{"id":328406,"date":"2026-10-27T13:29:15","date_gmt":"2026-10-27T07:59:15","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=328406"},"modified":"2026-10-27T13:29:15","modified_gmt":"2026-10-27T07:59:15","slug":"maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/","title":{"rendered":"Maruti Suzuki vs Bajaj Auto Ahead of Q2 Results 2026: Estimates, Valuation, Margins and Key Levels Compared"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Maruti Suzuki vs Bajaj Auto is the comparison in focus on Tuesday, 27 Oct 2026, because both companies were due to report September-quarter results. At 1:21 PM, the Maruti Suzuki share price was Rs 11,408 (up 1.68%), about 3.9% above its 52-week low of Rs 10,984 (my calculation), and Bajaj Auto traded at Rs 10,288 (up 2.15%). Brokerages expect Maruti&#8217;s revenue to grow about 28% but its profit to fall about 9%, and Axis Securities expects Bajaj Auto&#8217;s revenue to grow about 26%.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Maruti Suzuki vs Bajaj Auto comes down to margins and growth, because Maruti is expected to grow revenue by 27% to 30% yet report roughly 9% to 13% lower profit on most estimates due to raw material costs. Axis Securities expects Bajaj Auto&#8217;s revenue to grow 25.7% with a flat EBITDA margin of 20.5%. Maruti trades at 24.57 times earnings with a return on equity of 13.70%, and Bajaj Auto at 23.99 times with a return on equity of 27.67%. I could not find a published result for either company at 1:21 PM, so this is a preview and not a recommendation.<\/p>\n<\/p><\/div>\n<p>Maruti Suzuki vs Bajaj Auto is a choice between a volume leader whose margins are under pressure and a premium two-wheeler maker with a higher return on equity and growing exports. Before the September-quarter results, the Maruti Suzuki vs Bajaj Auto comparison depends on growth, margin trend, valuation and the reaction to the numbers. This article sets out the estimates I could verify, the last five quarters, valuation and key levels.<\/p>\n<p>I could not retrieve the actual results of either company, and I did not find a Bajaj Auto brokerage target from October 2026. Where sources differ, I show both numbers. It is educational and not advice.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#Maruti_Suzuki_vs_Bajaj_Auto_Prices_and_Valuation_Compared\" title=\"Maruti Suzuki vs Bajaj Auto: Prices and Valuation Compared\">Maruti Suzuki vs Bajaj Auto: Prices and Valuation Compared<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#Maruti_Suzuki_vs_Bajaj_Auto_Q2_FY27_Estimates\" title=\"Maruti Suzuki vs Bajaj Auto: Q2 FY27 Estimates\">Maruti Suzuki vs Bajaj Auto: Q2 FY27 Estimates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#Last_Five_Quarters_Maruti_Suzuki_vs_Bajaj_Auto_Trends\" title=\"Last Five Quarters: Maruti Suzuki vs Bajaj Auto Trends\">Last Five Quarters: Maruti Suzuki vs Bajaj Auto Trends<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#Technical_Levels_and_Options_Pricing\" title=\"Technical Levels and Options Pricing\">Technical Levels and Options Pricing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#Risks_and_What_to_Watch_in_the_Results\" title=\"Risks and What to Watch in the Results\">Risks and What to Watch in the Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#Conclusion_Maruti_Suzuki_vs_Bajaj_Auto_Is_a_Margin_Question\" title=\"Conclusion: Maruti Suzuki vs Bajaj Auto Is a Margin Question\">Conclusion: Maruti Suzuki vs Bajaj Auto Is a Margin Question<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#Which_is_better_in_Maruti_Suzuki_vs_Bajaj_Auto_before_Q2_results\" title=\"Which is better in Maruti Suzuki vs Bajaj Auto before Q2 results?\">Which is better in Maruti Suzuki vs Bajaj Auto before Q2 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#When_are_the_Q2_results_in_Maruti_Suzuki_vs_Bajaj_Auto\" title=\"When are the Q2 results in Maruti Suzuki vs Bajaj Auto?\">When are the Q2 results in Maruti Suzuki vs Bajaj Auto?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#What_do_brokerages_expect_from_Maruti_Suzuki_in_Q2_FY27\" title=\"What do brokerages expect from Maruti Suzuki in Q2 FY27?\">What do brokerages expect from Maruti Suzuki in Q2 FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#What_does_Axis_Securities_expect_from_Bajaj_Auto_in_Q2_FY27\" title=\"What does Axis Securities expect from Bajaj Auto in Q2 FY27?\">What does Axis Securities expect from Bajaj Auto in Q2 FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#How_do_the_valuations_compare_in_Maruti_Suzuki_vs_Bajaj_Auto\" title=\"How do the valuations compare in Maruti Suzuki vs Bajaj Auto?\">How do the valuations compare in Maruti Suzuki vs Bajaj Auto?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#What_are_the_key_technical_levels_in_Maruti_Suzuki_vs_Bajaj_Auto\" title=\"What are the key technical levels in Maruti Suzuki vs Bajaj Auto?\">What are the key technical levels in Maruti Suzuki vs Bajaj Auto?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#What_are_the_risks_in_Maruti_Suzuki_vs_Bajaj_Auto_ahead_of_results\" title=\"What are the risks in Maruti Suzuki vs Bajaj Auto ahead of results?\">What are the risks in Maruti Suzuki vs Bajaj Auto ahead of results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-vs-bajaj-auto-ahead-of-q2-results-2026-estimates-valuation-margins-and-key-levels-compared\/#Is_this_article_investment_advice\" title=\"Is this article investment advice?\">Is this article investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Maruti_Suzuki_vs_Bajaj_Auto_Prices_and_Valuation_Compared\"><\/span><strong>Maruti Suzuki vs Bajaj Auto: Prices and Valuation Compared<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Maruti Suzuki vs Bajaj Auto: measure<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Maruti Suzuki<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Bajaj Auto<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price at 1:21 PM<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 11,408 (+1.68%)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 10,288 (+2.15%)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market cap (data provider)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 3,52,131 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 2,77,167 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price to earnings<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">24.57<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">23.99<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Industry price to earnings<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">23.44<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">23.44<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price to book<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3.29<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">7.14<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Return on equity<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">13.70%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">27.67%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Earnings per share (TTM)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 455.91<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 420.40<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Dividend yield<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1.25%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1.51%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Debt to equity<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">0.00<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">0.58<\/td>\n<\/tr>\n<\/table>\n<p>Bajaj Auto earns about twice the return on equity of Maruti Suzuki (27.67% against 13.70%) at a similar price to earnings, but a price to book of 7.14 against 3.29 shows that investors pay more for each rupee of its net worth. In the Maruti Suzuki vs Bajaj Auto comparison, the data provider shows debt to equity of 0.00 for Maruti and 0.58 for Bajaj Auto, so check the filing before reading that as strength or weakness.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Track Maruti Suzuki vs Bajaj Auto and other auto stocks on Univest<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Maruti_Suzuki_vs_Bajaj_Auto_Q2_FY27_Estimates\"><\/span><strong>Maruti Suzuki vs Bajaj Auto: Q2 FY27 Estimates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Maruti Suzuki vs Bajaj Auto: Maruti estimate<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Revenue (Rs crore)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Profit (Rs crore)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Other<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">YES Securities<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">54,060 (+27.7% YoY)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">2,880 adjusted (-12.8% YoY)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA margin 8.6%, down 340 bps YoY; volumes 697,000 units<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Anand Rathi (Buy, target Rs 11,603)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">54,297.1 (+28.3% YoY)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3,005.2 (-9% YoY)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Described as a top pick<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Jefferies (Buy, target Rs 11,603)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">54,130 (+27.9%)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3,250.2 before exceptional items (-1.6%)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA Rs 4,631 crore (-8.9%)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Axis Direct<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">54,626 (+29.8% YoY)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3,001 (-8.9%)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Utility vehicle mix 34% against 28%<\/td>\n<\/tr>\n<\/table>\n<p>In Maruti Suzuki vs Bajaj Auto, estimates for Maruti Suzuki are standalone and compare with Q2 FY26 revenue of Rs 42,332 crore and profit of Rs 3,303 crore. Another preview gives a range of Rs 53,755 crore to Rs 54,100 crore for revenue and Rs 2,950 crore to Rs 3,010 crore for profit. Jefferies&#8217; EBITDA of Rs 4,631 crore on revenue of Rs 54,130 crore is a margin of about 8.6% (my calculation), which matches YES Securities. The data provider shows a higher operating margin of 12.15% for the June quarter, because its definition differs.<\/p>\n<p>Two source conflicts matter in Maruti Suzuki vs Bajaj Auto. Jefferies and Anand Rathi are reported with the identical target of Rs 11,603, which may be a reporting error, and that target is only about 1.7% above the Maruti Suzuki share price today (my calculation). The same article gives Axis Direct&#8217;s quarterly margin change as both 96 bps and 195 bps lower, so I do not rely on it. Offsets named in the reports are the new Victoris and e-Vitara models and higher exports.<\/p>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Maruti Suzuki vs Bajaj Auto: Bajaj Auto estimate<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Revenue (Rs crore)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Profit (Rs crore)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Other<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Axis Securities<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">18,762 (+25.7% YoY)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3,076 (stated +24% YoY)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA margin 20.5%, flat YoY and down 40 bps QoQ<\/td>\n<\/tr>\n<\/table>\n<p>In Maruti Suzuki vs Bajaj Auto, Axis names Bajaj Auto a top pick in its OEM coverage and cites costlier aluminium and other metals as the cause of the sequential margin pressure, partly offset by exports. The stated 24% profit growth does not match the reported Q2 FY26 profit of Rs 2,122 crore, against which Rs 3,076 crore would be about 45% higher (my calculation). The revenue base of Rs 14,922 crore also differs from the data provider&#8217;s Rs 16,310.54 crore, so the basis of the Axis comparison is unclear.<\/p>\n<p>In Maruti Suzuki vs Bajaj Auto, Bajaj Auto&#8217;s September volumes were 538,443 units, up 5% and below the 11% to 12% growth the market expected. Domestic sales fell 9% to 294,456 units, while exports rose 32% to about 243,000 units. The two parts sum to about 987 units less than the stated total, which I flag as a reporting difference. Weak domestic sales are a risk for the Bajaj Auto share price unless exports keep growing.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to set price alerts on Maruti Suzuki, Bajaj Auto and other auto stocks.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Last_Five_Quarters_Maruti_Suzuki_vs_Bajaj_Auto_Trends\"><\/span><strong>Last Five Quarters: Maruti Suzuki vs Bajaj Auto Trends<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Maruti Suzuki vs Bajaj Auto: quarter<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Maruti revenue<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Maruti profit<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Maruti margin<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Bajaj revenue<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Bajaj profit<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Bajaj margin<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Jun 2025<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">40,493.4<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3,792.4<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">17.23%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">13,642.33<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">2,210.44<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">26.11%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sep 2025<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">43,290.4<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3,349.0<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">15.20%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">16,310.54<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">2,122.03<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">22.32%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Dec 2025<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">50,959.2<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3,879.1<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">13.66%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">16,640.49<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">2,749.82<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">26.59%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Mar 2026<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">52,946.4<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3,659.0<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">13.07%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">18,493.86<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3,492.21<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">29.05%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Jun 2026<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">54,343.8<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3,446.9<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">12.15%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">22,376.69<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3,188.75<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">24.99%<\/td>\n<\/tr>\n<\/table>\n<p>In Maruti Suzuki vs Bajaj Auto, Maruti&#8217;s operating margin has fallen in each of the last five quarters, from 17.23% to 12.15%, while revenue grew 34.2% and profit fell 9.1% over the same year (my calculation). Bajaj Auto&#8217;s margin moved between 22.32% and 29.05%, with revenue up 64.0% and profit up 44.3%. For the Maruti Suzuki vs Bajaj Auto debate, that shows who has been converting growth into profit.<\/p>\n<p>In Maruti Suzuki vs Bajaj Auto, Bajaj Auto&#8217;s Q1 FY27 figures conflict between sources: the data provider shows revenue of Rs 22,376.69 crore and profit of Rs 3,188.75 crore, while another report shows Rs 21,689 crore and Rs 3,226 crore. Both show a record quarter led by exports of over 700,000 units.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Technical_Levels_and_Options_Pricing\"><\/span><strong>Technical Levels and Options Pricing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Maruti Suzuki vs Bajaj Auto: indicator<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Maruti Suzuki<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Bajaj Auto<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price at 1:21 PM<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 11,408<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 10,288<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">14-day RSI<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">43.75<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">56.77<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">20-day EMA<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 11,448.80<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 10,296.98<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">SuperTrend (10, 3)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Buy; lower band Rs 10,842.60, upper band Rs 11,887.90<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Buy; lower band Rs 9,619.90, upper band Rs 10,892.50<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">52-week low<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 10,984 on 22 Oct 2026<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not retrieved<\/td>\n<\/tr>\n<\/table>\n<p>Both stocks sit close to their 20-day averages, with the Maruti Suzuki share price about 0.4% below and the Bajaj Auto share price about 0.1% below (my calculation). In Maruti Suzuki vs Bajaj Auto, a preview from Upstox puts the options-implied move for Maruti at about 6.7% by the November expiry, a range of roughly Rs 10,540 to Rs 12,056, and says its largest day-after-results move in 12 quarters was 4.7%. The same preview says the stock is down over 31% this year, which I could not verify. These are trend readings and not targets.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_and_What_to_Watch_in_the_Results\"><\/span><strong>Risks and What to Watch in the Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><strong>Maruti margin.<\/strong> Higher raw material costs and depreciation are the main risks to Maruti Suzuki&#8217;s profit.<\/li>\n<li><strong>Bajaj domestic demand.<\/strong> Domestic sales fell 9% in September, so exports must carry growth.<\/li>\n<li><strong>Estimates versus actuals.<\/strong> A result in line with estimates may not move the price, as the stock reaction depends on guidance.<\/li>\n<li><strong>Source differences.<\/strong> In Maruti Suzuki vs Bajaj Auto, margins and growth rates differ by basis, so check the exchange filing.<\/li>\n<li><strong>Valuation.<\/strong> In Maruti Suzuki vs Bajaj Auto, both trade near 24 times earnings, so a miss on margin or volume can matter.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion_Maruti_Suzuki_vs_Bajaj_Auto_Is_a_Margin_Question\"><\/span><strong>Conclusion: Maruti Suzuki vs Bajaj Auto Is a Margin Question<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Maruti Suzuki vs Bajaj Auto shows two different stories: Maruti has strong revenue growth with falling margins and a lower return on equity, while Bajaj Auto has a higher return on equity and export strength but weaker domestic volumes. The results will show whether Maruti can hold its margin and whether Bajaj Auto can keep exports growing. The Maruti Suzuki vs Bajaj Auto comparison should be updated once the actual Q2 results are out. Verify the filings and decide according to your own risk profile.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_is_better_in_Maruti_Suzuki_vs_Bajaj_Auto_before_Q2_results\"><\/span><strong>Which is better in Maruti Suzuki vs Bajaj Auto before Q2 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> There is no single answer. Bajaj Auto has a higher return on equity (27.67% against 13.70%) and Maruti has no debt on the data provider&#8217;s measure, while both trade near 24 times earnings. The results and guidance will decide, so compare the filings and your own risk profile.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"When_are_the_Q2_results_in_Maruti_Suzuki_vs_Bajaj_Auto\"><\/span><strong>When are the Q2 results in Maruti Suzuki vs Bajaj Auto?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Both companies were due to report September-quarter results on 27 Oct 2026. Bajaj Auto&#8217;s board meeting was set for that date to approve the unaudited results for Q2 and H1. I could not find a published result at 1:21 PM.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_do_brokerages_expect_from_Maruti_Suzuki_in_Q2_FY27\"><\/span><strong>What do brokerages expect from Maruti Suzuki in Q2 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Estimates show revenue of about Rs 54,060 crore to Rs 54,626 crore, up about 28% to 30%, and profit of Rs 2,880 crore to Rs 3,005 crore, down about 9% to 13%. Jefferies sees Rs 3,250.2 crore before exceptional items. Higher raw material costs are the main drag.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_does_Axis_Securities_expect_from_Bajaj_Auto_in_Q2_FY27\"><\/span><strong>What does Axis Securities expect from Bajaj Auto in Q2 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Axis expects revenue of Rs 18,762 crore, up 25.7%, profit of Rs 3,076 crore and an EBITDA margin of 20.5%, flat on the year. It names Bajaj Auto a top pick in its OEM coverage. The stated profit growth of 24% does not match the reported Q2 FY26 profit.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_do_the_valuations_compare_in_Maruti_Suzuki_vs_Bajaj_Auto\"><\/span><strong>How do the valuations compare in Maruti Suzuki vs Bajaj Auto?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Maruti trades at 24.57 times earnings and 3.29 times book value, and Bajaj Auto at 23.99 times earnings and 7.14 times book value, against an industry level of 23.44 times. Dividend yields are 1.25% and 1.51%. Valuation alone does not predict returns.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_key_technical_levels_in_Maruti_Suzuki_vs_Bajaj_Auto\"><\/span><strong>What are the key technical levels in Maruti Suzuki vs Bajaj Auto?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Maruti has an RSI of 43.75 and a SuperTrend buy signal with a lower band of Rs 10,842.60 and an upper band of Rs 11,887.90. The Bajaj Auto share price has an RSI of 56.77 with bands of Rs 9,619.90 and Rs 10,892.50. These are trend readings and not targets.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_in_Maruti_Suzuki_vs_Bajaj_Auto_ahead_of_results\"><\/span><strong>What are the risks in Maruti Suzuki vs Bajaj Auto ahead of results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> For Maruti the risks are raw material inflation, depreciation and shrinking margins. For Bajaj Auto they are a 9% fall in domestic September sales and reliance on exports. Estimates also differ by source, so check the exchange filing.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_article_investment_advice\"><\/span><strong>Is this article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which is better in Maruti Suzuki vs Bajaj Auto before Q2 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"There is no single answer. Bajaj Auto has a higher return on equity (27.67% against 13.70%) and Maruti has no debt on the data provider's measure, while both trade near 24 times earnings. The results and guidance will decide, so compare the filings and your own risk profile.\"}},{\"@type\":\"Question\",\"name\":\"When are the Q2 results in Maruti Suzuki vs Bajaj Auto?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Both companies were due to report September-quarter results on 27 Oct 2026. Bajaj Auto's board meeting was set for that date to approve the unaudited results for Q2 and H1. I could not find a published result at 1:21 PM.\"}},{\"@type\":\"Question\",\"name\":\"What do brokerages expect from Maruti Suzuki in Q2 FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Estimates show revenue of about Rs 54,060 crore to Rs 54,626 crore, up about 28% to 30%, and profit of Rs 2,880 crore to Rs 3,005 crore, down about 9% to 13%. Jefferies sees Rs 3,250.2 crore before exceptional items. Higher raw material costs are the main drag.\"}},{\"@type\":\"Question\",\"name\":\"What does Axis Securities expect from Bajaj Auto in Q2 FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Axis expects revenue of Rs 18,762 crore, up 25.7%, profit of Rs 3,076 crore and an EBITDA margin of 20.5%, flat on the year. It names Bajaj Auto a top pick in its OEM coverage. The stated profit growth of 24% does not match the reported Q2 FY26 profit.\"}},{\"@type\":\"Question\",\"name\":\"How do the valuations compare in Maruti Suzuki vs Bajaj Auto?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Maruti trades at 24.57 times earnings and 3.29 times book value, and Bajaj Auto at 23.99 times earnings and 7.14 times book value, against an industry level of 23.44 times. Dividend yields are 1.25% and 1.51%. Valuation alone does not predict returns.\"}},{\"@type\":\"Question\",\"name\":\"What are the key technical levels in Maruti Suzuki vs Bajaj Auto?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Maruti has an RSI of 43.75 and a SuperTrend buy signal with a lower band of Rs 10,842.60 and an upper band of Rs 11,887.90. The Bajaj Auto share price has an RSI of 56.77 with bands of Rs 9,619.90 and Rs 10,892.50. These are trend readings and not targets.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks in Maruti Suzuki vs Bajaj Auto ahead of results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"For Maruti the risks are raw material inflation, depreciation and shrinking margins. For Bajaj Auto they are a 9% fall in domestic September sales and reliance on exports. Estimates also differ by source, so check the exchange filing.\"}},{\"@type\":\"Question\",\"name\":\"Is this article investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Maruti Suzuki vs Bajaj Auto ahead of Q2 results 2026: compare brokerage estimates, margins, valuation and key levels before the numbers arrive. 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