Maruti Suzuki January 2026 wholesale rises 11.6% YoY to 2.37 lakh units

Despite production constraints, Maruti Suzuki India Ltd. (MSIL) reported a 11.6% year-on-year (YoY) growth in wholesales for the month of January, with 236,962 vehicles sold. This is the highest monthly sales volume achieved since the company’s inception.

In exports, the company witnessed growth of over 88% by exporting 51,020 vehicles compared to 27,100 units in the same period last year. Exports were also the highest ever recorded in a month, the company said.

Domestic wholesales of 1,78,300 were also the highest ever for any January.

“We are facing production constraints as the demand has been huge. Production constraint will continue for some more time toll we expand capacity. The market seems to be pretty good. The tailwinds are very much there,” said Partho Banerjee, senior executive officer, Marketing & Sales, Maruti Suzuki over a conference call.

“In January 2026, the booking growth was almost 25% as compared to January 2025. We have close to 1.75 lakh units pending bookings, which is more than the usual one month booking,” he said.

“We are trying to balance our production to make all our models based on the bookings so that our customers don’t have to wait for longer time,” Mr. Banerjee said. 

To serve its customers, the company has come out with the price protection scheme in the month of January, since it was not able to supply the vehicles. 

“We are seeing that first-time customers who are coming to the four-wheeler segment, we need to give them the opportunity to upgrade. Hence, we have given a price protection scheme that if you book your car, we are going to serve you. There will be no price increase because there is huge pressure on the commodity prices,” he said. 

The company is operating at 10 days network stock out of which 6 to 7 days are related to vehicle in transit. “So, effectively, the physical stock which we have at dealerships is only of 3 days,” he said. 

In the mid-SUV segment Victoris has crossed the milestone of 50,000 mark. Average per month mid-SUV volumes have more than doubled to 21,155 units (post GST, Oct’25 to Jan’26) from average 10,329 monthly units of FY 24-25. 

The company will introduce a loyalty program for existing MSIL customers.

“We are going to start a new initiative from this month. Since we are now having Victoris, Grand Vitara and Invicto in our fold, we are going to introduce a loyalty upgrade program. We will offer additional loyalty benefit to customers to upgrade to a higher-segment product,” Mr. Banerjee said.