Maruti Suzuki shares tumble 24% YTD; here’s what Goldman Sachs analysts expect from Q4

Last week, Maruti Suzuki India had shared its auto sales data for March 2026, which showed a 10% year-on-year (YoY) rise in the company’s passenger vehicle sales, fuelled by utility vehicle (UV) demand in the market.

The company has sold a total of 225,251 units in March, including domestic sales, sales to other original equipment manufacturers (OEMs) and exports from the country.

“In March 2026, Maruti Suzuki India Limited sold a total of 225,251 units. Total sales in the month include domestic sales of 169,428 units, sales to other OEMs of 8,783 units and exports of 47,040 units,” it had said in a statement.

Recently, the automaker's managing director & CEO, Hisashi Takeuchi, had said that Maruti Suzuki is aiming to scale up its service network to around 8,000 touchpoints by FY 2030-31. The company added 502 new service touchpoints in FY 2025-26. Further, Maruti has set a target of achieving 40 lakh annual production capacity by FY2030-31.

Last month, the carmaker’s board had approved the acquisition of land at Khoraj Industrial Estate from Gujarat Industrial Development Corporation for capacity expansion worth ₹10,189 crore. The investment also includes some common infrastructure and facilities for future plants as well.

Here’s what Goldman Sachs analysts said

Analysts at Goldman Sachs expect revenue and EBITDA for the quarter ended March 31, 2026, to come in around 5% above consensus, supported by a better SUV mix and lower discounting. A higher share of SUVs and CNG vehicles is seen aiding margins, although commodity cost pressures are likely to persist.

They also highlighted that treasury income may remain lower due to higher bond yields, while costs could rise on account of CSR spending and new launches. Key monitorables include price hikes, capacity additions, and the small car strategy, with continued focus on the SUV pipeline, flex-fuel offerings, and the EV roadmap.

Maruti Suzuki’s performance in Q3

The country's largest carmaker had reported a net profit of ₹3,794 crore in the third quarter of the current financial year (Q3FY26), marking an increase of nearly 4% from ₹3,659 crore in the same period last year.

Maruti Suzuki said that it incurred an exceptional expense of ₹594 crore on account of implementation of four new labour codes.

Maruti Suzuki's total revenue from operations during the October-December period rose 29% annually to ₹49,891 crore as against ₹38,752 crore in the year-ago period.

The Delhi-based company's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation), also known as operating profit, rose 10% to ₹5,572 crore, but its EBITDA margin contracted by 190 basis points to 11.17%.

Maruti Suzuki share price

On Tuesday, Maruti Suzuki shares opened at ₹12,640 and touched a high of ₹12,761. Its intraday low for the day was at ₹12,496.

Over a month’s time, the stock has slipped over 6%, while it has fallen 21% in the last six months. However, on a year-on-year basis, shares of Maruti Suzuki have gained 12%.

Shares of the firm had hit a 52-week high of ₹17,370 on January 5, 2026, and a 52-week low of ₹11,059.45 on April 7, 2025.

The company has a total market capitalisation of ₹3.99 crore, according to data on the NSE.