Key Financial Performance (Q1 FY'27 vs Q1 FY'26)

Sales Volume: Increased 29.3% YoY to 682,724 units from 527,861 units.

Net Sales: Increased 36.4% YoY to ₹499,591 million from ₹366,206 million.

Operating EBITDA: Decreased 6.7% YoY to ₹43,111 million from ₹46,206 million.

Operating EBIT: Decreased 17.4% YoY to ₹25,311 million from ₹30,649 million.

Profit Before Tax (PBT): Decreased 11.5% YoY to ₹43,413 million from ₹49,060 million.

Profit After Tax (PAT): Decreased 10.8% YoY to ₹33,521 million from ₹37,581 million.

Key Financial Ratios (% of Net Sales) - Q1 FY'27 vs Q1 FY'26

Material Cost: Not disclosed for YoY comparison.

Employee Cost: 4.9% (vs 5.6% in Q1 FY'26) - improvement of 70 basis points.

Other Expenses: 11.0% (vs 12.7% in Q1 FY'26) - improvement of 170 basis points.

Other Operating Income: 5.0% (vs 5.4% in Q1 FY'26) - decline of 40 basis points.

Operating EBITDA Margin: 8.6% (vs 12.6% in Q1 FY'26) - decline of 400 basis points.

Depreciation: 3.6% (vs 4.2% in Q1 FY'26) - improvement of 60 basis points.

Operating EBIT Margin: 5.1% (vs 8.4% in Q1 FY'26) - decline of 330 basis points.

Interest Expense: 0.1% (unchanged from Q1 FY'26).

Non-Operating Income: 3.7% (vs 5.1% in Q1 FY'26) - decline of 140 basis points.

PBT Margin: 8.7% (vs 13.4% in Q1 FY'26) - decline of 470 basis points.

PAT Margin: 6.7% (vs 10.3% in Q1 FY'26) - decline of 360 basis points.

Key Reasons for YoY Margin Movement

Negative Factors:

  • Adverse commodity prices in the context of West Asia conflict
  • Adverse foreign exchange movement

Positive Factors:

  • Favorable operating leverage
  • Cost reduction efforts

Key Financial Performance (Q1 FY'27 vs Q4 FY'26)

Sales Volume: Increased 1.0% QoQ to 682,724 units from 676,209 units.

Net Sales: Decreased 0.2% QoQ to ₹499,591 million from ₹500,787 million.

Operating EBITDA: Decreased 30.0% QoQ to ₹43,111 million from ₹61,569 million.

Operating EBIT: Decreased 42.6% QoQ to ₹25,311 million from ₹44,092 million.

Profit Before Tax (PBT): Decreased 10.2% QoQ to ₹43,413 million from ₹48,360 million.

Profit After Tax (PAT): Decreased 6.6% QoQ to ₹33,521 million from ₹35,905 million.

Key Financial Ratios (% of Net Sales) - Q1 FY'27 vs Q4 FY'26

Material Cost: 80.5% (vs 76.7% in Q4 FY'26) - increase of 380 basis points.

Employee Cost: 4.9% (vs 4.5% in Q4 FY'26) - increase of 40 basis points.

Other Expenses: 11.0% (vs 11.3% in Q4 FY'26) - improvement of 30 basis points.

Other Operating Income: 5.0% (vs 4.7% in Q4 FY'26) - increase of 30 basis points.

Operating EBITDA Margin: 8.6% (vs 12.3% in Q4 FY'26) - decline of 370 basis points.

Depreciation: 3.6% (vs 3.5% in Q4 FY'26) - increase of 10 basis points.

Operating EBIT Margin: 5.1% (vs 8.8% in Q4 FY'26) - decline of 370 basis points.

Interest Expense: 0.1% (unchanged from Q4 FY'26).

Non-Operating Income: 3.7% (vs 1.0% in Q4 FY'26) - increase of 270 basis points.

PBT Margin: 8.7% (vs 9.7% in Q4 FY'26) - decline of 100 basis points.

PAT Margin: 6.7% (vs 7.2% in Q4 FY'26) - decline of 50 basis points.

Key Reasons for QoQ Margin Movement

Negative Factors:

  • Adverse commodity prices in the context of West Asia conflict
  • Adverse foreign exchange movement
  • Unfavorable Fixed Cost Incidence (FCI) on account of inventory depletion
  • Higher employee expense (Q1 seasonality)
  • Higher depreciation expense (capacity expansion at Kharkhoda facility)

Positive Factors:

  • Higher operating and non-operating income

Sales Volume Breakdown - Q1 FY'27

Total Sales: 682,724 units (29.3% YoY growth)

By Market:

  • Domestic: 557,988 units (29.5% YoY growth, 81.7% of total)
  • Exports: 124,736 units (28.6% YoY growth, 18.3% of total)

Domestic Sales by Segment:

  • Mini: 43,757 units (124.1% YoY growth, 7.8% of domestic)
  • Compact + Mid-size: 226,029 units (26.2% YoY growth, 40.5% of domestic)
  • Passenger cars: 269,786 units (35.8% YoY growth, 48.3% of domestic)
  • UVs: 218,885 units (35.2% YoY growth, 39.2% of domestic)
  • Vans: 36,557 units (10.4% YoY growth, 6.6% of domestic)
  • LCV: 9,579 units (12.6% YoY growth, 1.7% of domestic)
  • Sales to other OEM: 23,181 units (-19.5% YoY growth, 4.2% of domestic)

Important Contextual Note

Suzuki Motor Gujarat Private Limited (SMG), a wholly owned subsidiary of Maruti Suzuki India Limited, amalgamated with MSIL starting December 1, 2025. Since the appointed date as per the Scheme of amalgamation is April 1, 2025, the financial statements for the relevant periods have been restated for comparison purpose.