Maruti Suzuki April 2026 sales jump 33%, Q4 revenue tops ₹50,000 crore

Stock reaction: gains after sales and earnings updates

Maruti Suzuki India rose 3.13% to ₹13,730 after reporting a sharp year-on-year increase in April 2026 volumes. The move came as investors weighed strong dispatch momentum against a softer profit print in the March quarter. In a separate trading session around its results, the stock was also reported to have rallied as much as 5% to ₹13,537 on the NSE in early trade on April 29. The common thread across these updates was that volumes and revenue remained strong, while net profit was affected by items not directly linked to core operations.

April 2026 dispatches: total sales up 33.29%

Maruti Suzuki reported total sales of 2,39,646 units in April 2026, up 33.29% from 1,79,791 units in April 2025. The gain was driven by both domestic and export performance. The company’s domestic sales, including passenger vehicles, light commercial vehicles and OEM supplies, rose 31.41% to 1,99,592 units from 1,51,880 units a year earlier. Exports increased faster than domestic volumes in the month. Total export sales stood at 40,054 units in April 2026, up 43.51% from 27,911 units in April 2025.

Full-year FY26: record volumes led by exports

For FY2025-26, Maruti Suzuki reported its highest-ever total sales of 24,22,713 units, up from 22,34,266 units in FY25. Domestic sales were reported at 19,74,939 units, while exports reached 4,47,774 units, rising from 3,32,585 units in the prior year. The export performance was also described as a 34.6% surge in FY26, keeping the company in the leading position among India’s exporters. The operating context in multiple reports highlighted a demand rebound in the second half, with improved traction in small cars after GST-related changes. The company also reported pending orders of 1,90,000 units at year-end and dealer inventory of about 12 days.

Q4 FY26 volumes: highest-ever quarter at 6,76,209 units

In the January to March 2026 quarter, Maruti Suzuki reported total sales of 6,76,209 units, up 11.8% year-on-year from 6,04,635 units. Domestic sales stood at 5,38,994 units, while exports rose to an all-time high of 1,37,215 units for a single quarter. A separate performance note put the year-on-year export growth in Q4 at 61.3%, showing exports were the biggest incremental driver in the quarter. Exports were said to account for 20.3% of total Q4 sales, with domestic contributing 79.7%. Some commentary linked export strength to the international rollout of the eVitara model.

Q4 FY26 revenue: record quarter, but numbers vary by basis

On a standalone basis, revenue from operations for Q4 FY26 was reported at ₹50,078.7 crore, up 28.9% from ₹38,839.1 crore in Q4 FY25. Another reported data point put revenue from operations at ₹52,449.30 crore (standalone March 2026 net sales), up 28.95% year-on-year. On a consolidated basis, March 2026 net sales were reported at ₹52,462.50 crore, up 28.21% year-on-year, described as the company’s highest-ever quarterly revenue. Across these figures, the consistent signal was that Maruti Suzuki crossed the ₹50,000 crore quarterly milestone for the first time in Q4.

Q4 FY26 profit: down on mark-to-market impact

Despite record revenue and volumes, profit moved in the opposite direction year-on-year. On a standalone basis, net profit declined 6.9% to ₹3,590.5 crore in Q4 FY26 from ₹3,857.3 crore in Q4 FY25. Separately, the company’s Q4 announcement on April 28, 2026 cited PAT of ₹3,659 crore, down 6.4% year-on-year, with the decline attributed to a mark-to-market impact. This mark-to-market item was described as an accounting adjustment on investments rather than a reflection of core business health. Profit before tax was reported as broadly flat at ₹4,836 crore versus ₹4,861.8 crore a year ago.

Operating performance: EBIT and EBITDA grew strongly

Operating metrics in the quarter showed a different trend than net profit. Operating profit or EBIT was reported at ₹4,409.2 crore, up 30.4% year-on-year and described as a record high. EBITDA for Q4 FY26 was reported at ₹6,156.9 crore, up 27.1% from ₹4,842.6 crore. Sequentially versus Q3 FY26, net sales rose 5.4% and operating EBITDA increased 10.5%, while operating EBIT grew 14.9%. EBITDA margin was reported to have improved by 60 basis points sequentially to 12.3%.

Costs and margins: expenses rose and PAT margin contracted

The quarter also showed pressure from higher expenses. Total expenses in Q4 were reported at ₹48,125.3 crore, up from ₹37,585.5 crore in the year-ago period. In one performance note, PAT margin was reported at 7.31% in Q4 FY26 versus 10.07% in Q4 FY25, with the contraction linked to mark-to-market losses and margin compression from competitive pricing in the GST-reduced small car segment. For the full year, EBITDA margin was reported to have declined from 13.9% to 12.3%, indicating pressure from higher material and employee costs.

FY26 financials: revenue grew over 20%, profit grew about 1%

For FY26, net sales were reported at ₹1,74,369.5 crore, up 20.2% year-on-year. Consolidated revenue from operations for FY26 was reported at ₹1,83,316 crore versus ₹1,52,913 crore in FY25. Full-year net profit was reported at ₹14,445.4 crore in FY26 versus ₹14,297.6 crore in FY25, indicating roughly 1% growth despite the strong revenue rise. Another report cited a record annual consolidated net profit of ₹14,679.5 crore in FY26, up 1.24% year-on-year, compared with ₹14,500.2 crore in the previous fiscal. The small gap between revenue growth and profit growth was explicitly framed as evidence of cost pressures and other financial impacts.

Dividend: board recommended ₹140 per share

Maruti Suzuki’s board declared and recommended a final dividend of ₹140 per share for FY26. Another data point in the report stream said the dividend was raised to ₹140 per share from ₹135 in FY25. The dividend announcement accompanied the Q4 and full-year results and formed part of the market’s overall assessment of the quarter.

Key numbers at a glance

What to track next

The April dispatch data sets the tone for the first quarter of FY27, especially with exports continuing to outpace domestic growth. For investors, the key debate remains the same as in Q4: how much of the revenue momentum can translate into net profit as costs and non-operating items fluctuate. The company has already announced its FY26 final dividend recommendation, and subsequent disclosures on volumes and quarterly performance will determine whether margins stabilise after the FY26 cost pressures highlighted in multiple reports.