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Suzuki targets higher exports from India in FY27
Economic Times, 18 February '26Headlines 18 February '26
Suzuki Motor Corporation has indicated that it aims to increase exports from India in 2026-2027 following capacity expansions at its new plants in Haryana and Gujarat.
"Exports are in demand in Africa, the Middle East etc and with expanded production capacity next fiscal year (two new plants), about 20,000 units/month will be added, which we look forward to," the top management in Japan told analysts during a recent Q&A session.
"Currently, we produce 220,000-230,000 units/month, with 170,000-180,000 units/month for India domestic and about 50,000 units/month for exports," it added. Beginning next financial year, Maruti Suzuki, the Indian arm, expects capacity additions of 250,000 units per year each at the new plants in Kharkhoda (Plant 2) and Hansalpur (Plant 4).
According to the Japanese management, "since ramp-up production is necessary, contributions will be phased". Kharkhoda in Haryana is expected to contribute from the first quarter of the next fiscal year and Hansalpur in Gujarat from the second quarter.
Exports on track in FY26
The Maruti Suzuki team had earlier told analysts during its Q3 conference call on January 28th that the company had dispatched the first shipment of about 400-500 units of its Victoris model from Gujarat and was on track to achieve the guidance of approximately 400,000 export units in FY26.
By the end of December, 13,000 units of the e Vitara had also been shipped, with the UK being the leading destination by volume. "The chain is slightly long and it is slightly premature to get retail level feedback but the momentum continues and we will keep shipping out," said the Maruti team.
The global alliance between Toyota and Suzuki has contributed to the growth in exports. Suzuki's wider international presence has enabled access to additional markets for Maruti, while Toyota benefits from manufacturing efficiencies and platform sharing.
Meanwhile, the leadership team in Japan informed analysts that in the third quarter (October-December), production in India was about 490,000 units for the domestic market, with wholesales at 540,000 units and retail sales at 680,000 units, "leaving factory inventory almost zero and retail inventory depleted to about three days' worth" of monthly sales.
"In January, the situation continues that almost all production units are being despatched immediately. Backorders were about 190,000 units at the end of January," it elaborated. Currently, production is being wholesaled as manufactured, and retail inventory at the end of January stood at approximately 10 days, significantly below the standard level of around 30 days.
Thinning dealer inventory
Considering transport times, dealer inventory is thinner. There is a risk that customers unable to wait for delivery may switch to other manufacturers. "So it is desirable to secure inventory close to the standard level, but the situation remains tight, and we see strong supply-demand."
Suzuki stated that fixed costs in its Indian operations would increase due to investments in production expansion, but "we believe this will be offset" by volume growth. However, one-off expenses and rising raw material prices remain challenges to profitability.
"Therefore, we will strengthen activities to improve profitability across the value chain. Specifically, in India, we will propose advantageous trade-in programmes to customers driving Maruti Suzuki vehicles, combining high preowned car prices and financial products, which are competitive compared to other companies," said the management.
Regarding new financial products such as leasing and residual value credit, including balloon loans, the company noted resistance from both supply and demand sides, indicating that "careful explanation and fostering understanding" would be required.
"Additionally, leveraging the characteristic of high preowned car residual values, we believe it is important to promote trade-ins by applying the value of owned vehicles as down payments to reduce monthly payments," said the management.
Rural demand rising
On demand trends following the GST 2.0 revision in levies, Suzuki stated that the rural share in demand was increasing. "We feel demand is expanding for trade-ins from motorcycles and first-time buyers," it noted.
For example, in Jharkhand, where average income is less than half the national average of US$ 2,700-US$ 2,800, "we hear that many customers" bring helmets to showrooms as they transition from motorcycles. As the leadership team in Japan stated, these customers have been heard saying, "For about two years, I wanted to buy a car but could not afford it, but with the GST cut, I could get a loan and am happy to switch."
The Indian management at Maruti also referred to this trend during its analyst meeting on January 28th. "We have seen a positive swing and observed a delta of about 7%. This is the increase in first-time buyers' percentage and a very healthy sign. We are seeing a lot of helmets in our showroom, which means there are positive signs that the two-wheeler owner is upgrading to small and compact cars," it said.
Following the GST 2.0 revision, Maruti has reduced sales promotion expenses by more than the price reductions implemented. Except for rising raw material costs, this has had a positive impact on the profit and loss account.
"On the other hand, regarding rising raw material prices, we would like to consider price revisions within the range that does not increase sales promotion expenses," said the management.
Leveraging GST 2.0
The Maruti leadership team stated that the GST reform presented an opportunity to build momentum and strengthen sales efforts.
"We always have time ahead of us where, if we have cost pressures, we can recover that from the market. But temporarily, we would like to continue with the momentum," it continued.
Reiterating that it was not "ethical" to increase prices immediately after the government had reduced taxes, the company stated that although some manufacturers might do so, "we think we should make a decision in favour of the consumer".
Regarding rising affluence levels in India, which could support car-buying momentum, Suzuki stated that wage increases of "several to 10%" were underway. However, rising living costs and government policy trends, including taxation and interest rates, could affect demand.
"The current boom is recognised as being supported by policy measures such as raising minimum taxable income, lowering policy interest rates and GST revisions, which have contributed to higher disposable income. We will continue to monitor the balance of income, living costs and policy," it added.
India-EU FTA implications
When asked about the medium-term impact of the India-EU Free Trade Agreement and the potential risk of imported vehicles from Europe on Maruti's volumes, the Suzuki team stated that tariffs on imported vehicles from the EU, currently between 60 and 110%, would be reduced to 10% over seven years.
This reduction would apply within a quota system. With the current market at 4.5 million units per year, the quota would be 250,000 units per year. Tariffs on exports from India to the EU are also expected to decrease gradually from the current 10%.
"However, we intend to use this opportunity to strengthen India's competitiveness by expanding sales networks and improving quality. Also, the price range for imported vehicles applicable for this scheme is high (shipment price from Europe is EUR 15,000 (US$ 17,765) or more).
"Assuming the domestic sales price in India is about twice the shipment price, we recognise that there is a certain distance from Maruti Suzuki's main price range," continued the management.
The Indian arm also stated during its earnings conference call on January 28th that the government would have been "extremely calibrated and sensitive" to the domestic industry while participating in global trade liberalisation.
"We have always supported liberalisation and opening up, particularly when we put our money where our mouth is. We are exporting EVs to Europe. We do not know what are the specific clauses regarding EV exports but sooner or later, it should be positive for India," it stated.
"Exports are in demand in Africa, the Middle East etc and with expanded production capacity next fiscal year (two new plants), about 20,000 units/month will be added, which we look forward to," the top management in Japan told analysts during a recent Q&A session.
"Currently, we produce 220,000-230,000 units/month, with 170,000-180,000 units/month for India domestic and about 50,000 units/month for exports," it added. Beginning next financial year, Maruti Suzuki, the Indian arm, expects capacity additions of 250,000 units per year each at the new plants in Kharkhoda (Plant 2) and Hansalpur (Plant 4).
According to the Japanese management, "since ramp-up production is necessary, contributions will be phased". Kharkhoda in Haryana is expected to contribute from the first quarter of the next fiscal year and Hansalpur in Gujarat from the second quarter.
Exports on track in FY26
The Maruti Suzuki team had earlier told analysts during its Q3 conference call on January 28th that the company had dispatched the first shipment of about 400-500 units of its Victoris model from Gujarat and was on track to achieve the guidance of approximately 400,000 export units in FY26.
By the end of December, 13,000 units of the e Vitara had also been shipped, with the UK being the leading destination by volume. "The chain is slightly long and it is slightly premature to get retail level feedback but the momentum continues and we will keep shipping out," said the Maruti team.
The global alliance between Toyota and Suzuki has contributed to the growth in exports. Suzuki's wider international presence has enabled access to additional markets for Maruti, while Toyota benefits from manufacturing efficiencies and platform sharing.
Meanwhile, the leadership team in Japan informed analysts that in the third quarter (October-December), production in India was about 490,000 units for the domestic market, with wholesales at 540,000 units and retail sales at 680,000 units, "leaving factory inventory almost zero and retail inventory depleted to about three days' worth" of monthly sales.
"In January, the situation continues that almost all production units are being despatched immediately. Backorders were about 190,000 units at the end of January," it elaborated. Currently, production is being wholesaled as manufactured, and retail inventory at the end of January stood at approximately 10 days, significantly below the standard level of around 30 days.
Thinning dealer inventory
Considering transport times, dealer inventory is thinner. There is a risk that customers unable to wait for delivery may switch to other manufacturers. "So it is desirable to secure inventory close to the standard level, but the situation remains tight, and we see strong supply-demand."
Suzuki stated that fixed costs in its Indian operations would increase due to investments in production expansion, but "we believe this will be offset" by volume growth. However, one-off expenses and rising raw material prices remain challenges to profitability.
"Therefore, we will strengthen activities to improve profitability across the value chain. Specifically, in India, we will propose advantageous trade-in programmes to customers driving Maruti Suzuki vehicles, combining high preowned car prices and financial products, which are competitive compared to other companies," said the management.
Regarding new financial products such as leasing and residual value credit, including balloon loans, the company noted resistance from both supply and demand sides, indicating that "careful explanation and fostering understanding" would be required.
"Additionally, leveraging the characteristic of high preowned car residual values, we believe it is important to promote trade-ins by applying the value of owned vehicles as down payments to reduce monthly payments," said the management.
Rural demand rising
On demand trends following the GST 2.0 revision in levies, Suzuki stated that the rural share in demand was increasing. "We feel demand is expanding for trade-ins from motorcycles and first-time buyers," it noted.
For example, in Jharkhand, where average income is less than half the national average of US$ 2,700-US$ 2,800, "we hear that many customers" bring helmets to showrooms as they transition from motorcycles. As the leadership team in Japan stated, these customers have been heard saying, "For about two years, I wanted to buy a car but could not afford it, but with the GST cut, I could get a loan and am happy to switch."
The Indian management at Maruti also referred to this trend during its analyst meeting on January 28th. "We have seen a positive swing and observed a delta of about 7%. This is the increase in first-time buyers' percentage and a very healthy sign. We are seeing a lot of helmets in our showroom, which means there are positive signs that the two-wheeler owner is upgrading to small and compact cars," it said.
Following the GST 2.0 revision, Maruti has reduced sales promotion expenses by more than the price reductions implemented. Except for rising raw material costs, this has had a positive impact on the profit and loss account.
"On the other hand, regarding rising raw material prices, we would like to consider price revisions within the range that does not increase sales promotion expenses," said the management.
Leveraging GST 2.0
The Maruti leadership team stated that the GST reform presented an opportunity to build momentum and strengthen sales efforts.
"We always have time ahead of us where, if we have cost pressures, we can recover that from the market. But temporarily, we would like to continue with the momentum," it continued.
Reiterating that it was not "ethical" to increase prices immediately after the government had reduced taxes, the company stated that although some manufacturers might do so, "we think we should make a decision in favour of the consumer".
Regarding rising affluence levels in India, which could support car-buying momentum, Suzuki stated that wage increases of "several to 10%" were underway. However, rising living costs and government policy trends, including taxation and interest rates, could affect demand.
"The current boom is recognised as being supported by policy measures such as raising minimum taxable income, lowering policy interest rates and GST revisions, which have contributed to higher disposable income. We will continue to monitor the balance of income, living costs and policy," it added.
India-EU FTA implications
When asked about the medium-term impact of the India-EU Free Trade Agreement and the potential risk of imported vehicles from Europe on Maruti's volumes, the Suzuki team stated that tariffs on imported vehicles from the EU, currently between 60 and 110%, would be reduced to 10% over seven years.
This reduction would apply within a quota system. With the current market at 4.5 million units per year, the quota would be 250,000 units per year. Tariffs on exports from India to the EU are also expected to decrease gradually from the current 10%.
"However, we intend to use this opportunity to strengthen India's competitiveness by expanding sales networks and improving quality. Also, the price range for imported vehicles applicable for this scheme is high (shipment price from Europe is EUR 15,000 (US$ 17,765) or more).
"Assuming the domestic sales price in India is about twice the shipment price, we recognise that there is a certain distance from Maruti Suzuki's main price range," continued the management.
The Indian arm also stated during its earnings conference call on January 28th that the government would have been "extremely calibrated and sensitive" to the domestic industry while participating in global trade liberalisation.
"We have always supported liberalisation and opening up, particularly when we put our money where our mouth is. We are exporting EVs to Europe. We do not know what are the specific clauses regarding EV exports but sooner or later, it should be positive for India," it stated.