September quarter profit up 7.9%; recycling cost still unquantified
MARUTI · price
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On the reaction day the stock moved 0.3 pts more than Nifty 100 and 0.6 pts less than its Passenger Cars & Utility Vehicles peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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For the September 2025 quarter, consolidated total income rose 6.1% to INR 41,290.4 crore and profit after tax rose 7.9% to INR 3,349.0 crore; EPS was INR 106.52. Half-year profit was INR 7,141.4 crore. Price Waterhouse raised no review objection, but highlighted new vehicle recycling duties that cannot yet be costed because the compliance system is not ready.
Earnings growth is positive, but unquantified vehicle recycling costs could weigh on margins once the compliance system starts.