Maruti Suzuki Q1 FY26 Results: Profit Flat at ₹3,792 Cr, Revenue Grows ~8% on Export Strength
- nvshah0610
- Jul 31
- 2 min read

Maruti Suzuki posted a modest 0.9% YoY gain in consolidated net profit at ₹3,792.4 crore in Q1 FY26, up from ₹3,759.7 crore a year earlier. Despite a 6% decline in domestic sales, overall performance was supported by a 37.4% surge in exports, pushing total volumes up 1.1%. Revenue grew ~8% YoY to ₹38,605 crore, aided by price increases implemented in April. Robust non-operating income nearly doubled, offsetting pressure on operating margins due to elevated costs.
📊 Q1 FY26 Financial Highlights
Metric | Q1 FY26 | YoY Change | Key Insight |
Consolidated PAT | ₹3,792 cr | +0.9% | Flat growth amid margin headwinds |
Standalone PAT | ₹3,711.7 cr | +1.7% | Export-led resilience in standalone business |
Revenue from Operations | ₹38,605 cr | +7.9–8.1% | Driven by export growth and price hikes |
Sales Volume | 5,27,861 units | +1.1% | Domestic decline offset by 37% surge in exports |
Domestic Sales | 4,30,889 units | –4.5% | |
Exports | 96,972 units | +37.4% | Export strength becomes key growth lever |
Operating EBIT | ₹3,057.8 cr | –18.9% | Margin pressure from rising input & plant start-up costs |
EBIT Margin | ~8.3% | ↓ from 11.1% | Margin contraction due to costs & forex headwinds |
Other Income | ~5% of net sales | Sharp YoY rise | Other income almost doubled YoY |
PAT Margin | ~10.1% | ↓ from 10.8% | Decline in overall profit margin |
Key Drivers & Operational Commentary
Export-led growth: Strong international demand and price hikes launched in April helped offset a nearly 6% decline in domestic auto sales. Total volumes rose 1.1% YoY.
Rising costs & start-up expenses: Margins came under pressure due to increasing commodity prices, stronger rupee, promotional spends, and greenfield plant expenses
Non-operating income boost: Income from treasury and investments almost doubled, bolstering bottom-line despite operating softness.
Market Reaction & Analyst Sentiment
Maruti's Q1 performance surprised analysts with its ability to beat consensus estimates (~₹3,105 cr) despite a sluggish domestic environment. Exports and higher non-core income helped cushion the impact of weak domestic demand. Investors appeared cautiously optimistic, with stock trading roughly flat post-announcement.Agent analysts noted challenges in reshaping the product mix toward higher-margin SUVs while managing legacy hatchback pressure.
Broader Industry Context
Amid muted industry-wide domestic PV demand—some of the lowest in two years—Maruti stood out by leveraging its exports and cost containment efforts. Still, rising commodity prices and slower uptake in entry-level segments flagged a tactical pivot evolving toward higher-value utility vehicles and urban markets.
✅ Summary & Outlook
Maruti Suzuki’s Q1 FY26 results reflect resilience in volume and export strategy, coupled with strong non-core income cushioning operational softness. Though profitability rose marginally, significant margin pressure and domestic demand headwinds persist. Key near-term focus will be:
Recovery in domestic demand and volume mix
Expansion in SUV and UV segments
Cost control in raw materials and promotional spends
Sustained export momentum and non-operating income streams
Source:-Maruti Suzuki India,Chatgpt