year 2025 marked a milestone for Maruti Suzuki, as the company delivered its strongest annual performance to date. Wholesale volumes touched 18,44,169 units, while retail sales stood at 18,71,508 units, surpassing the previous record set in 2024. The December quarter was equally strong, with dispatches rising 22% year-on-year to 5,37,433 units.

Retail volumes for the quarter came in at 6.83 lakh units. Growth was broad-based across segments, led by a sharp 92% surge in the mini car category. Compact cars recorded a 43% increase, while utility vehicle sales rose 32.6%, highlighting sustained demand across the portfolio.

Maruti Suzuki closed December 2025 on a record-breaking note, posting its highest-ever sales across both wholesale and retail channels, the company said on Wednesday. Domestic wholesale volumes rose to an all-time high of 1,82,165 units during the month, reflecting a sharp 37.5% year-on-year growth. Exports stood at 25,739 units, while supplies to other OEMs contributed 9,950 units, taking total wholesale dispatches to 2,17,854 units, up 22% and the highest monthly volume in the company’s 42-year history.

On the retail front, Maruti Suzuki sold 2.86 lakh units in December, surpassing the previous December record of 2.52 lakh units. Dealer inventory levels remained lean at around three days, while pending bookings across the network were close to 1.75 lakh units.

Maruti Suzuki India reported a healthy rise in earnings for the September quarter, with consolidated net profit climbing 7% year-on-year to ₹3,293 crore. This compared with a profit of ₹3,069 crore recorded in the corresponding quarter of the previous financial year. The country’s largest passenger vehicle maker also delivered steady topline growth, as revenue from operations rose 13% to ₹42,101 crore during the quarter, up from ₹37,203 crore in the year-ago period. The earnings before interest, taxes, depreciation and amortization (EBITDA) increased 0.4% to ₹4,434 crore from ₹4,417 crore in the year-ago period, while the margin was reported at 10.53% from 11.87% year-on-year (y-o-y).

Maruti Suzuki share price fell almost 3% to its intra-day low of ₹14810.00 ahead of Q3 results despite broader market gains on Dalal Street.

The auto maker has gained 23% in last 1 year and 23% in past 6 months, however, it has been under pressure recently. It fell 8% in last 3 months and 10% in past 1 month.

Currently, the stock is almost 15% away from its peak of ₹17,371.60, hit earlier this month on January 5, 2026, meanwhile, it touched its 52-week low of ₹11,072.20 in April 2025.

Brokerage estimates for Asian Paints’ EBITDA point to a strong sequential and year-on-year recovery, reflecting expectations of margin expansion and operating leverage. Centrum Broking has pegged EBITDA at ₹5,940 crore, translating into a 33% year-on-year and 34% quarter-on-quarter growth. Nuvama has a more bullish view, estimating EBITDA at ₹6,875 crore, which implies a sharp 50% growth on a year-on-year basis and a 37% rise sequentially. YES Securities has projected EBITDA at ₹6,026 crore, indicating a 35% year-on-year increase and a 36% quarter-on-quarter jump. Elara Capital has forecast EBITDA at ₹5,969 crore, up 33% year-on-year and 35% quarter-on-quarter, broadly in line with consensus expectations of improving profitability.

Brokerage estimates point to a strong topline performance for Maruti Suzuki in the quarter. Centrum Broking pegged revenue at ₹50,765 crore, implying a 32% YoY and 21% QoQ growth. Nuvama expected revenues of ₹52,706 crore, up 37% YoY and 25% QoQ, while YES Securities forecast revenue at ₹52,310 crore, reflecting 36% YoY and 24% QoQ growth. Elara Capital estimated revenue at ₹52,055 crore, marking a 35% YoY and 24% QoQ rise.

Brokerage estimates suggest a strong quarter for Maruti Suzuki on the profitability front. Centrum Broking pegged adjusted PAT at ₹4,540 crore, implying a 29% YoY and 38% QoQ rise. Nuvama expected adjusted PAT of ₹4,630 crore, up 31% YoY and 41% QoQ, while YES Securities forecast PAT at ₹4,743 crore, reflecting 35% YoY and 44% QoQ growth. Elara Capital was the most bullish, projecting PAT at ₹5,696 crore, higher by 24% YoY and 34% QoQ.

Axis Securities expects total revenue to rise by around 30% YoY, driven by an 18% YoY increase in volumes and 10% YoY growth in average selling prices, supported by an improved product mix. The brokerage noted that a higher utility vehicle mix has aided performance, though this has been partly offset by a lower export mix and higher discounting in entry-level models. “A higher UV mix is being partly offset by lower exports and higher discounting,” Axis Securities said. The firm also expects EBITDA margins to improve by 50 bps on operating leverage and cost efficiencies.

Analysts expect Maruti Suzuki’s earnings momentum to be driven by steady volume growth across key segments, led by utility vehicles and premium hatchbacks. Strong demand for models like the Grand Vitara and Baleno likely supported dispatches and improved average selling prices, aided by a richer mix of higher-end variants. Better capacity utilisation and operating efficiencies are also seen supporting profitability. However, margins may remain mixed, with higher promotional spends, discounts and new model-related costs partly offsetting benefits from easing raw material prices.

Maruti Suzuki is set to deliver a solid performance in the December quarter, with analysts expecting strong growth across key financial metrics. Brokerages tracking the country’s largest passenger vehicle maker forecast healthy year-on-year gains in revenue and profits, driven by robust volume growth, an improving product mix and operating leverage.

Estimates suggest the company’s net profit could rise between 24% and 35% compared with the same period last year, while revenue is expected to grow by over 30%. Strong demand for utility vehicles and premium hatchbacks, including popular models such as the Grand Vitara and Baleno, is likely to have supported average selling prices during the quarter.