Maruti Suzuki India Limited submitted to the National Stock Exchange of India Limited and BSE Limited a copy of the reference to the Financial Results for the first six months of FY 2026 issued by Suzuki Motor Corporation in Japan.

The document was digitally signed by Sanjeev Grover, Executive Officer & Company Secretary of Maruti Suzuki India Limited, on 10th November 2026 at 11:45:12 +05:30.

Consolidated Financial Results (IFRS, Billions of yen)

First Half Results (April-September 2026):

  • Revenue: ¥3,419.2 billion (+19.4% YoY from ¥2,864.2 billion)
  • Domestic: ¥809.3 billion (+4.8% YoY)
  • Overseas: ¥2,609.9 billion (+24.7% YoY)
  • Operating Profit: ¥291.6 billion (+5.5% YoY from ¥276.5 billion)
  • Operating Margin: 8.5% (vs 9.7% in H1 FY25)
  • Profit Before Tax: ¥401.4 billion (+20.8% YoY from ¥332.2 billion)
  • PBT Margin: 11.7% (vs 11.6% in H1 FY25)
  • Profit Attributable to Owners of Parent: ¥253.7 billion (+31.6% YoY from ¥192.8 billion)
  • Net Margin: 7.4% (vs 6.7% in H1 FY25)

Second Quarter Results (July-September 2026):

  • Revenue: ¥1,713.5 billion (+16.8% YoY from ¥1,466.5 billion)
  • Domestic: ¥414.3 billion (+6.8% YoY)
  • Overseas: ¥1,299.2 billion (+20.5% YoY)
  • Operating Profit: ¥133.6 billion (-0.6% YoY from ¥134.3 billion)
  • Operating Margin: 7.8% (vs 9.2% in Q2 FY25)
  • Profit Before Tax: ¥118.2 billion (-24.5% YoY from ¥156.5 billion)
  • PBT Margin: 6.9% (vs 10.7% in Q2 FY25)
  • Profit Attributable to Owners of Parent: ¥70.1 billion (-22.8% YoY from ¥90.8 billion)
  • Net Margin: 4.1% (vs 6.2% in Q2 FY25)

Factors Affecting Operating Profit

External Factors (H1 FY26):

  • Effect of Forex Rates: +¥52.0 billion
  • Change in Price of Raw Materials: -¥151.0 billion
  • Total External Impact: -¥98.9 billion

Other Factors (H1 FY26):

  • Change in Volume: +¥70.5 billion
  • Change in Mix/Price: +¥69.9 billion
  • Cost Reduction: +¥23.8 billion
  • Fixed Cost: -¥36.6 billion
  • R&D Expenses: +¥1.6 billion
  • Depreciation Expenses: +¥15.3 billion
  • Total Other Factors: +¥114.1 billion

Foreign Exchange Rates and Effect

Average Rates (H1 FY26 vs H1 FY25):

  • USD: 159 Yen vs 146 Yen (+13 Yen, +6.3 billion effect)
  • EUR: 184 Yen vs 168 Yen (+16 Yen, +16.2 billion effect)
  • INR: 1.69 Yen vs 1.70 Yen (-0.01 Yen, +2.5 billion effect)

Cash Flow and Capital Structure

H1 FY26 Cash Flows:

  • Operating Activities: ¥313.5 billion (+48.2 billion YoY)
  • Investing Activities: -¥96.7 billion (+27.3 billion YoY)
  • Financing Activities: -¥81.2 billion (-13.0 billion YoY)
  • Cash Balance: ¥1,098.7 billion (+125.4 billion from end of FY2025)

Other Financial Metrics:

  • Capital Expenditures: ¥215.1 billion (+45.1 billion YoY)
  • Depreciation Expenses: ¥119.1 billion (+15.3 billion YoY)
  • R&D Expenses: ¥130.0 billion (-1.6 billion YoY)
  • Interest-Bearing Debt: ¥763.7 billion (+15.1 billion from end of FY2025)

Segment Performance (H1 FY26)

Automobile Segment:

  • Revenue: ¥3,089.6 billion (+19.4% YoY)
  • Operating Profit: ¥244.3 billion (+3.0% YoY)
  • Operating Margin: 7.9% (vs 9.2% in H1 FY25)

Motorcycle Segment:

  • Revenue: ¥255.9 billion (+22.0% YoY)
  • Operating Profit: ¥28.3 billion (+25.8% YoY)
  • Operating Margin: 11.1% (vs 10.7% in H1 FY25)

Marine Segment:

  • Revenue: ¥68.1 billion (+13.6% YoY)
  • Operating Profit: ¥17.5 billion (+17.9% YoY)
  • Operating Margin: 25.7% (vs 24.7% in H1 FY25)

Other Segment:

  • Revenue: ¥5.7 billion (-11.0% YoY)
  • Operating Profit: ¥1.5 billion (-19.6% YoY)
  • Operating Margin: 26.3% (vs 29.2% in H1 FY25)

Geographic Performance (H1 FY26)

Japan:

  • Revenue: ¥1,696.0 billion (+12.0% YoY)
  • Operating Profit: ¥156.9 billion (+25.7% YoY)
  • Operating Margin: 9.2% (vs 8.2% in H1 FY25)

Europe:

  • Revenue: ¥381.6 billion (+13.8% YoY)
  • Operating Profit: ¥3.6 billion (-48.7% YoY)
  • Operating Margin: 0.9% (vs 2.1% in H1 FY25)

Asia:

  • Revenue: ¥2,076.7 billion (+26.9% YoY)
  • Operating Profit: ¥111.0 billion (-18.7% YoY)
  • Operating Margin: 5.3% (vs 8.3% in H1 FY25)

Other Regions:

  • Revenue: ¥264.9 billion (+18.1% YoY)
  • Operating Profit: ¥21.6 billion (+113.8% YoY)
  • Operating Margin: 8.2% (vs 4.5% in H1 FY25)

Production and Sales Data (Units in thousands)

Automobiles H1 FY26:

  • Production Total: 1,904 thousand units (+16.6% YoY)
  • Domestic Production: 474 thousand units (-1.1% YoY)
  • Overseas Production: 1,430 thousand units (+23.9% YoY)
  • Sales Total: 1,824 thousand units (+19.9% YoY)
  • Domestic Sales: 354 thousand units (-0.3% YoY)
  • Overseas Sales: 1,470 thousand units (+26.0% YoY)

India Specific (Automobiles):

  • Production: 1,330 thousand units (+26.6% YoY)
  • Sales: 1,100 thousand units (+35.4% YoY)
  • Revenue: ¥1,390.7 billion (+28.9% YoY)

Motorcycles H1 FY26:

  • Production Total: 1,123 thousand units (+0.3% YoY)
  • Sales Total: 1,167 thousand units (+5.0% YoY)

Full-Year FY2026 Forecast

Consolidated Forecast:

  • Revenue: ¥6,900.0 billion (+9.6% YoY)
  • Domestic: ¥1,600.0 billion (+0.1% YoY)
  • Overseas: ¥5,300.0 billion (+12.9% YoY)
  • Operating Profit: ¥540.0 billion (-13.3% YoY)
  • Operating Margin: 7.8% (vs 9.9% in FY2025)
  • Profit Before Tax: ¥690.0 billion (-5.6% YoY, -¥30.0 billion from previous forecast)
  • Profit Attributable to Owners of Parent: ¥420.0 billion (-4.4% YoY)

Forecast Factors:

  • Effect of Forex Rates: +¥7.3 billion (USD), +¥11.7 billion (EUR), -¥7.5 billion (INR)
  • Change in Price of Raw Materials: -¥30.0 billion
  • Change in Volume: +¥20.0 billion
  • Cost Reduction: +¥60.0 billion
  • Fixed Cost: -¥50.0 billion
  • R&D Expenses: +¥30.0 billion
  • Depreciation Expenses: +¥142.1 billion

Capital Expenditure Forecast:

  • FY2026: ¥380.0 billion (+29.3 billion YoY)
  • Depreciation Expenses: ¥240.0 billion (+22.3 billion YoY)
  • R&D Expenses: ¥280.0 billion (+8.9 billion YoY)

Important Notes

The forecasts are based on currently available information and assumptions, contain risks and uncertainty, and do not constitute guarantees of future achievement. Future results may vary greatly due to changes in various factors including geopolitical uncertainty, economic conditions, demand trends in major markets, and fluctuations of foreign exchange rates.

India is expected to show growth of approximately 20% for the full year FY2026.