Maruti Suzuki Q4 FY26: Profit down 6.5%, Rs 140 dividend

Key takeaway from the March-quarter results

Maruti Suzuki India Ltd reported a weaker bottom line for the March quarter even as revenue rose sharply, highlighting the gap between volume-led growth and profitability pressures. Consolidated net profit declined 6.5% year-on-year to Rs 3,659 crore, while revenue from operations increased 28.2% to Rs 52,462.5 crore. The company said profitability was affected by higher raw material costs, lower non-operating income and a higher tax outgo. It also cited mark-to-market impact during the quarter.

The results came alongside a shareholder return announcement. Maruti Suzuki recommended a final dividend of Rs 140 per share for FY26, which it described as the highest-ever dividend per share.

Consolidated performance: profit down, revenue up

On a consolidated basis, Maruti Suzuki’s March-quarter numbers showed strong top-line momentum but softer earnings. Net profit came in at Rs 3,659 crore, down from Rs 3,911.1 crore in the year-ago period (as cited in the reports). Revenue from operations rose to Rs 52,462.5 crore from Rs 40,920 crore.

The company attributed the profit decline partly to mark-to-market effects, as mentioned in its press release. It also pointed to higher raw material costs and lower non-operating income. While revenue growth was supported by volumes and product mix, non-operating income and tax-related costs reduced the benefit of higher sales.

Standalone numbers and operating margin stability

On a standalone basis, net profit fell 7% year-on-year to Rs 3,591 crore, compared with Rs 3,857.3 crore a year ago. Revenue rose 28.2% to Rs 52,449 crore. EBITDA increased 27% to Rs 6,157 crore (also reported as Rs 6,158.3 crore in another update), reflecting stronger operating scale.

Margins, however, stayed largely flat. The company reported an EBITDA margin of 11.7% versus 11.8% a year earlier (also cited as 11.74% versus 11.84%). The relatively stable margin suggests that operating leverage was broadly offset by cost pressures, even as volumes and revenue expanded.

What hurt profits: mark-to-market, other income, and taxes

Maruti Suzuki said net profit was down due to lower non-operating income, describing it as a notional loss linked to a change in bond yields that can be recovered later. The company also flagged mark-to-market impact as a driver of the decline.

Quarterly cost and income line items also moved against the company. Tax expense increased to Rs 1,245 crore from Rs 1,005 crore. Other income fell sharply to Rs 500 crore from Rs 1,528 crore. These two items together put direct pressure on profit after tax even as revenue rose at a faster pace.

Record quarterly sales volume helped push net sales past Rs 50,000 crore

Operationally, Maruti Suzuki reported its highest-ever quarterly sales volume of 676,209 units, driven by strong export growth and steady domestic demand. In the same quarter, domestic sales were reported at 538,994 units, while exports hit an all-time high of 137,215 units.

Net sales for the quarter crossed Rs 50,000 crore for the first time, with one report putting the quarterly net sales at Rs 50,078.7 crore. The company also reported that operating profit (EBIT) rose 30.4% year-on-year to a record Rs 4,409 crore (also reported as Rs 4,409.2 crore).

FY26: record sales, net sales, and net profit

For the full year FY26, Maruti Suzuki reported record total sales of 2,422,713 units, up from 2,234,266 units in the previous year. Domestic sales were 1,974,939 units, while exports were 447,774 units. Another disclosure also mentioned sales to other original equipment manufacturers (OEM) at 0.11 million units.

Financially, FY26 net sales rose 20.2% year-on-year to Rs 174,369.5 crore. Net profit for FY26 was reported at an all-time high of Rs 14,445.4 crore, compared with Rs 14,297.6 crore in the previous year.

Dividend announcement: amount, record date, and payment date

Maruti Suzuki’s board recommended a final dividend of Rs 140 per share for FY26, compared with Rs 135 per share in FY25. The dividend is subject to shareholder approval at the ensuing Annual General Meeting (AGM).

In value terms, the dividend payout was disclosed as Rs 4,401.6 crore (also cited as Rs 4,402 crore). The company said the record date is August 7, 2026, and the dividend payment date is September 9, 2026.

Stock reaction and market metrics cited in reports

Shares of Maruti Suzuki were trading around Rs 12,858 in afternoon trade on Tuesday, down 2.75% after the results announcement. Another update cited the stock falling about 2% to Rs 12,953 on the BSE, and around Rs 12,851 on the NSE.

A separate market snapshot put the company’s market capitalisation at about Rs 4.07 lakh crore, which is roughly Rs 407,000 crore. The immediate reaction reflected investor focus on the profit decline and the drivers behind weaker earnings, despite record volumes and revenue growth.

Quick table: Maruti Suzuki Q4 FY26 and FY26 highlights

What investors may track next

The near-term focus is likely to remain on how non-operating income swings, mark-to-market effects, raw material costs, and tax expenses influence profitability, particularly when revenue growth is strong. The company has already disclosed dividend logistics, including the August 7, 2026 record date and September 9, 2026 payment date, subject to AGM approval.

For investors, the combination of record sales volumes and stable operating margins, alongside a profit decline driven by items below operating profit, sets the context for tracking future quarters. The next key milestones are the AGM decision on the dividend and subsequent disclosures around financial and operating performance.