Maruti Suzuki Q4 FY26 Results: Key Estimates for April 2026

The earnings date investors are tracking

Maruti Suzuki’s Q4 FY26 results are expected to be taken up at a board meeting on April 25, 2026, putting the country’s biggest passenger carmaker at the centre of the April-May results season. The quarter matters because January to March is seasonally Maruti’s strongest sales period, and management commentary often sets the tone for expectations on volumes, margins and capex. The stock is trading around a current market price (CMP) of about ₹11,900, compared with a 52-week high of ₹13,680 and a 52-week low of ₹10,650. Over one year, the stock return is around -4%, making near-term delivery and guidance important inputs for investor positioning.

Where Q3 FY26 left the company

The data provided for Q3 FY26 points to a high base for Q4 comparisons. One report headline cites Q3 results where net profit rose 4% to ₹3,794 crore and revenue grew 29%. The Q3 FY26 snapshot table in the same material lists revenue at ₹37,492 crore and net profit (PAT) at ₹3,736 crore, alongside an EBITDA margin of 13.2%. Taken together, the key takeaway is that Maruti entered the March quarter with strong topline momentum and mid-teens EBITDA margins.

Street estimates: revenue, profit and margins for Q4 FY26

Brokerage expectations in the preview cluster around a revenue band of ₹38,500 to ₹41,000 crore for Q4 FY26. Net profit (PAT) is estimated in the range of ₹3,900 to ₹4,500 crore. EBITDA margin is forecast at 13.5% to 14.5%, up from the 13.2% reported for Q3 FY26. The improvement thesis is linked to operating leverage in a strong volume quarter and easing commodity pressures.

Volumes: why January to March is called a strong quarter

Q4 (January to March) is described as historically Maruti’s strongest sales quarter. For context, Q4 FY25 volume is stated at about 5.6 lakh vehicles. For Q4 FY26, analysts expect 5.8 to 6.1 lakh units, implying 4% to 9% year-on-year growth, supported by new launches and better rural demand tied to rabi crop output. Volume growth is also important for margins because higher plant utilisation typically spreads fixed costs.

Exports: the 85,000-unit signal to watch

Maruti exports to over 100 countries, with Suzuki Japan cited as an anchor buyer. Export volumes are expected to recover in Q4 FY26 after softness in FY26 attributed to global logistics disruptions and market-specific demand weakness. The preview notes that any quarterly export volume above 85,000 units would be viewed as a positive signal. This threshold is notable because Q4 FY25 exports are listed at 85,089 units in the live-update highlights.

Margin drivers: operating leverage versus costs

The margin debate going into results is framed around two moving parts. On the positive side, higher volumes and better commodity pricing (steel and aluminium are explicitly referenced) can lift EBITDA margin. On the cost side, the Q4 FY25 discussion highlights higher expenses linked to the upcoming Kharkhoda plant, higher manufacturing overheads and advertising costs, which weighed on margins even when volumes were healthy. For Q4 FY26, the estimate range of 13.5% to 14.5% EBITDA margin assumes reduced discounting pressure as dealership inventories normalise.

What happened in Q4 FY25: a useful reference point

The supplied Q4 FY25 numbers show that revenue growth did not automatically translate into profit growth. One set of results states revenue from operations rose 5.9% year-on-year to ₹38,848.8 crore, while PAT declined 4.3% to ₹3,711.1 crore. Operating EBIT is shown at ₹3,392.3 crore, down 14.2%, alongside sales volume of 6.04 lakh units (604,635). It also lists margin pressures such as higher other expenses and lower operating EBIT margin.

A separate Q4 FY25 snapshot in the material reports revenue at ₹40,425.0 crore (+6.51% YoY), EBITDA at ₹4,348.9 crore (-7.57% YoY), and net profit at ₹3,911.1 crore (-1.04% YoY), reinforcing the same theme: revenue held up, while profitability faced cost headwinds.

Key numbers at a glance

FY2024-25 annual results and dividend context

Maruti has also reported full-year FY2024-25 financials in the provided material, including record net sales and profits driven largely by exports. Net sales are stated at ₹145,115.2 crore in FY2024-25 (INR 1,451,152 million), up 7.5% from ₹134,937.8 crore in FY2023-24 (INR 1,349,378 million). Net profit is stated at ₹13,955.2 crore (INR 139,552 million), 5.6% higher than ₹13,209.4 crore (INR 132,094 million). A record dividend of ₹135 per share is also mentioned.

Market impact: what investors will likely track on results day

The preview frames Q4 FY26 as an “auto sector highlight” because several variables converge in the March quarter: volumes, exports, and the benefits of operating leverage. At the same time, the FY25 experience cited in the material shows that incremental costs from capacity expansion, overheads and advertising can dilute the benefit of stronger sales. With the stock down about 4% over one year and trading below its 52-week high, investors are likely to focus on how close actual revenue and margins come to the estimate bands, and whether management commentary clarifies the margin trajectory.

Conclusion

Maruti Suzuki’s Q4 FY26 print is expected on April 25, 2026, with estimates pointing to ₹38,500 to ₹41,000 crore revenue, ₹3,900 to ₹4,500 crore PAT, and 13.5% to 14.5% EBITDA margin. Volume expectations of 5.8 to 6.1 lakh units and a recovery in exports are central to the bullish case, while cost pressures remain the key risk highlighted by recent quarters. The next confirmed step is the board meeting date, after which investors will have clarity on reported numbers and management’s FY27 commentary.