In short: Maruti Suzuki's Q2 FY27 revenue rose 26.0% to ₹53,340 crore from a year earlier, and net profit fell 26.9% to ₹2,415 crore. Operating EBITDA margin (on net sales) was 9.4%, up 80 bps from the previous quarter. Sales reached a record 6,96,654 vehicles, but higher commodity costs, which the company links to the West Asia conflict, pulled its operating EBITDA margin down to 9.4% from 12.7% a year earlier, and other income fell to ₹430 crore from ₹966 crore.
What changed in Maruti Suzuki's Q2 FY27 results
- Revenue from operations was ₹53,340 crore, up 26.0% from a year earlier and up 1.7% from the previous quarter.
- Net profit was ₹2,415 crore, down 26.9% from a year earlier and down 28.0% from the previous quarter.
- Operating EBITDA was ₹4,763 crore, down 6.3% from a year earlier and up 10.5% from the previous quarter.
- Operating EBITDA margin (on net sales) was 9.4%, up 80 bps from the previous quarter and down 330 bps from a year earlier.
Maruti Suzuki Q2 FY27 results at a glance
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 | QoQ | YoY |
|---|---|---|---|---|---|
| Standalone revenue (₹ crore) | 53,340 | 52,456 | 42,332 | +1.7% | +26.0% |
| Operating EBITDA (₹ crore) | 4,763 | 4,311 | 5,085 | +10.5% | −6.3% |
| Net profit (₹ crore) | 2,415 | 3,352 | 3,303 | −28.0% | −26.9% |
| Operating EBITDA margin (on net sales) | 9.4% | 8.6% | 12.7% | +80 bps | −330 bps |
Genvest analysis
Revenue from operations rose 26.0% from a year earlier and 1.7% from the June quarter to ₹53,340 crore, but net profit fell 26.9% from a year earlier and 28.0% from the June quarter to ₹2,415 crore. Profit before tax fell 26.2% from a year earlier to ₹3,166 crore. The company's headline figure, net sales of ₹50,616 crore (up 26.1%), counts only the sale of products; revenue from operations also includes ₹1,865 crore from services and ₹860 crore of other operating revenue. The company measures its margins on net sales.
Maruti sold 6,96,654 vehicles, its highest quarterly total, 26.5% more than a year earlier and 2.0% more than in the June quarter. Domestic sales rose 33.6% to 5,88,535, while exports slipped 2.1% to 1,08,119; the company cites a challenging geopolitical situation in export markets. In India, utility vehicle sales rose 52.3% to 2,36,807 and passenger car sales (mini, compact and mid-size) rose 31.9% to 2,81,308, while sales to other manufacturers fell 23.2% to 23,082. The company credits its recently introduced SUVs and says its domestic market share rose 2.2 percentage points to 40.8%. Demand ran ahead of supply even after recent capacity additions, the company says. Network inventory was about 17 days and pending bookings about 2,00,000 units at the end of the quarter.
Operating EBITDA fell 6.3% from a year earlier to ₹4,763 crore, and its margin narrowed to 9.4% of net sales from 12.7%. Material costs rose to 79.9% of net sales from 75.7%. According to its presentation, commodity prices that rose in the context of the West Asia conflict and an adverse foreign exchange movement weighed on margins, partly offset by improved realisation, operating leverage and cost reduction. Employee costs fell to 4.6% of net sales from 5.1%, and other expenses to 11.5% from 12.0%. Operating EBIT, the company's operating profit measure, fell 17.1% to ₹2,804 crore, a margin of 5.5% against 8.4%.
Other income fell to ₹430 crore, from ₹966 crore a year earlier and ₹1,874 crore in the June quarter; the company attributes this to mark-to-market losses on its invested surplus. By our calculation from the filing, lower other income accounts for ₹536 crore of the ₹1,125 crore fall in profit before tax from a year earlier, and for more than all of the fall from the June quarter. At the operating level the quarter improved on June: operating EBITDA rose 10.5% and operating EBIT 10.8%. The company credits improved realisation, cost reduction and a favourable fixed cost incidence from inventory accretion. Depreciation rose to ₹1,960 crore from ₹1,780 crore in June, which the company links to a new facility and new model dies.
The year-ago figures are restated to include Suzuki Motor Gujarat, a wholly owned subsidiary that merged into Maruti with effect from 1 April 2025. The company says it cannot yet estimate its obligations under the End-of-Life Vehicles Rules, 2025, because the pricing of extended producer responsibility (EPR) certificates and the framework for measuring the obligation have not been made available; the auditors drew attention to this without modifying their review. The board approved setting up a not-for-profit (Section 8) company for an Osamu Suzuki Centre of Excellence, a CSR activity to build manufacturing skills. Consolidated net profit, which includes two subsidiaries, 14 associates and three joint ventures, was ₹2,466 crore.
What Maruti Suzuki's results mean for fund investors
- Auto and transportation funds. Carmakers, two-wheeler makers and auto-parts companies make up most of these funds, so results days move them more than diversified equity funds.
- Index funds. The Nifty Auto index is made up of vehicle and auto-parts makers, and the largest of them are also in the Nifty 50, so index funds tracking either hold the company in proportion to its weight.
- Overlap. If you hold several auto funds, or vehicle-maker shares alongside them, check how concentrated you are with the portfolio analyzer.
Maruti Suzuki Q2 FY27 results: questions
When did Maruti Suzuki announce Q2 FY27 results?
Maruti Suzuki announced its Q2 FY27 results on 27 October 2026.
What was Maruti Suzuki's Q2 FY27 net profit?
Net profit was ₹2,415 crore, down 26.9% from a year earlier and down 28.0% from the previous quarter.
What was Maruti Suzuki's Q2 FY27 revenue?
Revenue from operations was ₹53,340 crore, up 26.0% from a year earlier and up 1.7% from the previous quarter.
Other auto Q2 FY27 results
- Bajaj Auto Q2 FY27 results · 27 October 2026 · net profit +35.2% YoY
- Maruti Suzuki Q2 FY27 results · 27 October 2026 · net profit −26.9% YoY
- Hyundai Motor India Q2 FY27 results · 28 October 2026 · net profit −24.3% YoY
- TVS Motor Q2 FY27 results · 28 October 2026 · net profit +52.4% YoY
All auto Q2 FY27 results in one place
Sources
- Maruti Suzuki: Q2 FY27 results, 27 October 2026
- Maruti Suzuki: Q2 FY27 press release, 27 October 2026
- Maruti Suzuki: Q2 FY27 investor presentation, 27 October 2026
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