MARUTI SUZUKI INDIA Q2 FY27 results: net profit down 26.4% to ₹2,466 crore, revenue up 26.0%

How did MARUTI SUZUKI INDIA perform in Q2 FY27?

Maruti Suzuki India reported consolidated revenue of ₹53,356 crore in Q2 FY27, up ₹11,011 crore or 26.0% from ₹42,344 crore in Q2 FY26. EBITDA was ₹4,764 crore, down ₹321.90 crore or 6.3% year on year, and the EBITDA margin fell 3.1 percentage points to 8.9%. Net profit was ₹2,466 crore, down ₹882.90 crore or 26.4%, while basic EPS declined ₹28.08 or 26.4% to ₹78.44.

Against Q1 FY27, revenue rose ₹885.70 crore or 1.7% to ₹53,356 crore. EBITDA increased ₹450.80 crore or 10.5% to ₹4,764 crore, with the margin improving 0.7 percentage points to 8.9%. Net profit, however, fell ₹980.80 crore or 28.5% to ₹2,466 crore, and basic EPS declined ₹31.19 or 28.5% to ₹78.44.

Profit before tax was ₹3,150 crore in Q2 FY27, down ₹1,122 crore or 26.3% from the year-ago quarter and ₹1,193 crore or 27.5% from the previous quarter. On the standalone basis, revenue was ₹53,340.2 crore and profit attributable to owners was ₹2,414.9 crore, against standalone profit before tax of ₹3,293.1 crore.

What changed in MARUTI SUZUKI INDIA's costs and profit?

Total expenses rose ₹11,601 crore or 29.7% year on year to ₹50,619 crore. Cost of materials increased ₹12,164 crore or 48.0% to ₹37,488 crore, employee cost rose ₹298.30 crore or 14.5% to ₹2,350 crore, and depreciation increased ₹256.90 crore or 15.1% to ₹1,960 crore. Other expenses rose ₹903.60 crore or 19.0% to ₹5,651 crore, while finance costs increased ₹10.50 crore or 18.4% to ₹67.70 crore.

Other income fell ₹532.60 crore or 56.3% year on year to ₹413.60 crore. The company said lower non-operating income resulted from mark-to-market losses on invested surplus. Tax expense was ₹753 crore, down ₹237.30 crore or 24.0%, and there was no exceptional item in either Q2 FY27 or Q2 FY26.

The company attributed the year-on-year margin pressure to adverse commodity prices in the context of the West Asia conflict, adverse foreign exchange movement and lower non-operating income due to mark-to-market losses on invested surplus. It also cited improved realisation, favourable operating leverage and cost-reduction efforts as positive factors. Sequentially, the company also cited higher manufacturing overheads and depreciation from a new facility and new model dies.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue rose ₹24,875.9 crore or 30.7% to ₹105,825.3 crore from ₹80,949.4 crore in H1 FY26. Total income increased ₹24,228.5 crore or 28.9% to ₹108,012.3 crore, while profit before tax fell ₹1,686.4 crore or 18.4% to ₹7,493.6 crore.

H1 FY27 net profit was ₹5,913.0 crore, down ₹1,228.4 crore or 17.2% from ₹7,141.4 crore, and basic EPS declined ₹39.07 or 17.2% to ₹188.07. On the standalone basis, the company reported half-yearly net sales of ₹1,005,746 million and net profit of ₹57,670 million, against net sales of ₹767,564 million and net profit of ₹70,609 million in H1 FY26.

What do the balance sheet and cash flow show?

At 30 September 2026, consolidated total assets were ₹154,801.8 crore, up from ₹148,881.0 crore at 31 March 2026. Total equity rose to ₹109,002.3 crore from ₹107,156.3 crore, while borrowings remained nil. Cash increased to ₹891.7 crore from ₹66.9 crore, inventories rose to ₹12,809.0 crore from ₹11,320.6 crore, trade receivables increased to ₹6,742.3 crore from ₹5,342.0 crore, and trade payables rose to ₹25,830.0 crore from ₹22,133.8 crore.

H1 FY27 operating cash flow was ₹5,519.0 crore, against ₹4,970.9 crore in H1 FY26. Investing cash flow was negative ₹161.8 crore compared with negative ₹513.7 crore, and financing cash flow was negative ₹4,532.4 crore compared with negative ₹4,344.1 crore. Capital expenditure was ₹8,457.2 crore in H1 FY27, up from ₹5,673.4 crore in H1 FY26.

How has MARUTI SUZUKI INDIA done over the last 8 quarters?

Revenue rose year on year in each of the last eight quarters. It reached a low of ₹38,605.2 crore in Q1 FY26 and a high of ₹53,355.5 crore in Q2 FY27, with the latest quarter also higher than Q1 FY27’s ₹52,469.8 crore.

Profit followed a different path, declining from ₹3,911.1 crore in Q4 FY25 to ₹3,446.9 crore in Q1 FY27 and ₹2,466.1 crore in Q2 FY27. The EBITDA margin reached its low of 8.2% in Q1 FY27 before recovering to 8.9% in Q2 FY27, but remained below the 12.0% recorded in Q2 FY26.

What else did the company announce?

The board approved the unaudited financial results for the quarter ended 30 September 2026 in its meeting on 27 October 2026. It also approved incorporation of a Section 8 company to set up the Osamu Suzuki Centre of Excellence, which the company said would use Japanese manufacturing philosophy, culture and teachings of Osamu Suzuki to promote vocational and future-ready technical skills as a Corporate Social Responsibility activity.

The same-day filings did not announce a dividend, fund raise or appointment. The results were accompanied by an investor presentation covering Q2 FY27 and H1 FY27, while the company separately filed the board-meeting intimation and limited-review information.

What did MARUTI SUZUKI INDIA's management say?

The available earnings-call filing, uploaded on 2 November 2026, confirms that the investors’ call was held on 27 October 2026 to discuss the results for the quarter ended 30 September 2026. The filing did not include management’s guidance, priorities, risks, responses to analysts’ questions or any verbatim comments, so those details cannot be stated from the available record.

Management’s investor presentation said demand continued to outpace supply despite enhanced production capacity, with network inventory at about 17 days and pending bookings of about 200,000 units at the end of the quarter. It also cited adverse commodity prices in the context of the West Asia conflict, adverse foreign exchange movement and lower non-operating income from mark-to-market losses on invested surplus as factors affecting margins.

How did MARUTI SUZUKI INDIA shares react?

MARUTI SUZUKI INDIA rose 2.0% on the reaction day from its pre-results close of ₹11,399. By the next day’s close, the stock was up 2.9% from that pre-results close, and by the five-session close it was up 5.4%. The available data do not include separate five-minute, 15-minute or 30-minute moves.

The Passenger Cars & Utility Vehicles industry’s median move was 0.9% on the reaction day, 1.5% by the next day and 5.1% by five sessions. MARUTI SUZUKI INDIA therefore exceeded the industry median by 1.2 percentage points on the reaction day, 1.4 percentage points by the next day and 0.4 percentage points by five sessions.

Earlier reaction-day moves were negative: the stock fell 0.6% on 31 July 2026, 2.5% on 28 April 2026 and 2.3% on 28 January 2026. The prior five reaction days shown in the record were also negative, ranging from 0.2% to 4.1%.