Maruti Suzuki is expected to report a steady set of numbers for the fourth quarter of FY26, with revenue and profitability supported by healthy volume growth, improved product mix and easing cost pressures on the margin front. While demand likely remained stable through the quarter, the pace of growth is expected to continue to be shaped by capacity constraints and evolving cost dynamics.
The country’s largest carmaker is estimated to post standalone revenue of about Rs 51,486 crore in Q4FY26, reflecting a strong 27 per cent year‑on‑year increase and a modest 3 per cent sequential rise. The growth is likely to be driven by a combination of higher volumes, better pricing and a favourable currency environment. Average selling prices are seen rising nearly 14 per cent year on year, aided by a richer product mix and sustained traction in higher‑value models.
Volumes are expected to grow 12 per cent compared with the year‑ago period and about 1.3 per cent quarter on quarter. The contribution from utility vehicles is likely to remain largely stable at around 34 per cent of total volumes, slightly lower than the previous quarter but still materially higher than historical averages.
Meanwhile, exports are expected to be a key incremental growth driver, with their share improving sharply by around 500 basis points sequentially to 21 per cent, offering support to both revenue growth and operating leverage.
Operating performance is expected to improve sequentially, with Ebitda projected at around Rs 6,339 crore, up 30 per cent year on year and 14 per cent quarter on quarter. Ebitda margins are likely to expand to approximately 12.3 per cent from 11.2 per cent in Q3FY26, as lower other expenses and tighter control on discounts help offset the pressure from higher input costs. Reduced promotional spend during the quarter is expected to partially cushion the impact of commodity inflation, supporting margin expansion.
Net profit for the quarter is estimated at about Rs 4,279 crore, translating into a 15 per cent year‑on‑year increase and a 13 per cent rise over the previous quarter.
