Maruti Suzuki India reported a 26% fall in consolidated net profit to ₹2,466 crore for the July-September quarter (Q2 of FY27), down from ₹3,349 crore a year earlier. Revenue still grew about 26%, and the carmaker posted its highest quarterly sales volume ever, according to reports in Business Today and the Economic Times.
What happened
Business Today reported that revenue from operations came in at ₹53,355.5 crore, against ₹42,344.2 crore in Q2 FY26. That is 1.69% higher than the ₹52,469.8 crore of the April-June quarter. Profit was 28.46% lower than the ₹3,446.9 crore of that previous quarter.
CNBC-TV18 reported slightly different figures from the company’s standalone results: net profit of ₹2,455 crore, down 27% from ₹3,303 crore. It also reported profit before tax of ₹3,166 crore against ₹4,291 crore a year ago. The consolidated and standalone numbers differ because consolidated results include subsidiaries.
Sales and market share
- Total volume was 6,96,654 units, up 26.5% from a year earlier.
- Small car sales rose 35.9% and SUV sales rose 68.2% in the domestic market.
- Domestic market share rose 2.2 percentage points to 40.8%.
- Exports were 1,08,119 units, against 1,10,487 units a year earlier.
Maruti said demand still outpaced supply. It ended the quarter with network inventory of about 17 days and roughly 2,00,000 pending bookings. CNBC-TV18 said volume growth was helped by GST-led demand momentum and a low base.
Why profit fell while sales rose
Total expenses grew faster than income. According to CNBC-TV18, standalone total income was ₹53,770 crore against ₹43,298 crore, while expenses rose to ₹50,604 crore from ₹39,008 crore. Raw material costs were 79.9% of net sales, compared with 75.7% a year earlier.
EBITDA (earnings before interest, tax, depreciation and amortisation, a measure of operating profit) was ₹4,763 crore, 6.3% lower than ₹5,085 crore a year ago. The EBITDA margin narrowed to 9% from 12%.
In its investor presentation, Maruti cited “adverse commodity prices in the context of West Asia conflict” and adverse foreign exchange movement. It also pointed to lower non-operating income because of mark-to-market losses on invested surplus. Other income fell to ₹429 crore from ₹966 crore. The company said better realisation (the price earned per vehicle), operating leverage and cost cuts offset some of the pressure.
What it means for you
If you own Maruti shares directly or through a mutual fund, the quarter shows a split picture: record volumes and higher market share, but thinner margins as input costs rose. If you are planning to buy a car, the company’s reported pending bookings suggest waiting periods may remain a factor for some models.
Shares rose 2.28% to ₹11,454.85 on BSE on Tuesday, before the results were announced after market hours, according to Business Today. CNBC-TV18 noted the stock is down nearly 32% so far this year. Nothing here is a view on whether to buy, sell or hold the stock.
Background
Maruti separately said it cannot yet reliably estimate its obligations under the Environment Protection (End-of-Life Vehicles) Rules, 2025, which took effect on 1 April 2025. They require manufacturers to meet extended producer responsibility for scrapping old vehicles through certificates bought from registered scrapping facilities. The company said it will assess the financial impact once the implementation framework and certificate pricing are set.
Other companies also reported profit declines this week. Hyundai Motor India’s standalone profit fell 24% to ₹1,189 crore while revenue rose 18% to ₹20,191 crore, the Economic Times reported. You can read more on dividends and track the market with our Sensex explainer.
