Maruti Suzuki Q3 preview: What to expect from India's largest carmaker

Maruti Suzuki Q3 preview: The company is expected to report its Q3 earnings on Wednesday, January 28, 2026.

Maruti Suzuki Q3 preview: Maruti Suzuki is expected to deliver a healthy December quarter of financial year 2026 (Q3FY26) performance, supported by strong festive-season demand, higher volumes and improved product mix. Brokerages forecast revenue growth in the range of 20-35 per cent year-on-year (Y-o-Y), driven by steady domestic sales, export momentum and higher realisations. 

While operating leverage is likely to support Ebitda growth, margins may see mixed trends due to higher discounting, commodity cost pressures and changes in export and vehicle mix. Overall profitability is expected to improve, with most analysts projecting double-digit growth in PAT despite near-term margin headwinds. 

 

The company is expected to report its Q3 earnings on Wednesday, January 28, 2026.

Meanwhile, here’s what analysts expect from Maruti Suzuki in Q3:

Axis Securities

Axis Securities expects Maruti Suzuki’s revenue to rise ~30 per cent Y-o-Y, driven by an 18 per cent increase in volumes and ~10 per cent growth in ASPs, supported by a better product mix. A higher UV mix is partly offset by a lower export mix and increased discounting in entry-level vehicles. Ebitda margin is expected to improve ~50 bps on operating leverage, lower personnel costs, higher CNG penetration and improved exports. 

Estimates: Revenue at ₹50,080 crore (+30.1 per cent Y-o-Y); Ebitda at ₹6,067 crore (+35.7 per cent); Ebitda margin at 12.1 per cent; PAT at ₹4,563 crore (+29.5 per cent).  ALSO READ | TVS Motor Q3 preview: PAT may zoom upto 64.2% YoY; other key figures inside

Elara Capital

Elara Capital expects Maruti Suzuki to benefit from strong operating leverage amid healthy PV demand during the festive season. Ebitda margin is projected to expand ~100 bps QoQ to 11.5 per cent on a like-to-like basis, aided by a richer mix of Victoris and Grand Vitara. This is likely to be partly offset by a weaker export mix, higher discounts and commodity cost headwinds. 

Estimates: Revenue at ₹52,055.2 crore (+35.2 per cent Y-o-Y); Ebitda at ₹5,969.3 crore (+33.5 per cent); adjusted PAT at ₹4,663.6 crore (+32.3 per cent).

Deven Choksey Research

Deven Choksey Research estimates Maruti Suzuki’s Q3FY26 revenue at ₹46,506.7 crore, up 20 per cent Y-o-Y, supported by export growth and higher realisations. Volumes are expected to rise 5.3 per cent Y-o-Y to 5,95,957 units on strong festive demand and post-GST recovery. Ebitda and PAT are projected to grow 18.2 per cent and 9.2 per cent Y-o-Y, respectively, with sustained momentum expected from SUV expansion, EV exports and localisation-led margin improvement. 

Estimates: Ebitda at ₹5,999.4 crore; PAT at ₹4,070.7 crore.  ALSO READ | L&T Q3 preview: Analysts eye up to 35% jump in profit; check key factors

Nirmal Bang

Nirmal Bang projects revenue growth of 26 per cent Y-o-Y, led by an 18 per cent increase in volumes and an 8 per cent improvement in ASPs. Growth is supported by strong domestic and export demand, though partly offset by higher discounting in entry-level segments. Ebitda margin is expected to decline slightly due to elevated raw material costs and increased discounts. 

Estimates: Revenue at ₹48,500 crore (+26 per cent Y-o-Y); Ebitda at ₹5,262.3 crore (+17.7 per cent); Ebitda margin at 10.9 per cent; PAT at ₹4,053.5 crore (+15 per cent). 

Disclaimer: The views or investment tips expressed by the brokerage in this article are their own and not those of the website or its management. Business Standard advises users to check with certified experts before taking any investment decisions.