Suzuki Motor Corporation (TSE: 7269), the Hamamatsu-based automaker that dominates India's passenger-car market through Maruti Suzuki, reported its consolidated full-year results for the fiscal year ended March 31, 2026 on May 14, 2026. Revenue climbed to a record ¥6,292,967 million (¥6.29 trillion), up 8.0% year-on-year from ¥5,825,161 million, marking a fresh all-time high on robust volumes in India and other emerging markets. Operating profit, however, eased 3.1% to ¥622,909 million from ¥642,851 million, as cost pressures and currency effects offset the top-line gain.
Below the operating line, profit before tax was essentially flat at ¥730,744 million (+0.1%), buoyed by non-operating items, while profit attributable to owners of the parent rose 5.6% to ¥439,267 million from ¥416,050 million. Total profit for the period reached ¥543,886 million (+2.7%), and total comprehensive income jumped 42.8% to ¥595,298 million, reflecting favourable foreign-currency translation and other comprehensive-income movements. Basic earnings per share advanced to ¥227.69 from ¥215.66, with diluted EPS of ¥227.66.
India and overseas markets power the top line
Suzuki's growth story remains anchored in India, where the company — via majority-owned subsidiary Maruti Suzuki India — holds the largest share of the country's fast-growing automobile market. Record consolidated revenue was driven by strong unit sales across India and other emerging-market regions, even as the operating margin slipped to 9.9% from 11.0% a year earlier. The margin compression underscores the headwinds facing automakers worldwide — rising input and labour costs, intensifying competition in entry-level and compact segments, and an unfavourable shift in the foreign-exchange environment — which together pulled operating profit modestly lower despite the higher sales base. Management flagged geopolitical risk, demand trends in major markets, and currency volatility as the key swing factors for the year ahead.
Balance sheet expands; equity ratio firms to 51%
Total assets grew to ¥6,636,815 million from ¥5,993,657 million at the prior year-end, while total equity rose to ¥4,153,109 million from ¥3,688,070 million. Equity attributable to owners of the parent advanced to ¥3,382,083 million, lifting the owners' equity ratio to 51.0% from 49.6%. Book value per share climbed to ¥1,753.03 from ¥1,539.78. Return on equity stood at 13.8% (prior year 14.6%), the pre-tax profit-to-assets ratio was 11.6%, and the operating-margin-to-revenue ratio was 9.9%.
Cash flow solid; dividend raised, but FY2027 guidance cautious
Operating cash flow strengthened to ¥717,535 million from ¥669,784 million, while investing activities consumed ¥499,543 million and financing activities used ¥127,287 million. Cash and cash equivalents at period-end rose to ¥973,291 million from ¥842,710 million. Suzuki raised its annual dividend for FY2026 to ¥46.00 per share (¥22.00 interim + ¥24.00 year-end), up from ¥41.00, with total dividends of ¥88,763 million and a payout ratio of 20.2%. For FY2027 (ending March 2027), however, management guided conservatively: revenue of ¥6,800,000 million (+8.1%) but operating profit of ¥570,000 million (−8.5%), pre-tax profit of ¥660,000 million (−9.7%), and net profit attributable to owners of ¥380,000 million (−13.5%), equivalent to EPS of ¥196.97. Even so, the company plans to lift the annual dividend further to ¥51.00 per share (¥25.00 interim + ¥26.00 year-end), signalling confidence in long-term cash generation despite the cautious profit outlook.
| Metric | FY2026 | FY2025 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 6,292,967 | 5,825,161 | +8.0% |
| Operating profit (¥ million) | 622,909 | 642,851 | −3.1% |
| Pre-tax profit (¥ million) | 730,744 | 730,220 | +0.1% |
| Net profit attributable to owners (¥ million) | 439,267 | 416,050 | +5.6% |
| Total comprehensive income (¥ million) | 595,298 | 416,753 | +42.8% |
| Basic EPS (¥) | 227.69 | 215.66 | +5.6% |
| Diluted EPS (¥) | 227.66 | 215.65 | +5.6% |
| Operating margin | 9.9% | 11.0% | −1.1pp |
| ROE | 13.8% | 14.6% | −0.8pp |
| Total assets (¥ million) | 6,636,815 | 5,993,657 | +10.7% |
| Total equity (¥ million) | 4,153,109 | 3,688,070 | +12.6% |
| Equity ratio (owners) | 51.0% | 49.6% | +1.4pp |
| Book value per share (¥) | 1,753.03 | 1,539.78 | +13.9% |
| Operating cash flow (¥ million) | 717,535 | 669,784 | +7.1% |
| Annual dividend (¥) | 46.00 | 41.00 | +12.2% |
| FY2027 guidance — revenue (¥ million) | 6,800,000 | — | +8.1% |
| FY2027 guidance — operating profit (¥ million) | 570,000 | — | −8.5% |
| FY2027 guidance — net profit (¥ million) | 380,000 | — | −13.5% |
| FY2027 guidance — EPS (¥) | 196.97 | — | — |
| FY2027 dividend forecast (¥) | 51.00 | — | +10.9% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.