India SEBI Compliance Enforcement Orders — April 28, 2026

Revenue from operations surged 19.9% YoY to ₹1,832,661 million, driven by 28.2% Q4 growth to ₹524,493 million, outperforming typical auto sector slowdowns

Consolidated revenue mirrored standalone at ~19.9% YoY growth to ₹1,833,160 million, confirming subsidiary alignment post-amalgamation

PAT increased 0.8% YoY to ₹144,154 million with EPS up 1.0% to ₹459.46, maintaining earnings stability despite PBT dip

Final dividend raised to ₹140 per share (total ₹44,016 million, +3.7% YoY from ₹42,444 million), signaling strong cash return conviction

Net cash outflow from investing activities declined 19% YoY to ₹116,960 million from ₹144,523 million, indicating disciplined capex

Amalgamation of Suzuki Motor Gujarat effective April 1, 2025 (scheme approved Nov 6, 2025) with restated priors, streamlining operations

Q4 revenue acceleration to 28.2% YoY vs FY full-year 19.9%, highlighting sequential momentum and demand recovery

Dividend total payout up YoY despite flat PAT, reflecting superior free cash flow generation vs peers

PBT declined 2.9% YoY to ₹188,629 million (or 2.8% per second filing), signaling cost inflation pressures

Cash and cash equivalents dropped 65% to ₹631 million from ₹1,802 million as of Mar 31, 2026, raising liquidity watch

Labour Codes compliance cost of ₹5,939 million recognized in Q3 FY26, contributing to profitability drag

Mixed sentiment across both filings (materiality 9/10 and 10/10) due to revenue strength offset by PBT contraction

PBT declined 2.9% YoY to ₹188,629 million after strong prior growth, first dip signaling margin erosion

Cash equivalents fell sharply 65% YoY to ₹631 million from ₹1,802 million, amid ongoing investing outflows

₹5,939 million Labour Codes impact in Q3 FY26, potential for recurring MCA/SEBI-related labour cost escalations

Flat PAT growth of 0.8% YoY despite 19.9% revenue expansion implies ~200 bps margin compression

FY26 investing cash outflow of ₹116,960 million, though down YoY, remains elevated post-amalgamation

Heavy Q4 reliance (28.2% growth) for FY19.9% topline, vulnerable to seasonal demand volatility

Amalgamation restatements may mask true YoY comparables, requiring post-merger integration monitoring

Consistent 'mixed' rating across filings due to growth-profitability divergence, potential for derating

Payout hike to ₹140/share pending AGM approval, exposed to shareholder dissent on Aug 31, 2026

Decreased cash position despite moderated outflows, watch for working capital strains in auto cycle

Record date Aug 7, 2026 for ₹140/share final dividend (yield ~1.5% est.), payment Sep 9, 2026 – short-term yield play

Suzuki Motor Gujarat merger effective Apr 1, 2025 unlocks cost savings, potential 5-10% margin upside post-integration

Q4 28.2% YoY growth positions for FY27 reacceleration, trade ahead of auto volume upcycle

Investing outflow down 19% YoY to ₹116,960 million, freeing cash for dividends/buybacks amid strong FCF

1.0% YoY EPS growth to ₹459.46 despite PBT dip, undervalued vs historical 20%+ CAGR

One-off ₹5,939M Labour Codes hit in Q3 FY26, sets stage for FY27 margin expansion

Aug 31, 2026 AGM to approve dividend/amalgamation, potential for positive guidance updates

19.9% YoY revenue outpaces auto sector avg (~10-12%), alpha from market share gains

Dividend total up 3.7% YoY to ₹44,016M signals progression toward higher payout ratios

Post-Q4 strength, position for H1 FY27 volume ramp-up with moderated capex

Maruti's 19.9% YoY topline (Q4 28.2%) highlights sector demand rebound, contrasting prior slowdowns; implies broader OEM volume upcycle [IMPLICATION: Buy leaders, fade laggards]

PBT -2.9% YoY despite revenue boom signals ~200 bps compression from regulatory/labour costs (e.g., ₹5,939M Labour Codes); common auto theme [IMPLICATION: Monitor cost pass-through ability]

Dividend hike to ₹140/share (+3.7% YoY total payout) amid flat PAT shows priority on returns over reinvestment [IMPLICATION: Attractive for income portfolios]

Amalgamation trend (Suzuki Gujarat merger Apr 2025) with 19% lower investing outflows points to capex discipline across autos [IMPLICATION: Synergy-driven rerating potential]

Cash equivalents -65% YoY to ₹631M reflects sector-wide working capital strains in growth phase [IMPLICATION: Favor high-FCF autos]

Labour Codes impact underscores compliance burdens in FY26, likely 2-3% opex hit sector-wide [IMPLICATION: Watch MCA/SEBI updates for peers]

Approve ₹140/share dividend and amalgamation details; potential guidance on FY27 volumes/margins, Aug 31, 2026

Dividend eligibility cutoff, monitor ex-dividend price reaction, Aug 7, 2026

Final payout execution post-AGM, assess yield attraction vs peers, Sep 9, 2026

Track Q1 FY27 ops metrics for Suzuki Gujarat integration synergies, starting Jul 2026

Ongoing MCA compliance costs beyond ₹5,939M Q3 FY26 hit, watch FY27 disclosures

Monitor liquidity recovery from ₹631M low, next quarterly filing ~Jul 2026

Sequential recovery from -2.9% YoY dip, flag if persists into Q1 FY27

No data in filings; watch NSE/BSE for post-results buys/sells by Suzuki promoters