Shares of Maruti Suzuki India rose 3.5% on April 29 after the country’s largest carmaker reported its March quarter results (Q4FY26), with strong revenue growth offset by pressure on profitability due to higher input costs.
The auto stock rose as much as 3.56% to its day’s high of ₹13350.75 per share on BSE.
The company posted revenue from operations of ₹52,449 crore for the , up 28.2% from ₹40,909 crore in the year-ago period, driven by steady volume growth and improved realisations.
However, net profit declined 7% YoY to ₹3,591 crore, as elevated raw material and operating costs weighed on earnings. Total expenses rose sharply to ₹48,113 crore compared with ₹37,576 crore a year ago, reflecting higher steel, aluminium and freight costs, while pricing actions remained measured amid demand sensitivity.
Margins remained under pressure, with EBITDA margin largely flat at 11.7%. EBITDA increased 27.1% YoY to ₹6,156 crore, but rising input costs capped overall profitability despite strong topline growth.
On the operational front, the company sold 676,209 units during the quarter, registering an 11.8% increase from 604,635 units in Q4FY25.
For the full year FY26, Maruti Suzuki reported revenue of ₹1,74,369.5 crore, up 20.2% YoY. Net profit for the year stood at ₹14,445.4 crore, marking a record high and surpassing ₹14,297.6 crore reported in FY25.
Maruti Suzuki Dividend
The company also for FY26 along with its March quarter performance. It has fixed Wednesday, July 7, as the record date to determine shareholders eligible for the dividend. The payout will be made on Wednesday, September 9, as per the company’s earnings filing.
Maruti Suzuki Stock Performance
The major has been volatile in recent times. It has gained 4% in 1 month but lost 13% in 3 months. Furthermore, it added 9% in the last 1 year but has shed 21% in the past 6 months.
The scrip hit its record high of ₹17,371.60 in January 2026 and its 52-week low of ₹11,332.05 in April 2025.
Should you buy, sell or hold?
Brokerage house Motilal Oswal reiterated its BUY rating with a target price of ₹15,529. Maruti Suzuki (MSIL)’s PAT declined 7% YoY. While operational performance was in line, the PAT miss was largely due to an MTM loss on its investment book, stated MOSL.
Moreover, it noted that the rate cut has helped revive small car demand as vehicles are now much more affordable for price-conscious consumers.
“MSIL now enjoys a strong order backlog of 190k units. Given its order backlog and a healthy new launch pipeline, management is confident of posting 10% volume growth in the domestic market in
FY27E, which is expected to drive market share recovery for MSIL. This would, in turn, drive the stock re-rating, in our view. Healthy demand is expected to help offset near-term cost headwinds. We expect MSIL to deliver a 16% earnings CAGR over FY26-28,” it said in its Q4 review report.
Meanwhile, Choice Broking maintained an ‘add’ rating for the stock but cut its target price to ₹14,600 from ₹16,200 earlier.
“We expect MSIL to deliver steady growth driven by GST benefits, new launches and exports, supporting volume and revenue visibility. However, due to weaker Q4FY26 earnings, commodity pressures and geopolitical risks, we cut our EPS estimates by ~5%/6% EPS cuts for FY27/FY28E. We reduce TP to INR 14,600 ( earlier: INR 16,200) due to margin pressure, rising competition, and macro uncertainty, valuing the stock at 25x FY28E P/E, while maintaining our ADD rating,” it said.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.