India's largest passenger car manufacturer is poised to report strong financial results for the December quarter, driven by robust volume growth, improved product mix, and operating leverage benefits. Four prominent brokerages have projected healthy double-digit growth across revenue, profitability, and operating metrics on both year-on-year and sequential basis.

Maruti Suzuki India Limited, maker of popular models including Grand Vitara and Baleno, is expected to announce its earnings on Wednesday, January 28. The company is anticipated to deliver significant growth momentum across all key financial parameters.

Profit After Tax Projections

Brokerages forecast substantial growth in net profit for the October-December quarter, with estimates varying based on different analytical approaches:

The consensus indicates PAT growth ranging from 24% to 35% year-on-year, with the bottom line expected between Rs 4,540.00 crore and Rs 5,696.00 crore.

Revenue Growth Expectations

Revenue projections demonstrate strong top-line expansion across all brokerage estimates:

Revenue is expected to grow 32-37% year-on-year, with estimates ranging from Rs 50,765.00 crore to Rs 52,706.00 crore for the quarter.

EBITDA and Margin Analysis

Operating performance metrics show strong growth momentum with varying margin trends:

EBITDA growth is projected between 33% and 50% year-on-year. Margin trends show mixed patterns, with some brokerages expecting slight year-on-year compression while others anticipate expansion.

Volume and Pricing Dynamics

Volume growth and average selling price improvements are key drivers of the expected strong performance:

• Centrum Broking: Volumes estimated at 667.80 thousand units, up 17.90% YoY and 21.10% QoQ; ASP expected to rise 11.50% YoY due to higher SUV mix
• YES Securities: Volumes projected at 667.80 thousand units, up 17.90% YoY and 21.20% QoQ; ASP estimated to grow 15.20% YoY and 2.50% QoQ to around Rs 7.84 lakh per unit
• Nuvama: Expects double-digit revenue growth driven by volume expansion and improved blended pricing
• Elara Capital: QoQ ASP improvement anticipated due to stronger mix of Grand Vitara and other premium models

Key Monitoring Points

Brokerages have identified several critical factors to watch during the results announcement:

• Demand outlook and market trends
• Traction in new models, particularly the e Vitara
• Impact of premium model mix on overall profitability
• Export performance and CNG segment contribution
• Operating leverage benefits from volume growth

The strong projections reflect the company's ability to capitalize on robust domestic demand, successful product positioning, and operational efficiency improvements during the quarter.

Maruti Suzuki India Limited has received a Final Assessment Order from the Income Tax Authority for FY 2021-22, resulting in a substantial tax demand of Rs. 11,825 million including interest. The company made this disclosure through a regulatory filing under Regulation 30 of SEBI Listing Regulations on January 23, 2026.

Assessment Order Details

The Final Assessment Order pertains to FY 2021-22 and was received by the company on January 23, 2026. This development follows a previous stock exchange intimation made by the company on March 25, 2025.

Company's Response and Impact

Maruti Suzuki has announced its intention to challenge the assessment order by filing an appeal before the Income Tax Appellate Tribunal. The company has clarified that despite the substantial demand amount, there will be no impact on its financial, operational, or other business activities due to this order.

Regulatory Compliance

The disclosure was made in compliance with Para B of Part A of Schedule III under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The communication was signed by Sanjeev Grover, Executive Officer and Company Secretary of Maruti Suzuki India Limited.

The company maintains its registered and head office at 1, Nelson Mandela Road, Vasant Kunj, New Delhi, and continues to operate normally while pursuing legal remedies against the tax assessment.