India’s largest carmaker just posted numbers that tell two very different stories at the same time. On one hand, record-breaking sales and revenue growth that would make any automaker jealous — on the other, a profit line that barely moved and nearly two lakh customers still waiting for their cars.
I’ve been tracking Maruti Suzuki’s quarterly numbers for years now, and FY26 is genuinely one of the most interesting financial years for the company. Let me break down what happened, what it means for buyers, and why those 1.9 lakh pending orders matter more than you think.
Record Sales But The Factory Can’t Keep Up
Maruti Suzuki sold a total of 24,22,713 units in FY26. That’s up from 22,34,266 units the previous year — a solid jump by any measure. Domestic sales hit 19,74,939 units while exports surged to 4,47,774 units. The company retained its crown as India’s top passenger vehicle exporter for the fifth straight year, contributing nearly 49% of the country’s total PV exports.
The second half of the year was particularly strong, with demand getting a boost from GST reductions. The January to March 2026 quarter alone saw Maruti clock its highest-ever quarterly sales of 6,76,209 units. That’s a staggering number for a single quarter.
But here’s the catch — despite selling this many cars, Maruti ended the year with approximately 1,90,000 pending customer orders. Around 1,30,000 of those are in the small car segment alone. Dealer inventory sat at just 12 days, which is extremely lean. If you’ve been waiting months for your Maruti delivery, you’re not alone.
Revenue Soared 20% But Profit Barely Budged
This is where the story gets complicated. Maruti reported net sales of Rs 1,74,369.5 crore in FY26, marking roughly 20% growth over FY25. That’s impressive top-line expansion by any standard. However, net profit came in at Rs 14,445.4 crore — barely above the Rs 14,297.6 crore reported the previous year.
So revenue grew 20% but profit grew less than 2%. What happened? Higher commodity costs, lower non-operating income, and EBITDA margin compression all played a role. The company absorbed significantly more costs during the year, and that ate into the bottom line despite the volume surge.
In Q4 FY26 specifically, net profit actually declined 6.9% year-on-year to Rs 3,590.5 crore. Mark-to-market impacts were the primary culprit, though operating performance remained solid underneath.
Key Financial Highlights At A Glance
| Parameter | FY26 | FY25 | Change |
|---|---|---|---|
| Total Sales (Units) | 24,22,713 | 22,34,266 | +8.4% |
| Domestic Sales (Units) | 19,74,939 | — | Strong Growth |
| Exports (Units) | 4,47,774 | — | Sharp Rise |
| Net Sales (Rs Million) | 17,43,695 | ~14,53,000 | ~20% |
| Net Profit (Rs Million) | 1,44,454 | 1,42,976 | +1% |
| Q4 Net Profit (Rs Million) | 35,905 | 38,576 | -6.9% |
| Pending Orders | 1,90,000 | — | Supply Constrained |
| Dealer Inventory | ~12 Days | — | Very Low |
| Dividend Per Share | Rs 140 | Rs 135 | +3.7% |
The e Vitara Export Story
One of the more interesting developments this year was the e Vitara. Maruti’s made-in-India electric SUV is now being exported to 44 global markets. This is significant because it positions India as a manufacturing hub for Suzuki’s global EV strategy, not just a domestic market.
For Maruti, this diversifies their export portfolio beyond traditional ICE models. It also signals that the Manesar and Gujarat plants are handling EV production alongside their regular lineup — which partly explains why capacity remains tight for domestic buyers.
The SMG Merger And What It Means
The amalgamation of Suzuki Motor Gujarat Pvt Ltd with Maruti Suzuki India Ltd was completed during FY26, effective December 1, 2026. Financials have been restated from April 1, 2026. This merger brings the Gujarat manufacturing operations fully under Maruti’s balance sheet, giving investors clearer visibility into the company’s total production capacity and costs.
For buyers, this doesn’t change much immediately. But from a corporate structure standpoint, it simplifies things considerably and should help Maruti plan capacity expansion more efficiently going forward.
Regulatory Uncertainty Looms
Maruti flagged one major concern in their results — the End-of-Life Vehicle (ELV) rules that came into effect from April 2026. The company stated it currently cannot quantify the financial impact because there’s no clarity on pricing mechanisms or the execution framework.
This scrappage policy uncertainty is something every automaker in India is watching closely. If implementation costs are high, they’ll eventually get passed on to buyers. Maruti being upfront about this tells me they’re expecting some margin pressure from this direction in FY27.
Dividend Gets A Bump
Despite flat profit growth, Maruti recommended a final dividend of Rs 140 per share for FY26, up from Rs 135 the previous year. This is the company’s highest-ever dividend payout, which suggests management confidence in the underlying business strength even if near-term margins are under pressure.
What This Means For Buyers And Investors
If you’re waiting for a Maruti car right now, the 1.9 lakh pending orders number explains your wait time. The company simply cannot produce fast enough to meet demand, especially in the small car segment. With the Gujarat plant merger complete and capacity expansion likely on the agenda, this situation should improve — but probably not overnight.
For investors, the flat profit despite 20% revenue growth is a yellow flag. Margin compression from commodity costs and the potential ELV impact need watching. However, the demand story remains rock solid. When a company has nearly two lakh orders in hand and just 12 days of dealer stock, the demand side isn’t the problem.
I’d keep a close eye on Maruti’s capacity expansion announcements over the next two quarters. The gap between demand and supply is where the real story lies for FY27. If you’re planning to book a Maruti anytime soon, especially in the small car segment, factor in extended wait times and check with your local dealer on realistic delivery timelines before committing.
