Maruti Suzuki races ahead in export growth even as rivals lose ground

Maruti Suzuki shares have risen over 16 percent since the beginning of the year.

Maruti Suzuki outpaced its peers in overseas sales during the June quarter, with exports rising 37.4 percent even as the rest of the industry saw a 2.1 percent decline. The carmaker now accounts for nearly half—47 percent—of India’s total passenger vehicle exports.

The company attributed its strong performance to long-term investments in building a global network and adapting its domestic sales and service strategies to overseas markets. “This has been a gradual build-up over the past decade,” the management said during its post-earnings call, pointing to improved dealership penetration, a wider product portfolio, and better customer engagement practices abroad.

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A key enabler, the company said, has been access to Suzuki’s global distributor network, which helped expand Maruti’s footprint across nearly 100 countries.

Japan emerged as Maruti’s second-largest export market in Q1, ahead of several traditional markets. The company said it expects further growth once it begins shipping electric vehicles globally, including to Europe and Japan.

During the quarter, Maruti Suzuki reported a 2 percent rise in net profit at Rs 3,712 crore for the quarter ended June 30, 2025. The carmaker's revenue rose 8 percent to Rs 38,414 crore in Q1 FY26 as against Rs 35,531 crore a year ago. Non-operating income, or other income, nearly doubled.

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Maruti Suzuki's June quarter results have beaten estimates as a Moneycontrol poll of seven brokerage firms pegged the WagonR maker's revenue at Rs 36,570 crore and net profit at Rs 3,181 crore.

In the June quarter, Maruti Suzuki's earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped 11 percent at Rs 3,995 crore from Rs 4,502 crore in the same quarter last year. The operating margin dropped by 227 basis points to 10.40 percent in Q1 FY26 from 12.67 percent in Q1 FY25.

Maruti Suzuki shares have risen over 16 percent since the beginning of the year.

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