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Maruti Suzuki Q2 Results: Profit Falls 26% Even as Sales Hit a Record (October 27, 2026)

Maruti Suzuki Q2 results: rows of new cars parked at a vehicle yard

Image by Didgeman on Pixabay (Pixabay Content License)

By Dalal Street Blogs Editorial3 min read

Maruti Suzuki’s Q2 results are a strange mix. India’s biggest carmaker sold more cars than in any quarter in its history, yet its consolidated net profit for July-September fell 26.4% year-on-year to ₹2,466.1 crore, from ₹3,349 crore, as Moneycontrol reported. Revenue from operations rose 26% to ₹53,355.5 crore. Costs simply grew faster.

In this article
  1. Maruti Suzuki Q2 results: the key numbers
  2. Demand is not the problem
  3. Price hikes and the rural question
  4. What the market made of it

Maruti Suzuki Q2 results: the key numbers

Consolidated total expenses climbed about 29.7% to roughly ₹50,619 crore, according to Business Standard. That gap between revenue growth and cost growth is the whole story of the quarter.

The company’s press release filed with the exchanges gives the standalone picture:

  • Net sales hit a record ₹50,615.5 crore, against ₹40,135.8 crore a year ago.
  • Operating profit (EBIT) fell to ₹2,803.7 crore from ₹3,382 crore. Moneycontrol puts that at a 17.1% drop.
  • Standalone net profit came in at ₹2,414.9 crore, down from ₹3,302.8 crore.
  • Total volumes were 6,96,654 units, up 26.5%, the highest for any quarter.

Maruti blamed commodity prices linked to the West Asia conflict for the hit to operating profit. Below the operating line, non-operating income fell sharply because of mark-to-market losses on its invested surplus. In plain terms, the treasury book that usually cushions earnings worked against it this time.

Sequentially, things look less grim. EBIT grew 10.8% over the April-June quarter, the company said. CFO Arnab Roy told reporters the EBITDA margin improved to 9.4% from 8.6% in Q1, per Business Standard. Consolidated profit, though, was still 28.46% lower than Q1’s ₹3,446.9 crore, while revenue rose 1.69% from ₹52,469.8 crore, Business Today noted.

Demand is not the problem

Small car sales rose 35.9% and SUV sales jumped 68.2%. Domestic market share went up 2.2 percentage points to 40.8%. Even with new capacity, demand ran ahead of supply: dealer inventory was only about 17 days at the end of the quarter, with around 2,00,000 bookings still pending.

Exports were the soft spot at 1,08,119 units, slightly below 1,10,487 a year earlier, which the company put down to a difficult geopolitical backdrop.

For the first half of FY27, volumes rose 27.9% to 13,79,378 units (11,46,523 domestic, 2,32,855 exports). Standalone net sales grew to ₹1,00,574.6 crore from ₹76,756.4 crore, while net profit slipped to ₹5,767 crore from ₹7,060.9 crore.

Price hikes and the rural question

MD and CEO Hisashi Takeuchi said Maruti has already raised prices three times in FY27 and plans another increase at an appropriate time over the next six months, while also trimming expenses such as marketing, Business Standard reported. Sales head Partho Banerjee said CNG demand is strong, partly because of higher fuel prices, though CNG kit supply is a constraint. Rural penetration rose 2.2 percentage points to nearly 52% in H1. He did flag weak rainfall in Rajasthan, Madhya Pradesh and Karnataka as a risk, though the festive season hasn’t shown a significant impact yet.

The board also approved a Section 8 (not-for-profit) company to set up the Osamu Suzuki Centre of Excellence as a CSR initiative for manufacturing skills.

What the market made of it

The stock closed 2.28% higher at ₹11,454.85 on the BSE on Tuesday, Business Today reported, on a day the Sensex barely moved (see our October 27 market close report).

Our read: this was a margin quarter, not a demand quarter. With a 2 lakh-unit order book, the questions for investors are how quickly price hikes catch up with commodity costs and whether treasury income settles down. If you track autos through earnings season, our guide on how to analyse quarterly results and our earlier Q2 FY27 earnings roundup are useful companions.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.

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