Maruti Suzuki India LimitedQ2 FY27 Results & Financial Update
Maruti Suzuki India Limited: Q2 FY27 consolidated results and company financials – revenue ₹53,355.50 Cr, PAT ₹2,466.10 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Maruti Suzuki India Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Maruti Suzuki India Limited achieved its highest-ever quarterly total sales volume of 696,654 units during Q2 FY27, representing a robust 26.5 percent expansion over the corresponding period of the previous year.
Domestic passenger vehicle demand proved exceptionally broad-based, propelled by a 35.9 percent increase in small car sales and a 68.2 percent surge in utility vehicle deliveries following strong market acceptance of recently introduced SUV models.
The heavy order influx allowed the company to expand its domestic market share by 2.2 percentage points to reach 40.8 percent, while recent capacity additions helped service elevated customer demand.
Despite expanded operating capacity, demand continued to outpace production output, leaving the company with a lean network inventory of approximately 17 days and a massive backlog of roughly 200,000 pending bookings at the close of the quarter.
Export shipments experienced slight headwinds from challenging geopolitical conditions, yielding 108,119 units in Q2 FY27 compared to 110,487 units in the prior-year period.
Financial performance showed divergent trends between core operations and non-operating lines. While net sales climbed to record levels, bottom-line profitability experienced downward pressure due to commodity cost inflation and mark-to-market valuation losses on invested financial surpluses.
01 · Business model
What does Maruti Suzuki India do?
Maruti Suzuki India Limited is India's largest passenger vehicle manufacturer, engaged in the production, purchase, and sale of motor vehicles, components, and spare parts. Its manufacturing footprint is anchored by major production hubs across Haryana and Gujarat.
The company's primary revenue engine is passenger car sales across compact, mid-size, and utility vehicle segments, supplemented by vans, light commercial vehicles, and automotive exports to various global markets.
Distribution is executed through an extensive dealer network spanning domestic urban and rural markets, supported by structured commercial alliances and sales to original equipment manufacturers.
02 · Historical context
What shaped the business before this quarter
Suzuki Motor Gujarat Private Limited, a wholly-owned subsidiary, amalgamated with Maruti Suzuki India Limited with an appointed merger date of April 1, 2025, resulting in restated financial figures for comparative periods.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹53,355.50 Cr |
| Total income | ₹53,769.10 Cr |
| Profit before tax | ₹3,150.10 Cr |
| Profit after tax | ₹2,466.10 Cr |
| EPS | ₹78.44 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Record quarterly sales volume of 696,654 units, up 26.5 percent year-on-year, driven by 588,535 domestic vehicle sales and 108,119 export units.
Domestic passenger car sales (mini, compact, and mid-size) grew 31.9 percent to 281,308 units, while utility vehicle sales jumped 52.3 percent to 236,807 units.
Stand-alone net sales reached INR 506,155 million in Q2 FY27, compared to INR 401,358 million in Q2 FY26, supported by improved vehicle realizations.
What drove margins
Material costs rose as a percentage of net sales to 79.9 percent from 75.7 percent in Q2 FY26, driven by adverse commodity price increases linked to the West Asia conflict.
Operating profitability benefited from favorable operating leverage and cost reduction initiatives, helping partially offset input cost inflation.
Manufacturing overheads and depreciation expenses increased sequentially due to the commissioning of new manufacturing facilities and tooling dies for newly launched models.
05 · Demand, customers & order book
Where demand is coming from
The company exited the quarter with approximately 200,000 pending customer bookings, reflecting sustained strong order intake.
Dealer network inventory remained lean at approximately 17 days of sales at the end of September 2026.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Delivered 281,308 units, representing 47.8 percent of total domestic sales and a 31.9 percent year-on-year growth rate.
Achieved 236,807 units, accounting for 40.2 percent of domestic sales and surging 52.3 percent over Q2 FY26.
Vans recorded 36,897 units (up 11.3 percent YoY), while light commercial vehicles reached 10,441 units (up 23.5 percent YoY).
Geography and market mix
Export volume stood at 108,119 units, constituting 15.5 percent of total quarterly sales amidst complex geopolitical operating conditions.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Recent capital expenditure and capacity additions enabled the company to scale production and service elevated market demand.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The Board approved incorporating a Section 8 company to establish the Osamu Suzuki Centre of Excellence as a corporate social responsibility initiative, aimed at promoting Japanese manufacturing philosophy and advancing vocational technical skills across India.
09 · Reported developments
What changed operationally
Achieved highest-ever quarterly total sales of 696,654 units and record net sales of INR 506,155 million.
Utility vehicle sales expanded by 52.3 percent year-on-year, driven by positive market reception for recent product launches.
10 · Pressure points & risks
What is not going smoothly
Net profit declined to INR 24,149 million from INR 33,028 million in Q2 FY26, impacted by commodity inflation and mark-to-market investment losses.
Non-operating income declined sharply due to mark-to-market losses on invested investment surpluses during the quarter.
11 · Previous-quarter changes
What changed since the previous quarter
Sales volume increased 2.0 percent sequentially from 682,724 units in Q1 FY27 to 696,654 units in Q2 FY27.
12 · Key Q&A
The quarter, answered directly
What does Maruti Suzuki India do?
Maruti Suzuki India Limited is India's largest passenger vehicle manufacturer, engaged in the production, purchase, and sale of motor vehicles, components, and spare parts. Its manufacturing footprint is anchored by major production hubs across Haryana and Gujarat.
What is the clearest takeaway from Q2 FY27?
Maruti Suzuki India Limited achieved its highest-ever quarterly total sales volume of 696,654 units during Q2 FY27, representing a robust 26.5 percent expansion over the corresponding period of the previous year.
What drove revenue or demand?
Record quarterly sales volume of 696,654 units, up 26.5 percent year-on-year, driven by 588,535 domestic vehicle sales and 108,119 export units.
What mattered most for margins or profitability?
Material costs rose as a percentage of net sales to 79.9 percent from 75.7 percent in Q2 FY26, driven by adverse commodity price increases linked to the West Asia conflict.
What changed operationally beyond the headline numbers?
Recent capital expenditure and capacity additions enabled the company to scale production and service elevated market demand.
What are the main pressure points disclosed for the quarter?
Net profit declined to INR 24,149 million from INR 33,028 million in Q2 FY26, impacted by commodity inflation and mark-to-market investment losses.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Backlog Realisation: Monitor the pace at which the 200,000 pending vehicle bookings are fulfilled against incoming production capacity.
- 02
Input Cost Trends: Track commodity price movements and their ongoing impact on material costs and operating margins.
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