Maruti Suzuki India Ltd: November 2025 Sales Update & Market Action

Executive Summary Maruti Suzuki India Ltd. (MSIL) witnessed upward momentum in trading sessions on December 1, 2025, gaining nearly 1.5% following the release of robust November wholesale data. The company delivered a strong operational performance, reporting a total sales volume of 2.29 lakh units, significantly outperforming the consensus estimate of 2.13 lakh units. This represents a substantial 26% Year-on-Year (YoY) growth compared to 1.82 lakh units in November 2024. Key Operational Highlights Domestic Volume Surge: Domestic sales reached 1.83 lakh units, marking a 19.7% YoY growth. Notably, Domestic Passenger Vehicle (PV) sales surged 21% to 1.71 lakh units. Export Performance: The export segment acted as a major growth driver, witnessing a sharp 61% YoY increase to 46,057 units (vs. 28,633 units in the previous year). Segment Recovery: The entry-level segment (Alto and S-Presso), which has faced headwinds recently, showed a strong resurgence with a 27% YoY increase to 12,347 units. Management Commentary & Channel Health Management indicated strong underlying demand, highlighting that retail sales grew by 31% and bookings increased by 21%. Furthermore, channel inventory remains healthy, with network stock currently standing at 19 days, suggesting efficient working capital management and lean dealership inventory. Financial Context (Q2 FY26 Reference) While November volume growth is positive, investors should view this in the context of Q2 financials: Revenue: ₹42,101 Cr (+14% YoY), beating street estimates. EBITDA Margin: Contracted to 10.5% (vs 11.8% YoY), largely in line with expectations, reflecting input cost pressures and mix impacts. PAT: Reported at ₹3,293 Cr (+7.3% YoY).