Highlights

• Maruti Suzuki Q4FY26 net sales increased nearly 29% year-on-year to INR 500,787 million.
• Export sales volume jumped more than 61% during the March quarter of FY26.
• PAT declined 6.9% year-on-year despite higher sales and operating profit growth.

Maruti Suzuki India Limited (NSE:MARUTI) shares declined 2.13% to INR 12,950 on the NSE: MARUTI on May 18, 2026. The stock opened at INR 13,127 and touched an intraday low of INR 12,860 during early trade.

Source: TradingView

Commodity Costs and Lower Non-Operating Income Impact Margins

Maruti Suzuki stated that adverse commodity prices and lower non-operating income affected quarterly margins. The company also cited lower sales promotion and advertisement expenses along with favourable operating leverage as positive factors during the quarter.

Operating EBITDA margin stood at 12.3% in Q4FY26 compared with 12.5% in Q4FY25. Profit before tax margin declined to 9.7% from 12.5% in the corresponding quarter last year. PAT margin also decreased to 7.2% from 9.9%.

Compared with Q3FY26, Q4FY26 sales volume rose 1.3%, while net sales increased 5.4%. Sequentially, operating EBITDA improved 10.5%, though PAT declined 5.4%.

The company attributed the quarter-on-quarter margin movement to adverse commodity prices, new model expenses, higher manufacturing and administrative expenses, and lower non-operating income. Lower employee cost, lower sales promotion expense and favourable foreign exchange movement supported profitability during the quarter.

Revenue and Sales Volume Rise

The automobile manufacturer reported Q4FY26 net sales of INR 500,787 million, up 28.9% from INR 388,391 million in Q4FY25. Sales volume for the quarter increased 11.8% year-on-year to 676,209 units. Operating EBITDA rose 27.1% year-on-year to INR 61,569 million, while operating EBIT climbed 30.4% to INR 44,092 million.

However, profit before tax declined marginally by 0.5% year-on-year to INR 48,360 million. Profit after tax fell 6.9% year-on-year to INR 35,905 million in Q4FY26. For FY26, Maruti Suzuki reported net sales of INR 1,743,695 million, registering 20.2% growth over FY25. Total sales volume increased 8.4% year-on-year to 2,422,713 units.

Operating EBITDA for FY26 stood at INR 214,502 million, up 6.5% year-on-year, while operating EBIT increased 1.2% to INR 147,097 million. Profit before tax declined 2.8% to INR 188,629 million. PAT rose marginally by 1% to INR 144,454 million.

Domestic sales during FY26 grew 3.9% to 1,974,939 units, while exports increased 34.6% to 447,774 units. Utility vehicle sales rose 5.7% year-on-year to 760,987 units during the financial year.

Source: company filing

Export Growth Supports Volume Expansion

Exports contributed 18.5% of total FY26 sales compared with 20.3% contribution during Q4FY26. In the domestic market, utility vehicles accounted for 38.5% of annual domestic sales volumes, while compact cars contributed 40.9%.

The company also noted that Suzuki Motor Gujarat Private Limited amalgamated with Maruti Suzuki India Limited from December 1, 2025, and comparative financial statements were restated accordingly.

Key Risks

• Commodity price fluctuations may impact future operating margins.
• Slower domestic passenger vehicle demand could affect sales growth.
• Foreign exchange volatility may influence profitability and export earnings.
• Rising manufacturing expenses may pressure cost efficiency metrics.

Summary

Maruti Suzuki’s (NSE:MARUTI)  net sales increased 28.9% year-on-year, while export volumes surged 61.3%. However, PAT declined 6.9% due to adverse commodity prices and lower non-operating income. FY26 sales volumes, exports and revenue recorded year-on-year growth despite margin pressures during the financial year.

FAQs

Q: Why did Maruti Suzuki shares decline on May 18, 2026?
A: The stock fell after Q4FY26 results showed lower quarterly PAT despite higher revenue and operating profit growth.

Q: How much did Maruti Suzuki’s exports grow in Q4FY26?
A: Export sales volume increased 61.3% year-on-year to 137,215 units during the March quarter of FY26.

Q: What was Maruti Suzuki’s Q4FY26 PAT?
A: Maruti Suzuki reported Q4FY26 profit after tax of INR 35,905 million, down 6.9% year-on-year.