India’s automotive industry is a cornerstone of the nation’s manufacturing and economic growth, contributing 7.1% to India’s Gross Domestic Product (GDP) and 49% to manufacturing GDP. The country is the fourth-largest automobile producer in the world.
The industry has also emerged as one of the world’s leading vehicle exporters, with strong growth in passenger vehicles, two-wheelers, commercial vehicles, and three-wheelers. In FY25, Indian automakers exported over 53.6 lakh vehicles, including 42 lakh two-wheelers and 7.7 lakh passenger vehicles.
In value terms, automobile exports from India touched US$12.2 billion in FY25, up from US$11.0 billion in FY24 and US$7.1 billion in FY21. Record exports of passenger vehicles, two-wheelers, and commercial vehicles supported this expansion.
The Road to 2030: India’s ₹5.4 lakh crore export target
Of this, passenger vehicle exports rose by 10% to $6.8 billion in FY25, up from $6.2 billion in FY24 and $3.8 billion in FY21. In fact, the Indian government is promoting automotive exports as a part of its manufacturing and trade strategy. The government has set an ambitious target of reaching $60 billion (₹5.4 lakh crore) in automotive exports by 2030.
This article examines the three companies leading the export market.
#1 Maruti Suzuki: How the e-VITARA is cracking 29 global markets
Maruti Suzuki has established strong export markets and holds market leadership. Maruti commands nearly 46% share of all passenger vehicle exports from India as of 2025.
Maruti exported 3.9% more units year-on-year in Q3FY26, totaling 103,100 units, representing 15.4% of total sales. In Q3FY26, export revenue stood at ₹8,200 crore, accounting for 16.4% of total revenue. In the 9MFY26, exports recorded a 25.5% year-on-year increase to 310,559 units, accounting for 17.8% of total sales.
Maruti Sales Volume
The company is on track to achieve its guidance of 400,000 units in export volume for FY26, up from 332,585 units in FY25. The strong performance in FY25 helped the company cross a historic milestone of 30 lakh cumulative vehicle exports since it began exporting. Management plans to decide the volume target for the next fiscal year by March.
From Jimny to Victoris: Scaling the SUV portfolio for international buyers
The company’s first electric vehicle is seeing strong export traction. By December 2025, Maruti Suzuki had exported over 13,000 units of the e-VITARA to 29 countries. The UK was its top destination by volume. The company plans to export this model to over 100 countries.
The Jimny 5-door SUV recently surpassed the 100,000-unit cumulative export milestone from India to over 100 countries. The newly launched VICTORIS SUV has also begun its export journey, with an initial shipment of 400-500 units from the Gujarat port.
The 7.5 Lakh Unit Roadmap: Maruti’s ambitious FY31 export vision
The company sees the prospective Free Trade Agreements (FTAs) between India and the EU/UK positively. The European market may open up for vehicles priced above a CIF (Cost, Insurance, and Freight) value of ₹25 lakh. Maruti reported its highest-ever quarterly sales in Q3FY26. Maruti aims to boost exports to 7.5 lakh units by FY31.
Net sales increased 29.2% year-over-year to ₹47,534.4 crore, driven by a 17.9% increase in sales volume. Operating EBITDA increased 10.0% to ₹5571.7 crore, while margin declined 200 bps to 11.7%. Net profit fell 3.7% to ₹3,794 crore, due to one-time provisions and commodity costs.
#2 Hyundai Motor India: The 30% of Total Sales Target
Hyundai Motor India is India’s largest cumulative exporter of passenger vehicles. It has shipped over 37 lakh Made-in-India passenger vehicles globally since 1999. Hyundai’s aim is to position India as the largest overseas export hub for its parent company, Hyundai Motor Company. By 2030, HMIL targets increasing its export contribution to 30% of total sales.
The global sourcing hub
HMIL exports its vehicles to over 150 countries worldwide. The company’s primary export focus is on emerging markets across Africa, the Middle East, Latin America, and South Asia. Africa alone has received over 10 lakh exported vehicles. Hyundai also recently re-entered the Bhutan market after lifting an import ban.
Hyundai exported 163,386 units in FY25, down from 163,155 units in FY24. Exports accounted for 22% of total vehicle sales and 21.66% of the entity’s total turnover. The Average Selling Price for exports was ₹786,218, generating ₹12,846 crore from vehicle exports. Export momentum accelerated significantly in the current fiscal year.
The 25% export contribution to volume
In Q3FY26, exports grew by a robust 21.1% year-on-year, driven by strong demand in emerging markets. Specifically, the Middle East & Africa and Latin America regions saw volume growth of 30% and 13%, respectively. Export ASP also improved by 8% year on year in Q3 FY26. During this quarter, exports accounted for a healthy 25% of overall sales volume.
Hyundai Sales Volume
Decoding Hyundai’s dominance in Africa and the Middle East
Historically, Hyundai’s export portfolio has been skewed toward sedans (such as the Verna and Aura) and hatchbacks (such as the Grand i10 NIOS). The Aura, in particular, has recently shown meaningful growth in export markets. But it is strategically pivoting to increase SUV penetration in its export mix to align with global demand trends.
India will be the sole global supplier for the all-new Venue, presenting a massive export opportunity. The ALCAZAR facelift is actively being exported to the Middle East, Africa, and Latin America. The company is also exploring Left-Hand Drive (LHD) options for the EXTER to expand its international reach.
Furthermore, while Hyundai currently does not export vehicles to Europe, management noted that it is closely evaluating the India-EU Free Trade Agreement. If favorable, this could allow it to use India as a production hub to export vehicles to the European market in the future. Its financials were moderate in Q3FY26.
Moderate Financial Growth in Q3
Revenues increased 8.0% year-over-year to ₹17,973.5 crore, driven by 4.8% increase in sales volume. EBITDA increased 7.6% to ₹2,018.3 crore, while margin declined 260 bps to 11.3%. Net profit grew by 6.3% to ₹1,234.4 crore, impacted by capacity stabilization costs and a surge in commodity prices.
#3 Bajaj Auto: Why 75% of growth comes from 30 key markets
Bajaj Auto, a part of the Bajaj Group, is India’s largest exporter of two-wheelers and three-wheelers to around 100 countries globally. Exporting represents a resilient and versatile engine for the company’s business model. This is because when domestic demand slows, the export business often accelerates to keep the business on a strong growth course.
Overall, exports accounted for 31.6% of Bajaj’s total turnover. In units, it accounted for 33.7% of total unit sales in FY25, up from 33.2% in the previous year. Export revenues in Q3FY26 rose by around 20% to approximately US$600 million, while export volumes grew by 18%.
The KTM Recovery
Exports to KTM Austria increased by nearly 15%, reflecting the recovery of the KTM business worldwide. The management expects them to deliver more than 200,000 units per month in the near term. However, they noted that March is effectively a shorter month for exports due to early shipping cut-offs.
The business is currently on track to deliver its highest-ever topline performance in USD terms for the ongoing financial year. The company’s strategy is to enter a country to win it, regardless of scale. The top 30 overseas markets account for nearly 75% of the emerging market industry. In this market, Bajaj’s 15% sales growth outpaced the industry’s about 10% growth in Q3FY26.
Defying the 80:20 Rule: Bajaj’s “enter to win” strategy in 100+ countries
The company sells its products in 108 countries and takes a very wide, diversified approach. It does not subscribe to the usual 80:20 rule, in which a few large markets account for most of the business. Instead, it treats every market as important.
How Bajaj reinvests Export benefits into Strategic Pricing
Whether a country buys just 200 units a month or as many as 30,000 units, the company’s goal remains the same. To enter a country with the intention of becoming a leader there. To gain market share and drive volume growth, Bajaj plans to reinvest a portion of the benefits from higher currency realizations into strategic pricing actions in select geographies.
From a financial perspective, revenues increased 19% year-over-year to ₹15,220 crore, driven by record sales volumes, a richer sales mix, and favorable currency realizations. EBITDA increased 22% to ₹3,161 crore, while margin improved 60 bps to 20.8%. Net profit grew by 19% to ₹2,503 crore, impacted by a one-time exceptional charge of ₹61 crore.
The Financial Scoreboard: ROCE, ROE, and P/E Compared
Hyundai Motors leads peers in return ratios, both return on capital employed (ROCE) and return on equity (ROE). Maruti Suzuki is currently trading above both its historical and industry median levels. While Bajaj Auto is trading at a premium to both. Hyundai’s historical multiple is not available due to its short trading history.
| Peer Comparison (X) | |||||
| Company | P/E | 5Y Median P/E | Industry P/E | ROCE (%) | ROE (%) |
| Maruti Suzuki | 31.5 | 34.2 | 33.2 | 21.7 | 15.9 |
| Hyundai Motor | 32.5 | NA | 33.2 | 54.2 | 42.2 |
| Bajaj Auto | 30.9 | 23.3 | 12.1 | 28.1 | 22.8 |
India’s auto export story is gathering pace, backed by policy support and global demand. Maruti, Hyundai, and Bajaj Auto are building scale across markets with distinct strategies and improving export mix. As export intensity rises, execution, margins, and capital allocation will determine who converts global ambition into sustained shareholder returns.
Disclaimer
Note: Throughout this article, we have relied on data from http://www.Screener.in and the company’s investor presentation. Only in cases where the data were unavailable have we used an alternate, widely accepted, and widely used source of information.
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About the Author: Madhvendra has been deeply immersed in the equity markets for over seven years, combining his passion for investing with his expertise in financial writing. With a knack for simplifying complex concepts, he enjoys sharing his honest perspectives on startups, listed Indian companies, and macroeconomic trends.
A dedicated reader and storyteller, Madhvendra thrives on uncovering insights that inspire his audience to deepen their understanding of the financial world.
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