Highlights
- The company reported its highest-ever quarterly domestic sales of 564,669 units.
- Net sales for Q3 FY26 rose to ₹ 475,344 million year-on-year.
- Nine-month period recorded peak sales volume, revenue, and net profit.
Maruti Suzuki India Limited’s shift to importing BYD’s complete Blade battery pack marks a strategic break from rivals that assemble packs locally. The move reflects Suzuki’s reliance on Toyota-linked technology partnerships and BYD’s proven LFP expertise after earlier localisation plans faced geopolitical hurdles.
While this may limit PLI eligibility and reduce localisation, it offers a mature, validated battery system with integrated BMS support. For Maruti, the trade-off favour’s reliability, safety, and faster market readiness over deeper domestic manufacturing control.
Maruti Suzuki India Limited approved the financial results for the third quarter (October–December) of FY2025-26, reflecting a sharp recovery in the Indian passenger vehicle market. The improvement followed GST reform measures, with growth primarily led by the small car segment.
During Q3 FY26, the company recorded its highest-ever quarterly domestic sales of 564,669 units, compared to 466,993 units in the corresponding period last year. This represents an increase of 97,676 units. Of this growth, 68,328 units came from small cars in the 18% GST bracket.
Total sales, including exports, stood at 667,769 units during the quarter, up from 566,213 units a year earlier. Exports contributed 103,100 units, compared to 99,220 units in Q3 FY2024-25.
Record Revenue Despite One-Time Impact
The company posted its highest-ever quarterly net sales of ₹ 475,344 million, compared to ₹ 368,020 million in the same period last year.
Net profit for Q3 FY26 stood at ₹ 37,940 million, compared with ₹ 36,593 million in Q3 FY2024-25. Profit during the quarter was impacted by a one-time provision of ₹ 5,939 million related to the New Labour Codes.
Despite this provision, overall profitability remained higher year-on-year, supported by increased volumes and improved sales performance across domestic and export markets.
Nine-Month Performance Sets New Benchmarks
For the nine-month period (April–December) FY2025-26, the company recorded its highest-ever sales volume, net sales, and net profit.
Total sales during the period reached 1,746,504 units, compared to 1,629,631 units in the same period of the previous financial year. Domestic sales stood at 1,435,945 units, while exports totaled 310,559 units.
Net sales for 9M FY2025-26 were ₹ 1,242,908 million, up from ₹ 1,062,589 million recorded in 9M FY2024-25.
Technical summary
Maruti Suzuki India is traded around ₹14,388.00, remaining below its 20-day SMA near ₹15,040.40 and 50-day SMA near ₹15,672.28, both of which are acting as immediate overhead reference levels. The recent price structure reflects consolidation following a corrective phase.
The 14-day RSI at 34.64 indicates subdued momentum, approaching the lower band but not yet in extreme territory. On the downside, the ₹13,500–₹12,700 zone serves as a key support area, while resistance is positioned within the ₹15,500–₹16,400 range in the near term.
Maruti Suzuki India Limited reported record quarterly and nine-month sales volumes in FY2025-26, driven by GST-led recovery in the small car segment. Q3 net sales rose to INR 475,344 million, while nine-month revenue reached INR 1,242,908 million. Net profit was affected by a one-time labour provision. The stock trades below short-term moving averages with defined support and resistance zones.
FAQs
- What drove Maruti Suzuki’s Q3 FY26 sales growth?
Sales growth was primarily driven by GST reforms, particularly benefiting the small car segment under the 18% tax bracket. - How did the New Labour Codes impact Q3 results?
Net profit was reduced by a one-time provision of INR 5,939 million related to the implementation of New Labour Codes. - What are the key technical levels for the stock?
Support lies between INR 13,500 and 12,700, while resistance is seen in the INR 15,500 to 16,400 range.