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Top carmakers, Maruti Suzuki and Hyundai Motor India, are betting on overseas markets to drive growth in the current fiscal year, even as they brace for tepid expansion at home.

<a href="https://www.storyboard18.com/brand-makers/maruti-suzukis-standalone-profit-drops-by-4-28-to-rs-3711-crore-in-q4-fy25-63319.htm">Read more: Maruti Suzuki's Q4 profit drops 4.28% amidst rising ad and plant expenses</a>


Hyundai Motor India, the country’s second-largest passenger carmaker, expects to grow its export volumes by 7% to 8% in fiscal 2026, after shipping 163,386 vehicles last year. The company sees India becoming its largest export base outside of South Korea.

“We aspire to continue our growth trajectory in exports in the coming years,” said Unsoo Kim, Hyundai Motor India’s managing director, during an analyst call. Emerging markets will remain the key growth engine, he added, as per a PTI report. 

Maruti Suzuki India, the nation’s largest automaker, is more bullish. The company is aiming to export 400,000 vehicles in fiscal 2026, a 20% increase over the 332,585 units shipped last year. That figure represented a 17.5% jump from the previous year and accounted for 43% of India’s total passenger vehicle exports.

“Our target is at least four lakh [400,000] units this year,” said Rahul Bharti, senior executive officer for corporate affairs at Maruti Suzuki, during a media briefing. The automaker is close to the golden mark of 50% [market share in exports], as per the report. 

Maruti’s export portfolio includes key models such as the Fronx, Jimny, Baleno, Swift, and Dzire. The company’s top five markets in FY25 were South Africa, Saudi Arabia, Chile, Japan, and Mexico. Notably, Maruti has made inroads into Japan, with just two models quickly making it the company’s second-largest export destination.

“The interesting part is that the EV is yet to come,” Mr. Bharti said, suggesting that the launch of electric vehicles could further boost export volumes.

Both automakers are turning to exports as the domestic landscape grows more uncertain. While Hyundai remains focused on strengthening its SUV and premium product lines in India, executives acknowledged that growth in the local market would likely mirror overall industry trends.

<a href="https://www.storyboard18.com/brand-marketing/hyundai-motor-india-posts-rs-5640-cr-profit-in-fy25-bets-big-on-evs-global-exports-66220.htm">Read more: Hyundai Motor India posts Rs 5,640 cr profit in FY25, bets big on EVs, global exports</a>

“The demand environment in the domestic market continues to be challenging,” Kim said, pointing to a combination of rising costs and slower consumer demand. The Society of Indian Automobile Manufacturers (SIAM) has forecast low single-digit growth in domestic passenger vehicle sales for fiscal 2026.

Suzuki Motor Corporation, Maruti’s parent company, echoed that sentiment last month, projecting industry growth in India to be between 1% and 2% for the year. Despite this, Maruti expects to outperform the market, maintaining its dominant position.

In eary June, commenting on HMIL sales, Tarun Garg, Whole-time Director and Chief Operating Officer, HMIL said, “HMIL’s total sales volume for May 2025 stood at 58,701 units. May is a month of our routine week-long biannual maintenance shutdown at our Chennai manufacturing facility which affects availability of few critical models. We continue to witness consistent growth in our exports volume and this is a testament to the 'Make in India, Made for the World' philosophy that we passionately uphold. Going forward, we remain hopeful of a steady increase in demand for both domestic as well as international shipments with reduced uncertainty on the geo-political front and improved macro-economic situation.”

Maruti Suzuki and Hyundai see export growth as domestic market softens

India's vehicle market witnessed a 2.95% year-on-year rise in sales in April 2025 amid a halt in the tariff war and a bullish stock market, according to the latest data by the Federation of Automobile Dealers Associations of India (FADA). 

Notably, the sales of 3-wheelers witnessed a massive jump among all segments of vehicles in April 2025. The three-wheeler sales surged to 99,766 units--an increase of 24.51% YoY. The 2-wheeler sales increased by 2.25% at 16,86,774 units while passenger vehicles saw an increase of 1.55% at 3,49,939 units in the same period.

FADA President CS Vigneshwar noted, "Dealers reported buoyant inquiry growth in rural areas post-Rabi harvest, driven by strong crop yields, healthy reservoir levels, and a favourable monsoon outlook, while wedding-season tailwinds sustained rural offtake. Urban demand remained robust, supported by new-model introductions, although elevated financing costs posed isolated bottleneck".

<a href="https://www.storyboard18.com/brand-makers/bajaj-auto-sales-surge-8-in-may-2025-exports-drive-growth-68329.htm">Bajaj Auto sales surge 8% in May 2025, exports drive growth</a>

In contrast, sales of commercial vehicles declined 1.05% at 90,558 units in April this year. Dealers feedback highlighted that advance purchases in March resulted in elevated carryover stocks, while holiday calendars dampened fresh inquiries, the FADA President added.

The association said IMD's above-normal monsoon forecast will fuel rural income, along with Reserve Bank of India's bond purchases will inject surplus liquidity into the banking system, paving the way for enhanced auto-loan affordability.  Dealer feedback also painted a nuanced picture for May across all segments. In the 2-wheeler segment, marriage season and post-harvest demand should underpin inquiries.

<a href="https://www.storyboard18.com/how-it-works/auto-retail-grows-3-in-april-2025-cv-segment-lags-fada-report-64482.htm">Auto retail grows 3% in April 2025, CV segment lags: FADA Report</a>

However, summer heat and school holidays may further suppress showroom visits though IMD predicts that it may not be as bad as last year. PV retails are expected to hold steady but muted, as buyers await new-model roll-outs and contend with elevated financing costs. Commercial vehicles are likely to trade flat, weighed down by a high base effect, slower e-commerce activity, and intensifying competition from electric three-wheelers.

Overall, Fada said demand will be choppy, but disciplined inventory management, targeted incentives, and easing borrowing costs should help the industry navigate the month. 

Auto retail sales up by 2.95% YoY in April; Dealers predict choppy demand in May: FADA

Bajaj Auto has witnessed an 8% rise in its total sales in May 2025 compared to the same period year-ago period. The two-wheeler manufacturer's domestic sales increased by 2% to 1.91,412 units in May 2025 compared to 1,88,340 units in May 2024. In contrast, the exports surged to 1,40,958 units in May 2025 compared to 1,17,142 units in May 2024--an increase of 20%.

Bajaj Auto's commercial vehicle sales dropped by 7% to 34,321 units last month but exports increased by 37% to 17,930 units in the same duration.

Overall, Bajaj Auto's sales, including domestic and export stood at 3,84,621 units in May 2025 up by 8% year-on-year.

Bajaj Auto's March quarter profit dropped by 10% in the fiscal year 2025. According to the Q4 earnings, Baja Auto's consolidated profit stood at Rs 1,801.85 crore compared to 2,011.43 crore in the same quarter in fiscal year 2024.

However, the revenue from operations increased by 9.4% to Rs 12,646.32 crore in Q4 FY24 versus Rs 11,554.95 crore in the corresponding quarter last fiscal.

<a href="https://www.storyboard18.com/brand-makers/bajaj-autos-profit-drops-by-10-in-q4fy25-revenue-jumps-to-rs-12646-crore-67946.htm">Bajaj Auto's profit drops by 10% in Q4FY25, revenue jumps to Rs 12,646 crore</a>

In Q4FY25, Bajaj's EBITDA stood at Rs 2,451 crore, up 6 % YoY majorly due to favorable currency, cost reduction on the new Chetak platform, and higher discretionary spending notably on brand investments, and jigs/fixtures among others, the company said.

Bajaj's motorcycles, such as Pulsar, Avenger, and Dominar, among others, witnessed a subdued demand in the domestic market in the January-March quarter of 2025 despite the decisive pricing actions.

In contrast, the premium bikes business gained momentum in the same period, with Triumph volumes doubling to a new high of 12,000 units.

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The electric 3-wheelers continued to drive the double-digit growth in commercial vehicle revenue in Q4 FY2025, led by the launch of Bajaj 'GoGo'.

Overall, Bajaj Motors FY25 profit declined by 5% to Rs 7,324.73 crore. Bajaj Auto Limited was 1.99% down on Monday, trading at Rs 8,432 in response to the de-growth in domestic auto sales in May 2025

Bajaj Auto sales surge 8% in May 2025, exports drive growth

Maruti Suzuki's passenger vehicle sales witnessed a 5.5% drop in May year-on-year. The automaker's domestic PV sales stood at 1,35,962 units in May 2025 compared to 144,002 units in the same period in 2024. 

Among all the key segments, MSI's mini cars, such as Alto and S-Presso, witnessed a 31.5% drop in sales at 6,776 units in May 2025.

In the same period, MSI's Baleno, Celerio, Dzire, Ignis, Swift, and WagonR's sales declined to 61,502 units--a 9.8% drop YoY. The May sales of mid-size models, such as Ciaz, reduced to 458 from 730 units in 2024.

<a href="https://www.storyboard18.com/brand-makers/suzuki-expects-marutis-pv-sales-growth-at-1-2-in-fy26-to-outpace-industry-growth-65611.htm">Suzuki expects Maruti’s PV sales growth at 1-2% in FY26, to outpace industry growth</a>

However, Maruti's utility vehicles segment saw a marginal rise of 1.2% in May sales.

Maruti sold 54,899 units of Brezza, Ertiga, Fronx, Grand Vitara, Jimny, XL6, and Invicto models in May 2025 compared to 54,204 units in the same period last year.

Additionally, Maruti Suzuki's commercial vehicle sales also increased marginally to 2,728 units in May 2025 versus 2,692 units in May 2024.

<a href="https://www.storyboard18.com/brand-marketing/maruti-suzukis-mini-car-sales-drop-by-45-in-april-2025-exports-up-26-64066.htm">Maruti Suzuki’s mini car sales drop by 45% in April 2025, exports up 26%</a>

Overall, MSI domestic sales, including PV, Light commercial vehicles, and Original Equipment Manufacturer (OEM) dropped by 5.29% in May 2025 to 148,858 units.

Notably, the exports climbed up to 31,219 units last month--up 80% YoY. 

Whereas the total sales of Maruti Suzuki vehicles, including domestic and export, increased by 3.16% in May 2025.

"In May 2025, Maruti Suzuki India Limited sold a total of 180,077 units. Total sales in the month include domestic sales of 138,690 units, sales to other OEM of 10,168 units, and exports of 31,219 units," the automaker mentioned in a stock exchange filing.

Maruti's stock was trading at 0.93% lower at Rs 12,204 at 11:04 am on BSE.

Maruti Suzuki's PV sales declined by 5.5% in May; Alto, S-Presso witness 31.5% drop

Bajaj Auto's March quarter profit dropped by 10% in the fiscal year 2025. The company of Friday announced Quarter 4 and Fiscal 2025 results on the stock exchanges. According to the Q4 earnings, Baja Auto's consolidated profit stood at Rs 1,801.85 crore compared to 2,011.43 crore in the same quarter in fiscal year 2024.

However, the revenue from operations increased by 9.4% to Rs 12,646.32 crore in Q4 FY24 versus Rs 11,554.95 crore in the corresponding quarter last fiscal.

In Q4FY25, Bajaj's EBITDA stood at Rs 2,451 crore, up 6 % YoY majorly due to favorable currency, cost reduction on the new Chetak platform and higher discretionary spending notably on brand investments, and jigs/fixtures among others, the company said.

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Bajaj's motorcycles, such as Pulsar, Avenger, and Dominar, among others, witnessed a subdued demand in the domestic market in the January-March quarter of 2025 despite the decisive pricing actions.

In contrast, the premium bikes business gained momentum in the same period, with  Triumph volumes doubling to a new high of 12,000 units.

The electric 3-wheelers  continued to drive the double-digit growth in commercial vehicle revenue in Q4 FY2025,  led by the launch of Bajaj 'GoGo'.

<a href="https://www.storyboard18.com/brand-makers/ola-electric-losses-rise-by-106-to-rs-870-crore-in-q4fy25-67927.htm">Ola Electric losses rise by 106% to Rs 870 crore in Q4FY25</a>

Overall, Bajaj Motors FY25 profit surged to Rs 7,324.73 crore--a decline of 5% year-on-year (Rs 7,708.24 crore in FY24). The company registered a total income of Rs 52,468.96 crore in FY25 compared to Rs 46,306.45 crore in FY24. The automotive major's revenue crossed the Rs 50,000 crore mark for the first time, up 12% YoY, led by record sales of both vehicles and spares.

In fiscal year 2025, Bajaj Motors clocked EBITDA at Rs 10,1010 crore up 14% YoY, and the EBITDA margin held steady at 20.2% across quarters.

According to the stock exchange filings, domestic motorcycle revenue hit a peak in the focussed 125cc+ segment in FY25. Pulsar crossed Rs 10,000 crore in domestic revenue and Freedom turned over Rs 500 crore brand within five months of launch, it added.

Bajaj Auto's profit drops by 10% in Q4FY25, revenue jumps to Rs 12,646 crore

Ola Electric has registered a 106% increase in losses in the fourth quarter of fiscal year 2025. The EV manufacturer losses climbed to Rs 870 crore in Q4FY25 compared to Rs 419 crore in the corresponding quarter in FY2024.

Overall fiscal 2025 losses have widened to Rs 2,259 crore versus RS 1,587 crore in the year-ago period.

Ola Electric's revenue from operation has also taken a major hit in the March quarter of fiscal 2025. The company's quarterly revenue reduced from Rs 1,598 crore in Q4FY24 to Rs 611 crore in Q4FY25--43% drop

While the total income stood at Rs 728 crore in the same quarter. The company attributed the decline in sales to the overall impact on the 2-wheeler industry. In a media statement, Ola Electric said, "The pace of EV penetration growth was relatively slower in FY25,  driven by weakness in urban demand at a time when the E2W industry was largely urban focused in both products (Scooters) and distribution (Tier 1 cities) coupled with a steady moderation in government subsidies".

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However, the company has exuded confidence that urban demand will improve in FY26 on the back of tapering inflation and declining interest rates.

The 2-wheeler EV maker said that it will continue to focus on scaling revenue and operating leverage in fiscal year 2026. Charting out the plan for FY26, the company mentioned three focus areas for FY26, it said, "We will continue to focus on creating technological leadership through vertical integration. Second, we will continue to build a comprehensive product portfolio across scooters and motorcycles to meet diverse customer needs. Finally, we will continue to execute our D2C distribution strategy to provide the best customer experience while optimising our cost structures".

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Further, it said that expansion into motorcycles, deeper vertical integration, and boosting the EV distribution network will improve its margins.

The company will scale the reach of its recently launched Roadster franchisee.

This year, in February, Ola Electric launched the Roadster X motorcycle with a starting price of Rs 99,999. 

Ola Electric losses rise by 106% to Rs 870 crore in Q4FY25

Tata Motors on Tuesday announced the Quarter 4 results for the fiscal year 2025. The automaker giant registered a consolidated profit of Rs 8,556 crore in Quarter 4 fiscal year 2025 compared to Rs 17,528 crore--a decline of 51%. In full fiscal 2025, Tata Motors registered a profit of Rs 28,000 crore compared to Rs 31,807 crore in FY24.


Tata Motors' revenue in Q4 FY25 stood at Rs 118,927 crore, while the full fiscal 2025 revenue stood at Rs 436,821 crore with EBITDA at Rs 57,600 crore.


Tata Motors' Jaguar Land Rover (JLR) reported a 10th profitable quarter in a row. The Q4 revenue of the JLR stood at Rs 84,957 crore down 1.7% a year, and FY25 revenue remained flat at Rs 314,220 crore.

The wholesale of Defender hit a new record at 115,404 units in FY25, Range Rover Sport wholesales for the year were up 19.7% year-on-year in FY25.


According to JLR Chief Executive Officer (CEO) Adrian Mardell, “JLR has ended the year with strong annual and quarterly earnings, including delivering our tenth consecutive profitable quarter and our net debt zero target. We have achieved record sales of Defender, revealed the stunning Jaguar Type 00".

JLR is set to launch Range Rover Electric, the CEO added without disclosing additional details.

Tata Motors' passenger vehicle revenue saw a major hit in Quarter 4 FY25. According to the Q4 earnings, the PVs revenue declined by 13.1% to Rs 12,543 crore in Q4 FY25. On a full-year basis, the PV business revenue declined by 7.5%  to Rs 48,445 crore due to a reduction in hatches volume. 

Tata Motors said that the overall demand growth will be shaped by macroeconomic factors such as consumption growth, inflation, infrastructure spending, and global geopolitics.


The momentum of the industry is dependent upon a range of factors, such as evolving customer preferences, but, Tata Motors has pinned hope that SUVs, CNG, and EVs will remain key growth drivers in FY2026.

SUVs accounted for 55% of the total PV sales of Tata Motors in fiscal 2025. 

"Passenger vehicle sales in India grew by a modest 2% in FY25, but set a new record with over 4.3 million units sold. This growth was fueled by the rising popularity of SUVs, which accounted for 55% of total sales and a rapidly increasing consumer preference toward environmentally friendly powertrains. Electric vehicles showed renewed momentum, supported by a growing number of industry players expanding customer choices and reinforcing the EV ecosystem. In a year marked by fluctuating demand, Tata Motors Passenger Vehicles led the industry in SUV growth and outpaced the market in CNG sales," Shailesh Chandra, Managing Director TMPV, said.


The domestic wholesale commercial vehicle volumes stood at 99,600 units, down 4.8% in Q4 FY25 YoY. For the full year, overall revenues declined by 4.7%. The CV revenue stood at Rs 21,487 crore in Q4 FY25 and full FY25 CV revenue stood at Rs 48,445 crore, down 7.43%. 

FY25 ended on a positive note for the Commercial Vehicles industry; an improvement vs the YoY demand decline witnessed earlier. Our focus on profitable growth enabled the CV business to deliver annual revenues of Rs 75,000 crore. We will continue to deliver greater value through cutting-edge products, intelligent services, and end-to-end mobility solutions that meet the evolving needs of our customer," Girish Wagh, Executive Director Tata Motors Ltd said.

Tata Motors posts 51% decline in profit to Rs 8,556 crore in Q4 FY25

Japanese automaker Suzuki Motor Corporation is optimistic about India's car sales growth for the fiscal year 2025.  The Japanese auto giant said that the passenger vehicle wholesale in India is expected to grow around 1-2% in fiscal year 2026, with Maruti looking to outpace industry growth.

The company has earmarked a total capital expenditure of 380 billion yen for 2025-26. 

"Capital expenditures of 380 billion yen, of which investments in India will account for approximately 50%, with plans to increase production capacity of mainly automobiles".

Further, Suzuki Motor Corp on the outlook for FY26 added, "Although SUVs continue to be a strong market, demand for compact cars continues to be sluggish, and the overall market for wholesale sales is expected to grow by (around) 1-2%".

<a href="https://www.storyboard18.com/brand-marketing/maruti-suzukis-mini-car-sales-drop-by-45-in-april-2025-exports-up-26-64066.htm">Maruti Suzuki's mini car sales drop by 45% in April 2025, exports up 26%</a>

According to the automaker, the Kharkhoda plant will increase production and sales of the SUV Brezza. Last month, Maruti announced that it will be setting up the Kharkhoda greenfield plant in Sonipat, Haryana, with an investment of Rs 7,410 crore.

Maruti Suzuki witnessed a 0.54% rise in passenger vehicle sales in the domestic market in April 2025. The automaker giant sold 138,704 units of PVs in India In April 2025 compared to 137,952 units in April 2024.

<a href="https://www.storyboard18.com/brand-makers/maruti-suzukis-standalone-profit-drops-by-4-28-to-rs-3711-crore-in-q4-fy25-63319.htm">Maruti Suzuki's Q4 profit drops 4.28% amidst rising ad and plant expenses</a>

The sales of mini segment models of Maruti, which includes Alto and S-Presso dropped by 45% to 6,332 units in April 2025. Utility vehicle sales saw an increase of 4.36% in April 2025 year-on-year.

Maruti Suzuki's overall profit for the fiscal year 2025 climbed to Rs 13,955 crore--a 5.64% increase year-on-year. The company registered record net sales of Rs 1,45,115 crore in FY2024-25, a growth of 7.5% over the net sales of Rs 1,34,937 crore in FY2023-24.

Suzuki expects Maruti's PV sales growth at 1-2% in FY26, to outpace industry growth

Mahindra & Mahindra, which recently announced its quarter 4 results for the fiscal year 2025, the Auto and Farm Sector CEO of the company, Rajesh Jejurikar, highlighted about the robust demand for Roxx, including three-door Thar in the country. In an interview with CNBC-TV18, Jejurikar said, "Thar, as a portfolio, in April, crossed 10,000 for the first time. So three door and five door together, we sold more than 10,000".

Five years ago, the company sold 600 units of Thar a month, which now has increased to more than 10,000 units, he added.

In addition to the demand for SUVs, M&M's electric vehicles' waiting period is four months.

Further, Jejurikar has anticipated an improvement in urban demand in the next three to six months following the 28% growth in the SUV portfolio in the fourth quarter of fiscal year 2025.


He attributed the change in the income tax slab as the key factor behind the improvement in urban demand.

"Over the next three to six months, I believe urban demand will improve. One factor is the change in income tax slabs that started in April, which releases more cash. Interest rates are trending downward, which improves cash flow and borrowing costs for things like car loans. These factors are more significant for urban customers," Jejurikar said.

The M&M crossed 22% revenue market share and gained 1.8 share points in the SUV segment this year. 

Jejurikar said that the automaker does not chase volume market share of the SUVs, instead focusing on products with the highest brand recall.

"Every time we release a new product, we want people to say “wow.” If more customers feel the same, that leads to market share gains. But we don’t want to be seen as just another car on the road with no brand recall," he added.

The current market capitalisation of M&M stands at Rs 3,86,774.77 crore. The stock is currently trading at Rs 3,110 at 11 am on the BSE and has gained 37% over the last year.

Mahindra's Thar sales cross 10,000 units in April, highest ever

Tata Motors witnessed a 7% decline in domestic car sales in April 2025 to 70,963 units year-on-year. In 2024, the automaker's domestic car sales stood at 76,399 units.

The passenger vehicle sales, including the electric vehicle sales plunged in the domestic market by 6% in April this year.

According to the latest data by Tata Motors, the company sold 45,199 units of PVs and EVs in the domestic market in April 2025 compared with 47,883 units in the corresponding month last year.

Interestingly, the company's PV export surged by 233%  to 333 units in April 2025. 

However, Tata Motors' EV sales plunged by 16% in April 2025, including export and domestic markets.

The maker of Tiago and Nexon EVs sold 5,318 units of cars in April 2025 compared with 6,364 units in April 2024.

In the commercial vehicle category, domestic sales saw a 10% drop to 25,764 units in April 2025. 

In April 2024, the company sold 28,516 units of CVs in the domestic market.

Tata Motors exported 1,457 units of CVs in April 2025 versus 1,022 units in the same period last year--an increase of 43%.

AUTO