Q3 2026 Maruti Suzuki India Ltd Earnings Call Transcript
Key Points
- Maruti Suzuki India Ltd (BOM:532500) experienced a significant sales volume growth of 22% in the domestic market during Q3 FY26, rebounding from a decline in the first half of the year.
- The company achieved its highest ever retail sales of over 683,000 units in Q3 FY26, with a very low network inventory of just 3 to 4 days.
- Maruti Suzuki's SUV model, Victoris, received the Indian Car of the Year award, contributing to the company's strong market presence.
- The company plans to expand its production capacity with new plants in Kharkhoda and Gujarat, each capable of producing 250,000 vehicles annually.
- Maruti Suzuki commanded a 46% share in passenger vehicle exports from India in calendar year '25, with plans to expand exports to over 100 countries.
- The company's net profit was impacted by a one-time provision of INR5,939 million due to new labor codes.
- Maruti Suzuki faced unfavorable factors such as adverse commodity prices, rare earth element supply issues, and unfavorable foreign exchange movements, impacting margins.
- The amalgamation of Suzuki Motor Gujarat with Maruti Suzuki led to changes in accounting, affecting depreciation and other expenses.
- Export volume growth slowed to low single digits in Q3 FY26, partly due to a missed shipment.
- The company is experiencing supply constraints, limiting its ability to meet the robust demand in the domestic market.
Ladies and gentlemen, good day, and welcome to the Maruti Suzuki Q3 FY26 earnings conference call. (Operator Instructions)
I now hand the conference over to Mr. Pranav. Thank you, and over to you, sir.
Thank you, Raju. Ladies and gentlemen, good afternoon, once again. Welcome you all to the Q3 FY '26 earnings call. May I introduce you to the management team from Maruti Suzuki. Today, we have with us our Chief Investor Relations Officer, Mr. Rahul Bharti; and CFO, Mr. Arnab Roy.
Before we begin, may I remind you of the safe harbor. We may be making some forward-looking statements that have to be understood in conjunction with the uncertainty and the risks that the company faces. I also like to inform you that the call is being recorded, and the audio recording and the transcript will be available at our website.
Please note that in case of any inadvertent error during this live audio call, a transcript will be provided with the corrected
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