Maruti Suzuki India reported a 27% year-on-year fall in standalone net profit to ₹2,415 crore for the September 2026 quarter, even as revenue from operations rose 26% to ₹53,340 crore and quarterly sales hit a record 6.97 lakh units. The company announced its results on Tuesday, October 27, 2026.
Higher commodity costs linked to West Asia disruptions and a fall in non-operating income weighed on earnings.
Maruti Suzuki Q2 FY27 Results at a Glance
Revenue grew sharply, but costs grew faster. The table compares standalone figures with the year-ago quarter.
| Metric | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue from operations (₹ crore) | 53,340 | 42,332 | +26% |
| Net profit (₹ crore) | 2,415 | 3,303 | -27% |
| Operating profit, EBIT (₹ crore) | 2,803.7 | 3,382.0 | -17% |
| EBITDA margin | 8.93% | 12.01% | Down 3.08 points |
| Total expenditure (₹ crore) | 50,604.2 | 39,007.5 | +30% |
| Exports (units) | 1,08,119 | 1,10,487 | About -2% |
On a consolidated basis, which includes the insurance broking and component joint ventures, net profit fell 26.4% to ₹2,466.1 crore from ₹3,349 crore, according to PTI-based reports.
Why Profit Fell Despite Record Volumes
Two factors stand out in the reports.
First, input costs. Autocar Professional attributes the profit decline to commodity price inflation linked to West Asia disruptions. Total standalone expenditure rose 30%, ahead of the 26% growth in revenue, which squeezed the operating margin from 12.01% to 8.93%.
Second, lower non-operating income. Autocar Professional also reported mark-to-market losses on the company’s investment portfolio, and Lapaas Voice, citing the same publication, put standalone other income at about ₹430 crore against ₹966 crore a year earlier. Other income is the money earned outside the core business, such as treasury returns, and a fall in it reduces profit even when sales rise.
Operating profit (EBIT) fell 17% year on year, but it rose 10.8% from the June quarter, according to PTI-based reports.
Record Sales Across Segments
Sales volumes were the bright spot. Maruti Suzuki sold a record 6.97 lakh units in the quarter, according to BW Businessworld. For the first half of FY27, total sales reached 13,79,378 units, a growth of 27.9% year on year and the highest-ever for any half year.
Domestic passenger vehicle growth was broad-based, with small car sales up 35.9% and SUV sales up 68.2%. Exports were 1,08,119 units against 1,10,487 units a year earlier, a decline of about 2% in what the company called a challenging geopolitical situation.
First-Half FY27 Results
For the six months to September 30, 2026, standalone figures show the same pattern of higher sales and lower profit.
- Net sales: ₹1,00,575 crore, against ₹76,756 crore in the first half of FY26.
- Standalone net profit: ₹5,767 crore, against ₹7,061 crore, a fall of about 18%.
Sequential Comparison With the June Quarter
Whalesbook reported that net profit of ₹2,414.9 crore compares with ₹3,352.1 crore in the June quarter, and that revenue of ₹53,340.2 crore compares with ₹52,455.1 crore. The figures reflect the integration of Suzuki Motor Gujarat, with earlier figures restated accordingly.
Revenue rose only about 1.7% from the previous quarter, a figure calculated from the reported numbers, so the sharp year-on-year growth reflects a strong run over the past year rather than a surge in the latest three months. Profit, by contrast, fell about 28% from the June quarter on the same restated basis.
How to Read the Margin and Profit Numbers
EBITDA margin shows how much of each rupee of revenue is left after operating costs, before depreciation, interest and tax. A fall from 12.01% to 8.93% means that about three rupees less out of every hundred of sales remained as operating profit than a year earlier. EBIT is operating profit after depreciation, and it fell 17% even though revenue rose 26%.
Standalone figures cover Maruti Suzuki India alone, while consolidated figures add its subsidiaries and joint ventures. The two sets of numbers moved in the same direction in this quarter, with a 27% fall in standalone profit and a 26.4% fall in consolidated profit.
Share Price and What to Watch
Maruti Suzuki shares closed at ₹11,450 on Tuesday, up ₹230 or 2.05%, according to Kotak Neo, before the reaction to the results could be seen in the market. Investors who want to follow the stock after the results need a demat account, and those who do not have one can complete demat account opening before placing orders. An online trading platform can then be used to watch how the stock responds on October 28.
Key items to watch in the next quarters:
- Whether commodity costs ease or stay elevated while West Asia tensions continue.
- Whether the EBITDA margin recovers from 8.93% towards the 12% level of a year ago.
- How other income behaves, given the mark-to-market losses on investments.
- Export volumes, which fell slightly even as domestic sales grew strongly.
Takeaway for Readers
The Maruti Suzuki result shows that strong demand does not guarantee profit growth when input costs rise. Revenue grew 26%, volumes hit a record, and still profit fell 27%. For investors, the key numbers are the margin and the other income line, which explain most of the gap between sales and earnings.
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