AI-assisted research analysis by FutureKnowledge. Sources checked 27 October 2026. This is not investment advice.
Reviewed by FutureKnowledge: figures, dates and attributions were checked against the linked sources before publication.
Maruti Suzuki’s Q2 results show standalone net profit falling 27% to ₹2,415 crore for July–September 2026, even as revenue rose 26% on record sales of 696,654 vehicles. That is the central tension in the quarter: India’s largest carmaker is selling more cars than ever, but it is keeping less of each rupee, because commodity costs linked to the West Asia conflict have risen faster than prices and because its treasury income swung sharply lower.
Maruti Suzuki Q2 results: the key numbers
According to the board-approved results filed with BSE on 27 October and summarised by InvestyWise, net sales reached a record ₹50,616 crore (₹506,155 million), against ₹40,136 crore a year earlier. Operating profit (EBIT) fell to ₹2,804 crore from ₹3,382 crore. Standalone net profit was ₹2,415 crore against ₹3,303 crore.
The statutory line items, reported by the Free Press Journal, show revenue from operations of ₹53,340 crore (up 26% from ₹42,332 crore), total expenses up 29.7% to ₹50,604 crore and profit before tax down 26.2% to ₹3,166 crore. Other income dropped to ₹429 crore, from ₹966 crore a year earlier and ₹1,873 crore in the April–June quarter. On a sequential basis, standalone profit was 28% lower than Q1’s ₹3,352 crore.
Two figures circulating today need explaining. Business Today reported profit of ₹2,466 crore, down 26.4%; that is the consolidated number attributable to owners, while ₹2,415 crore is standalone. Both show the same direction and roughly the same size of decline. Similarly, Upstox put the EBITDA margin at 8.93% (EBITDA of ₹4,764 crore over revenue from operations), while the company’s own presentation, per InvestyWise, shows an operating EBITDA margin of 9.4% on net sales, down from 12.7%. The difference is the denominator, not a disagreement about the business.
Volumes and demand
- Total sales: 696,654 units, up 26.5%, the highest quarterly figure in the company’s history.
- Domestic: small cars up 35.9% and SUVs up 68.2%; domestic market share rose 2.2 percentage points to 40.8%, per Business Today.
- Exports: 108,119 units against 110,487, a decline of about 2%, which the company attributed to a challenging geopolitical situation.
- Dealer inventory of about 17 days and roughly 200,000 pending bookings at quarter-end, according to Upstox.
Why profit fell while sales hit a record
The company gave two reasons. First, operating profit was hit mainly by commodity price increases tied to the West Asia conflict. Material costs rose to 79.9% of net sales, 420 basis points higher than a year earlier, according to the investor presentation summary. The conflict has also kept energy prices high; FutureKnowledge covered how Brent settled at $116.72 after Houthi claims of strikes on Saudi oil sites, and higher energy costs feed into steel, aluminium, plastics and logistics.
Second, non-operating income fell sharply because of mark-to-market losses on the company’s invested surplus. Maruti holds large treasury investments, so movements in bond and market prices flow into reported profit. That explains why profit before tax fell faster (26%) than operating EBITDA (about 6%).
The result also came in below what brokers had pencilled in. In a pre-results round-up, profit estimates ranged from about ₹2,880 crore (YES Securities, adjusted) to ₹3,250 crore (Jefferies, pre-exceptional), with revenue forecasts of ₹54,060–54,626 crore. Revenue was close to those forecasts; profit was not.
The filing also notes that the company could not yet reliably estimate its obligations under the End-of-Life Vehicles Rules, 2025, because the calculation framework is not available, and that prior-period standalone figures were restated after the amalgamation of Suzuki Motor Gujarat, per the Free Press Journal.
What it means for India’s car market and suppliers
The volume story is strong. Growth across both small cars and SUVs, a gain in market share and a 200,000-unit order backlog suggest demand is not the constraint; supply and cost are. That matters beyond Maruti, because it is a major customer for Indian component makers and for steel and plastics suppliers.
The margin story is the warning. If India’s biggest and most cost-efficient carmaker lost more than three percentage points of operating margin in a year, carmakers with weaker pricing power and smaller scale could face similar or greater pressure from the same input costs. The global auto sector is under strain too: Volvo Cars reported a SEK 5.6 billion Q3 loss and more job cuts, while Tata Motors’ Iveco bid shows Indian groups still pursuing scale abroad.
Who is more or less exposed
- More exposed: carmakers and suppliers with high raw-material intensity and limited ability to raise prices; exporters to markets disrupted by the West Asia conflict; companies with large market-linked treasury books.
- Less exposed: businesses tied to volume rather than margin, such as dealers, auto lenders and insurers, which benefit from record unit sales; suppliers with cost pass-through clauses in their contracts.
Maruti Suzuki shares and market context
The results were released after market hours. Maruti Suzuki shares had closed 2.05% higher at ₹11,450 on NSE, according to Upstox, leaving the stock about 31% lower this year and near its 52-week low of ₹10,985 set on 22 October. The wider market ended flat, with the Nifty 50 at 22,749.75, per Business Standard. The first full trading reaction to the numbers will come on Wednesday.
Scenarios to watch
The table below sets out conditional scenarios, not predictions.
| If… | Then margins could… | Signal to track |
|---|---|---|
| Brent and metal prices stay near current highs | Remain near the 9% level seen in Q2 | Steel and aluminium prices; further price increases on models |
| Commodity costs ease and backlog is delivered | Recover partly as volume gains outrun costs | Material cost as share of net sales; pending bookings |
| Bond and market prices recover | Not change, but reported profit could improve via other income | Other income line in Q3 |
| West Asia disruption widens | Face further pressure, with exports hit again | Export volumes; shipping and fuel costs |
What to watch next
- Management commentary on pricing, cost outlook and capacity in the earnings call.
- October and November dispatch data, which will show whether festive demand converts the order backlog into sales.
- Results from other carmakers and component makers this season, to see whether the margin squeeze is industry-wide.
- Any guidance on the End-of-Life Vehicles Rules framework and its cost.
Bottom line
Maruti Suzuki’s Q2 results combine record sales and market-share gains with a 27% fall in profit. Demand is not the problem; costs and treasury income are. Whether the margin squeeze eases now depends largely on commodity prices and the course of the West Asia conflict, which the company does not control.
Method note: This analysis compared reporting from Upstox, Business Today, the Free Press Journal, InvestyWise and Business Standard, and checked figures against the company’s results filing on BSE as summarised by those outlets. Standalone and consolidated figures are identified separately where they differ.