Maruti Suzuki posts best-ever year in FY2025-26 — But production is still playing catch-up

Maruti Suzuki India Limited closed FY2025-26 with its strongest year yet. It recorded its highest ever domestic sales, exports, revenue, and net profit. But the numbers also show something else. Demand was higher than what the company could supply. Around 1.9 lakh customer orders were still pending at the end of the year, and dealer stock had dropped to just 12 days.

This gap between demand and supply is a key part of the story. Here is a simple look at how Maruti Suzuki performed in FY2025-26 and what the numbers actually show.

A year driven by GST cuts and a second-half surge

The year did not begin very fast for Maruti Suzuki India Limited. Growth picked up in the second half of FY26 after the government reduced GST on small petrol, CNG, and diesel cars from 28 percent to 18 percent. This directly helped the entry-level and compact segments where Maruti is strongest.

Domestic sales reached 19,74,939 units for the full year, up from 19,01,681 units in FY25. Demand rose sharply, but production could not keep up. Around 1.3 lakh pending orders were from the small car segment, which saw the biggest boost from the GST cut. This matters because the tax cut did not just increase sales. It pushed demand heavily toward one segment and factories were not ready to match that surge immediately.

What the full-year numbers show

For FY2025-26, Maruti Suzuki India Limited reported total sales of 24,22,713 units, up from 22,34,266 units in FY25. Domestic sales stood at 19,74,939 units, while exports reached 4,47,774 units, a clear jump from 3,32,585 units last year. Net sales came in at Rs 1,74,369.5 crore, showing a growth of 20.2% year on year. Net profit was Rs 14,445.4 crore, only slightly higher than Rs 14,297.6 crore in FY25.

Revenue growth at over 20.2% is strong, but profit growth was much smaller at around 1%. This gap points to cost pressures and other financial impacts that affected overall profitability during the year.

Maruti Suzuki hits all-time high sales and revenue in Q4 FY26

The January to March quarter was the strongest ever for Maruti Suzuki India Limited on several fronts. Total sales reached 6,76,209 units, up 11.8% year on year. Domestic sales stood at 5,38,994 units, while exports hit 1,37,215 units, the highest ever in a single quarter. Net sales touched Rs 50,078.7 crore, the first time the company crossed the Rs 50,000 crore mark in a quarter. Operating profit or EBIT came in at Rs 4,409.2 crore, up 30.4%, also a record high.

The only number that moved differently was net profit, which fell 6.9% to Rs 3,590.5 crore. This was due to a mark to market impact, which is an accounting adjustment on investments and not linked to the core business. The key point is that operating profit grew strongly, showing the business itself remained in good shape.

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Maruti Suzuki exports surge 34.6% in FY26, leads India again

Maruti Suzuki India Limited has now been India’s largest passenger vehicle exporter for five straight years. In FY26, it accounted for 49% of the country’s total passenger vehicle exports, which is nearly half.

Exports also saw a strong jump. Volumes increased from 3,32,585 units in FY25 to 4,47,774 units in FY26, a growth of 34.6%. This shows a clear shift in the company’s global presence.

There is another important part to this. The made in India Maruti Suzuki eVitara, which is the company’s first electric vehicle, was exported to 44 countries. This is not just about one model. It shows that Maruti plans to use India as a base for global EV exports, not just for selling cars in the local market.

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Maruti Suzuki faces 1.9 lakh order backlog as demand outpaces supply

By the end of FY2025-26, Maruti Suzuki India Limited had around 1.9 lakh pending customer orders. Out of this, nearly 1.3 lakh were for small cars that fall under the 18% GST bracket. This backlog shows a production gap, but it also reflects strong demand. Customers are clearly buying, but supply has not kept up, especially after the GST cut boosted demand in small cars.

Dealer inventory was just 12 days at year end, which is quite low. A normal level is around 30 to 45 days. At this level, cars are being sold almost as soon as they are produced. Maruti has started addressing this. Suzuki Motor Gujarat has been merged into the company, and a second plant in Gujarat is planned with land already acquired in Sanand. Capacity is increasing, but it will take time to fully catch up with demand.
 

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