Maruti Suzuki India Limited (NSE: MARUTI) achieved its highest-ever quarterly domestic sales and net revenue, driven by a sharp recovery in the small car segment following GST reforms. Total sales volume reached record levels for the nine-month period, though net profit was affected by one-time regulatory provisions.
On January 28, 2026, Maruti Suzuki India Limited reported its financial results for the third quarter and nine months ended December 31, 2025. For the quarter, the company’s basic earnings per share stood at INR 120.67, compared to INR 116.39 in the same period of the previous year.
Quarterly Financial Results and Highlights
The company registered its highest-ever quarterly Net Sales of INR 475,344 million for Q3 FY 2025-26, an increase from INR 368,020 million in the prior year’s third quarter. Net Profit for the quarter was INR 37,940 million, compared to INR 36,593 million in Q3 FY 2024-25. Profit growth was moderated by a one-time provision of INR 5,939 million related to the notification of New Labour Codes.
Domestic sales reached a record 564,669 units, up from 466,993 units year-over-year. Total sales, including exports of 103,100 units, amounted to 667,769 units for the quarter.
Nine-Month (9M) Performance and Full-Year Context
For the period of April-December FY 2025-26, the company recorded its highest-ever nine-monthly sales volume, Net Sales, and Net Profit. Total sales reached 1,746,504 units, compared to 1,629,631 units in the previous year.
• Net Sales (9M): INR 1,242,908 million.
• Net Profit (9M): INR 108,549 million.
Business Model and Market Situation
Maruti Suzuki India Limited is primarily engaged in the manufacturing, purchase, and sale of motor vehicles, components, and spare parts. The company also facilitates pre-owned car sales, fleet management, and car financing, which generate demand for its primary products. The Indian car market experienced a sharp recovery led by the small car segment in the 18% GST bracket, which accounted for 68,328 units of the domestic sales increase.
Regulatory Milestones and Segment Updates
The company integrated Suzuki Motor Gujarat Private Limited (SMG) as a wholly owned subsidiary effective December 1, 2025, with financial statements restated from April 1, 2025. On November 21, 2025, the Government of India notified four Labour Codes, leading to the incremental impact recognized in the Q3 financial results. Additionally, the Environment Protection (End-of-Life Vehicles) Rules, 2025, which came into effect on April 1, 2025, impose Extended Producer Responsibility (EPR) obligations on vehicle manufacturers.
Core Growth Strategies
Maruti Suzuki’s growth strategy focuses on leveraging regulatory reforms and integrating support services to drive primary product demand.
• Demand Generation: The company utilizes its non-core activities—specifically car financing, fleet management, and pre-owned car sales—as strategic tools to facilitate and stimulate the purchase of new vehicles.
• Market Positioning: The company capitalised on the GST reform to strengthen its leadership in the small car segment, which remains a high-volume driver for the domestic market.
Strategic Expansion
A major strategic milestone was the amalgamation of Suzuki Motor Gujarat Private Limited (SMG), a wholly owned subsidiary, with Maruti Suzuki India Limited.
• Integration: The amalgamation became effective on December 1, 2025, though the financial statements were restated with effect from the appointed date of April 1, 2025.
• Operational Impact: This consolidation brings SMG’s manufacturing capabilities directly under MSIL’s corporate structure.
Outlook and Future Guidance
Management continues to monitor the finalization of Central and State Rules regarding the New Labour Codes and will record additional accounting impacts as required. Regarding the End-of-Life Vehicles Rules, the company is currently unable to reliably estimate the financial obligations as the pricing mechanism for EPR certificates and the measurement framework are not yet available. The company remains focused on its core automobile business, as other activities are currently deemed not material in financial terms.