Maruti Suzuki India reported a 6.92% year-on-year decline in standalone net profit to ₹3,590.5 crore for the January–March quarter of FY26, the company disclosed on April 28, 2026, as higher input, logistics, and manufacturing costs erased the gains from a sharp 28% surge in revenue. The result missed the analyst consensus by a wide margin. Brokerages including JM Financial and Centrum Institutional Research had forecast profit growth of 14–17% YoY, and it marks the second consecutive quarter in which Maruti’s bottom line has lagged its top-line expansion.
Revenue from operations came in at ₹52,462.5 crore in Q4 FY26, up 28.21% from ₹40,920.1 crore in Q4 FY25, according to the company’s exchange filing. The topline number broadly matched brokerage expectations, with JM Financial having estimated ₹52,207 crore and Centrum pencilling in ₹51,648 crore. The divergence between strong revenue and weak profit is the central story of the quarter.
Why profit fell despite record sales
The profit decline came against a year-ago base that was itself not strong. In Q4 FY25, Maruti’s standalone profit was ₹3,857.3 crore, itself down roughly 1% YoY due to similar cost pressures. That means the company has now posted year-on-year profit declines in two of the last four quarters despite volume growth, pointing to a structural margin squeeze rather than a one-off disruption.
JM Financial had flagged the risk pre-results, writing that it expected the EBITDA margin to contract by 20 basis points quarter-on-quarter “owing to higher commodity prices and logistics costs, partially offset by higher operating leverage. ” The actual outcome confirmed that view. Steel and aluminium costs, freight expenses, and overhead costs linked to the company’s ongoing capacity expansion at its Kharkhoda plant in Haryana were the primary drags, according to Maruti’s exchange filing.
Volumes were a bright spot
What the quarter did deliver unambiguously was volume. Maruti’s total sales domestic and export combined came in well above the prior year, supported by three factors: the continued ramp-up of the Victorious SUV launched in late 2025, early deliveries of the e-Vitara electric vehicle, and an export mix that expanded to 20.4% of total volumes in Q4 FY26 from 14.1% in Q4 FY25, according to Axis Direct’s post-results note.
The export surge is notable. Maruti had already surpassed its FY26 full-year export target of 4 lakh units by February 2026, according to Motilal Oswal’s pre-results preview. A higher export share lifts average selling prices, which partly explains why revenue grew 28% while volumes grew at a more modest rate. The UV contribution in domestic sales also rose to 32.5% in Q4 FY26 from 31.6% in Q4 FY25, per Axis Direct, indicating a continuing mix shift toward higher-margin vehicles.
Dividend: ₹140 per share
Maruti’s board recommended a final dividend of ₹140 per share for FY26, with a nominal face value of ₹5 per share. The record date was fixed at August 7, 2026, with payment scheduled for September 9, 2026, per the company’s exchange disclosure. The ₹140 payout compares with a record dividend of ₹135 per share declared for FY25, marking a ₹5 per share increase year-on-year. At the current market price of ₹13,130 recorded on NSE on April 28, the dividend yield works out to approximately 1.07%.
The beat-miss breakdown versus estimates
The revenue line beat most brokerage estimates. The profit line missed all of them. Business Standard’s pre-results compilation showed HDFC Securities forecasting PAT of ₹3,883 crore, JM Financial at ₹4,329 crore, and Centrum at ₹4,229 crore. The actual ₹3,590.5 crore came in below even the most conservative of the tracked forecasts, underscoring how severely the cost side surprised to the downside.
FY26 full year and what comes next
The Q4 result caps a full year in which Maruti navigated sharply divergent pressures. The GST rate cuts implemented in mid-2025 triggered a demand surge, particularly in small cars under the 18% bracket, that drove a 20.5% industry rebound in Q3 FY26 after a marginal 0.4% decline in H1 FY26, according to Maruti’s own Q3 management commentary. Maruti outperformed the industry in that recovery, with its market share recovering approximately 170 basis points to 40.9%, per Motilal Oswal’s data.
Capacity, not demand, is now the binding constraint. The company is operating at peak production levels and has commissioned a greenfield plant with 1 million unit capacity alongside its target to expand total capacity to 3.1 million units by FY28, per BNP Paribas’s pre-results note. Until that capacity comes online, per BNP Paribas, volume growth will remain capped by production ceilings.
Investors will watch management’s commentary at the post-results conference call for two data points: any update on the Kharkhoda plant commissioning timeline and whether the company expects commodity cost pressure to ease in Q1 FY27.
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Frequently Asked Questions
What was Maruti Suzuki’s Q4 FY26 profit?
Maruti Suzuki reported a standalone net profit of ₹3,590.5 crore in Q4 FY26 (January–March 2026), down 6.92% from ₹3,857.3 crore in Q4 FY25, according to the company’s April 28 exchange filing.
What was Maruti Suzuki’s Q4 FY26 revenue?
Revenue from operations was ₹52,462.5 crore in Q4 FY26, a 28.21% year-on-year increase from ₹40,920.1 crore in Q4 FY25, per the exchange filing.
Why did Maruti’s profit fall despite higher revenue?
Higher commodity costs, primarily steel and aluminum, along with rising logistics and freight expenses and manufacturing overheads linked to the ongoing Kharkhoda plant expansion, compressed margins, per JM Financial’s pre-results analysis and Maruti’s own exchange disclosure.
What dividend did Maruti Suzuki declare for FY26?
The board recommended a final dividend of ₹140 per share (face value ₹5), with the record date set at August 7, 2026, and payment scheduled for September 9, 2026, per the company’s BSE filing.
How did Maruti’s Q4 results compare with analyst estimates?
Revenue matched or slightly exceeded estimates across brokerages. Profit missed all tracked forecasts: HDFC Securities had estimated ₹3,883 crore, JM Financial ₹4,329 crore, and Centrum ₹4,229 crore, against the actual ₹3,590.5 crore, per Business Standard’s pre-results compilation.
What is Maruti Suzuki’s market share?
Maruti recovered approximately 170 basis points of market share over the September 2025 to February 2026 period, reaching approximately 40.9% of the domestic passenger vehicle market, according to Motilal Oswal’s pre-results data.
