Maruti Suzuki Q2 results: Net profit falls 27% YoY; EBITDA margin shrinks to 9% as commodity prices weigh

The country's largest carmaker’s total revenue from operations, including the sale of products and other operating revenue, jumped 26% year-on-year (YoY) to ₹53,340 crore in Q2 FY27 from ₹42,332 crore in the year-ago period.

Maruti Suzuki’s operating profit, also known as earnings before interest, taxes, depreciation, and amortisation (EBITDA), slipped 6% YoY to ₹4,764 crore as compared to ₹5,085 crore in the corresponding period of the previous financial year. This was owing to the West Asia conflict linked to commodity increases.

Its operating profit margin, also known as EBITDA margin, contracted to 8.93% in the reporting quarter from 12.01% in the year-ago period.

In the investors’ presentation, Maruti said that the Q2 FY27 margin was impacted by multiple factors like adverse commodity prices amid the West Asia conflict, unfavourable foreign exchange movements and higher manufacturing overheads.

Further, higher depreciation expenses due to a new facility and new model dies, along with lower non-operating income because of mark-to-market losses on invested surplus, also weighed on margins.

The auto major said it has achieved the highest-ever quarterly total sales volume of 696,654 units, registering a growth of 26.5% over the same period the previous year. The growth in the domestic passenger vehicle market was broad-based, with small car sales increasing by 35.9% and SUV sales by 68.2%.

However, non-operating income declined sharply in Q2 owing to mark-to-market losses on invested surplus.

“Recent capacity additions have enabled the company to serve the strong demand. Even with enhanced production capacity, demand continued to outpace supply resulting in a low network inventory of about 17 days and pending bookings of about 200,000 units at the end of the quarter,” said Maruti Suzuki.

In export markets, despite the challenging geopolitical situation, the firm achieved sales of 108,119 units in Q2 as compared to 110,487 units YoY.

H2 FY27 updates

During the first half of the year (H1 FY27), Maruti Suzuki said it has achieved the highest-ever sales volume of 1,379,378 units, registering a growth of 27.9% annually. This comprised record half-yearly domestic sales of 1,146,523 units and exports of 232,855 units.

The company also posted its highest-ever half-yearly net sales of ₹1,00,575 crore in H1 FY 2026-27 as compared to ₹76,756 crore in H1 FY26. The net profit in H1 came in at ₹5,767 crore as against ₹7,061 crore YoY.

Maruti Suzuki share price details

On Tuesday, Maruti Suzuki India shares closed at ₹11,450 apiece on the National Stock Exchange, rising 2.05%.

From the beginning of the year, Maruti Suzuki shares have declined 31%. Over a month’s time, the stock has fallen 4.6%, while for a six-month period, it has slipped 13%.

Shares of the firm had hit a 52-week high of ₹17,370 on January 5, 2026, and a 52-week low of ₹10,985 on October 22, 2026.

According to NSE data, as of October 27, 2026, Maruti Suzuki has a total market capitalisation of ₹3.60 lakh crore.