Bajaj Auto vs Maruti Suzuki: Q2 Earnings Race, Profit Up 62% Against Down 26%, and Who Wins

Two-wheelers and cars are different markets, so a head-to-head comparison needs care. This article puts Bajaj Auto vs Maruti Suzuki side by side on profit, revenue, volumes, margins, valuation and chart levels for the September 2026 quarter, explains why growth and profit moved in opposite directions, and flags where the data differ.

Two flags. The data provider's Bajaj Auto consolidated figures (revenue Rs 25,676.68 crore, profit Rs 3,384.43 crore) differ from the company's, and one Bajaj Auto source has a subheading of 41% export growth while its body says 40% and 43.21%. I use the company figures and 40%. I did not retain Maruti Suzuki's stated reasons for the profit fall, so I do not give one. It is educational and not advice.

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Bajaj Auto vs Maruti Suzuki: Q2 Scorecard

Bajaj Auto vs Maruti Suzuki: Q2 item	Bajaj Auto	Maruti Suzuki
Consolidated revenue (Rs crore)	25,125.56 (up 59%)	About 53,769 (up 24.2%, data provider)
Consolidated net profit (Rs crore)	3,436.10 (up 62%)	2,466.1 (down 26.4%)
Standalone net profit (Rs crore)	3,353.76 (up 35%)	2,414.9 (down 26.9%)
Volumes (units)	15,48,884 (up 19%)	6,96,654 (up 26.5%)
EBITDA margin	Not stated in my notes	9.4%, against 12.7% a year earlier
Net profit margin (my calculation)	About 13.7%	About 4.6%
Share price, 9:46 AM IST	Rs 10,379, down 1.01%	Rs 11,471, down 0.93%

The sharpest contrast in Bajaj Auto vs Maruti Suzuki is that Maruti Suzuki sold more units than a year earlier (up 26.5%) yet earned less, while Bajaj Auto sold 19% more units and earned 62% more. The first is a margin story and the second is a mix and exports story. My net profit margins differ from the data provider's own margin figure of 10.0% for Maruti Suzuki, which appears to be an operating measure.

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Bajaj Auto vs Maruti Suzuki: What Drove Bajaj Auto's Quarter

Bajaj Auto vs Maruti Suzuki: Bajaj Auto measure (Q2)	Figure	Comment
Standalone revenue	Rs 20,003.43 crore, up 34%	Crossed Rs 20,000 crore for the first time
Total volumes	15,48,884, up 19%	Two-wheelers 12,83,961 (up 20%); commercial vehicles 2,64,923 (up 17%)
Exports	7,78,528, up 40%	Two-wheeler exports 6,76,545, up 43.21%
Domestic two-wheelers	6,07,416, up 1.82%	Almost flat
Chetak electric scooter	Revenue above Rs 2,000 crore	As reported
KTM and Triumph	Domestic revenue up 45%	Premium models
First-half standalone profit	Rs 6,336.60 crore, up 38.48%	On revenue of Rs 37,247.15 crore
Surplus cash	About Rs 15,500 crore	Strong balance sheet

Exports did most of the work for Bajaj Auto. Two-wheeler exports rose 43.21% while domestic two-wheelers grew only 1.82%, so about 53% of two-wheeler volumes (my calculation) went abroad. That helps profit when export realisations are better, but it ties the result to overseas demand and currency moves. The premium KTM and Triumph models and the Chetak add to revenue per vehicle.

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Bajaj Auto vs Maruti Suzuki: What Hurt Maruti Suzuki's Profit

Bajaj Auto vs Maruti Suzuki: Maruti Suzuki measure (Q2)	Figure	Comment
Consolidated revenue	About Rs 53,769 crore against Rs 43,290 crore	Up 24.2% (data provider)
Consolidated net profit	Rs 2,466.1 crore against Rs 3,349.0 crore	Down 26.4%
Standalone net profit	Rs 2,414.9 crore	Down 26.9%
Volumes	6,96,654	Up 26.5%
EBITDA margin	9.4% against 12.7%	Fell 3.3 percentage points (my calculation)
Operating margin (data provider)	10.0% against 14.65%	Down about 4.6 percentage points

Revenue grew by about Rs 10,500 crore (my calculation) while profit fell by about Rs 880 crore, which means costs grew much faster than sales. The margin drop of about 3.3 percentage points on revenue of this size is worth roughly Rs 1,770 crore of EBITDA (my calculation), which is more than the profit decline. I did not have the company's stated reasons for the margin fall in my notes, so please check the results release.

Valuation and Chart: Bajaj Auto vs Maruti Suzuki at 9:46 AM IST

Bajaj Auto vs Maruti Suzuki: indicator	Bajaj Auto	Maruti Suzuki
Price to earnings	22.47	27.00
Return on equity	35.71%	Not retrieved
Dividend yield	1.46%	Not retrieved
RSI	69.46, near overbought	56.46, neutral
20-day EMA	Rs 10,303.38 (price about 0.7% above)	Rs 11,446.19 (price about 0.2% above)
Supertrend	Rs 9,776.40, bullish (price about 6.2% above)	Rs 10,842.60, bullish (price about 5.8% above)

Bajaj Auto trades at a lower multiple despite far faster profit growth, and its return on equity of 35.71% is high. Maruti Suzuki carries a higher multiple on falling profit, which reflects the market's expectation that margins will recover. Both are above their Supertrend lines, but Bajaj Auto's RSI of 69.46 is close to the overbought zone above 70, so a pause would not be surprising.

Who Wins the Bajaj Auto vs Maruti Suzuki Earnings Race?

Bajaj Auto vs Maruti Suzuki: question	Winner	Why
Profit growth	Bajaj Auto	Up 62% against down 26.4%
Scale by revenue	Maruti Suzuki	About Rs 53,769 crore against Rs 25,126 crore
Profit in rupees	Bajaj Auto	Rs 3,436.10 crore against Rs 2,466.1 crore, about 39% higher (my calculation)
Net profit margin	Bajaj Auto	About 13.7% against about 4.6% (my calculation)
Valuation	Bajaj Auto	22.47 times against 27.00 times earnings
Volume growth	Maruti Suzuki	Up 26.5% against up 19%

On earnings, Bajaj Auto wins most rows of Bajaj Auto vs Maruti Suzuki. It is smaller by revenue but earns more profit, grows faster and trades at a lower multiple. Maruti Suzuki wins on scale and volume growth, and it has more room to recover if margins return toward 12%. The race for the quarter is clear, but the race for the next year is not.

What to Watch Next in Bajaj Auto vs Maruti Suzuki

Bajaj Auto vs Maruti Suzuki: next quarter	Bajaj Auto	Maruti Suzuki
Key question	Can exports keep growing near 40%?	Can EBITDA margin recover toward 12%?
Domestic signal	Domestic two-wheelers, up only 1.82%	Passenger car demand and volumes
Cost signal	Input costs and export realisations	Input costs, discounts and product mix
Chart signal	RSI near 70 and the Rs 10,303 average	The Rs 11,446 average and Rs 10,843 Supertrend

The two companies enter the next quarter with opposite problems. Bajaj Auto must show that growth is not a one-quarter export spike, and Maruti Suzuki must show that margin pressure is easing. Following these four items each quarter makes the comparison in Bajaj Auto vs Maruti Suzuki more useful than a single headline on profit growth.

Risks in Bajaj Auto vs Maruti Suzuki

1. Export dependence. In Bajaj Auto vs Maruti Suzuki, Bajaj Auto's growth relies on exports, while domestic two-wheelers grew only 1.82%.
2. Margin pressure. In Bajaj Auto vs Maruti Suzuki, Maruti Suzuki's EBITDA margin fell to 9.4%, and a further fall would hit profit again.
3. Overbought chart. Bajaj Auto's RSI of 69.46 is near 70, so the stock may pause.
4. Oil and input costs. Brent near $114 raises costs and can slow demand for both.
5. Data differences. Provider and company figures differ, so check the results release.
6. Different segments. In Bajaj Auto vs Maruti Suzuki, a two-wheeler maker and a car maker face different cycles, so a comparison can mislead.

Conclusion: In Bajaj Auto vs Maruti Suzuki, Bajaj Auto Won the Quarter, but the Comparison Has Limits

In Bajaj Auto vs Maruti Suzuki, Bajaj Auto won the Q2 earnings race on growth, margin and valuation, while Maruti Suzuki leads on scale and unit growth but has a margin problem to solve. Read the filings, remember the segment differences, and decide according to your own risk profile.

Frequently Asked Questions

Who won the Q2 earnings race in Bajaj Auto vs Maruti Suzuki?

Ans. Bajaj Auto grew consolidated profit 62% to Rs 3,436.10 crore, while Maruti Suzuki's fell 26.4% to Rs 2,466.1 crore. Maruti Suzuki is larger by revenue, so the answer depends on whether you value growth or scale.

What were Bajaj Auto's Q2 results in Bajaj Auto vs Maruti Suzuki?

Ans. Standalone net profit was Rs 3,353.76 crore (up 35%) on revenue of Rs 20,003.43 crore (up 34%). Consolidated profit was Rs 3,436.10 crore (up 62%) on revenue of Rs 25,125.56 crore (up 59%).

What were Maruti Suzuki's Q2 results?

Ans. Standalone net profit was Rs 2,414.9 crore (down 26.9%) and consolidated net profit Rs 2,466.1 crore (down 26.4%). Volumes rose 26.5% to 6,96,654 units, but the EBITDA margin fell to 9.4% from 12.7%.

Why did Bajaj Auto's profit rise so much?

Ans. Volumes rose 19% to 15,48,884 units and exports rose 40%, with two-wheeler exports up 43.21%. Domestic two-wheelers grew only 1.82%, so exports and premium models did most of the work.

Which is lower-priced on valuation in Bajaj Auto vs Maruti Suzuki?

Ans. Bajaj Auto trades at 22.47 times earnings and Maruti Suzuki at 27.00 times at 9:46 AM IST on 29 Oct 2026. A lower multiple is not a recommendation on its own.

What are the share prices in Bajaj Auto vs Maruti Suzuki today?

Ans. Bajaj Auto was Rs 10,379, down 1.01%, and Maruti Suzuki was Rs 11,471, down 0.93%, on the NSE at 9:46 AM IST on 29 Oct 2026.

What does the chart show in Bajaj Auto vs Maruti Suzuki?

Ans. Bajaj Auto has an RSI of 69.46 and a bullish Supertrend at Rs 9,776.40. Maruti Suzuki has an RSI of 56.46 and a bullish Supertrend at Rs 10,842.60. Both prices are just above their 20-day averages.

Is this article investment advice?

Ans. 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.