Maruti Suzuki Q4 Profit Falls 6.5% Despite Record Revenue, Highest-Ever Quarterly Volumes

India's largest passenger carmaker, Maruti Suzuki, reported a 6.5% year-on-year (YoY) decline in consolidated net profit to ₹3,659 crore for the January-March quarter of FY26, even as revenue from operations surged 28.2% to ₹52,462.5 crore.

The profit decline was driven by higher raw material costs, a sharp drop in other income, increased tax expenses, and mark-to-market impacts during the period, the company said in a press release.

Other income fell sharply to ₹500 crore from ₹1,528 crore a year ago, while tax expenses rose to ₹1,245 crore from ₹1,005 crore. Total expenses for the quarter stood at ₹48,125.3 crore, up from ₹37,585.5 crore in the year-ago period.

The company clarified that the decline in non-operating income was a notional loss due to a change in bond yields and could be recovered at a later stage.

On a standalone basis, the net profit fell 7% to ₹3,591 crore from ₹3,857.3 crore a year earlier. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), however, rose 27% to ₹6,157 crore, with margins remaining largely stable at 11.7%, compared with 11.8% in the same period last year.

Record Volumes and Milestones

Despite the profit pressure, the quarter marked several operational highs for the company. Maruti Suzuki posted its highest-ever quarterly sales volume of 676,209 units, driven by strong export growth and steady domestic demand. Net sales crossed the ₹50,000 crore mark for the first time in a single quarter, while operating profit rose 30.4% YoY.

The company also announced a final dividend of ₹140 per share for FY26, payable on September 9, 2026.

For the full year FY26, the automaker reported record total sales of over 2.42 million units, its highest-ever annual figure. The company also achieved its highest-ever net profit and net sales for the full year, supported by strong domestic demand in the second half and robust export performance.

Of the 2.42 million units sold, 1.86 million were in the domestic market, 0.45 million were exported and 0.11 million were sold to other original equipment manufacturers, all three being the highest-ever figures for the company.