Guidance ledger · Q3 FY26

Maruti Suzuki India Ltd MARUTI

3 revisions on record · 0 lowered · 3 raised — the strikethrough is what management used to say

refuses forward guidance · held across quarters

Holding view → · latest concall · The pulse

↑ raised Sustainable industry growth indication Q4 FY25 → Q3 FY26

~~industry has forecast a very modest growth of between 1% to 2%~~ → an initial figure of about 7% volume growth on a sustainable level

“Temporarily, we had given out an initial figure of about 7% volume growth on a sustainable level for the industry”

↑ raised FY26 capex run-rate Q4 FY25 → Q3 FY26

~~between Rs. 8,000 to 9,000 crores excluding SMG~~ → INR 12,000 crores for FY26 including the Gujarat facility

“now we are at a run rate of about INR 12,000 crores for FY26 including the Gujarat facility”

↑ raised FY26 export growth target Q4 FY25 → Q2 FY26

~~20% growth (from FY25 base of 332,000 units)~~ → exceeding our guidance of 400,000 units this year

“We mentioned an outlook of 20% growth for the coming financial year for exports”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.