Maruti Suzuki FY26 results: higher volumes, export surge, and margin pressure

FY26 total sales volume was 2,422,713 vehicles, comprising domestic sales of 1,974,939 and exports of 447,774.

Q4 FY26 sales volume rose 11.8% YoY to 676,209 units; net sales rose to INR 500,787 million; PAT declined 6.9% YoY to INR 35,905 million.

Management said net profit declined primarily due to mark-to-market impact from hardening bond yields on the company’s invested surplus.

Management said Kharkhoda Phase 2 and the fourth line at Hansalpur (Gujarat) are expected to become operational within FY27, adding 250,000 units each of annual capacity.

The CFO indicated a capex plan of INR 14,000 crores for FY2026-27.

The board recommended a dividend of INR 140 per share (face value INR 5), compared with INR 135 per share in FY25.

Management disclosed around 190,000 pending customer orders at year end, including nearly 130,000 in the small car segment, and dealer inventory of about 12 days’ stock.