Maruti Eyes Strong Export Growth Momentum

Market Share May Improve in Medium Term

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MARUTI SUZUKI REPORTED Q4FY25 EBITDA of ₹4,260 crore, which was 12% below our estimates, impacted by lumpy expenses (CSR, repairs and maintenance), an adverse product mix, raw material inflation, and higher advertisement spending. We expect demand trends to remain muted through 1HFY26E, reflecting weak consumer sentiment, continued softness in entry-level segment demand, and a high base effect. However, we anticipate a recovery from 2HFY26E, supported by strong momentum in the export segment, which should drive a volume uptick. Margins are likely to stay range-bound, as new plant-related costs and higher discounting pressures offset operating efficiencies. We maintain our ADD rating.