Exports Key to National Interest, Not Market Share, Says Maruti Suzuki Chairman R C Bhargava

As Maruti Suzuki India Limited’s market share fell to a multi-year low, Chairman R C Bhargava said exports should be seen as serving the national interest, not just a push for market share.

The comments come at a time when the company is operating at near full capacity, limiting its ability to sharply expand domestic volumes even as demand remains steady. In contrast, exports have continued to grow rapidly, emerging as a key lever in Maruti Suzuki’s overall growth strategy.

“Looking at the national interest, don’t you think it is important for us to export?” Bhargava said, adding that while profitability remains important, it is not the sole consideration. “We are not only looking at the company’s bottom line. Of course, we are looking at it, but it’s not our only consideration.”

Maruti Suzuki exported close to 450,000 vehicles in FY26, posting a growth of over 30%, a scale Bhargava described as unimaginable just a few years ago. Interestingly, the domestic market posted a growth of just 4%, albeit on a high base of 1.76 million, and the company is also sitting on bookings of over 1.9 lakh units.

He said the company expects this momentum to sustain, supported by new trade agreements that are opening up overseas markets. Among them is the proposed India–New Zealand Free Trade Agreement, which Bhargava said could create additional opportunities for exports in the coming years.

He also played down the significance of market share as a standalone metric. “It would be wrong for Maruti to say that because market share is a popular metric, we should aim for market share and forget the national interest,” he said.

The divergence between moderating domestic share and rising exports reflects a broader strategic shift, where overseas shipments are increasingly being positioned not just as a growth driver, but as a contribution to the country’s economic priorities.

Bhargava said aligning with national interest would, in the long run, strengthen the company’s performance across metrics, indicating that exports will remain central to Maruti Suzuki’s strategy going forward.

With inputs from Ketan Thakkar and Mugdha Mishra