Maruti Suzuki Share Price: Maruti Suzuki India Limited, the country’s largest carmaker, saw its share price rise over 1% on August 1, 2025, after announcing its first-quarter (Q1) results for the financial year 2025-26 (FY26). The company reported a modest increase in profit, solid revenue growth, and a significant surge in exports, which helped offset weaker domestic sales. Investors welcomed the results, driving the stock to ₹12,715 on the NSE by mid-morning, up 0.8% from the previous close. The positive momentum reflects Maruti’s ability to navigate a challenging domestic market while capitalizing on global demand.
Revenue Growth Amid Domestic Challenges
Maruti Suzuki’s revenue from operations grew by 8% year-on-year, reaching ₹38,414 crore in Q1 FY26, compared to ₹35,531 crore in the same period last year. This growth came despite a 4.5% drop in domestic sales, as the passenger vehicle market faced sluggish demand. The company sold 430,889 vehicles in India, down from the previous year, but a robust export performance helped balance the overall sales volume. Total sales for the quarter stood at 527,861 units, a 1.1% increase compared to Q1 FY25. The revenue growth was also supported by a near-doubling of non-operating income, which boosted the company’s financial position.
| Financial Highlights | Q1 FY26 | Q1 FY25 | Change (%) |
|---|---|---|---|
| Revenue (₹ Crore) | 38,414 | 35,531 | +8% |
| Net Profit (₹ Crore) | 3,712 | 3,650 | +2% |
| Total Sales (Units) | 527,861 | 522,330 | +1.1% |
Profit Rises Despite Margin Pressure
The company’s net profit for Q1 FY26 increased by 2% to ₹3,712 crore, up from ₹3,650 crore in the same quarter last year. This growth was modest but beat market expectations, with analysts polled by CNBC-TV18 predicting a profit of ₹3,078 crore. However, Maruti faced challenges on the operational front, with its EBITDA (earnings before interest, taxes, depreciation, and amortization) falling 11.2% to ₹3,997 crore. The EBITDA margin also contracted to 10.4% from 12.7%, due to higher raw material costs, increased sales promotion expenses, and new plant-related costs at the Kharkhoda greenfield facility. Despite these pressures, the profit growth reassured investors about Maruti’s resilience.
Export Surge Fuels Optimism
A standout feature of Maruti Suzuki’s Q1 performance was its export growth, which soared by 37.4% to 96,972 units. This helped the company capture a 47% share of India’s total passenger vehicle exports, even as the industry saw a 2.1% decline in overseas sales. Japan emerged as Maruti’s second-largest export market, with popular models like Jimny and Fronx driving demand. The company credited its success to Suzuki’s global distributor network, which has expanded Maruti’s reach to nearly 100 countries. Looking ahead, Maruti expects further export growth, especially with plans to ship electric vehicles to Europe and Japan.
Market Sentiment and Future Outlook
Brokerages remain cautiously optimistic about Maruti Suzuki’s prospects. Jefferies maintained a “Buy” rating, raising its target price to ₹14,750, citing improving average selling prices despite margin challenges. HDFC Securities also kept a “Buy” rating with a target of ₹14,990, expecting better margins as the Kharkhoda plant ramps up production. However, analysts noted near-term hurdles, including rising steel prices and muted domestic demand. Maruti’s management is betting on a stronger second half, driven by new model launches and a potential revival in rural demand. The company’s focus on electric vehicles, including the Swift EV prototype, also signals its intent to compete in the growing EV market.
Maruti Suzuki’s Q1 results highlight its ability to balance domestic challenges with global opportunities. The export surge, coupled with steady revenue and profit growth, has bolstered investor confidence, as seen in the stock’s upward movement. While margin pressures and a sluggish domestic market remain concerns, Maruti’s strategic investments in exports and electric vehicles position it well for future growth. As the company prepares for new launches and a potential demand recovery, its stock remains a key watch for investors in India’s auto sector.