New Delhi:
Maruti Suzuki India Limited (MSIL) has delivered a blockbuster performance in Q3 and the first nine months of FY2025-26, proving once again why it remains the undisputed box office king of India’s car market. And this time, the hero of the story isn’t an SUV—it’s the humble small car, powered by GST reforms and middle-class optimism.
Q3 FY26: When Numbers Start Looking Like Phone Numbers
In the October–December 2025 quarter, Maruti Suzuki achieved its highest-ever quarterly domestic sales of 5,64,669 units, up sharply from 4,66,993 units in the same period last year. That’s an impressive jump of 97,676 cars, and nearly 70% of this growth came from small cars in the 18% GST bracket.
In simple terms: India rediscovered its love for budget-friendly hatchbacks, and Maruti was waiting with a full parking lot.
Including exports of 1,03,100 units, Maruti’s total sales touched a record 6,67,769 units, compared to 5,66,213 units last year.
Financially, the company also hit new milestones:
- Net Sales: ₹47,534 crore (up from ₹36,802 crore YoY)
- Net Profit: ₹3,794 crore (vs ₹3,659 crore last year)
However, profits took a small speed bump due to a one-time provision of ₹594 crore linked to the implementation of new Labour Codes—proof that even market leaders can’t escape HR departments.
9M FY26: Best Nine Months in Maruti’s History
For the April–December 2025 period, Maruti recorded its highest-ever nine-month performance across all key metrics:
- Total Sales: 17,46,504 units (vs 16,29,631 units last year)
- Domestic: 14,35,945 units
- Exports: 3,10,559 units
- Net Sales: ₹1,24,291 crore (up from ₹1,06,259 crore)
- Net Profit: ₹10,855 crore (vs ₹10,440 crore)
In other words, Maruti didn’t just grow—it grew in every direction possible.
GST Reform: The Real Co-Driver
A major catalyst behind this growth was the GST reform, which led to a sharp revival in demand, especially in the small car segment. With affordability improving, first-time buyers and upgrade customers returned to showrooms—many probably saying, “Chalo, ab WagonR le hi lete hain.”
One Company, One Balance Sheet
Another important development this quarter was the amalgamation of Suzuki Motor Gujarat (SMG) with Maruti Suzuki, effective from December 1, 2025. Since the appointed date was April 1, 2025, all financials have been restated accordingly.
Translation for non-accountants: Maruti and its Gujarat factory are now officially one happy family, at least on paper.
The Big Picture
While the Indian car market continues to flirt with SUVs and EVs, Maruti Suzuki’s latest results highlight a simple truth: India still runs on small cars—and Maruti still runs that market.
With record sales, strong profits, and a revived entry-level segment, Maruti Suzuki’s FY26 so far looks less like a business report and more like a victory lap. The only thing left is the year-end result—and judging by these numbers, even that’s likely to come with extra airbags.
