Maruti Suzuki targets next million sales as growth engines gather pace

MUMBAI: Maruti Suzuki is shifting into the next gear, with India’s largest carmaker expecting a combination of small-car revival, SUV growth, rising exports and expanded manufacturing capacity to help it reach its next million-vehicle milestone sooner than anticipated.

The company’s Annual Integrated Report 2025-26, titled “The Next Million, New Momentum”, outlines how multiple growth drivers are coming together as Maruti Suzuki enters its next phase of expansion.

The carmaker recorded its highest-ever annual sales of 24.22 lakh vehicles in FY2025-26, while exports reached a record 4.47 lakh vehicles. It also crossed the two-million-unit annual sales mark for the third consecutive year.

The report identifies the revival of the small-car segment, a stronger SUV portfolio, its multipowertrain strategy, capacity expansion and robust exports as key pillars of future growth.

Maruti Suzuki India chairman R. C. Bhargava said recent GST reforms had provided fresh impetus to the automobile industry and several other sectors of the economy.

The company expects India’s car market to reach 61-63 lakh units by FY2030-31, with the small-car segment potentially growing significantly faster than it has over the past five years.

That outlook could work in Maruti Suzuki’s favour, given its long-standing presence in the small-car market.

While small cars remain an important part of the growth story, SUVs are set to take an even bigger role.

Maruti Suzuki India managing director and CEO Hisashi Takeuchi said the company plans to introduce seven SUVs over the next five to six years to further strengthen its SUV portfolio.

The company is also accelerating its manufacturing expansion. During FY2026-27, it added 500,000 units of manufacturing capacity, reflecting its confidence in medium-term demand and changing customer preferences.

Exports are another important growth lever. Maruti Suzuki shipped a record 4.47 lakh vehicles overseas in FY2025-26, strengthening its position as an increasingly significant contributor to India’s automotive exports.

The company is also pursuing multiple technologies as it looks to support India’s transition towards net zero.

Bhargava said India would need a combination of technologies to meet its emissions goals, including biogas generated from locally available resources.

Maruti Suzuki’s board has approved the first phase of a Rs 561 crore investment in four biogas plants. The company believes biogas could provide a cleaner, renewable fuel source, reduce dependence on imported CNG and create useful byproducts.

The company’s broader approach reflects its view that the next million vehicles should represent more than just higher sales.

According to Takeuchi, the milestone is also about expanding access to mobility, strengthening manufacturing, increasing the adoption of cleaner technologies, deepening localisation and creating wider value for society.

With record sales already under its belt and several growth levers moving in tandem, Maruti Suzuki is betting that its next million vehicles could arrive faster than the last.