Overview
In FY 2025-26, the Indian economy demonstrated remarkable resilience and outperformed expectations despite heightened geopolitical risk, which led to supply challenges and a rise in trade protectionist measures across several countries. In this context, the Government of India and the RBI prioritised strengthening domestic economic activities to offset risks to exports.
The government introduced a range of measures to stimulate domestic consumption, fast-track investment and support employment, including GST reform, personal income tax relief, front- loaded capital expenditure, and enhanced credit support to MSMEs. At the same time, benign inflation provided the RBI with room to reduce interest rates and support economic growth. Besides, RBIs astute liquidity management for quicker transmission of policy rate cuts and efforts to contain volatility in forex market were noteworthy.
However, towards the end of the year, the West Asia conflict created supply and cost shocks that weighed on economic momentum and led to a sharp depreciation of the rupee against the US dollar. Going forward, the effect of geopolitical tensions on economy may likely prevail. In addition, the risk of an El Nino-induced weak monsoon is emerging.
Industry Overview and Annual Summary
India retained its position as the third-largest passenger vehicle (PV) market globally, with sales of around 4.7 million units in FY 2025-26, registering a growth of around 8% y-o-y over FY 2024-25.
However, the yearly growth figure does not convey the underlying demand environment that prevailed over the entire year. FY 2025-26 can be best described as a ‘year of two halves. The year started with a subdued demand environment, leading to a decline of 0.4% y-o-y in the first half, followed by a sharp recovery, with growth accelerating to 16.7% y-o-y in the second half. Recovery in the second half was aided by GST reforms, which revived demand in the small car segment, falling under the lower 18% GST bracket. Such a meaningful reduction in indirect taxes in a single stroke is relatively uncommon.
Since FY 2018-19, the small car segment, especially entry-level cars, has witnessed significant contraction in demand, due to price increases driven mainly by regulatory changes. As a result, a significant portion of customers who traditionally opted for entry-level cars were priced out of the market. This structural shift constrained overall industry growth, which grew below its potential at around 4.3% CAGR between FY 2018-19 and FY 2024-25. The demand expansion largely concentrated in higher-priced segments.
The GST reform acted as a key inflection point, improving affordability and triggering a revival in demand, especially for small cars. This recovery is significant, given the segments critical role in driving firsttime buyers and expanding overall market size. While the recovery in small cars supported broader demand revival, SUVs continued to support industry growth, maintaining a dominant share of overall PV sales. SUVs continued to account for over 56% of PV sales.
Contribution of Sales Across Segments in Indias
PV Market (%) in FY 2025-26
At the same time, the shift in consumer preference continued towards cleaner powertrain technologies such as Compressed Natural Gas (CNG) vehicles, Strong Hybrid Electric Vehicles (SHEVs) and Battery Electric Vehicles (BEVs), leading to a growth in sales of vehicles belonging to these technologies in FY 2025-26 over the previous year. Consequently, the share of sales of CNG vehicles, SHEVs and BEVs in total PV sales increased to 28.9% in FY 2025-26 compared to 24.4% in FY 2024-25.
In FY 2025-26, the Company achieved key milestones, and total sales reached an all-time high of 2,422,713 units, surpassing 2 million for the third consecutive year. Export volumes hit a record 447,774 units. The production volume reached a historic high of 2,347,792 units for the year.
Despite geopolitical challenges, export performance remained robust throughout the year, supported by Suzuki Motor Corporations vast global network in over 120 export markets.
With the recovery in domestic demand following the GST reforms, the Company operated at nearly full capacity utilisation during the second half of FY 2025-26. While geopolitical developments resulted in supply and cost-related pressures, the Company ensured supply continuity through meticulous planning and close coordination with stakeholders, albeit at elevated costs. Capacity constraints, however, limited the Companys ability to serve customer demand on time, prompting an acceleration of capacity expansion plans.
Supported by its parent, Suzuki Motor Corporation, the Company could increase its product offering in the mid-SUV segment and launched VICTORIS and its first Battery Electric Vehicle (BEV), e VITARA. In addition, the Company made significant advancements in reducing product carbon footprint and enhancing product safety. Furthermore, Maruti Suzuki made six airbags and Electronic Stability Control as a standard in nearly 100% of its product portfolio, the only OEM in the country to offer such safety features as standard across a wide and diverse portfolio. The Companys fleet is fully compliant with key Indian emission and safety regulations, including the Corporate Average Fuel Economy (CAFE Phase 2).
In FY 2025-26, the Companys retail market share was about 40%. In terms of segmental market share, the Company maintains a leadership position across almost all the product segments and is within close reach of the leadership position in the SUV category. Going forward, with a strong product lineup in SUVs, the Company is striving to achieve a leadership position in this segment as well.
In its pursuit of improved efficiency across business operations and to enhance customer convenience, the Company continued its focus on digitalisation during the year. Details of these efforts will be elaborated in subsequent sections.
The Company has unwaveringly pursued its commitment to sustainability by building resilient ecosystems where economic growth with strong governance practices, environmental stewardship, and human development go hand in hand. At the heart of the business lies a fundamental belief that progress must be inclusive, and growth must create value not only for shareholders but for all stakeholders. The Company, since its inception, has viewed that sustainable practices and business performance are interdependent on each other. This integrated approach has empowered the Company to continuously strengthen its competitive advantage and also enabled it to build agility in adapting to evolving market dynamics. In terms of environmental sustainability, Suzukis basic philosophy of ‘Sho-Sho-Kei-Tan-Bi enables maximising resource utilisation and helps reduce waste. Along with this, the Company promotes circularity in its business by practising the principles of 3R (Reduce-Reuse-Recycle) and utilising renewable energy. In terms of social sustainability, the Company places utmost importance on empowering people, be it customers, employees, local communities, youth, or human resources of value chain partners. The Company invests in skill development, road safety, gender diversity & inclusion, strengthening local supplier ecosystems, and people development, among others. This describes the major sustainability interventions.
Further details on the sustainability performance can be accessed through the disclosures specified in the Integrated Reporting section and the Business Responsibility and Sustainability Reporting (BRSR) section. The Company has prepared the Business Responsibility and Sustainability Report for FY 2025- 26 in compliance with the format prescribed. Kindly refer to page 296 to access the BRSR section.
In FY 2025-26, the Companys operating margin (as a % of Net Sales) moderated to 8.4%, compared to 10.0% in FY 2024-25. The decline was primarily driven by adverse commodity prices and supply-side pressures arising from geopolitical developments. While the Company maintained supply continuity, this came at elevated costs. In order to support demand recovery, the Company refrained from passing on the full cost increases to customers, impacting margins.
During the year, the Company took several measures in the journey towards realising its growth strategy for FY 2030-31. The Company,
(i) completed the amalgamation of Suzuki Motor Gujarat Private Limited, enhancing organisational agility
(ii) strengthened its SUV portfolio and diversified powertrain offerings
(iii) accelerated capacity expansion, with new facilities at Kharkhoda and Plansalpur set to commence commercial production in FY 2026-27. Each of these new units will add an annual production capacity of 250,000 vehicles.
(iv) announced plans to set up an additional greenfield manufacturing facility in Gujarat.
Domestic Sales
FY 2025-26 was a landmark year for the Company, as it achieved its highest-ever domestic sales performance, reaffirming its leadership in the Indian passenger vehicle market. Notably, six out of the top ten best-selling cars in the industry were from Maruti Suzuki, underscoring the strong acceptance of its products across its wider portfolio.
The demand environment during the year evolved meaningfully, particularly in the second half. While sales in the domestic market declined by 5.6% in H1 FY 2025-26, the Company witnessed a strong rebound in the latter part of the year, with volumes growing by 12.3% in the second half, translating into a sharp 17.9% swing in growth momentum. This recovery was more pronounced forthe Company than for the broader market, driven by improving affordability led by GST reform and easing of financing conditions.
In addition to the benefit from GST-led price reduction, the Companys targeted pricing intervention in select entry-level models led to a significant increase in customer interest and showroom footfalls.
The Company also observed a large number of two-wheeler upgraders visiting showrooms, indicating a renewed interest in the entry-level segment. The Company observed a visible increase in first-time buyer participation, which rose to nearly 50% in the second half compared to around 42% in the first half.
To support this segment, the Company introduced targeted financing schemes and enhanced customer outreach, making ownership more accessible. Improved financing conditions further aided conversions.
Despite this strong recovery, overall growth during the year remained constrained by production capacity. At the end of the fiscal year, the Company had around 190,000 pending customer orders, of which nearly 130,000 were in the small car segment, highlighting the strength of underlying demand. Dealer inventory also remained low at around 12 days of stock, reflecting the continuation of strong retail demand since the GST reform.
In parallel, the Company continued to strengthen customer confidence through industry-leading safety initiatives, including the introduction of six airbags as standard across almost its entire portfolio, making it the only OEM in India to do so. These measures strengthened customer confidence and contributed positively to demand, where safety has become an increasingly important purchase consideration.
Importantly, even in a market largely driven by SUVs, during the year, Dzire emerged as the top-selling passenger vehicle in the industry, demonstrating the continued relevance of affordable passenger vehicles in the 18% GST category.
While small car demand recovered, the Company simultaneously strengthened its presence in the high-growth SUV segment. During the year, it launched new models such as VICTORIS, e VITARA and introduced refreshers, creating strong customer interest and improving showroom footfalls.
During the year, the Company launched VICTORIS, positioned as a ‘Got it all SUV, which witnessed an exceptional response from customers. The model became the fastest car in India to achieve 100,000 sales and was also recognised with the Indian Car of the Year (ICOTY) award, reflecting strong customer acceptance.
VICTORIS combines advanced safety, technology and convenience features to deliver a comprehensive ownership experience. It is equipped with Level 2 ADAS, including Adaptive Cruise Control, Lane Keep Assist and Automatic Emergency Braking, along with six airbags and a high-definition 360 View Camera, and has achieved a 5-star Bharat NCAP safety rating. The in-car experience is enhanced through the SmartPlay Pro X infotainment system with Over-the-Air updates, delivering a Theatre on Wheels experience, along with features such as Smart Powered Tailgate with Gesture Control and Next-Gen Suzuki Connect with over 60 features.
Importantly, the introduction of underbody CNG, a segment- first feature, optimises space utilisation without compromising boot space, providing an effective balance of operational cost efficiency and practical functionality. This has led to strong customer acceptance.
In addition, the Company launched its first fully electric SUV, e VITARA, marking a key milestone in its electrification journey. Developed on a dedicated EV platform, the model offers a driving range of over 543 km and is supported by the ‘e for me ecosystem, designed to deliver a seamless and customer-centric EV ownership experience.
This ecosystem includes over 1,500 EV-ready service centres, specially trained EV relationship managers, dedicated charging support, and a comprehensive mobile application for managing both public and home charging needs, thus ensuring convenience and reliability that customers have traditionally associated with the Company.
The model is equipped with Level 2 ADAS, seven airbags as standard (including driver-side knee airbag), and a 5-star Bharat NCAP safety rating, along with Next-Gen Suzuki Connect with over 60 features. The initial response has been encouraging and strengthens the Companys preparedness for the transition to electric mobility.
Supported by these product interventions, the contribution of SUVs to overall sales increased to 31% in the second half compared to 26% in the first half of the year.
Contribution of Sales from SUVs in Overall PV Sales of MSIL (%)
The Company continues to follow a balanced, multi-powertrain strategy to address diverse customer needs while progressing towards decarbonisation. This approach allows the Company to offer a combination of CNG vehicles, mild hybrids, strong hybrids, and battery electric vehicles, ensuring both affordability and environmental sustainability.
Consumer preference towards CNG vehicles remained strong, with the Companys CNG sales in PVs growing by 19.7% y-o-y, supported by the expansion of CNG infrastructure across the country. With CNG options available in 14 out of 18 models (in PVs), the Company maintained a leadership position with nearly 70% market share in this segment.
Sales of CNG Fuel Vehicles (PV+LCV) (in units)
SHEVs continue to offer 35%-44% higher fuel efficiency over conventional Internal Combustion Engines, significantly reducing carbon emissions. SHEVs provide an effective pathway for immediate and scalable carbon reduction
Overall, the share of green vehicles, comprising CNG, mild hybrids, strong hybrids and electric vehicles, increased to nearly 52% of total passenger vehicle sales in FY 2025-26 compared to about 48% in FY 2024-25, reflecting a growing customer preference towards environment-friendly vehicles.
% Contribution of Sales from Green Vehicles
(CNG + Mild Hybrids + Strong Hybrids + Battery Electric Vehicles) in Overall Sales
In a constant endeavour to improve convenience and offer a better experience to customers, the Company added 366 sales outlets in FY 2025-26, primarily in non-urban markets, where growth opportunities remain significant. Sensing the non-urban market opportunity very early in the industry, the Company has been expanding its network over the years.
During the year, the Company also scaled up the NEXA Studio format, a compact and scalable retail model designed to deepen market penetration and enhance customer experience.
With over 2,900 outlets in non-urban markets across the country, the contribution of sales from these markets to overall sales has increased to over 52% compared to about 48% in the previous year. While rural markets continued to perform well during the entire part of the year, urban markets recovered and posted growth post the GST reform.
MSIL Sales Network
To further strengthen customer engagement, the Company expanded its digital footprint, offering immersive experiences through NEXAVERSE and ARENAVERSE, along with Al- powered virtual assistants and WhatsApp chatbot support. The Company has now digitalised 24 out of 26 customer interaction points in the vehicle purchase journey. In addition, the Maruti Suzuki Smart Finance platform continued to gain traction, with over 39% of customers sourcing their finance through the platform during the year.
Light Commercial Vehicles
In the Light Commercial Vehicle segment, the Company recorded sales of 38,575 units, through its commercial network across multiple cities. CNG variants accounted for over 83% of total sales, reflecting the growing preference for cost-efficient and reliable mobility solutions in this segment.
Pre-owned Cars
A healthy pre-owned car segment helps drive new car sales through trade-ins. With this objective, the Company continued to expand its pre-owned sales outlets. During FY 2025-26, the Company added 74 independent True Value sales outlets.
Exports
In FY 2025-26, the Company delivered a record-breaking export performance, achieving its highest-ever export volumes of over 4 lakh units, reflecting a robust growth of over 34% over the previous year. This strong performance was delivered despite a challenging and volatile global environment, marked by trade uncertainties, supply chain challenges, and logistical constraints.
In FY 2025-26, the Companys PV export volume grew by 34.5%, significantly higher than the growth of the rest of the industry at 4.8%. As a result, the Company further strengthened its leadership position, contributing nearly half of Indias passenger vehicle (PV) exports, with its share at -49% during the year. The Company continued to be Indias Top PV exporter for the 5th consecutive year. Aligned with the Government of Indias ‘Make in India for the World vision, this performance reflects the Companys ability to effectively navigate global headwinds while capitalising on emerging opportunities across markets.
Export Sales Volume (PV+LCV) (in units)
MSIL PV Export Share in Overall PV Exports from India (%)
The support of the parent company, Suzuki Motor Corporation (SMC), has been vital in this achievement. SMC has provided the Company with strong technological support and has also enabled it to leverage its vast global distribution network to scale exports.
The share of exports in the Companys total sales also increased to 18% from 15% lastyear, underscoring the growing importance of international markets in its overall business mix. Export volumes witnessed robust growth driven by a combination of market diversification, portfolio expansion, and strengthened operational capabilities.
Share of Export Volume in Total Sales Volume of MSIL
(%)
The Company expanded its footprint to nearly 120 countries, reducing dependence on any single geography and enhancing resilience against regional demand fluctuations. Japan emerged as the second-largest export market for the Company, reflecting strong acceptance in a competitive and mature market. The Company also marked its re-entry into the European market with battery electric vehicles (BEVs), enabling it to become Indias top exporter of BEVs in the PV segment.
Furthermore, Indias emergence as a global export hub for Suzuki remained a key enabler for growth in exports. Several models, including Fronx, Jimny, e VITARA, and VICTORIS, are manufactured exclusively in India for global markets.
Despite challenges such as disruptions in key shipping routes amid regional conflicts, close coordination with logistics partners and prioritisation of shipments ensured continuity in exports during the year. Additionally, OE supply of vehicle exports to Toyota through SMC in the African market supported export volumes.
FY 2025-26 - Growth Performance (YoY) in PV Exports from India (%)
Service
The Company strives to provide a hassle-free ownership experience and peace of mind to customers throughout the vehicle ownership period through its extensive service network, affordable maintenance solutions, comprehensive ownership support programmes and round-the-clock assistance. Guided by a philosophy of continuous improvement and customer centricity, the Company continued to strengthen each of these pillars during FY 2025-26.
In FY 2025-26, the Company continued to strengthen its customer service ecosystem in line with the growing vehicle pare and rising customer expectations. The Company expanded its service network by over 500 touchpoints, the highest-ever addition in a single year, taking the total network to 5,926 touchpoints and enabling it to serve a record of over 28.4 million vehicles during the year.
Number of Service Touchpoints Across India
As customer expectations continue to evolve beyond traditional workshop visits, the Company further strengthened alternate service formats designed to improve convenience and accessibility. Service-on-Wheels, Bodyshop-on-Wheels and roadside assistance programmes continued to bring services closer to customers and reduce vehicle downtime. During the year, the Company introduced ‘Quickstop, an innovative service format designed for corporate campuses, airport zones and fleet hubs. Quickstop reflects the Companys continued efforts to enhance customer convenience by enabling vehicle service closer to customers workplaces and daily routines, thereby saving time and improving accessibility. The Company also signed an Moll with Indian Oil Corporation Limited (IOCL) to establish vehicle service facilities at fuel retail outlets and further expand service accessibility.
The Company continued to strengthen its ecosystem of ownership support programmes such as Extended Warranty, Customer Convenience Package (CCP) and the newly introduced Smart Maintenance Plan (SMP). CCP was introduced to protect customers against unforeseen events such as hydrostatic lock due to waterlogging, fuel adulteration, and rodent or insect- inflicted damage, which can lead to substantial repair costs and are typically not covered under conventional vehicle insurance policies. The programme has been well received, with over 3.5 million customers opting for the CCP till FY 2025-26. During the year, the Company introduced SM P, a flexible prepaid maintenance programme that helps customers manage maintenance costs more effectively while ensuring timely servicing and improved vehicle health throughout the ownership journey.
To further enhance transparency and customer trust, the Company introduced the Vehicle Health Card (VHC) programme. More than four million Vehicle Health Cards have been shared with customers, enabling informed maintenance decisions and helping preserve vehicle health over the ownership lifecycle.
To continuously enhance customer experience and improve service efficiency, the Company continued its digitalisation journey. Digital tools and Al-enabled customer support systems were leveraged to provide personalised service recommendations, improve communication and ensure quicker resolution of customer requirements, resulting in a more responsive and seamless service experience.
The Company also continued to invest significantly in the capability development of its service workforce. Training programmes based on the globally benchmarked Suzuki Service Qualification System (SSQS) were further expanded to equip workshop personnel with the latest technical, behavioural and customer relationship skills. During FY 2025-26, the Company upskilled 93% of its workshop personnel, helping deliver best-in-class service quality and customer experience across the network.
As the Company entered the next phase of its electric mobility journey, significant investments were made towards EV service readiness. More than 1,500 workshops have been equipped with EV-trained manpower, specialised tools and relevant infrastructure. This is further supported by digital enhancements across dealer management systems, roadside assistance platforms and technical support processes, ensuring a seamless ownership experience for electric vehicle customers.
The Company continued to encourage and support the adoption of sustainable practices across its dealer and workshop network. During the year, the paint operations at workshops have been migrated to water-based paints from solvent- based paints. Besides, more than 300 dealer workshops use rooftop solar power. The combined solar power generation capacity is nearly 22 MWp. These initiatives help reduce environmental impact while supporting the Companys broader sustainability objectives.
Aftermarket Parts and Accessories
A key element of delivering a superior ownership experience is ensuring that genuine aftermarket parts and accessories are available at the right place, at the right time and at the right price. Another important objective is to minimise instances where vehicles remain stranded at workshops due to the nonavailability of parts. With a growing vehicle pare of over 20 million vehicles and a portfolio comprising more than 95,500 unique parts and accessories, achieving this objective is a complex task. Through advanced forecasting techniques, a comprehensive distribution ecosystem and continuous improvements in logistics efficiency, the Company strives to ensure the timely availability of parts and enhance customer convenience and peace of mind.
The Companys comprehensive distribution ecosystem comprises warehouses, Regional Parts Distribution Centres, independent parts distributors and its extensive service network. During FY 2025-26, the Company expanded its distributor network by adding a record 197 sales outlets, taking the total network to 1,574 sales outlets, while also adding 51 distributor warehouses, the highest addition in a single year.
Parts Distribution Sales Network*
These independent outlets are in addition to the aftermarket parts available at the service network of over 5,926 workshops across the country (as of 31st March 2026).
Further, the Company significantly expanded its own warehouse capacity and logistics hubs to improve fulfilment speed and bring genuine parts closer to customers, thereby reducing customer wait times and vehicle downtime.
Digitalisation further enhanced customer convenience and process efficiency. IntelliSales and Parts Kart mobile application continued to simplify ordering and fulfilment across the aftermarket part ecosystem, while the launch of the Mobile Electronic Parts Catalogue (EPC) application enabled faster and more accurate identification of parts. More than 50,000 independent workshops are now connected through Parts Kart, helping extend the reach of genuine parts across the country.
The Company accords utmost importance to vehicle safety, reliability and performance through the use of genuine parts. During the year, campaigns were continued across physical and digital platforms to educate customers on the importance of genuine parts and the risks associated with counterfeit alternatives.
As customer preferences increasingly evolve towards personalisation, comfort and convenience, the Company continued to strengthen its genuine accessories portfolio. During FY 2025-26, over 415 new accessories were introduced, including several model-specific and lifestyle-oriented offerings. Accessibility of genuine accessories was further enhanced through e-commerce website and distributor channels, enabling customers to conveniently discover, select and personalise their vehicles according to their preferences.
The Company continued to strengthen operational excellence through investments in network infrastructure, digitalisation and channel capability development. During FY2025-26, around 4,200 channel personnel were trained and certified, enabling them to better guide customers and further enhance the aftermarket experience.
The Company also continued to strengthen sustainability across its warehousing and distribution operations. Recently, rooftop solar power generation with a combined capacity of 1,067 kWp was commissioned at Bengaluru and Nagpur Regional Part Distribution Centres. In addition, the Company expanded the use of returnable bins and increased the use of packaging materials made from recycled content, helping reduce packaging waste, improve resource efficiency and lower its carbon footprint.
A view of rooftop solar power plant installed at RPDC Bengaluru
Operations
In FY 2025-26, the Company achieved another historic milestone by manufacturing over 2.3 million vehicles, the highest annual production volume in its history. This achievement is particularly significant considering the rapidly evolving operating environment during the year, which was marked by a sharp recovery in domestic demand following GST reform, expanding exports, launching new products, managing supply challenges, commencing production of its first battery electric vehicle, re-entering Europe through e VITARA and scaling up its exports to Japan. Both these markets are among the most demanding automobile markets globally in terms of quality, safety and regulatory requirements.
MSIL - Annual Production Volumes (in units)
Delivering this performance required the seamless integration of agile manufacturing systems, efficient production planning processes and close coordination across the value chain. These capabilities enabled rapid realignment of production in response to changing demand patterns, expanding product and powertrain portfolio and supply-chain challenges, while maintaining operational efficiency, supply continuity and consistent quality standards.
This flexibility became increasingly important as market conditions improved significantly following GST reform, leading to a broad-based recovery in demand, including a revival in the small car segment. As demand strengthened, the Company rapidly scaled up production across its facilities. During the second half of the year, manufacturing plants were running at near full capacity. This achievement was made possible by the commitment and dedication of the Companys workforce. Production excellence at MSIL continues to be anchored in its people-centric manufacturing philosophy, enabling high levels of productivity, quality and responsiveness.
Production Volume (Units) and Growth YoY (%) for FY 2025-26
The growing scale of operations and increasing product complexity require continuous strengthening of manufacturing systems and quality processes.
To support these requirements, the Company continued to deploy Industry 4.0 and Industry 5.0 technologies across its manufacturing operations. State-of-the-art facilities increasingly leverage advanced automation, digital manufacturing systems, machine vision technologies, connected equipment and enhanced human-machine collaboration to improve process capability and product quality.
The Company also continued to strengthen quality-at-source practices by progressively shifting inspection and monitoring systems closer to the point of manufacturing. This enables faster detection and prevention of defects, tighter process control and improved resource efficiency. Such initiatives are particularly important in managing the complexity associated with multiple powertrain technologies, increasing product variants and diverse regulatory
A view of the New Greenfield Manufacturing Facility at Kharkhoda, Haryana
and customer requirements across markets. Manufacturing quality is further strengthened by integrating customer feedback from both domestic and international markets into production systems and processes, enabling continuous improvements in reliability, durability and customer satisfaction.
The Company also continued to advance sustainable manufacturing through greater use of renewable energy, resource-efficient processes and initiatives aimed at reducing the environmental footprint of its operations.
Considering Indias long-term growth potential and the expanding export opportunity, the Company has laid out a capacity expansion roadmap to scale production capacity to four million units per annum over the next few years. During the year, production ramp-up activities at the greenfield Kharkhoda facility progressed steadily. In FY 2026-27, the Company will commission two new manufacturing plants with an annual capacity of 250,000 units each, one at Kharkhoda, Haryana and the other at Hansalpur, Gujarat.
The planning for subsequent expansion phases continued in parallel. All new manufacturing facilities are being designed with multi-powertrain flexibility for responding effectively to future shifts in technology and customer demand.
Conservation of Natural Resources and Environment Protection
Responsible Consumption of Resources
Optimisation of resource consumption remains central to the Companys value creation and sustainability strategy. Guided by Suzukis philosophy of Sho-Sho-Kei-Tan-Bi — smaller, lighter, fewer, shorter and beauty — the Company focuses on minimising resource consumption across the product lifecycle while maintaining safety, quality and customer satisfaction. The Companys vehicles sold in India are, on average, about 20% lighter than the industry average. Combined with the use of Ultra and High Tensile steel, this approach helps improve safety performance while reducing material consumption, energy use and greenhouse gas emissions throughout the vehicle lifecycle.
By adopting a multi-powertrain strategy, the average carbon emission of the Companys fleet is significantly lower than the industry average. Besides, the Company is also consistently outperforming its Corporate Average Fuel Economy (CAFE) target. Through a multi-powertrain approach, every vehicle sold by the Company participates in the carbon reduction journey, while preserving affordability and accessibility of mobility for its customers.
The Companys commitment to preserving natural resources extends across the value chain from product design and manufacturing to distribution and end-of-life management. The Company is dedicated to supporting Indias Net Zero emissions target by 2070.
Design for Recycling
With the objective of preventing vehicles from being discarded as waste at the end of their useful life, the Company continues to design vehicles for maximum recyclability and recoverability. Design decisions are guided by the principle of maximising resource circulation, thereby reducing dependence on virgin resources and supporting a circular economy.
Currently, the materials used in all vehicles manufactured by the Company are at least 92% recyclable and 99% recoverable at the end of their useful life (ELV). These levels exceed the recyclability and recoverability thresholds prescribed under the European Unions End-of-Life Vehicle (EU-ELV) framework.
Promoting Circular Economy through the 3R Principle
The Company actively promotes circular economy principles through the 3R (Reduce, Reuse and Recycle) approach, helping conserve natural resources, minimise waste generation and improve resource productivity across operations. The Company recycles 100% of the metallic scrap generated during vehicle manufacturing and continuously undertakes yield-improvement initiatives to optimise the use of raw materials such as steel and aluminium.
Water conservation remains a key focus area. The Company recycles 100% of its used water and meets nearly two-thirds of manufacturing requirements through recycled water and rainwater harvesting. During the year, the Company further strengthened its water stewardship efforts and secured Water Positivity certification at both its Gurugram and Manesar facilities, achieving water positivity indices of 1.90 and 1.23, respectively. These achievements are particularly significant as both facilities are located in water-stressed regions. The other two facilities in Kharkhoda, Haryana and Hansalpur, Gujarat, do not fall under water-stressed region.
To encourage material recycling, the Maruti Suzuki and Toyota Tsusho Groups Vehicle Scrapping and Recycling unit began operations in 2021. The facility provides an easy, eco-friendly solution for customers to scrap vehicles with a capacity to scrap 24,000 vehicles annually.
To reduce plastic packaging consumption, it has adopted the ‘Eliminate-Alternate-Reduce (EAR) strategy, with over 20% of packaging material for Knocked Down (KD) kits and components being reused. In FY 2025-26, the Company enabled the recycling of more than 2,819 MT of packaging plastic.
Additionally, the Company has implemented Extended Producer Responsibility programmes to recycle plastic packaging used in aftermarket parts and accessories and e-waste.
The Company also continues to reduce the environmental impact of logistics operations by increasing the use of rail transportation for vehicle dispatches, thereby reducing fuel consumption and associated greenhouse gas emissions.
Low-Carbon Energy Transition and Sustainable Manufacturing
The Company continues to pursue a structured low- carbon energy transition pathway to reduce emissions from manufacturing operations. While usage of renewable electricity remains an important pillar of this strategy, the Company is also actively working towards decarbonising process emissions in manufacturing operations, which currently use fossil fuels like CNG/Propane.
The Company is expanding renewable electricity use through in-house solar plants and green power purchases (solar and hybrid power). It is also shifting, in the long term, to low-carbon fuels by replacing fossil CNG with Compressed Biogas and exploring Green Hydrogen for manufacturing.
Environment Protection
The Company not only complies with applicable environmental laws and regulations but also strives to surpass them through robust environmental management systems across the product lifecycle. This includes a well-established framework for controlling the usage of Substances of Concern (SoCs) in products through globally recognised International Material Data System (IMDS) at the product development stage to systematically review and monitor the material composition of parts and components. These efforts are supported by the Companys green procurement guidelines.
The Company also continues to adopt environmentally responsible waste management practices and has maintained Zero Waste to Landfill at all its manufacturing facilities.
Safety
Safety remains a core focus area for the Company and a strategic imperative for employee well-being and operational excellence. The Company continued to build a prevention-led safety culture through strong governance, proactive risk management, employee participation, human-machine safety and continuous capability development.
The Companys three-tier safety committee system, chaired by the MD &CEO at the apex, continued to strengthen safety governance and drive a safety-first mindset across the organisation. During FY 2025-26, the committees conducted 168 meetings, providing oversight on safety performance, risk mitigation and continuous improvement initiatives.
Employee participation remained central to the Companys safety culture. During the year, employees contributed 269,040 safety improvement suggestions, reflecting strong workforce engagement in identifying risks and improving workplace safety. The Company also continued to institutionalise near- miss reporting as an important preventive tool, with 358 near-miss incidents reported and addressed through timely corrective actions.
The Company also continued to leverage automation, engineering controls and workplace design improvements to strengthen safety performance, minimise employee exposure to hazards and create safer working environments across its operations.
Recognising that sustained safety performance is driven by individual behaviour and collective responsibility, behavioural safety has remained a key focus area. The Company increasingly leveraged digital technologies to improve risk awareness and nudge employees towards safer choices. Initiatives included Al-enabled monitoring of PPE compliance at construction sites, technology-based interventions to discourage unsafe practices such as mobile phone usage while walking or crossing roads, gamification-based platforms that encourage safe driving habits, and a chatbot to improve awareness and understanding of safety rules and procedures. These efforts helped strengthen both occupational and non-occupational safety outcomes.
Creating awareness on safety through street play during Safety Month
Continuous capability development remained an important pillar of the Companys safety strategy. Nearly 65,000 personnel, comprising about 92% of the total workforce, were trained on safety practices. The Company also continued to promote sharing of safety learnings and best practices across locations, reinforcing a culture of continuous improvement.
Recognising that safety extends beyond the workplace, the Company undertook awareness programmes for employees and their families during its annual month-long Safety Month initiative to promote home safety and encourage adoption of safe practices in everyday life. The Company also actively engaged with Tier-1 suppliers and dealer partners, sharing safety learnings and best practices to foster a broader culture of safety in its value chain members.
Mobijoy Anzen Drive - Encourages Safe Driving Behaviour
Quality
Driven by a customer-centric mindset, the Company continued to advance its Quality Excellence journey, anchored in a Zero- Defect philosophy and an integrated Quality Management System. Amid increasing product complexity, expanding exports, evolving regulatory requirements, introduction of new powertrain technologies and geopolitical challenges, the Company further strengthened its quality assurance framework over the product lifecycle.
Building on its established capabilities in digital technologies, advanced analytics, customer feedback integration, close supplier collaboration and continuous capability development, including that of supplier personnel, the Company continued to deliver globally competitive products while enhancing customer satisfaction.
Key Developments in FY 2025-26
• VICTORIS and eVITARA successfully launched — supported by comprehensive validation, reliability assessment and manufacturing readiness activities.
• Established an EV Diagnostic Lab to strengthen electric vehicle quality management through advanced diagnostics and faster resolution of customer feedback.
• Commenced exports of eVITARA to Europe and Japan, while continuing exports of Fronx and Jimny to Japan, reinforcing the Companys ability to meet global quality standards.
• Strengthened vehicle cybersecurity preparedness through implementation of a Cyber Security Management System (CSMS), Incident Response Team and Automotive Industry Standards (AIS) 189/190 compliance certification.
• Established a dedicated Quality Learning Centre to reinforce a customer-centric culture through continuous learning and best-practice sharing across the value chain.
• Hosted the third Suzuki Global Quality Summit (SGQS) to strengthen quality collaboration and benchmarking across Suzuki Group companies.
The Company also continued the ongoing quality management programmes detailed below to ensure improved quality of products.
Reinforcing Zero-Defect Philosophy Anchored in 4M Approach
The Company is dedicated to ensuring Quality excellence in its supply chain by reinforcing its Zero-Defect commitment through focused interventions across Man, Machine, Material, and Method.
Workforce skilling, AR/ VR training for suppliers personnel (Dojo 2.0).
Digitalisation of maintenance, real-time equipment monitoring (Maintenance 2.0), vision-based inspection systems (both in the Company and at suppliers facilities) and system upgrades to prevent defect generation and digital dashboards for comprehensive monitoring.
Localising raw materials by developing capabilities locally in collaboration with Suzuki Motor Corporation Japan, which ensures faster evaluation.
Institutionalisation of best practices, supplier cross-learning platforms, and deep involvement of senior leadership of supplier partners to foster a strong quality culture.
Integrated Quality Management Process - Continuous Improvement in Product Quality
| New Model Development and Prototyping | Integrating voice of customers | Surveys, Social media listenting, analysing drive and usage patterns through connected vehicle solutions |
| Evaluation of Risks associated with change in design | Front Loading for early identification and prevention of defects (even before they occur) | |
| Comprehensive testing and validation of product Quality, Reliability and Durability | Rigorous unit-level and vehicle-level testing and validation at Rohtak and Gurugram facilities | |
| Simulation of Quality defects in new models during mass manufacturing | Peak Production verification Trials (PPVT) both at in-house and supplier facilities to identify and prevent quality issues while scaling up production |
| Mass Manufacturing | Quality systems & Processes | • Initial Flow Management to stabilise early production quality |
| • Fool-proofing systems, use of digital tools | ||
| • Robust Reskilling and upskilling of workforce | ||
| • Effective and Efficient Change Management Systems | ||
| Maintenance and | • Preventive Maintenance | |
| Inspection systems | • Multi-tier quality inspections | |
| • Continuous improvement of work and inspection standards) | ||
| Suppliers operations | • Periodic Quality System Audits (Tier-1 and Tier-2 suppliers) | |
| • Promoting use of digitalised inspection systems including Machine vision based End-of-Line inspection systems | ||
| • Capability building and upskilling programmes | ||
| • Best-practice sharing |
| Sales | Provision of service information and implementation of Quality Assurance activities aimed at the market |
| Market Quality | • Continuous monitoring of product Quality through customer surveys and market feedback Z |
| • Time-bound corrective actions, including implementing design and process modification at both Company and suppliers, basis the requirement |
Quality Management System (QMS)
a) ISO 9001:2015- External audit for MSIL was conducted in December 2025 by Vincotte Belgium. Auditors recommended the continuation of the ISO certificate for the Company without any non-conformance. An internal function also conducts audits at regular intervals as indicated below.
Internal and External Quality Audit Cycle - As Per ISO 9001 Quality Management System
R: Recertification Audit S: Surveillance Audit IA: Internal Audits
b) Scope and Coverage of ISO 9001:2015: 100% of manufacturing facilities (Gurugram, Manesar, Kharkhoda and Hansalpur) of the Company and the Rohtak R&D facility are included under the ISO 9001:2015 QMS certification.
c) CoP Audits: For Export models, Conformity of Production (CoP) audits are conducted by external agencies (IDIADA, Vincotte & Government agency of Vietnam (VR-Vietnam Register)) as per plan. All processes were found to be conforming to requirements.
Periodic Assessments of Quality Management Systems for Supply Chain
Reskilling and Upskilling of Workforce on Product Quality and Safety
Management of Substances of Concern (SoC)
The Company follows a proactive and lifecycle-based approach for managing Substances of Concern (SoCs), including hazardous substances, restricted chemicals and VOCs in car interior parts. Through globally recognised systems such as the International Material Data System (IMDS), stringent engineering standards and green procurement guidelines, environmental requirements are embedded from the product development stage itself and aligned with globally recognised frameworks such as the European Unions ELV Directive and REACH Regulation. During mass production, the Company works closely with suppliers through awareness programmes, proactive surveys, periodic audits, and technical handholding to strengthen SoC management systems across the value chain and ensure continued compliance with evolving environmental requirements.
SOC Awareness and Audits FY 2025-26
Customer safety remains a fundamental priority. The Company maintains a robust recall management framework with clearly defined governance and corrective-action mechanisms to enable the timely resolution of product concerns. All reported concerns undergo a structured technical evaluation to assess root cause and potential impact. The recall processes are periodically reviewed in line with regulatory requirements, operational learnings and the best global practices. Recall actions are supported through multiple communication channels, including direct customer outreach, website disclosures, outreach by dealers, and media announcements, ensuring timely engagement with affected customers.
Corrective actions are implemented in a time-bound manner, with recall completion closely monitored to ensure effective closure and sustain customer confidence. During the year, the Company voluntarily recalled certain vehicles and implemented prompt corrective actions in the interest of customer safety and satisfaction. The trend in recalls in the domestic market over the last few years is presented below.
Human Resources
Company Philosophy
The Company constantly strives to promote a safe, healthy and happy workplace. It creates and nurtures a culture of partnership among its employees. The empowerment of human resources to acquire knowledge, build capability, grow and prosper in a healthy work environment is the guiding philosophy of the Companys HR policies.
The Company firmly believes that the growth of its employees and the growth of the organisation are intrinsically linked. Through people-centric policy interventions and constant two-way communication led by the MD & CEO, the Company promotes participative decision-making, ownership and mutual trust. A testimony to this culture is the active participation of employees in continuously improving safety, quality, productivity and cost competitiveness. During FY 2025-26, employees contributed over 1.8 million suggestions, significantly higher than the previous year, reflecting a deeply embedded culture of continuous improvement and employee involvement.
Motivated human resources have been making strong contributions in responding successfully to business challenges while supporting the Companys growth ambitions. Much of the organisational progress achieved over the last four decades is rooted in the values, culture and spirit of partnership imbibed in the workforce.
As the automobile industry is undergoing a rapid technological transformation, the Company continues to strengthen its culture of partnership and continuous learning while building future-ready capabilities to support its next phase of growth and competitiveness
Listening Organisation
One of the Companys key strengths is its ability to understand the needs, concerns and expectations of employees and take timely action to address them. The Company has institutionalised multiple listening channels, ranging from surveys and digital platforms to direct dialogue and collaborative engagement forums.
(Refer to the Stakeholder engagement section on page 108 to know more about employee engagement channels).
Additionally, to listen to the feedback of the employees on a real-time basis, the Company also has a chatbot, ‘Amber, which is positioned as the Chief Listening Officer. During the year, the bi-annual employee engagement survey MS Xpress witnessed a record participation. Employee feedback led to targeted interventions such as flexible working arrangements, managerial capability enhancement sessions, and a buddy programme, among others.
Capability Development
Capability development remains central to the Companys people strategy. During the year, routine training around capability improvement, career development, and transition assistance programmes was conducted. As the automotive industry transitions towards electric vehicles, connected factories, Industry 4.0, mechatronics and artificial intelligence, the Company continued to build future-ready skills among its employees.
During the year, the Company launched an initiative aimed at building capabilities in data interpretation, Al applications and digital decision-making. Technical training was also strengthened in areas such as electric vehicles, software-defined vehicles and connected factories. The Company invested in experiential learning infrastructure such as Industry 4.0, Mechatronics labs, and Connected Factory DOJO, enabling hands-on learning and preparedness for future manufacturing systems. The Companys targets to impart at least four person-days of training on average across all categories of workforce. The Company could achieve its training target for FY 2025-26.
The Companys new-age Learning Management System (LMS) was much appreciated by employees, which uses Artificial Intelligence and Machine Learning to recommend relevant upskilling programmes based on the roles and responsibilities of an employee. The employee can also undertake self-paced training programmes through the exhaustive e-learning courses available internally or through external Learning Experience Platforms (LXPs), free of cost.
Over a decade, the Company has been partnering with various academic institutions to provide access to undergraduate and postgraduate programmes to its employees. Based on employee feedback, the Company introduced new courses, increased the number of institutes it partnered with, and increased the number of available seats, thus benefitting a larger number of employees. Eligible employees who complete the higher education programmes are considered for promotions to take up higher responsibilities.
| Courses | Courses Taken By | Number of Employees Benefitted So Far under Higher Education Programmes Offered by the Company |
| Diploma programme | Workers | 801 |
| B.Tech programme | Supervisors | 610 |
| MBA/M.Tech/PhD programme | Managers | 425 |
| Total | 1,836 |
Smart DOJO training facility
A major highlight during the year was the Companys performance at IndiaSkills 2025-26, where employees won 16 medals, including 3 Gold, 3 Silver, 4 Bronze and 6 Medallions of Excellence, and qualified for the WorldSkills Competition 2026. The first-time success in Industry 4.0 and Mechatronics categories reinforces the Companys commitment to advanced manufacturing capabilities and future-ready skill development.
Overseas Skill Development Training
The Company continued its programme to help shop floor workers develop skills through visits to Suzuki Motor Corporation (SMC) in Japan. This initiative reflects the Companys commitment to equipping its workforce with current industry knowledge and best practices.
Leadership Development and Talent Pipeline
The Company believes that sustainable growth requires a strong leadership pipeline and organisational readiness. The Company has adopted a holistic approach in developing the future leaders (creating a talent pool) across levels through:
a) Tacit knowledge sharing by Senior Management for grooming existing functional leaders as business leaders
b) The Leadership Learning Journey for Senior Management and Middle Management leaders included coaching, management development programmes, customised learning interventions and leadership masterclasses
c) The programme to develop high-potential young managers through a structured nine-month journey comprising action-learning projects, mentoring by senior leaders and curated interventions
d) Job rotations and entrusting people with bigger responsibilities
Industrial Relations Environment
The Company strives to ensure stable and cordial industrial relations through effective communication, participation of employees in important decisions, and various employee welfare programmes. Regular two-way communication, led by the MD & CEO, with employees across various levels, keeps them informed on the overall business scenario and provides them with a strong platform to exchange views. To strengthen industrial relations capability at the shop floor, the Company conducted training for shop floor managers covering IR fundamentals, conflict management and effective communication.
Freedom of Association and Collective Bargaining
The Company respects freedom of association and promotes collective bargaining. There are four workers unions. The Company allows collective bargaining and actively collaborates with all the unions. Recently, union elections at the Manesar car manufacturing facility (January26) and Gurugram manufacturing facility (April26) were successfully conducted with strong participation in a peaceful and orderly manner.
Proceedings of Union Elections held at Gurugram manufacturing facility
Long-term Wage Settlement
The wage settlement for workers at the Hansalpur facility was concluded in FY 2025-26 and will remain effective till FY 2028-29. The wage settlements for workers represented by unions at the Gurugram and Manesar facilities were concluded in FY 2024-25 and will remain effective till FY 2026-27.
Compensation
The Company offers industry-leading benefits, with the average compensation being higher than the industry benchmark. The Companys compensation policies are gender neutral. To improve productivity and help achieve business goals, the Company has also put in place a structured performance-based incentive pay structure that covers all categories of its workforce. For its nonregular workforce, the Company undertook a comprehensive revision of wage and welfare policies, and a contributory group term life insurance policy, reflecting its commitment to welfare and financial security across workforce categories.
Employee Welfare
The Company has a fund exclusively earmarked for employee welfare. The fund is used to provide welfare measures, such as housing loan subsidies, educational support for employees children, developing common infrastructure facilities in employee housing projects, and to provide social security measures, such as post-retirement medical benefits for employees as well as their spouses. At the housing project being undertaken in Dharuhera, Haryana, 289 houses have been delivered to employees.
Employee Well-being and Multi-layered Connect
The Company places utmost importance on maintaining and improving the physical, emotional, financial and social wellbeing of its employees. During the year, wellness initiatives reached more than 18,000 employees, while over 7,000 employees and family members participated in Marathon 2026. The Company launched a dedicated helpline to support employees in addressing their emotional needs. Over 1,500 counselling sessions were held during the year, with 94% of the employees finding it useful. Health Talk sessions focused on healthy living, lifestyle diseases, eating habits and risk awareness relating to alcohol and smoking.
Recognising that employee well-being is closely linked to family support, the Company continued to strengthen Employee and Family Connect initiatives through marathons, a gala family day, monthly family events at plant locations and recognition policies for employee descendants.
To engage with the families of employees, communication done through an in-house magazine and MD & CEO messages on special occasions plays an important role.
Gender Diversity and Inclusion
The Company continued to promote diversity, inclusion and equal opportunity. Female representation in total regular employees improved to around 5.2% in FY 2025-26, continuing the upward trend from previous years. The Company is increasingly deploying a female workforce on the production shopfloor. This initiative assumes greater significance given the limited availability of the female workforce in the country, especially in the skills that are required for performing production operations. Over the past few years, the Company has taken measures to train women on the shopfloor-specific skillsets.
Grievance Redressal Mechanism
To address any grievances reported by its workforce, including the temporary workforce, the Company has a well-structured grievance redressal mechanism in place. Periodic grievance redressal camps are organised to address their issues.
Supporting Business Partners
The Company has put in place an exclusive organisation to improve the human resource and industrial relations practices of its business partners, such as its suppliers, dealers, and transporters. The interventions are centred around providing relevant trainings on technical and behavioural skills. Through multi-stakeholder initiative programmes, the Company focuses on creating a talent pool for its supplier and dealer partners.
For more information on the initiatives and outcomes of these programmes, kindly refer to page 80 of the Integrated Report.
During FY 2025-26, the Company provided over 2.2 million person-hours of training for its employees and the workforce of its business partners.
Awards and Recognition
The Companys people practices continued to receive external recognition during the year. These recognitions spanned key areas including employee engagement, capability development and learning. The Company received the prestigious Golden Peacock FIR Excellence Award 2025 in recognition of its people centric human resource practices. It also received several recognitions for employee engagement initiatives, including the Brandon Flail Excellence Award 2026 for Best Employee Engagement Strategy, the ET Pluman Capital Award 2026 for Excellence in Use of Employee Feedback and Engagement Initiatives, and the Financial Express FIR Award for Excellence in Use of Employee Feedback and Surveys. Further, the Companys focus on capability development and continuous learning was recognised through the TISS LeapVault CLO Award 2025 for Learning & Development Team of the Year and the L&D Confex and Awards 2025 for Best Blended Learning Strategy of the Year.
Engineering
In the passenger vehicle industry, products remain central to growth, customer satisfaction and market leadership. As the Indian PV market evolves amid stringent regulations, rising customer expectations, and growing competition, product engineering has become key to differentiation and long-term value creation. Supported by Suzuki Motor Corporations technical expertise, the Company continues to build capabilities across key areas, including regulatory readiness, safety, convenience and connected technologies, while remaining prepared for future technologies and global market requirements.
The Companys engineering function is working in the following key focus areas.
Introduction of New Products
The Company offers one of the widest product portfolios in Indias passenger vehicle industry, serving diverse mobility needs across hatchback, sedan, SUV, MPV and van segments. As customer expectations evolve and the market becomes increasingly competitive, the Company continues to strengthen its portfolio through new products, advanced technologies and differentiated offerings across segments.
During FY 2025-26, the Company launched VICTORIS, a new SUV, and introduced e VITARA, its first Battery Electric SUV in the domestic market. The Company also continued to refresh its portfolio through special editions and new variants. Exports of VICTORIS and e VITARA have commenced during the year and are planned to be exported to around 100 countries. These developments reinforce the Companys commitment to offering products that combine performance, reliability, safety, and advanced technologies, while meeting global standards.
The launch of e VITARA represents an important milestone in the Companys participation in Indias electric mobility transition, while VICTORIS strengthens its presence in one of the fastest- growing segments of Indias passenger vehicle market. Going forward, the Company remains focused on further strengthening its SUV portfolio while remaining focused on other product segments as well.
Advancing Safer Mobility
Vehicle safety remains a strategic priority for the Company. With strong support from Suzuki Motor Corporation, the Company continued to democratise advanced safety technologies.
During the year, six airbags were made standard in almost all the products. The Company remains the only automaker in India to offer ESC and six airbags as standard across a broad range of products spanning entry-level hatchbacks to premium SUVs.
The newly launched VICTORIS and e VITARA secured 5-star Bharat NCAP ratings, joining Dzire and Invicto to create a portfolio of four vehicles with 5-star Bharat NCAP ratings. This reflects the Companys continued focus on enhancing customer safety.
The Company also expanded deployment of advanced active safety technologies during the year. Both VICTORIS and eVITARA have Level-2 Advanced Driver Assistance Systems (ADAS), while e VITARA incorporates seven airbags as standard, advanced battery protection systems, and emergency e-call functionality.
Offering Connected and Convenient Mobility
As customer expectations continue to evolve, mobility increasingly extends beyond transportation to encompass connectivity, convenience and personalised experiences. In response, the Company continued to expand connected and comfort-enhancing technologies across its portfolio.
The Company introduced new technologies and features such as Digital Cockpit Solution, Twin-Deck Floating Console, sliding and reclining rear seats, and gesture-controlled power back doors.
Key technologies present in some models were extended to more models. These include next-generation Suzuki Connect telematics with over 60 features, advanced infotainment systems, full digital instrument clusters, digital displays, 360 view cameras, ventilated seats, wireless charging, premium audio systems, powered driver seats, PM2.5 air purification systems, Android Auto with Alexa Auto Voice Al, connected vehicle solutions and advanced driver interfaces.
To cater to diverse customer preferences and driving conditions, the Company continues to offer multiple transmission and drivetrain technologies ranging from Auto Gear Shift and automatic transmissions to e-CVT, AWD and 4WD systems.
Pursuing Multi-Powertrain Technology Strategy - Maximising Reduction of Carbon Footprint of the Fleet
The Company remains committed to supporting Indias carbon Net Zero ambition while ensuring mobility solutions that are relevant to a broad customer base. In the automobile industry, the product use phase accounts for the largest share of lifecycle carbon emissions. Consequently, reducing emissions from products remains a key engineering priority for the Company. Through sustained focus on efficiency improvement, deployment of lower-emission technologies, and adoption of alternate fuel and powertrain technologies, the Companys average C02 emission of its fleet is significantly lower than the industry average. Not only that, but the Company has also been outperforming its CAFE target by a wide margin in both phase 1 (2017-2022) and phase 2 (2023-ongoing).
Recognising that meaningful carbon reduction requires every vehicle sold to contribute, the Company believes that Indias transition towards lower-carbon mobility will require multiple technology pathways. For a large and diverse market such as India, where affordability remains a key consideration and per capita income levels are lowerthan those in developed markets, a single technology solution may not adequately address customer needs. Therefore, the Company continues to pursue a multipathway strategy that combines Battery Electric Vehicles, Strong Hybrid Electric Vehicles, vehicles powered with CNG/Compressed Biogas (CBG), gasoline vehicles compatible with 20% ethanol blending, and Flex Fuel Vehicle technologies. This approach seeks to reduce emissions while preserving affordability, customer choice, energy security and suitability to local resource availability.
MSIL Average Fleet C02 Emissions - Target vs Actual CAFE Performance
*Provisional Internal Estimates
During the year, the Company launched e VITARA, its first Battery Electric Vehicle. While Battery Electric Vehicles remain an important component of future mobility, the Company continues to advance multiple technologies to accelerate fleetwide carbon reduction.
SFIEV was further expanded during the year. Now, the Company offers SFIEV technology in three vehicles — VICTORIS, Grand Vitaraand Invicto. SFIEV will help significantly reduce the carbon emissions of Internal Combustion Engine vehicles without the need for charging infrastructure. SFIEVs are self-charging and have the potential to scale up quickly.
CNG options are now available across 15 models (in PV and LCV), and the consumer preference towards CNG continues to increase. The major highlight was the introduction of the segment-first underbody CNG tank in VICTORIS to free up the entire boot space. Customers enjoy uncompromised luggage space along with the running cost advantage of a CNG vehicle — the best of both worlds. This has led to strong customer acceptance.
In addition, all petrol vehicles offered by the Company are compatible with E20 fuel. Biofuels such as ethanol and Compressed Biogas (CBG) have the potential to accelerate decarbonisation at scale due to their biogenic carbon emissions. Given Indias abundant agricultural biomass resources, these fuels offer a unique opportunity to simultaneously reduce carbon emissions, enhance energy security and support the rural economy. Besides, in June 2026, the Company launched Indias first Flex Fuel Vehicle as part of its broader multi-pathway approach to sustainable and affordable mobility.
Strengthening Future-ready Engineering Capability
As customer expectations, regulations and technologies continue to evolve, strengthening engineering capability remains a strategic priority. The Companys state-of-the-art Rohtak R&D Centre continues to play a critical role in rapid product evaluation, validation and development, particularly in areas such as safety, emissions and future technologies.
Supply Chain Management
The automotive manufacturing supply chain is inherently complex and geographically dispersed, with deep interdependencies across multiple tiers of suppliers. The Companys supply ecosystem comprises nearly 450 Tier-1 suppliers and about 1,500 Tier-2 suppliers, collectively supporting the production of nearly 2.5 million vehicles annually. In an increasingly interconnected global environment, supply chains are being influenced by geopolitical developments and evolving trade regulations, creating uncertainties around material availability and heightened cost volatility.
During the year, global supply chains experienced disruptions arising from rare earth export restrictions, highlighting vulnerabilities associated with critical materials and globally concentrated supply bases. Towards the close of the financial year, developments in the Middle East further heightened supply chain risks as disruptions in critical inputs such as natural gas and petroleum, among others, began impacting global supply chains, contributing to higher energy and logistics costs. For an organisation operating one of Indias largest automotive supplier ecosystems, the challenge extended beyond its own operations to ensuring stability across the entire value chain. Working proactively with suppliers across all tiers, the Company undertook timely interventions to ensure continuity of operations.
Against this backdrop, the Company remained focused on strengthening supply chain resilience, enhancing localisation and mitigating supply risks. At the same time, it continued to work closely with suppliers across the value chain to build the capacity, capability and competitiveness required to support its ambition of scaling production to 4 million units per annum by FY 2030-31.
ESG Performance in Supply Chain
A) Environment Performance
Car manufacturing has a wide and long supply chain. A substantial portion of value addition occurs within the Companys supplier ecosystem. Therefore, in the Companys journey to drive decarbonisation in its entire value chain, suppliers play a critical role. The Company regularly monitors the GFIG emissions of its Tier-1 suppliers and actively promotes the usage of renewable energy by suppliers. In FY 2024-25, 16.5% of the overall electricity requirement of these suppliers was met using renewable sources. The Company expects its domestic Tier-1 suppliers to increase usage of Renewable Electricity and attain a minimum of 30% of electricity requirement through renewable sources by FY 2030-31.
Share of RE in Total Electricity Consumption of domestic Tier-1 Suppliers (%)
B) Social Performance
The Company, as a part of its supplier assessment framework, has done a robust evaluation of the human resource systems and processes at Tier-1 suppliers, including aspects related to human rights. Cumulatively, assessments were conducted for suppliers who contribute nearly 84% by value of overall component purchase.
Besides, the Company actively promotes the culture of safety among its supply chain partners. The efforts of the Company towards continuously improving safety performance in its supply chain are given below.
Besides, the Company regularly imparts skill training for the suppliers workforce. In FY 2025-26, the Company imparted over 1,800 training sessions, covering 100% of the Tier-1 suppliers. The training sessions cover topics including cybersecurity, safety, energy optimisation, process optimisation, POSH, etc.
To know about the capability development programmes undertaken by the Company for the suppliers workforce, please refer to the Integrated Report section, page number 80.
C) Governance in Supply Chain
With a focus on continuously strengthening the governance in the supply chain, the Company, in collaboration with its 30 supplier partners, developed a corporate governance framework in FY 2024-25. This framework has been extended to all the Tier-1 component suppliers across India. Till March26, more than 90% of Tier-1 component suppliers in India participated in the assessment, reflecting strong adoption of the framework.
The self-assessment framework evaluates performance across four key areas:
1. Enhancing transparency and accountability
2. Proactive risk management and mitigation
3. Promoting sustainable value creation
4. Upholding ethical standards
Cost Optimisation
One of the objectives of the Companys cost optimisation programme is to help offset cost pressure on account of inflation in various cost elements to the extent possible to maintain stable prices of the products. This customer-centric approach helps maintain competitiveness.
During the year, the dynamic geopolitical environment and the West Asia crisis led to higher commodity prices. To offset these cost pressures to a certain extent, the Company undertook several initiatives such as the localisation of direct and indirect imports, value engineering and analysis, yield improvement, energy efficiency improvement and tighter control on overheads. The Company continues to collaborate with the supplier partners in various cost-optimisation and efficiency- improvement activities.
The Company was able to achieve a significant amount of cost savings on account of the suggestion scheme through which employees contribute to idea generation and its implementation. During the year, the Company achieved the cost savings of Rs. 5,308 million on account of such efforts.
Logistics
The Company recorded its highest-ever domestic dispatches and highest-ever export volumes, totalling over 2.4 million units in FY 2025-26. Managing this scale efficiently while maintaining service levels, improving sustainability and supporting future growth remains a key priority. Accordingly, the Company continued to strengthen its logistics ecosystem through investments in rail infrastructure, fleet modernisation and logistics partner capability development. These initiatives helped improve logistics efficiency, expand capacity and reduce the environmental impact of transportation operations.
A key pillar of this strategy is the continued shift from road to rail transportation. During FY 2025-26, railway dispatches increased to 613,897 vehicles, compared with 518,157 vehicles in the previous year, taking the rail share in total dispatches to 26.5%, up from 24.4% in FY 2024-25. Since 2014, the Company has cumulatively dispatched more than three million vehicles through railways, eliminating over 460,000 truck trips and contributing significantly towards reducing logistics- related emissions.
Building Rail Logistics Infrastructure - Driving low-Carbon Logistics
The Company continued to strengthen its rail logistics infrastructure. A major milestone during the year was the commissioning of Indias largest in-plant automobile railway siding at the Manesar facility under the PM Gati Shakti initiative. This is the Companys second in-plant railway siding after the Hansalpur facility in Gujarat. The combined dispatch capacity of the Manesar and Hansalpur in-plant railway sidings is approximately 750,000 vehicles annually.
The Companys Hansalpur in-plant railway siding achieved a significant global milestone with its registration under the VERRA Verified Carbon Standard (VCS) Programme. It became the worlds first modal-shift transportation initiative to be registered under the programme. Following verification of the emission reductions achieved through the shift from road to rail transportation, the project is expected to generate approximately 17,000 carbon credits annually for the next 10 years.
During the year, the Company also became the first automobile OEM in India to commence direct railway dispatches to the Kashmir Valley through the Anantnag terminal. This has improved logistics efficiency in geographically challenging locations.
Railway Dispatches Over the Years
The Company remains committed to increasing the share of railway dispatches to 35% by FY 2030-31, reinforcing its longterm commitment towards sustainable and efficient logistics.
Fleet Modernisation and Cleaner Transportation
Along with rail, road transportation remains an integral part of the Companys logistics network. Accordingly, the Company continued its fleet modernisation programme and increased the share of BS-VI compliant vehicle carriers to nearly 47% of the total fleet during FY 2025-26. The transition towards newer-generation carriers is helping reduce mass emissions (SOx, NOx, etc.), improve reliability, enhance fuel efficiency and strengthen the sustainability of road-based logistics operations.
The Company also continued to work closely with logistics service providers to improve fleet utilisation, safety standards and operational efficiency, ensuring that road transportation remains efficient, reliable and aligned with the Companys sustainability objectives.
Status of Fleet Modernisation: % of BS-VI Compatible Carriers in the Fleet
Strengthening the Logistics Ecosystem - Driver Training and Welfare
The Company believes that logistics excellence is built not only through infrastructure and technology but also through the capability and well-being of its logistics partners. The Company continued with its flagship programme Jagriti, an annual driver welfare initiative focused on health, safety and well-being. More than 4,200 drivers participated in the programme and benefitted from free health and eye check-ups, awareness sessions and safety initiatives. Comprehensive blood tests were conducted, further strengthening the programmes focus on preventive healthcare and driver well-being. Training and awareness programmes on safe and responsible driving practices continued during the year.
Jagriti-Annual Driver Welfare Initiative
The Company also organised the inaugural edition of Hifazat, a capability-building forum for logistics service providers. With participation from over 100 logistics partners, the initiative focused on sharing best practices in preventive and predictive maintenance to improve asset reliability, safety and operational efficiency across the logistics ecosystem.
Financial Performance
The Company registered Net Sales of Rs. 1,743,695 million and Profit after Tax of Rs. 144,454 million, a growth of 1.03% over the previous year.
Abridged profit and loss account for 2025-26 ( Rs. million)
| Parameters | FY26 | FY25 (Restated) | Change |
| 1 Volumes (Nos.) | |||
| Domestic | 1,974,939 | 1,901,681 | |
| Export | 447,774 | 332,585 | |
| Total | 2,422,713 | 2,234,266 | 8.4% |
| 2 Vehicles | 1,465,675 | 1,257,091 | |
| 3 Spare parts/ dies & moulds/ components | 278,020 | 193,889 | |
| 4 Net sales (2+3) | 1,743,695 | 1,450,980 | |
| 5 Sale of services | 59,346 | 54,152 | |
| 6 Other operating revenue | 29,620 | 23,547 | |
| 7 Other income | 43,919 | 50,647 | |
| 8 Total revenue (4+5+6+7) | 1,876,580 | 1,579,326 | 18.8% |
| 9 Consumption of raw materials, components & traded goods | 1,322,778 | 1,071,087 | |
| 10 Employee benefit expenses | 90,290 | 70,057 | |
| 11 Finance Costs | 2,387 | 1,942 | |
| 12 Depreciation and amortisation | 67,405 | 56,070 | |
| 13 Other expenses | 205,091 | 186,043 | |
| 14 Total expenses | 1,687,951 | 1,385,199 | 21.9% |
| 15 Profit before tax (8-14) | 188,629 | 194,127 | (2.8%) |
| 16 Current tax | 43,183 | 38,811 | |
| 17 Deferred tax | 992 | 12,340 | |
| 18 Profit after tax (15-16-17) | 144,454 | 142,976 | 1.03% |
Table 2: Financial Performance - Ratios (As a Percentage of Net Sales)
| Parameters | FY26 | FY25 (Restated) | Change (%) |
| Material cost | 75.9% | 73.8% | 2.1 |
| Employee benefit expenses | 5.2% | 4.8% | 0.4 |
| Depreciation and amortisation | 3.9% | 3.9% | 0.0 |
| Other expenses | 11.8% | 12.8% | (1) |
| Profit before tax | 10.8% | 13.4% | (2.6) |
| Profit after tax | 8.3% | 9.9% | (1.6) |
Treasury Operations
The Company has efficiently managed its surplus funds through prudent and cautious treasury operations. The guiding principle of the companys treasury investments is to keep the safety and liquidity of investment over and above returns. In view of this, the Company invested its surplus funds in debt schemes of mutual funds and fixed deposits with banks. This has enabled the company to earn reasonable and stable returns.
Table 3 lists the investment of surplus funds while Table 4 lists the return on these surplus funds.
Table 3: Investment of surplus funds ( Rs. million)
| 31-03-26 | 31-03-25 | |
| Debt Mutual Fund | 717,238 | 619,339 |
| Fixed Deposits | 15,100 | 29,248 |
| Total | 732,338 | 648,587 |
Table 4: Income from investment of surplus fund ( Rs. million)
| FY26 | FY25 (Restated) | |
| Interest on fixed deposits | 1,557 | 3,232 |
| Income from investment in debt mutual funds | 37,406 | 45,289 |
| Total | 38,963 | 48,521 |
| Particulars | FY26 | FY25 (Restated) | Change | Remarks where change more than 25% |
| (i) Debtors Turnover (No of Times) | 30.9 | 27.5 | 12.4% | |
| (ii) Inventory Turnover (No of Times) | 19.14 | 23.74 | (19.4%) | |
| (iii) Interest Coverage Ratio | 232.16 | 410.55 | (43.5%) | Ratio is lower on account of higher interest cost |
| (iv) Current Ratio | 1.07 | 0.96 | 10.7% | |
| (v) Debt Equity Ratio | (0.001) | (0.002) | (50.0%) | There is no net debt during the year resulting in decrease in debt equity ratio |
| (vi) Operating Profit Margin (%)* | 8.4% | 10.0% | (16%) | |
| (vii) Net Profit Margin (%)* | 8.3% | 9.9% | (16%) | |
| Return on Net Worth | 14.5% | 16.0% | (10%) |
(as a % of Net Sales)
Foreign exchange risk management
The Company is exposed to the risks associated with fluctuations in foreign exchange rates, mainly on the import of components, raw materials, services and export of vehicles and services. The Company has a well-structured exchange risk management policy. The Company manages its exchange risk by using appropriate hedge instruments judiciously, depending on market conditions and the view on currency.
Internal controls and adequacy
The Company has a proper and adequate system of internal control to ensure that all assets are safeguarded and protected against loss from unauthorised use or disposition, and that all transactions are authorised, recorded and reported correctly.
The internal control system is designed to ensure that financial and other records are reliable for preparing financial information and other data, and for maintaining accountability of assets. The internal control system is supplemented by an extensive program of internal audits, reviews by management, and documented policies, guidelines and procedures.
Risk Management
Risks Associated with Increased Scale of Operations
The Company aims to scale production to four million units annually by FY 2030-31, nearly double its current capacity. While it took almost 40 years to reach two million units, the next two million will be added in just 7-8 years, a pace nearly five times faster. Achieving this growth will require significantly more human capital, financial investment, and technical knowhow, along with faster decision-making. Stakeholder partners — suppliers, dealers, and transporters — must also scale in tandem. The Company is actively collaborating with them to anticipate and address the challenges of rapid expansion.
Ensuring Continuity in Component Supplies
With nearly 450 Tier-1 and about 1,500 Tier-2 suppliers across regions, supply disruption remains a major business continuity risk. During the year, developments such as export restrictions on certain critical materials highlighted the vulnerability of globally concentrated supply chains. Geopolitical tensions, trade restrictions and disruptions in logistics networks may continue to impact supply availability in the future.
To mitigate these risks, the Company continues to strengthen localisation, develop alternate sources of supply, diversify sourcing locations and maintain close engagement with supplier partners. Through its Vendor Comprehensive Excellence Programme, the Company also works with suppliers to improve business continuity planning, risk management practices, succession planning, safety, cyber resilience and operational preparedness. Localisation remains a key pillar of the Companys long-term supply chain resilience strategy.
Enhancing Cost Competitiveness in Emerging and Advanced Technologies
The automotive industry is undergoing rapid technological transformation driven by electrification, software-defined vehicles, advanced electronics, connectivity and new mobility solutions.
Currently, several emerging and advanced technologies are yet to achieve the level of cost competitiveness required for widespread adoption, particularly in a price-sensitive market such as India. As the Company expands its portfolio of Battery Electric Vehicles (BEVs), Strong Hybrid Electric Vehicles (SHEVs) and vehicles equipped with advanced technologies and features, enhancing cost competitiveness while preserving affordability remains a key strategic priority.
To address this challenge, the Company is accelerating localisation through advanced development initiatives, undertaking focused value engineering and value analysis activities, developing alternate sources of supply and expanding its supplier base. These initiatives are aimed at progressively improving cost competitiveness while preserving product quality, performance and customer value.
Managing Commodity Price Volatility
Commodity price volatility remains a key risk, particularly in an environment characterised by geopolitical tensions. Sudden and significant increases in the prices of metals, energy and other commodities can adversely impact profitability and business performance. Recent geopolitical developments and disruptions in key regions have further reinforced the importance of managing commodity-related risks proactively.
The Company follows a multi-pronged approach to mitigate commodity risks, including consumption optimisation, adoption of alternate materials, increasing material circularity and implementation of commodity risk management mechanisms such as hedging, forward contracts and long-term commercial arrangements. These initiatives help improve resilience against commodity price fluctuations and support long-term cost competitiveness.
Strengthening Capacity and Capability for Future Readiness
As the Company scales operations and the automotive industry undergoes rapid technological transformation, the demand for new skillsets is increasing for the Company as well as for its value chain partners. At the same time, as the Company expands its scale and workforce, sustaining the organisational values, culture of partnership and spirit of continuous improvement that have been instrumental in its success over the past four decades becomes increasingly important.
The Company continues to invest in capability development by skilling employees and value chain partners on advanced technologies, building internal leadership and specialist talent pipelines, creating talent pools for future business requirements and strengthening talent retention initiatives. In parallel, the Company continues to reinforce its core values and culture through leadership engagement, participative management practices, continuous learning and employee development initiatives, thereby ensuring both capability readiness and cultural continuity as it progresses towards its long-term growth ambitions.
Cybersecurity
Over the years, the Company has taken deliberate steps to counter cybersecurity threats by implementing a robust management framework. Key measures include employee education on phishing risks and proactive monitoring through advanced technologies to protect information assets and ensure business continuity.
As cyber threats are growing, the Company has taken decisive steps to strengthen cybersecurity in its supply chain. It has also created a cybersecurity assessment framework based on global standards for assessing and improving suppliers. Over 400 Tier-1 supplier partners have been assessed so far to identify the improvement areas and continuously strengthen their cybersecurity. By fostering a culture of awareness and vigilance among suppliers, the Company aims to strengthen its supply chains resilience against potential cyber threats and ensure business continuity.
For more information on Risk Management, refer to page 118 of the Integrated Report.
Outlook
Crossing the two-million annual sales milestone marked an important achievement in the Companys growth journey. At that stage, the pathway to the next million appeared longer as the passenger vehicle industry grappled with subdued demand, particularly in the entry-level segment, where affordability challenges weighed on first-time buyer participation.
FY 2025-26 marked an important turning point. The revival of the small car market following GST reform has improved the industrys growth outlook and reactivated an important growth engine. At the same time, the Companys strengthened SUV portfolio, expansion of its multi-powertrain offerings, and sustained growth in exports have together created new momentum in the Companys growth trajectory. With multiple growth drivers now moving in tandem, the Companys journey towards the next million vehicles appears faster than previously anticipated.
Reflecting increased confidence in the medium-term growth outlook, the Company has accelerated its capacity expansion plans and added 500,000 units of manufacturing capacity in FY 2026-27. While this capacity will take time to ramp up fully, it is expected to enable volume growth of around 10% in FY 2026-27. Despite continuing geopolitical uncertainties, the Company expects to sustain export volumes at FY 2025-26 levels, supported by a diversified export footprint spanning nearly 120 countries. This diversification provides resilience against country-specific disruptions while supporting the Companys long-term export growth strategy.
Small cars have historically played a critical role in democratising mobility and expanding access to safer transportation. Passenger vehicle growth has traditionally been closely aligned with economic growth in the country. Plowever, affordability challenges in recent years, particularly in the entry-level segment, weakened this relationship by pricing many first-time buyers out of the market. With affordability expected to improve following GST reform, the Company believes passenger vehicle demand is likely to realign more closely with Indias economic growth trajectory.
India remains one of the most under-penetrated passenger vehicle markets globally, with significant long-term growth potential driven by rising incomes and increasing aspirations for personal mobility.
The Company is working towards regaining a market share of 50% by addressing the diverse mobility needs of Indias highly heterogeneous automobile market. It views India as a collection of numerous large and distinct markets, each characterised by different income levels, usage patterns and product preferences. The Company believes that greater customer choice increases the likelihood of its products matching individual requirements, thereby helping increase market share. Accordingly, its future product and technology roadmap focuses on expanding the portfolio across multiple vehicle segments and form factors, while offering suitable powertrain options within individual models. While strengthening its presence in the fast-growing SUV segment will remain a key priority, the Company will continue to address the needs of the small car market and other passenger vehicle segments. Consistent with its multi-pathway approach, the Company will offer a range of technologies, including ICE, CNG, biofuels (CBG & ethanol blended fuels), hybrid and electric vehicles, enabling customers to choose solutions best suited to their needs. A multi-pathway decarbonisation approach will maximise Companys carbon reduction potential, derisking and financial health.
At the same time, the increasing adoption of advanced automotive technologies is leading to greater dependence on specialised materials and critical components, whose supply chains remain concentrated in a limited number of countries. In an increasingly dynamic geopolitical environment, risks related to material availability are likely to persist. Recent developments during the year underscored the importance of resilient and diversified supply chains. In the near term, geopolitical tensions in West Asia may exert pressure on profitability through higher commodity prices. The Company remains committed to strengthening localisation, enhancing domestic capabilities, improving supply chain resilience, and working closely with suppliers, technology partners and other stakeholders to ensure continuity of operations and support its long-term growth ambitions.
Looking ahead, the Company remains committed to its midterm objective of expanding annual manufacturing capacity to four million units. Supported by multiple growth engines, strengthening competitiveness across product segments and powertrain technologies, expanding exports, future-ready manufacturing investments and continuous improvements across the value chain, the Company is at a new high of confidence and optimism in sustainable growth and value creation for all stakeholders.
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
