Maruti Suzuki Q2 Results: Record Volumes but Profit Falls 26% as Margins Shrink, and What It Means for the Stock

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.

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.

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Maruti Suzuki Q2 Results at a Glance

Maruti Suzuki Q2 results: item	Q2 FY27	Change
Total volume	6,96,654 units	Up 26.5% on the year; up 2.0% on the quarter
Net sales (standalone)	Rs 50,615.5 crore	Up 26.1% on the year; up 1.3% on the quarter
Operating EBITDA (standalone)	Rs 4,763.3 crore	Down 6.3% on the year; up 10.5% on the quarter
EBITDA margin	9.4%	Down 330 basis points from 12.7%; up from 8.6% in Q1
Net profit (standalone)	Rs 2,414.9 crore	Down 26.9% on the year; down 28.0% on the quarter
Net profit margin	4.8%	Down 340 basis points on the year
Revenue (consolidated)	Rs 53,355.5 crore	Up 26% on the year
Net profit (consolidated)	Rs 2,466.1 crore	Down 26.4% on the year; down 28.5% on the quarter

In the Maruti Suzuki Q2 results, sales grew by about a quarter while operating profit fell, so each rupee of sales left less profit. In the first half of FY27, volume rose 27.9% to 13,79,378 units, net sales rose 31.0% and profit fell 18.3% (company slides). The Maruti Suzuki Q2 results therefore show a business that is growing fast but earning less on that growth.

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Record Volumes: Where the Growth in the Maruti Suzuki Q2 Results Came From

Maruti Suzuki Q2 results: segment	Q2 FY27 units	Change on the year
Utility vehicles	2,36,807	Up 52.3%
Passenger cars (mini, compact, mid-size)	2,81,308	Up 31.9%
Vans	36,897	Up 11.3%
Light commercial vehicles	10,441	Up 23.5%
Sales to other OEMs	23,082	Down 23.2%
Domestic total	5,88,535	Up 33.6%; 84.5% of volume
Exports	1,08,119	Down 2.1%; 15.5% of volume

Domestic demand did the work in the Maruti Suzuki Q2 results. The domestic market share rose 2.2 percentage points to 40.8%, pending orders were about 2 lakh units at the end of September and about 2.7 lakh by 20 Oct, and network inventory was about 17 days. Exports fell 2.1% because of shipping disruption and schedule volatility linked to the West Asia conflict, even though first-half exports were up 12.2%.

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Why Margins Shrank in the Maruti Suzuki Q2 Results

Maruti Suzuki Q2 results: cost line (% of net sales)	Q2 FY27	Change on the year
Material costs	79.9%	Up 420 basis points from 75.7%
Employee costs	4.6%	Down 50 basis points
Other expenses	11.5%	Down 50 basis points
Non-operating income	0.8%	Down from 3.7% in Q1, on mark-to-market losses on invested surplus

Higher material costs explain most of the fall in the EBITDA margin in the Maruti Suzuki Q2 results. The company cites adverse commodity prices linked to the West Asia conflict, with steel and copper the main risks, and unfavourable exchange rates. Lower employee and other costs offset about 100 basis points of the 420 basis point rise (my calculation). Profit before tax fell faster than EBITDA because non-operating income dropped on mark-to-market losses. Three price increases totalling slightly over 1% so far have not been enough to cover the cost rise.

Compared with the first quarter, the picture improved: the EBITDA margin rose 80 basis points from 8.6% as realisations improved and inventory build-up helped fixed-cost absorption, although higher depreciation and overheads from new plants and model dies weighed. A margin of 9.4% is still well below the 12.7% a year earlier.

Outlook After the Maruti Suzuki Q2 Results

Maruti Suzuki Q2 results: outlook item	Management view
Domestic volume, H2 FY27	At least 10% growth
Total volume, H2 FY27	7% to 10% growth, with exports flat to slightly positive
Pricing	Further calibrated increases, pending clarity on commodity costs and geopolitics
Long-term demand	Post-GST demand may support growth above the 6% a year assumed earlier
Product plans	An EV launch at the Bharat Mobility Show and more safety and ADAS features
Key risks	Steel and copper prices, export volatility including higher duties in markets such as Mexico, and mark-to-market losses

The outlook after the Maruti Suzuki Q2 results is firm on volumes and cautious on costs. Management did not give a margin target in the sources I could read, so the recovery in the Maruti Suzuki Q2 results depends on commodity prices and the rupee. I did not find any brokerage target prices after the results, so none are shown.

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Maruti Suzuki Share Price, Valuation and Key Levels After the Results

Maruti Suzuki Q2 results: stock item	Reading (NSE, 4:12 PM IST)	Note
Last price	Rs 11,579, up Rs 129 or 1.13%	Previous close Rs 11,450
Day range	Rs 11,250 to Rs 11,616	Low was 1.7% below the previous close
Market capitalisation	About Rs 3,60,143 crore	Data provider; another report gives Rs 3,58,419 crore
P/E (trailing)	25.13	Industry P/E 23.41
P/B	3.36	Book value Rs 3,408.25
Return on equity	13.70%	Debt to equity is 0.00
Dividend yield	1.22%	FY26 dividend of Rs 140 per share
52-week range	Rs 10,985 to Rs 17,370	Price is about 33% below the high (my calculation)

Maruti Suzuki Q2 results: indicator	Reading (daily)	What it suggests
14-day RSI	53.76	Neutral
20-day EMA	Rs 11,528.46	Price is about 0.4% above it (my calculation)
Supertrend (10, 3)	Rs 11,887.90, direction negative	Bearish while price stays below; about 2.7% above the price (my calculation)
Supertrend lower band	Rs 10,845	About 6.3% below the price (my calculation)

The stock rose 2.28% to Rs 11,454.85 on the BSE on the day of the Maruti Suzuki Q2 results and touched a low of Rs 11,260 on Wednesday before recovering, which means that the market had already priced in much of the margin news. At a trailing P/E of 25, the stock trades at a small premium to the industry, and the one-year return is about minus 30% (Business Today). A close above the Supertrend line of Rs 11,887.90 would change the trend reading.

Risks After the Maruti Suzuki Q2 Results

1. Commodity prices. Steel and copper can push material costs above 79.9% of net sales again and weigh on later Maruti Suzuki Q2 results.
2. Currency. A weaker rupee raises the cost of imported parts.
3. Exports. Shipping disruption and higher duties can keep exports below last year.
4. Pricing. Further price increases can slow bookings if demand weakens after the festive season.
5. Mark-to-market losses. Non-operating income fell to 0.8% of net sales and can stay volatile.
6. Data differences. Standalone and consolidated figures and some segment growth rates differ across reports, so check the exchange filing.

Conclusion: The Maruti Suzuki Q2 Results Show Strong Demand but Weaker Profitability

The Maruti Suzuki Q2 results combine record volumes of 6,96,654 units with a 26.9% fall in standalone profit and an EBITDA margin of 9.4%. Costs are the problem and demand is not, and the second half depends on commodity prices, the rupee and pricing. Check the filing, watch the key levels, and decide with your own risk profile.

Frequently Asked Questions

What were the Maruti Suzuki Q2 results?

Ans. Standalone net sales rose 26.1% to Rs 50,615.5 crore and volume rose 26.5% to a record 6,96,654 units, but standalone profit fell 26.9% to Rs 2,414.9 crore. Consolidated profit was Rs 2,466.1 crore, down 26.4%.

Why did Maruti Suzuki profit fall despite record sales?

Ans. Material costs rose to 79.9% of net sales from 75.7% on commodity prices linked to the West Asia conflict and unfavourable exchange rates. Non-operating income also fell because of mark-to-market losses on invested surplus.

What is the EBITDA margin in the Maruti Suzuki Q2 results?

Ans. The EBITDA margin was 9.4%, down 330 basis points from 12.7% a year earlier but up 80 basis points from 8.6% in the first quarter. Operating EBITDA was Rs 4,763.3 crore, down 6.3% on the year.

What is the outlook after the Maruti Suzuki Q2 results for the second half?

Ans. Management expects domestic volume growth of at least 10% in H2 FY27 and total growth of 7% to 10%, with exports flat to slightly positive. It plans calibrated price increases if commodity costs stay high.

How did exports and market share do in the Maruti Suzuki Q2 results?

Ans. Exports fell 2.1% to 1,08,119 units in the quarter, while the domestic market share rose 2.2 percentage points to 40.8%. Utility vehicles grew 52.3% and passenger cars grew 31.9%.

Is the Maruti Suzuki share price expensive after the Maruti Suzuki Q2 results?

Ans. The trailing P/E is 25.13 against an industry P/E of 23.41, and the P/B is 3.36. That is a small premium, but the stock is about 33% below its 52-week high of Rs 17,370, so whether it is expensive depends on how fast margins recover.

What do the RSI and Supertrend show for Maruti Suzuki?

Ans. The daily RSI is 53.76, which is neutral, and the Supertrend at Rs 11,887.90 is above the price, which is a bearish reading. The price is about 0.4% above its 20-day EMA of Rs 11,528.46.

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.