Maruti Suzuki Q4 FY26 profit falls 6.4% to ₹3,659 crore; ₹140 dividend declared
Synopsis
Maruti Suzuki delivered its highest-ever quarterly sales of 6.76 lakh units and an all-time export record in Q4 FY26 — yet net profit shrank 6.4% year-on-year to ₹3,659 crore, exposing a widening gap between volume growth and margin delivery. With the stock already down 22% this year, investors are asking whether India's largest carmaker can convert its sales dominance into profit momentum in FY27.
Key Takeaways
Maruti Suzuki Q4 FY26 consolidated net profit fell 6.4% YoY to ₹3,659 crore , from ₹3,911 crore a year ago.
Q4 revenue surged 28% YoY to ₹52,462.5 crore , highlighting a margin squeeze despite strong top-line growth.
Full-year FY26 PAT rose a marginal 0.8% to ₹14,619 crore ; full-year revenue up 20% to ₹1,83,316 crore .
Quarterly sales hit an all-time high of 6,76,209 units ; exports reached a record 1,37,215 units in Q4 FY26.
Board declared a final dividend of ₹140 per share for FY26, up from ₹135 the previous year.
Stock settled at ₹12,880 on the BSE, down 2.61% on the day and 22% year-to-date.
Maruti Suzuki India Ltd on Tuesday, 28 April 2026, reported a 6.4% year-on-year decline in consolidated net profit to ₹3,659 crore for Q4 FY26 (January–March quarter), even as revenue surged 28%, according to its exchange filing. The earnings miss sent the stock sliding nearly 3% on the Bombay Stock Exchange (BSE) during intraday trade.
Q4 FY26 Earnings at a Glance
The country's largest passenger carmaker posted a consolidated net profit of ₹3,659 crore for the quarter, down from ₹3,911 crore in the same period last year and lower than the preceding quarter's ₹3,879 crore — a sequential decline of 5.7%. Revenue from operations, however, climbed sharply to ₹52,462.5 crore, up 28% year-on-year from ₹40,920 crore and 5% higher quarter-on-quarter from ₹49,904 crore.
The divergence between revenue growth and profit contraction points to rising input costs and higher operating expenditure absorbing the gains from stronger sales volumes — a pattern that has weighed on margins across the auto sector in recent quarters.
Full-Year FY26 Performance
For the full financial year FY26, Maruti Suzuki's consolidated profit after tax (PAT) stood at ₹14,619 crore, a marginal 0.8% increase year-on-year from ₹14,500.2 crore. Full-year revenue from operations rose a more robust 20% year-on-year to ₹1,83,316 crore, up from ₹1,52,913 crore in FY25. Total assets as of 31 March 2026 expanded to ₹1,48,881 crore from ₹1,31,016 crore a year earlier, with non-current assets at ₹1,09,923.6 crore.
Record Sales and Dividend Announcement
Despite the profit dip, Maruti Suzuki reported its highest-ever quarterly sales of 6,76,209 units in Q4 FY26. Domestic sales stood at 5,38,994 units, while exports touched an all-time high of 1,37,215 units — underscoring the company's growing international footprint. Annual production volume for FY26 reached 23.4 lakh units.
The board also announced a final dividend of ₹140 per share for FY26, up from ₹135 per share in the previous year — a signal of confidence in the company's long-term cash generation despite near-term margin pressure.
Market Reaction
Shares of Maruti Suzuki came under selling pressure following the results, declining nearly 3% to an intraday low of ₹12,831 on the BSE before recovering partially to settle at ₹12,880, down 2.61% on the day. The stock has now shed 20% over the past six months and is down 22% year-to-date, reflecting broader investor caution around the premium auto segment amid sustained cost headwinds.
What to Watch
With exports hitting a record high and domestic volumes holding firm, Maruti Suzuki's volume story remains intact. The critical question for investors is whether the company can translate top-line growth into meaningful bottom-line recovery in FY27, particularly as competition in the SUV and electric vehicle segments intensifies. Management commentary on cost rationalisation and EV timelines will be closely tracked in the coming weeks.
Point of View
Logistics, and possibly incentive spending to defend market share — are eating into gains. What is striking is that even a full-year PAT growth of just 0.8% barely keeps pace with inflation, let alone the expectations embedded in a premium-valued stock. The 22% year-to-date decline in the share price suggests the street has been ahead of this narrative. The real test for Maruti in FY27 is whether its belated EV push and export momentum can rebuild the earnings trajectory before domestic competition — from Tata Motors, Hyundai, and new entrants — further compresses its pricing power.
NationPress
1 May 2026
Frequently Asked Questions
What was Maruti Suzuki's net profit in Q4 FY26?
Maruti Suzuki reported a consolidated net profit of ₹3,659 crore in Q4 FY26 (January–March 2026), down 6.4% year-on-year from ₹3,911 crore. On a sequential basis, profit also declined 5.7% from ₹3,879 crore in Q3 FY26.
Why did Maruti Suzuki's profit fall despite higher revenue?
Revenue rose 28% year-on-year to ₹52,462.5 crore in Q4 FY26, but profit fell, indicating that rising input costs and higher operating expenditure absorbed the gains from stronger sales volumes. This margin squeeze is a recurring theme across the broader auto sector.
What dividend has Maruti Suzuki declared for FY26?
Maruti Suzuki's board declared a final dividend of ₹140 per share for FY26, up from ₹135 per share paid in FY25. The higher payout reflects confidence in the company's cash generation capacity.
What were Maruti Suzuki's sales volumes in Q4 FY26?
Maruti Suzuki recorded its highest-ever quarterly sales of 6,76,209 units in Q4 FY26. Domestic sales stood at 5,38,994 units, while exports hit an all-time high of 1,37,215 units.
How has Maruti Suzuki's stock performed in 2026?
Following the Q4 results, the stock settled at ₹12,880 on the BSE, down 2.61% on the day. The stock has declined 20% over the past six months and is down 22% year-to-date, reflecting sustained investor concern over margin compression.
