Maruti Suzuki India Limited Q4 FY2026 Results
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Overview
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Detailed Analysis
Sentiment
Mixed
Executive Summary
Maruti Suzuki Q4 FY2026: Revenue ₹52,462.5 Cr (vs ₹49,904.1 Cr YoY), PAT ₹3,659.0 Cr (vs ₹3,879.1 Cr YoY)
In Q4 FY2026 Maruti Suzuki (consolidated) reported total revenue from operations of ₹52,462.5 Cr, up YoY from ₹49,904.1 Cr, while consolidated profit after tax (owners) was ₹3,659.0 Cr, down YoY from ₹3,879.1 Cr. Profit before tax was largely flat at ₹4,918.4 Cr in Q4 FY2026 versus ₹4,917.7 Cr in Q4 FY2025, with other income of ₹483.9 Cr supporting the topline. Inventory build and higher total expenses (₹48,115.3 Cr) weighed on PAT despite revenue growth. The Board recommended a final dividend aggregating INR 44,016 million (INR 140 per share) for FY2026.Total Revenue from operations (Q4 FY2026)
₹52,462.5 Crvs ₹49,904.1 Cr in Q4 FY2025
Total Income (Q4 FY2026)
₹52,946.4 Crvs ₹42,431.3 Cr in Q4 FY2025
Profit before tax (Q4 FY2026)
₹4,918.4 Crvs ₹4,917.7 Cr in Q4 FY2025
Profit for the period - Owners (PAT) (Q4 FY2026)
₹3,659.0 Crvs ₹3,879.1 Cr in Q4 FY2025
Total expenses (Q4 FY2026)
₹48,115.3 Crvs ₹46,115.8 Cr in Q4 FY2025
Other income (Q4 FY2026)
₹483.9 Crvs ₹1,055.1 Cr in Q4 FY2025
Basic EPS (not annualised) (Q4 FY2026)
₹116.38vs ₹123.38 in Q4 FY2025
Inventories (Consolidated current assets) (as at Mar 31, 2026)
₹11,320.6 Crvs ₹6,913.2 Cr as at Mar 31, 2025
Key Highlights
8
Consolidated revenue from operations in Q4 FY2026 rose to ₹52,462.5 Cr driven by higher vehicle sales and services, reflecting a YoY increase versus ₹49,904.1 Cr in Q4 FY2025.
Consolidated profit after tax attributable to owners declined to ₹3,659.0 Cr in Q4 FY2026 from ₹3,879.1 Cr in Q4 FY2025, primarily due to higher total expenses despite stable PBT.
Total expenses rose to ₹48,115.3 Cr in Q4 FY2026 from ₹46,115.8 Cr in Q4 FY2025, indicating margin pressure from cost lines including other expenses and employee benefits.
Inventories increased materially to ₹11,320.6 Cr as at March 31, 2026 from ₹6,913.2 Cr as at March 31, 2025, suggesting production build-up or channel stocking ahead of demand shifts.
Other income reduced sharply to ₹483.9 Cr in Q4 FY2026 from ₹1,055.1 Cr in Q4 FY2025, removing a prior quarter tailwind to earnings.
Profit before tax remained effectively flat at ₹4,918.4 Cr in Q4 FY2026 versus ₹4,917.7 Cr in Q4 FY2025, showing operating profit resilience before tax and exceptional items.
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Key Highlights
8
Consolidated revenue from operations in Q4 FY2026 rose to ₹52,462.5 Cr driven by higher vehicle sales and services, reflecting a YoY increase versus ₹49,904.1 Cr in Q4 FY2025.
Consolidated profit after tax attributable to owners declined to ₹3,659.0 Cr in Q4 FY2026 from ₹3,879.1 Cr in Q4 FY2025, primarily due to higher total expenses despite stable PBT.
Total expenses rose to ₹48,115.3 Cr in Q4 FY2026 from ₹46,115.8 Cr in Q4 FY2025, indicating margin pressure from cost lines including other expenses and employee benefits.
Inventories increased materially to ₹11,320.6 Cr as at March 31, 2026 from ₹6,913.2 Cr as at March 31, 2025, suggesting production build-up or channel stocking ahead of demand shifts.
Other income reduced sharply to ₹483.9 Cr in Q4 FY2026 from ₹1,055.1 Cr in Q4 FY2025, removing a prior quarter tailwind to earnings.
Profit before tax remained effectively flat at ₹4,918.4 Cr in Q4 FY2026 versus ₹4,917.7 Cr in Q4 FY2025, showing operating profit resilience before tax and exceptional items.
Board approved and recommended a final dividend aggregating INR 44,016 million (INR 140 per share) for FY2026, up from INR 42,444 million (INR 135 per share) prior year, reflecting strong cash allocation to shareholders.
The company recorded consolidated total income of ₹52,946.4 Cr in Q4 FY2026, supported by other income and non-operating gains despite a YoY decline in other income line.
Guidance & Outlook
4
Company will monitor implementation frameworks for Environment Protection (End-of-Life Vehicles) Rules 2025 and evaluate EPR financial obligations once pricing/measurement guidance is available, implying potential future compliance cost impact.
Board scheduled the Annual General Meeting on 31st August 2026 and set Record Date for dividend on 7th August 2026 with payment on 9th September 2026, indicating near-term shareholder returns execution.
Management noted the amalgamation of Suzuki Motor Gujarat Private Limited effective December 1, 2025 with comparative figures restated, which may affect future consolidated comparatives and synergies recognition.
No explicit capex guidance was provided in the quarter; however, cashflow statement shows capital expenditure (PPE and CWIP) payments of ₹10,122.7 Cr in the year, indicating ongoing investment that may continue into FY2027.
Risks & Concerns
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Significant inventory build to ₹11,320.6 Cr as at Mar 31, 2026 (vs ₹6,913.2 Cr a year ago) raises risk of channel destocking or margin erosions if demand weakens.
Sharp fall in other income to ₹483.9 Cr in Q4 FY2026 from ₹1,055.1 Cr in Q4 FY2025 removes a non-operating cushion and could increase earnings volatility going forward.
EPR obligations under the Environment Protection (End-of-Life Vehicles) Rules 2025 are not yet quantifiable and the company is currently unable to reliably estimate the financial impact, creating regulatory compliance risk.
Rising total expenses to ₹48,115.3 Cr in Q4 FY2026 (vs ₹46,115.8 Cr YoY) implies margin pressure from cost inflation or one-off items which could constrain PAT recovery.
Other disclosed labour-code related incremental impact of ₹5,939 million recognised in Q3 FY2026 (gratuity and long-term compensated absences) could signal ongoing employee cost volatility depending on final rules.
AI-generated analysis. May contain inaccuracies — verify against original sources.