More Stories

Informist, Wednesday, Jan. 28, 2026

 

Please click here to read all liners published on this story

--Maruti Suzuki Oct-Dec net profit INR 37.94 bln
--Analysts saw Maruti Suzuki Oct-Dec net profit at INR 46.55 bln
--Maruti Suzuki Oct-Dec revenue INR 498.92 bln
--Analysts saw Maruti Suzuki Oct-Dec revenue at INR 509.74 bln
--Maruti Suzuki Oct-Dec net profit INR 37.94 bln vs INR 36.59 bln year ago
--Maruti Suzuki Oct-Dec revenue INR 498.92 bln vs INR 387.52 bln year ago
--Maruti Suzuki Apr-Dec net profit INR 108.55 bln vs INR 104.40 bln year ago
--Maruti Suzuki Apr-Dec revenue INR 1.31 tln vs INR 1.12 tln year ago
--Maruti Suzuki: Saw impact of INR 5.94 bln due to new labour codes
--Maruti Suzuki shares at INR 14,449, down 5.2% now vs earlier 2?rlier
--Maruti Suzuki shares at INR 14,449, down 5.2% now vs 2?rlier
--Maruti Suzuki shares fall; Oct-Dec net profit, revenue below estimates
--Maruti Suzuki Oct-Dec profit excluding labour code impact at INR 43.88 bln
--Maruti Suzuki Q3 operating EBIT INR 38.37 bln vs INR 36.36 bln year ago
--Maruti Suzuki Oct-Dec operating EBITDA margin 11.7% vs 13.8% year ago
--Maruti Suzuki Q3 operating EBITDA margin down on high commodity prices
--Maruti Suzuki Q3 operating EBITDA margin down on unfavourable FX movement

 

By Anand JC

 

MUMBAI – The financials of Maruti Suzuki India Ltd. rode the festival season momentum in the December quarter, buoyed by the cut in Goods and Services Tax as domestic vehicle sales hit a record high. However, the company's top line and bottom line both missed analysts' estimates.

 

The company's net profit for the reporting quarter was INR 37.94 billion, up almost 4% on year. Analysts had expected the Swift maker's bottom line to rise to INR 46.55 billion. The company's net profit was also weighed down by the one-time cost of INR 5.94 billion incurred because of the new labour laws implemented in November. The company accounted for this in its staff costs. Excluding this one-time impact, the company's net profit improves to INR 43.88 billion, though still below consensus expectations.  

 

Net sales swelled to a record high of INR 475.34 billion for the December quarter. Adding other operating revenue, the top line increases to INR 498.92 billion, up 29% on year. This is, however, below the consensus estimate of INR 509.74 billion. 

 

Maruti Suzuki sold a record high 564,669 units in India during the December quarter, up 21% on year. It exported 103,100 cars during the period, up only 4% on year. Overall, its sales grew 18% on year to 667,769 units. 

 

The company's operating earnings before interest, tax, depreciation, and amortisation for the quarter grew 10% on year to INR 55.72 billion while operating EBIT rose almost 6% on year to INR 38.37 billion. The operating EBITDA margin fell 210 basis points on year and 100 bps on quarter to 11.7%. This includes the impact of 125 bps because of the new labour codes.

 

Its operating margin was negatively impacted by adverse commodity prices and unfavourable foreign exchange movement during the December quarter. It was also affected by shortage of rare earth magnets, which is a key raw material for automobiles, especially electric cars. 

 

EXPENSE PORTFOLIO

Maruti Suzuki incurred expenses totalling INR 461.16 billion in the December quarter, up 31% on year. Its expenses rose to the highest since the December quarter of 2014, based on data available with Informist.

 

The cost of materials consumed formed the biggest chunk of the company's costs. For the reporting quarter, input costs rose 33% on year to INR 292.34 billion. Other expenses increased almost 16% on year to INR 54.09 billion.

 

Staff costs grew 51% on year to INR 26.93 billion. This includes the impact of the new labour codes. The company accounted for gratuity costs totalling INR 3.26 billion during the December quarter, of which INR 3.09 billion has been accounted for in employee benefits expense and INR 163 million in other expenses. Long-term compensated absences of INR 2.68 billion too have been included in staff costs because of the new labour codes notified in November.

 

APR-DEC

For Apr-Dec, the company's net profit was INR 108.55 billion compared to INR 104.40 billion in the corresponding period a year ago. Its revenue for this period was INR 1.31 trillion, up from INR 1.12 trillion in the year-ago period.

 

The company's operating EBITDA for this period fell mildly on year to INR 152.77 billion while operating EBIT fell almost 8% on year to INR 102.84 billion. Maruti Suzuki's operating EBITDA margin fell 210 bps in Apr-Dec to 12.3%. This includes the impact of the new labour laws to the tune of 50 bps. While other expenses fell, material costs and employee costs saw an uptick during this period, the company said in a presentation.

 

Maruti Suzuki declared its December quarter financials during market hours. On Wednesday, shares of the company closed 2.4% lower at INR 14877 on the National Stock Exchange.  End

 

Edited by Avishek Dutta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.