Maruti Suzuki Q3 profit rises 4% YoY to Rs 3,879 crore; GST cut lifts small car sales

Maruti Suzuki India reported a marginal year-on-year increase in profit for the third quarter of FY26, even as a GST reduction on small cars and two-wheelers helped drive a sharp sequential recovery in volumes and revenues.

The country’s largest carmaker posted a net profit of Rs 3,879 crore in Q3 FY26, up 4.1% from Rs 3,726 crore in the corresponding quarter last year. On a sequential basis, profit jumped 15.8%, aided by a recovery in demand following the Centre’s decision in late September to slash GST on small cars and two-wheelers below 350cc to 18% from 28%.

“Owing to the GST reform, there was a sharp recovery in the Indian car market, primarily led by the small car segment. The company achieved its highest-ever quarterly domestic sales of 564,669 units compared to 466,993 units in Q3 last year,” Maruti Suzuki said in a statement. Of the incremental 97,676 units sold during the quarter, small cars under the 18% GST bracket accounted for 68,328 units.

Domestic sales during the quarter stood at 564,669 units, marking a nearly 21% year-on-year increase. Exports contributed 103,100 units during the same period.

Maruti also reported a strong rebound in revenue. Net sales rose 17.8% sequentially to Rs 49,904 crore in Q3 FY26, compared with Rs 42,344 crore in Q2 FY26. On a year-on-year basis, revenue from operations stood at Rs 38,764 crore in Q3 FY25.

Total income for the quarter increased to Rs 50,959 crore.

However, employee benefit expenses saw a sharp rise during the quarter following the implementation of four labour codes in November. As per stock exchange filings, employee costs jumped to Rs 2,700 crore in Q3 FY26 from Rs 1,786 crore in the year-ago period.

For the nine-month period ended December, Maruti Suzuki reported total sales of 1,746,504 units in FY26, compared with 1,629,631 units in the corresponding period of the previous fiscal. Domestic sales stood at 1,435,945 units, while exports totalled 310,559 units.