Monday, March 2 — Shares of Maruti Suzuki India declined in early trade even as the company highlighted gains in the mid-size SUV segment with the launch of the Victoris.
As of 9:17 AM, the stock was trading at Rs 14,551.00, down 2.06% or Rs 306 on the NSE.
Market share remains below 40% in FY26
According to data from the Society of Indian Automobile Manufacturers (SIAM), Maruti Suzuki’s domestic passenger vehicle (PV) wholesale market share has remained below the 40% mark in FY26 so far.
In FY26:
- April–June: 38.89%
- April–September: 38.78%
- April–December: 39.71%
- April–January: 39.61%
This compares with 50.99% market share in FY20, indicating a structural moderation over six years.
Six-year structural shift
Between FY20 and FY25, Maruti Suzuki’s wholesale market share declined by 10.06 percentage points, even though annual domestic wholesale volumes increased by approximately 3,46,421 units during the same period.
Total domestic PV wholesale volumes expanded significantly — from 27,73,519 units in FY20 to 43,01,848 units in FY25. However, Maruti accounted for only about 23% of the incremental industry growth, with competitors capturing a larger share.
Competitive gains
Mahindra & Mahindra increased its PV wholesale share from 6.74% in FY20 to 12.82% in FY25, while Tata Motors Passenger Vehicles expanded from 4.98% to 13.23% over the same period.
Their combined share rose from 11.72% in FY20 to 26.05% in FY25, during which Maruti’s share moderated.
Demand remains strong
Despite the decline in wholesale market share, Maruti Suzuki reported robust demand, with nearly 1,75,000 pending customer bookings at the beginning of February. The company even operated production facilities on additional days in January to address elevated demand and reduce backlog.
Maruti sells vehicles through its Arena and Nexa retail networks, covering thousands of outlets across India.
The stock appears to be reacting to the structural market share moderation and competitive intensity, even as management maintains that retail performance remains strong and corrective measures are underway.
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