{"id":331137,"date":"2026-10-28T16:20:00","date_gmt":"2026-10-28T10:50:00","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=331137"},"modified":"2026-10-28T16:20:00","modified_gmt":"2026-10-28T10:50:00","slug":"maruti-suzuki-q2-results-record-volumes-but-profit-falls-26-percent-as-margins-shrink-costs-outlook-and-what-it-means-for-the-stock","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/maruti-suzuki-q2-results-record-volumes-but-profit-falls-26-percent-as-margins-shrink-costs-outlook-and-what-it-means-for-the-stock\/","title":{"rendered":"Maruti Suzuki Q2 Results: Record Volumes but Profit Falls 26% as Margins Shrink, and What It Means for the Stock"},"content":{"rendered":"

The Maruti Suzuki Q2 results, announced on Tuesday, 27 Oct 2026, show record quarterly volumes of 6,96,654 units, up 26.5%, but standalone profit fell 26.9% to Rs 2,414.9 crore as the EBITDA margin shrank to 9.4% from 12.7% a year ago. The stock was at Rs 11,579 on the NSE at 4:12 PM IST on Wednesday, up 1.13%, about 33% below its 52-week high of Rs 17,370 (my calculation).<\/em><\/p>\n

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Quick Answer<\/strong><\/p>\n

The Maruti Suzuki Q2 results for the September 2026 quarter show record volumes of 6,96,654 units, up 26.5%, and standalone net sales up 26.1% to Rs 50,615.5 crore, but standalone profit fell 26.9% to Rs 2,414.9 crore because the EBITDA margin shrank to 9.4% from 12.7%. Material costs rose to 79.9% of net sales on commodity prices linked to the West Asia conflict and adverse currency moves, and lower non-operating income added to the fall. Management expects domestic volumes to grow at least 10% in H2 FY27 and plans calibrated price increases to protect margins. This is educational and not a recommendation.<\/p>\n<\/p><\/div>\n

The Maruti Suzuki Q2 results are a paradox in a few lines: the company sold more cars than ever and earned less on each. This article explains what the Maruti Suzuki Q2 results show, where the volumes came from, why the margins shrank, what management expects for the second half, and how the valuation and the chart look, using prices as of 4:12 PM IST.<\/p>\n

The company reports both standalone and consolidated figures, and they differ: consolidated revenue was Rs 53,355.5 crore and profit Rs 2,466.1 crore, while standalone net sales were Rs 50,615.5 crore and profit Rs 2,414.9 crore. Year-on-year figures are restated for the December 2025 merger with Suzuki Motor Gujarat. Reports also differ on segment growth (Business Today gives SUVs up 68.2%, the company slides give utility vehicles up 52.3%), so I use the slides. It is educational and not advice.<\/p>\n

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