Maruti Suzuki India Limited (NSE: MARUTI) achieved record quarterly net sales and volume growth in the third quarter of FY 2025-26, driven by a 20.9% surge in domestic sales. Despite higher revenues, profit margins were tempered by adverse commodity prices and a one-time regulatory provision related to new labour codes.
On January 28, 2026, the company released its standalone financial results for the third quarter and nine months ended December 31, 2025. Information regarding specific intraday stock price movements, 52-week context, and external equity analyst commentary is not contained in the provided sources and requires independent verification.
Performance by Business Vertical
The company is primarily engaged in the “Automobiles” business vertical, which includes the manufacturing, purchase, and sale of motor vehicles, components, and spare parts. While the company also operates in other verticals such as pre-owned car sales, fleet management, and car financing, the income from these activities is considered not material in financial terms. Consequently, the company has no reportable segments for financial reporting purposes, as these ancillary activities primarily serve to generate demand for its core automobile products.
Key Segment Developments
The most significant development during the third quarter was a sharp recovery in the Indian car market, driven largely by the small car segment following GST reforms.
• Small Car Segment: This segment, which falls under the 18% GST bracket, accounted for 68,328 units of the total increase in domestic sales.
• Domestic Sales: The company achieved its highest-ever quarterly domestic sales of 564,669 units, up from 466,993 units in the same period the previous year.
• Exports: Quarterly exports grew to 103,100 units, compared to 99,220 units in Q3 FY 2024-25.
• Total Volume: Total sales for the quarter reached a record 667,769 units.
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.
Operational Scale and Segment Updates
Total sales volume for the quarter reached 667,769 units, an 17.9% increase.
• Domestic Market: Domestic sales rose 20.9% to 564,669 units, accounting for 84.6% of total sales.
• Segment Performance: The Mini and Compact segments combined for 263,412 units, a 25.4% increase. Utility Vehicles (UVs) grew 20.8% to 223,887 units. Light Commercial Vehicles (LCV) saw the highest percentage growth at 29.6%.
• Exports: Export volumes reached 103,100 units, a 3.9% year-over-year increase.
9M FY 2025-26 Performance and Growth Trajectory
For the nine-month period ending December 31, 2025, Maruti Suzuki recorded its highest-ever sales volume of 1,746,504 units, a 7.2% increase.
• Net Sales (9M): INR 1,242,908 million (+17.0%).
• PAT (9M): INR 108,549 million (+4.0%).
• Export Growth (9M): Exports grew significantly by 25.5% during this period.
Robust Capital Strength
The company’s financial position remains strong, with paid-up equity share capital standing at INR 1,572 million as of December 31, 2025. Consolidated nine-month net profit reached INR 110,205 million, reflecting the group’s overall earning capacity across its subsidiaries, associates, and joint ventures. Total standalone revenue from operations for the 9M period grew to INR 1,308,168 million, supported by a significant “Other income” contribution of INR 39,083 million.
Environmental Regulations
The Environment Protection (End-of-Life Vehicles) Rules, 2025, became effective April 1, 2025, introducing Extended Producer Responsibility (EPR). The company is currently unable to estimate the financial impact of these rules because the pricing mechanism for EPR certificates and the measurement framework are not yet available.
Shareholder Value
The company continues to generate value as evidenced by its earnings per share (EPS). For Q3 FY 2025-26, the standalone basic EPS was INR 120.67, up from INR 116.39 in the previous year. For the cumulative nine-month period, the basic EPS reached INR 345.25, compared to INR 332.07 for the same period in the prior fiscal year.
Growth Trajectory
The company is on a record-breaking growth path, having registered its highest-ever nine-monthly sales volume, Net Sales, and Net Profit. Total sales volume for the nine months reached 1,746,504 units, up from 1,629,631 units year-over-year. This trajectory is supported by its core business of manufacturing and selling motor vehicles, while ancillary activities like car financing, fleet management, and pre-owned sales act as strategic drivers to sustain demand for primary products.
Where Does Maruti Suzuki India Limited Stand Today?
Maruti Suzuki maintains a dominant position in the Indian market, particularly in the Compact and UV segments, which together constitute the bulk of its domestic volume. While the company benefits from favourable operating leverage and lower sales promotion expenses, it faces headwinds from adverse commodity prices, unfavourable foreign exchange movements, and Rare Earth Element (REE) supply issues.