Maruti Suzuki posted total FY26 sales of 24.22 lakh units, retaining its status as India's top passenger vehicle exporter for the fifth year running.
Despite a 20 per cent rise in net revenue, net profit remained largely flat, weighed down by cost pressures and a weak fourth quarter.
Maruti Suzuki recorded total sales of 24,22,713 units in FY26, up from 22,34,266 units in the previous financial year. Domestic sales stood at 19,74,939 units, while exports climbed sharply to 4,47,774 units.
The company credited a demand surge in the second half of the year, aided in part by GST reductions, for much of this momentum. It is the kind of volume growth that most carmakers would be quietly thrilled about.
Maruti also held on to its position as India's top passenger vehicle exporter for the fifth consecutive year, contributing nearly 49 per cent of the country's total PV exports. This was further bolstered by shipments of the made-in-India e Vitara, which is now being sold across 44 global markets.
Supply Cannot Keep Up With the Queue
The demand story, however, has a catch. The company ended FY26 with around 1,90,000 pending customer orders, of which approximately 1,30,000 belong to the small car segment.
Dealer inventory levels remained thin at around 12 days, a clear sign that production has not fully kept pace with what buyers want. In simpler terms, people are choosing Maruti cars, but the factory lines are struggling to deliver them fast enough.
Revenue Rises Sharply, But Profits Tell a Different Story
Maruti reported net sales of Rs 17,43,695 million in FY26, marking a growth of around 20 per cent over the previous year. Yet the profit column tells a more sobering tale.
Net profit stood at Rs 1,44,454 million, only marginally higher than Rs 1,42,976 million in FY25. EBITDA margins softened compared to the previous year, impacted by commodity costs and lower non-operating income.
Quarter Closes With a Record and a Setback
In the January to March 2026 quarter, Maruti recorded its highest-ever quarterly sales of 6,76,209 units. However, net profit for the quarter declined by 6.9 per cent year-on-year to Rs 35,905 million, primarily due to mark-to-market impacts, even as operating performance held up reasonably well.
A Record Dividend, a Merger and a Regulatory Grey Area
On a brighter note, the company recommended a final dividend of Rs 140 per share for FY26, up from Rs 135 the previous year, its highest-ever payout.
Maruti also flagged uncertainty around the implementation of End-of-Life Vehicle rules, which came into effect in April 2025. The company stated it is currently unable to quantify the financial impact, citing a lack of clarity on pricing mechanisms and the overall execution framework.
Meanwhile, on the corporate restructuring front, the amalgamation of Suzuki Motor Gujarat Pvt Ltd with Maruti Suzuki India Ltd was completed during the year, effective from December 01, 2025, with financials restated accordingly from April 01, 2025.
What FY27 Holds
While Maruti delivered strong revenue and volume growth in FY26, capacity constraints, cost pressures, and regulatory changes are likely to shape its near-term trajectory. With demand remaining robust and supply yet to fully catch up, production expansion and policy clarity will be critical in the quarters ahead.
For a brand that dominates Indian roads, the fundamentals remain solid. But the road to healthier profits will require more than just selling more cars.
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