MARUTI Maruti Suzuki India Q3 FY26 results (Oct–Dec 2025) and concall
Maruti Suzuki delivered a blockbuster Q3 FY26 on volumes and revenue, driven by the historic GST reform announced on August 15, 2025, which slashed passenger vehicle taxes by 5-10%. The PV industry swung from -0.4% growth in H1 to +20.5% in Q3, with Maruti outperforming at 22% domestic volume growth. The company hit record retail sales of 684,000 units and ended the quarter supply-constrained with only 3-4 days of inventory. However, profitability was tempered by a one-time INR 5.94 billion labour code provision (125 bps), price reductions passed to consumers (70 bps), and PGM/aluminium/copper
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What they filed
Q3 FY26: revenue up 28.7%, net profit up 4.1% against the same quarter last year.
| Line item | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|
| Revenue | 38,764 | 40,920 | 38,605 | 42,344 | 49,904 +29% |
| EBITDA | 5,076 | 4,844 | 4,623 | 5,086 | 5,573 +10% |
| Net profit | 3,727 | 3,911 | 3,792 | 3,349 | 3,879 +4% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Inve summary of a publicly available earnings call transcript; see how call summaries are prepared. Not investment advice.
