India Business Update

‌Update on India Business

March 17, 2026

Hisashi Takeuchi, Managing Director & CEO

© Suzuki Motor Corporation, 2026. All rights reserved. 1 / 40

Maruti Suzuki India Limited

‌Self-introduction

Hisashi Takeuchi Managing Director & CEO Maruti Suzuki India Limited

‌Description

1. Overview of India Business ................................................................................. 4

2. India Strategy under the Medium-Term Management Plan ........................ 14

3. Review of the most recent financial results ................................................... 17

4. Initiatives in India ................................................................................................... 22

‌Description

1. Overview of India Business ................................................................................. 4

2. India Strategy under the Medium-Term Management Plan ........................ 14

3. Review of the most recent financial results ................................................... 17

4. Initiatives in India ................................................................................................... 22

‌India Business Overview | History

1982 Joint venture Agreement

1983 SOP (Start of Production) at Gurgaon Plant

2006 SOP at Manesar Plant

December 1983 Production of Maruti 800 at Gurgaon

2017 SOP at

Gujarat Hansalpur Plant

2022 40 years anniversary of our India Operation

2025 SOP at

Kharkhoda Plant

Start of EV exports from

Gujarat Hansalpur Plant

August 2025 Commemorative ceremony for the start of BEV e VITARA shipment

‌India Business Overview | Main Sites

Kharkhoda Plant (2025~)

MSIL Headquarters

Gujarat

Hansalpur Plant (2017~)

TDSG (2021~)

...HEV battery production plant

Gurgaon Plant (1983~)

Manesar Plant (2006~)

*Regional map used within Maruti Suzuki is used.

© Suzuki Motor Corporation, 2026. All rights reserved. 6 / 40

‌India Business Overview | Production Results

FY 24-25: Achieved record high of 2.1 million units (6% Year-on-year growth)

Cumulative total: 30 million units

(March 2024)

200

150

Kharkhoda

Gujarat Hansalpur Plant

Manesar Plant Gurgaon Plant

Cumulative total: 20 million units

(July 2018)

Cumulative total: 10 million units

(March 9, 2011)

Annual

~4 million units

Cumulative total: 5 million units

(April 4, 2005)

100

Cumulative total: 1 million units

50 (March 29, 1994)

CY2025

CY2024

FY24-25 FY23-24 FY22-23 FY21-22 FY20-21 FY19-20 FY18-19 FY17-18 FY16-17 FY15-16 FY14-15 FY13-14 FY12-13 FY11-12 FY10-11 FY09-10 FY08-09 FY07-08 FY06-07 FY05-06 FY04-05 FY03-04 FY02-03 FY01-02 FY00-01 FY99-00 FY98-99 FY97-98 FY96-97 FY95-96 FY94-95 FY93-94 FY92-93 FY91-92 FY90-91 FY89-90 FY88-89 FY87-88 FY86-87 FY85-86 FY84-85

FY83-84

0

2030~

(10,000 units)

‌Overview of Business in India | Transition of Passenger Car Market

ion

500

450

Others

*Source: Internal estimate

80%

70%

400

350

300

250

200

150

100

50

FY07-08

FY06-07

FY05-06

FY04-05

FY03-04

FY02-03

FY01-02

FY00-01

0

(10,000 units)

Maruti Suzuki

FY19-20

FY18-19

FY17-18

FY16-17

FY15-16

FY14-15

FY13-14

FY12-13

FY11-12

FY10-11

FY09-10

FY08-09

Market share

60%

50%

40%

30%

20%

10%

9M FY25-26

9M FY24-25

FY24-25

FY23-24

FY22-23

FY21-22

FY20-21

0%

2030

‌India Business Overview | Household Income Trends

Forecast of Household Income Trends

The largest demand expansion is expected in the middle-income segment (INR 500-3,000 thousand).

INR ~125 thousand INR 125~500 thousand INR 500~3,000 thousand INR 3,000 thousand~

2015-16 46

156

71 7

280

2020-21 45

161

91 11

308

2030-31 20

136

165

35 356

2046-47 7 50

263

100

420

0 50 100 150 200 250 300 350 400 450

Million household

Source: People Research on India's Consumer Economy (PRICE)

‌India Business Overview | Demographic dividend

India just entered the phase of demographic dividend: Young Population ~700 Million+

Phase of consumption and economic growth led by young employable population

1964 Japan 40 yrs 2004

1984 Italy 18 yrs 2002

End of demographic dividend

Start of demographic dividend

1987 Republic of Korea 40 yrs 2027

1991 Spain 23 yrs 2014

1994 China

37 yrs

2031

1994 Thailand

90

2006 Brazil

2018 India

34 yrs

2028

32 yrs

2038

37yrs

2055

80

India's dependency ratio

70 77%

81.5%

2018 Bangladesh

34yrs

2052

60 India's dependency ratio >50%

50

40

30

20

India's dependency ratio <50%

49.5%

52%

101960 1970 1980 1990 2000 2010 2020 2030 2040 2050 2060

Source: Company Research

‌India Business Overview | Rising Buying Power

China

China PV Industry cMn

@2700 GDP per capita

Inflection Point

US$12,961 US$13,313 US$10,696

25

US$8,930 US$7,775

India

Inflection Point ?

US$18,000

US$5,652 20

14

US$3,504 2X

7

US$1,779

US$1,351

US$1,590

US$2,695 US$1,916

US$4,500 US$3,500

2005 2008 2011 2014 2017 2020 2023 2024

2.6 2.8

4.3

2010 2015 2020 2024 2027 2030 2047

Source: IMF 2024

PV Industry in Million GDP Per capita

PV Industry in Million GDP Per Capita

https://www.imf.org/external/datamapper/datasets

Source: Company Research based on IMF data

‌India Business Overview | Vehicle Ownership and Penetration

Number of vehicles owned (million units)

Passenger Car Ownership Rates in Major Automotive Markets

Number of vehicles owned per 1,000 people (unit)

400

350

300

250

755

259

632 627 612

318

800

700

600

(Left axis) Number of vehicles owned

500

200

150

100

50

0

42 52

77

(Right axis) Number of vehicles owned per 1,000 people

223

46

30

400

300

200

100

0

United States UK Germany Japan China India

※ United States: Based on surveys by the U.S. Bureau of Transportation Statistics

(https://www.bts.gov/sites/bts.dot.gov/files/2025-12/BTS_TSAR-2025_Annual-Report_123125.pdf 2026/03/09), and prepared by Suzuki.

※ United Kingdom / Germany / Japan / China: Based on statistics from the International Organization of Motor Vehicle Manufacturers.

※ India: Based on the cumulative passenger vehicle sales over the past 15 years (Suzuki survey).

‌India Business Overview | Maruti Suzuki Lineup (1/2)

SUV

NEW

Petrol Petrol

BREZZA

Petrol

VICTORIS

GRAND VITARA

Jimny 5-Door

FRONX

Mild HEV

CNG

（1500cc）Mild HEV

（1500cc）Mild HEV

CNG

（1500cc）

Mild HEV

CNG

（1500cc）

CNG

（1000cc, 1200cc）

SUV

NEW

MUV

e VITARA

BEV

XL6

Mild HEV

ERTIGA

Mild HEV

INVICTO

（49kWh/61kWh）

（1500cc）CNG

（1500cc）CNG

（2000cc）

‌India Business Overview | Maruti Suzuki Lineup (2/2)

Mini Commercial VAN

S-PRESSO

Petrol

ALTO K10

Petrol

Super Carry

Petrol

EECO

Petrol

（1000cc） CNG

Compact

（1000cc） CNG

（1200cc）

CNG

（1200cc）CNG

CELERIO

Petrol

Petrol

CNG

WAGON R

IGNIS

Petrol

SWIFT

Petrol

（1000cc）CNG

（1000cc, 1200cc）

Petrol

CNG

BALENO

DZIRE

（1200cc）

Petrol

（1200cc）

CNG

（1200cc）

（1200cc）CNG

‌India Business Overview | Maruti Suzuki Lineup (3/3)

（thousands of INR）

2,900

2,700

2,500

2,300

2,100

1,900

1,700

1,500

1,300

1,100

900

700

500

300

S-Presso Alto Celerio Wagon R Super

Carry

Eeco Swift Dzire Brezza Ertiga Victoris Ignis Baleno Fronx Grand

Vitara

XL6 Jimny e Vitara Invicto

‌Description

1. Overview of India Business ................................................................................. 4

2. India Strategy under the Medium-Term Management Plan ........................ 14

3. Review of the most recent financial results ................................................... 17

4. Initiatives in India ................................................................................................... 22

‌Summary of India Strategy under the Mid-Term Management Plan "By Your Side"

Develop together with the Nation ... Suzuki's Global Manufacturing Base for Automobile/Motorcycle Make in India

Household

Income

Market Trends

Household Nos 2023 2030

MOBILITY

Strategy

MULTI-PATHWAY

INFRASTRUCTURE

TALENT/ EXCHANGE

CIRCULAR ECONOMY

Rs 2.3 million ~

India Population Segment

Rs 1.3 million

• 2.3 million

  Rs 500,000

• 1.3 million

• Rs 500,000

  6 13

  Establishment of a circular economy system

  (ELV collection/disassembly/recycling/battery collection)

  Biogas/Organic fertilizer production (commercialization/rural support)

  Exchange and cooperation with Shizuoka and Hamamatsu in the fields of economy, education and tourism

  Recruitment of advanced talent (SRDI/SMC direct recruitment)

  16 30

  89 126

  222 204

  (Unit: million households)

  Developing and supporting social entrepreneurs through Next Bharat Ventures. Connect with the Next 1 billion People

  advancement

  fermenter))

  women's social

  • Support for

  [Motorcycle]

  • BEV/FFV

  • CNG (CBG)

  [Motorcycle]

  • Intake of Suzuki fan

  [Biogas business]

  • Supply of inexpensive CN fuel

  • Expanding sales of CNG and CBG vehicles

  • Helping India and Suzuki reduce GHG emissions

  • Improvement of rural livelihoods

  (installation of a household

  [Automobile]

  • Introduce entry car unique to Suzuki [Automobile]

    ->Incorporate "First Time Buyers" • M-HEV

    • CNG (CBG)

    • FFV

  Exploring the possibility of e-mobility platform as work mobility

  [Automobile]

  • BEV

  • S-HEV

  • M-HEV

  • CNG (CBG)

  • FFV

  [Automobile]

  • Expansion of mid-SUV lineup

  [Automobile]

  • Expansion of medium and large SUV/MPV lineup in preparation for the upgrade of customer preference

  • Product Classification: NEXA

    ->Premium oriented

    ARENA

    ->Wide range of customers

  • Use of digital tools

  Proactive investment into charging infrastructure for BEV popularization

  [Automobile]

  • BEV

  • S-HEV

  [Automobile] NEXA/ARENA

  Customer Targeting

  [New Mobility] Proposal for Easing Traffic Congestion

  
  
  

  ‌India's future looks promising

  • Viksit Bharat vision of the Government: India to become a developed nation by 2047

  • Rising income levels to support higher consumption and a significantly larger domestic market

  • Strong government push on manufacturing through Make in India and Atmanirbhar Bharat (self-reliance)

  • Government's strong focus on infrastructure development

  • Expanding export potential of the country supported by improving competitiveness

  • Focus on sustainable growth: Net Zero by 2070

    
    
    

    ‌Description

    1. Overview of India Business ................................................................................. 4

    2. India Strategy under the Medium-Term Management Plan ........................ 14

    3. Review of the most recent financial results ................................................... 17

    4. Initiatives in India ................................................................................................... 22

       
       
       

       ‌Review of third quarter FY25-26 Financial results｜ GST revision

       15th Aug On India's Independence Day, Prime Minister Modi Declared revisions of GST

       3rd Sep The GST Committee announced the tax rates and implementation date 22nd Sep New GST implementation

       Table: Summary of GST rates for four-wheel vehicles

       Length	P/T	E/G displacement	Ground Clearance		Previous				Current		Price change due to GST reform
       					GST	Cess	Total		GST
       ≦ 4m	GE	≦ 1.2L	-		28%	1%	29%		18%		-8.5%
       	DE	≦ 1.5L	-			3%	31%				-9.9%
       	Other than the above					17%	45%		40%		-3.4%
       > 4m	GE/DE	≦ 1.5L	-			17%	45%				-3.4%
       		> 1.5L	≦ 170mm			20%	48%				-5.4%
       			> 170mm			22%	50%				-6.7%
       	HEV	-	-			15%	43%				-2.1%
       -	EV	-	-		5%	0%	5%		5%		±0%

       
       
       

       ‌Sales performance | 9 M FY25-26

       MSIL Domestic

       Wholesales

Mini Compact Mid-size SUV UV Vans LCV

6

SUV

367

'24/4-6 31

'24/7-9 31

189

（千台 ）

177

2 109

2 119

54 34

62 35

8 427

8 434

Mid-size 2

'24/10-12 28

182

2 125

60 34 9

440

549

Compact 597

'25/1-3 36

222

3 135

57 33 9

494

90

9M FY24-25

Mini

76

9M FY25-26

'25/4-6 20

'25/7-9 21

'25/10-12 36

177

192

228

2 105

0 100

0

56

55

161

33 9

33 8

402

410

63 39 11

537

Note: The left graph shows wholesale sales including commercial vehicles (LCV) and excluding OEM.

*1 UV=Utility Vehicles (Ertiga, etc.) *2 LCV=Light Commercial Vehicles

© Suzuki Motor Corporation, 2026. All rights reserved. 21 / 40

‌Review of Maruti Suzuki 9 months FY25-26 Financial performance

Operating Profit Net Sales

(INR. billion)

669.2

564.5

781.2 830.4 717.0

665.7

837.9

1125.1

1349.2

132.7

1451.1

145.5

1,062.7

1243.0

60.7 77.5

93.0

79.8

37.8 23.2 29.2

81.9

111.6 102.9

FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 FY20-21 FY21-22 FY22-23 FY23-24 FY24-25

9M FY24-25

9M FY25-26

Production Capacity

Gurgaon Plant

Manesar Plant

New Gujarat Plant

Start operation from FY2028 Around

4 million units

Fourth line of Hansalpur

Start operation from FY2026

1 million units in Kharkhoda Add 250,000 units to Kharkhoda

250

1,000

Add 100,000 units to Manesar

2,250

2,350

2,600

250

Hansalpur Plant

Kharkhoda Plant

Hansalpur Plant Manesar Plant Gurgaon Plant

'24/3 '24/4 '25/2

After FY2030

*Started production in Feb'25

‌Initiatives｜ Strengthen Sales Network

Sales Outlets

3,086 3,120 3,357 3,640

2,390 2,413 2,588

375 380 410

3,863 4,235 4,487

2,987

ARENA

NEXA

Commercial

ARENA - MAIN OUTLET

321 327

359

379

381

373

'20 Mar. '21 Mar. '22 Mar. '23 Mar. '24 Mar. '25 Mar. '25 Dec.

Three different Sales Channel for New Car sales

• Maruti Suzuki Arena

• NEXA

• Commercial

  Different format/size

  • Premium Outlet

    Mobile Workshop

    TRUE VALUE

  • Main Outlet (Large dealer facilities)

  • Emerging Outlet / Non-urban Outlet / MSSSP / Satellite

    (Small/Mid-size dealer facilities, Service on wheels)

• True Value

• 637 pre-owned car dealerships as of Dec'25

NEXA(Premium car dealership)

(Pre-owned car dealerships)

‌Initiatives | Every Nook and Corner of the Market

3,500

3,000

2,500

2,000

1,500

1,000

500

0

800

600

400

200

0

Arena Outlets

Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25

Main Emerging Non-urban MSSSP Satellite

NEXA Outlets

Studio Main

・Deploy sales channels tailored to regional characteristics and expand the network into every nook and corner of the market.

・For the NEXA channel as well, launch compact "NEXA-Studio" outlets to approach customers in small- and medium-sized cities and non-urban regions as well. In addition to actual vehicles, sales activities also utilize the metaverse.

・Strengthen and expand sales on credit through partnerships with local financial institutions.

・Deploy home-based sales staff who are familiar with local languages and communities.

ARENA Outlets：Resident Dealer Sales Executive (RDSE) NEXA Outlets：Resident Relationship Manager (RRM)

ARENA - Emerging Outlet（mid-size stores）

ARENA - Non-urban Outlet（small stores）

Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25

‌Initiatives | Capturing First-time Buyers

Due to the GST revision in September 2025, vehicle prices decreased, and the proportion of first-time buyers increased.(April-August 2025: 41% → September-December 2025: 48%)

Maruti Suzuki strengthened its sales initiatives for customers stepping up from two-wheelers to four-wheelers.

Scene at a dealership after the GST revision: Customers wishing to step up from

two-wheelers are noticeable - many helmets in dealership. Promotional activities were carried out to encourage customers

who own two-wheelers to upgrade to four-wheelers.

‌Initiatives | Expansion of SUV Lineup

The share of SUVs within the Indian passenger vehicle market has been growing rapidly. Maruti Suzuki is expanding its product offerings in the SUV segment to secure market share.

（Unit: vehicles）

India Passenger Car Market: SUV Composition Ratio

4,500,000

SUV

4,000,000

Others

90%

80%

The "Victoris," launched in September 2025, won the

Indian Car of the Year (ICOTY) award.

3,500,000

3,000,000

SUV Composition Ratio

54.7%

70%

60%

2,500,000 50%

2,000,000

1,500,000

1,000,000

500,000

0

26.5%

2019 2020 2021 2022 2023 2024

40%

30%

20%

10%

0%

• MSIL SUV market share increased from 16.8% in FY 19-20 to 19.6%

  in FY 25-26 (Apr'25-Feb'26)

• This market share gain was driven by several new SUV launches such as e Vitara (Feb'26), Victoris (Sep'25), Jimny (Jun'23), Fronx (Apr'23), Grand Vitara (Sep'22), and Brezza (Full Model Change-Jun'22)

• In the next 5-6 years, 7 new SUVs are planned to be introduced

  
  
  

  ‌Initiatives | Battery Electric Vehicles

  Product

  • Pure electric platform: Flat Floor, Robust Platform suited for larger batteries

  • Battery Tech: Safe, durable & high performance battery(49kWh/61kWh)

  • Long range: Up to 543 km, through superior aerodynamics & thermal mgmt.

    Charging Insrastrcture

    • Network: Extensive dealer charging network (2,000+ across dealer network)

    • Partnerships: Partnership with 13 CPOs

      (12,000+ chargers in addition to MSILs 2,000+. Cumulative 100k chargers by 2030)

    • App: End to end from discovery charging Payment

    • Home charging: AC charger setup & installation at customers' home

      Incentives & Assurances

      • Low Acquisition Cost: BaaS Price of INR 10.99 lakh + INR 3.99 / km

      • Assured Buyback: 60% Assured Buyback after 3 years to allay resale concerns

      • Warranty: 8 year battery warranty

      • Incentives: Complimentary home charger & complimentary charging for 1 year

Anxieties for customers

Range, Charging infrastructure, High initial cost, Warranty & Support, Resale Value ...

‌Initiatives | Building a Circular Economy

Maruti Suzuki Toyotsu India Private Limited(MSTI)

（A joint venture with Toyota Tsusho Group）

Procures end-of-life vehicles, performs dismantling and proper handling (including removal of waste fluids), and sells scrap materials.

‌Reference Material|Electricity Generation Status in India

Power Generation (1 billion kWh)

More than 70% of India's electricity generated from Thermal power

2,000

1,800

1,600

• BEV emits zero CO2 during operation, but

  generates CO2 when electricity is generated.

• Large amounts of CO2 are also generated during BEV manufacturing.

BEV is one way to achieve carbon neutrality

BUT

BEV is not the only option

1,400

1,200

1,000

800

600

400

200

0

2019 2020 2021 2022 2023 2024

Thermal Others

* Others sources include: Nuclear, Solar, Wind, Hydro (including small hydro), Biomass, etc.

‌Initiatives | Multi-Pathway

Automobile business: Multipath

=>Aiming to achieve carbon neutrality in an optimal way suited to each region and market

electrification

Achievement of Carbon Neutrality

‌Reference Material | NITI Aayog Study

NITI Aayog published Viksit Bharat and Scenario Study for Net Zero on February 11, 2026.

1. Basic Policy

   • Use of Life Cycle Assessment (LCA) to Assess CO2 Emissions

   • Definition of ZEV: BEV/hydrogen-fueled vehicle/FFV/CBG vehicle

2. Multipathway three-step approach

   • Initial stage of transition: Reduction of diesel vehicles and introduction of CNG, hybrid vehicles and BEV

   • Acceleration phase: Expanding biofuels, FFVs, high-mix CBGs, hybrid FFVs, and BEV

   • Final phase Full-scale development of ZEV (BEV, hydrogen vehicle, FFV/CBG vehicle)

3. Major Policy Measures

   • Promotion of compact, lightweight and fuel-efficient entry vehicles through CAFE regulations

   • CBG: Carbon negative characteristics. Carbon neutrality is possible when mixed with

     20% CNG

   • FFV: Recommends Tax Incentives and Reduced Fuel Ethanol Prices

   • Hybrid: Value hybrid vehicles as an important transitional step toward full electrification

     Source: NITI Aayog press release

     ‌Initiatives | Development of CNG (compressed natural gas) vehicles

     • Extensive lineup of low-cost CNG vehicles with low CO2 emissions

     • CNG specifications were established for 15 models out of a total of 19 models including commercial vehicles.(As of the end of December 25)

     • Maruti Suzuki's share of passenger CNG vehicles was 70% (April-December 25).

     • The Indian government is working to achieve carbon neutrality.

       Promote the use of CNG vehicles

       CNG tank under the new Victoris Mounted on the body for comfortable cargo space

     • Approximately 8,000 CNG stations

(As of March 25)

Sales of Maruti Suzuki CNG vehicles in India (1,000 units) Ratio of CNG vehicles to Maruti Suzuki vehicles sold (%)

27%

35% 39%

Image source ...MSIL homepage (https://www.marutisuzuki.com/arena/victoris)

526

Comparison between CNG and gasoline vehicles (Comparison with Wagon R LXI5MT)

12% 17%

20%

329

974kg 816kg

-158kg

483

620

FY20-21 FY21-22 FY22-23 FY23-24 FY24-25 9M

FY25-26

Note. street price ... Fuel prices as on February 5, 26 ... Delhi prices as on February 5, 26

CO2 emissions ... Calculated based on "SO 1072E dt 23rd April 2015," Ministry of Power, India

‌Initiatives | CBG (Biogas Business)

• Biogas produced and supplied to CNG vehicles (CBG vehicles)

  ->A realistic solution for a carbon neutral society.

  Right thing at Right place

• Provision of mobility services for rural areas using CNG

  vehicles

• Enhancing energy self-sufficiency and environmental protection by promoting low-cost, locally produced, locally consumable carbon neutral fuel

• Revitalization of rural economies and formation of a recycling-oriented society

  • New job creation, additional income by selling cow dung

  • Facilitate inexpensive transportation and spread of organic

    fertilizers, etc.

• Measures against air pollution by using biogas for cooking at home (clean kitchen) and support for women's social advancement

Clean kitchen

(small biogas - domestic use)

© Suzuki Motor Corporation, 2026. All rights reserved. 35 / 40

‌Initiatives | CBG (Biogas Business)

Biogas plant in India

Opening Ceremony of BANAS SUZUKI BIOGAS PLANT

Opening Ceremony for Second Biogas Plant in India

‌Initiatives | Collaboration with Startups

‌Initiatives | Collaboration with Startups

Mobility Challenge

Since June 2021

Large

• Collaborate with large, mature startups ready to launch

• Adopted case: 1

  Accelerator (Former MAIL: Mobility & Automobile Innovation Lab）

• Targeted at early production-ready startups

• Adopted case: 26

  Since Jan 2019

  MSIP : Maruti Suzuki Incubation Program

• Finding small but talented startups

• Adopted case: 6

  Since October 2020

  NURTURE

  Since October 2022

  Small

• Pre-incubation program for very early-stage startups Size of Startups

  Total 33 adopted over 6,400 applications

‌Initiatives | Promotion of Make in India

40 Export volume

35

Approx. 6,000 km (Straight line to Africa)

Example)Shipping to South Africa: Around 14 days

30

25

20

15

10

Approx. 12,000 km (Straight line to Africa)

2025(4-12)

2024(4-12)

2024

2023

2022

2021

2020

2019

2018

5 Example)Shipping to South Africa: Around 40 days

2017

0

(10,000

units)

Source: White Map Specialty Store, Japan Machinery Export Association

© Suzuki Motor Corporation, 2026. All rights reserved.