Maruti Suzuki Posts Marginal Growth In H1 FY26 as Exports Surge

Maruti Suzuki India Limited sold 1,078,735 units in the first half of FY2025-26 (April-September), compared to 1,063,218 units in the same period last year, marking a 1.4% increase in volume. The company's net sales reached INR 767,606 million in H1 FY26 against INR 694,644 million in H1 FY25, while net profit stood at INR 70,048 million, up from INR 67,191 million in the same period last year.

Domestic sales comprised 871,276 units in H1 FY26, with exports reaching an all-time high of 207,459 units, reflecting a 39.9% growth in shipments to overseas markets. In the second quarter (July-September), Maruti sold 550,874 units overall, though domestic wholesales declined 5.1% year-on-year to 440,387 units due to customers deferring purchases in anticipation of GST-led price reductions from 22 September.

Among peers, Maruti held a market share of 38.79% in H1 FY26, maintaining its lead in the Indian passenger vehicle segment. Mahindra, however, surged to second position with 320,031 units sold in the first half of FY26, up 14% from 260,505 units last year. Tata Motors dispatched 269,206 units, nearly mirroring its 269,435 units from H1 FY25. Hyundai Motor India registered 373,122 units during the period, though this represented a 9.1% decline from 389,573 units in the same months last year. 

The shifts in the market reflect changing consumer preferences. Mahindra's growth was driven by volumes across models including the Scorpio range with 87,866 units and electric SUVs XEV 9e and BE 6 with combined sales of 26,782 units. Tata Motors saw the Punch and Nexon continue as volume drivers with 125,663 units and 89,557 units respectively. Hyundai's performance was impacted by over-dependence on the Creta model, which sold 106,167 units in H1 FY26.​

Maruti's own sales continue to be supported by models like the Dzire (128,652 units) and Fronx (126,658 units) in the first half of FY26.