Auto · NSE: MARUTI
Maruti Suzuki India
- M.Cap
- ₹4,09,478Cr₹4.09L Cr
- P/E
- 30.4×
- 1Y return
- −17.02%
- From 52W high
- −25.0%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 53,356 | 42,344 | +26.0% | 52,470 | +1.7% |
| EBITDA | 4,764 | 5,086 | -6.3% | 4,313 | +10.5% |
| EBITDA margin | 8.9% | 12.0% | -308 bps | 8.2% | +71 bps |
| PBTProfit before tax | 3,150 | 4,272 | -26.3% | 4,344 | -27.5% |
| Net profit | 2,466 | 3,349 | -26.4% | 3,447 | -28.5% |
| EPS (₹) | 78.44 | 106.52 | -26.4% | 109.63 | -28.5% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
In short
- 01Q2 FY27 sales volume rose 26.5% YoY to 696,654 units; net sales rose 26.1%.
- 02Q2 FY27 operating EBITDA fell 6.3% YoY and PAT fell 26.9% YoY.
- 03Operating EBITDA margin was 9.4% of net sales against 12.7% a year earlier; material cost rose to 79.9%.
- 04Margins were hit by commodity prices linked to the West Asia conflict, adverse forex and mark-to-market losses on invested surplus.
- 05Domestic sales rose 33.6% YoY while exports fell 2.1%; UV sales rose 52.3%.
- 06H1 FY27 net sales rose 31.0% YoY while PAT fell 18.3%.
Segments
Exports: Q2 FY27 exports 108,119 units, down 2.1% YoY; H1 exports up 12.2%
Slides · p. 16
Exports: Q2 FY27 exports 108,119 units, down 2.1% YoY; H1 exports up 12.2%
“Exports 108,119 -2.1% 15.5% 232,855 12.2% 16.9%”
UVs: Q2 FY27 UV sales 236,807 units, up 52.3% YoY, 40.2% of domestic sales
Slides · p. 16
UVs: Q2 FY27 UV sales 236,807 units, up 52.3% YoY, 40.2% of domestic sales
“UVs 236,807 52.3% 40.2% 455,692 43.6% 39.7%”
Passenger cars: Mini+Compact+Mid-size: Q2 FY27 passenger car sales 281,308 units, up 31.9% YoY
Slides · p. 16
Passenger cars: Mini+Compact+Mid-size: Q2 FY27 passenger car sales 281,308 units, up 31.9% YoY
“Passenger cars: Mini+ 281,308 31.9% 47.8% 551,094 33.8% 48.1%”
Vans: Q2 FY27 van sales 36,897 units, up 11.3% YoY
Slides · p. 16
Vans: Q2 FY27 van sales 36,897 units, up 11.3% YoY
“Vans 36,897 11.3% 6.3% 73,454 10.8% 6.4%”
LCV: Q2 FY27 LCV sales 10,441 units, up 23.5% YoY
Slides · p. 16
LCV: Q2 FY27 LCV sales 10,441 units, up 23.5% YoY
“LCV 10,441 23.5% 1.8% 20,020 18.0% 1.8%”
Demand
Domestic: Q2 FY27 domestic sales 588,535 units, up 33.6% YoY, 84.5% of total
Slides · p. 16
Domestic: Q2 FY27 domestic sales 588,535 units, up 33.6% YoY, 84.5% of total
“Domestic 588,535 33.6% 84.5% 1,146,523 31.6% 83.1%”
Margins and costs
Q2 FY27 operating EBITDA margin 9.4% vs 12.7% in Q2 FY26, down 330 bps
Slides · p. 7
Q2 FY27 operating EBITDA margin 9.4% vs 12.7% in Q2 FY26, down 330 bps
“9.4 12.7 -330 Op. EBITDA”
Q2 FY27 material cost 79.9% of net sales vs 75.7%, up 420 bps
Slides · p. 7
Q2 FY27 material cost 79.9% of net sales vs 75.7%, up 420 bps
“79.9 75.7 420 Material Cost”
Adverse foreign exchange movement cited as a negative margin factor
Slides · p. 8
Adverse foreign exchange movement cited as a negative margin factor
“Adverse foreign exchange movement”
Improved realization, operating leverage and cost reduction cited as positive factors vs Q2 FY26
Slides · p. 8
Improved realization, operating leverage and cost reduction cited as positive factors vs Q2 FY26
“Positive Factors ◼ Improved realization ◼ Favourable operating leverage ◼ Cost reduction efforts”
Higher depreciation QoQ due to new facility and new model dies
Slides · p. 12
Higher depreciation QoQ due to new facility and new model dies
“Higher depreciation expense due to new facility and new model dies”
Acquisitions and new business
Suzuki Motor Gujarat amalgamated with MSIL from December 1, 2025; past figures restated
Slides · p. 4
Suzuki Motor Gujarat amalgamated with MSIL from December 1, 2025; past figures restated
“Suzuki Motor Gujarat Private Limited (SMG), a wholly owned subsidiary of Maruti Suzuki India Limited (MSIL), amalgamated with MSIL starting December 1, 2025. Since the appointed date as per the Scheme of amalgamation is April 1, 2025, the financial statements for the relevant periods have been restated for comparison purpose.”
One-offs
Risks
Commodity prices linked to West Asia conflict cited as a negative margin factor
Slides · p. 8
Commodity prices linked to West Asia conflict cited as a negative margin factor
“Adverse commodity prices in the context of West Asia conflict”
Other
Q2 FY27 sales volume 696,654 units, up 26.5% from 550,874 in Q2 FY26
Slides · p. 6
Q2 FY27 sales volume 696,654 units, up 26.5% from 550,874 in Q2 FY26
“Sales Volume 696,654 550,874 26.5%”
Q2 FY27 net sales INR 506,155 million, up 26.1% YoY
Slides · p. 6
Q2 FY27 net sales INR 506,155 million, up 26.1% YoY
“Net Sales 506,155 401,358 26.1%”
Q2 FY27 operating EBITDA INR 47,633 million, down 6.3% YoY
Slides · p. 6
Q2 FY27 operating EBITDA INR 47,633 million, down 6.3% YoY
“Op. EBITDA 47,633 50,848 -6.3%”
Q2 FY27 PAT INR 24,149 million, down 26.9% YoY
Slides · p. 6
Q2 FY27 PAT INR 24,149 million, down 26.9% YoY
“PAT 24,149 33,028 -26.9%”
Q2 FY27 operating EBITDA up 10.5% from Q1 FY27
Slides · p. 10
Q2 FY27 operating EBITDA up 10.5% from Q1 FY27
“Op. EBITDA 47,633 43,111 10.5%”
Sources
- Investor presentation, Q2 FY27 Filed 27 Oct 2026 · 17 pages
- Earnings call transcript, not read The filing is a cover letter; the transcript is on the company's website
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.