Maruti Suzuki Q2 Results FY27 Preview: Profit may fall 11% despite 27% revenue growth; margins under pressure

Maruti Suzuki Q2 Results FY27 Preview: Maruti Suzuki India is scheduled to announce its financial results for the second quarter of FY27 on Tuesday, October 27, 2026. The company is expected to report strong revenue growth, supported by healthy vehicle sales volumes and capacity ramp-up. However, higher raw material and manufacturing costs are expected to weigh on margins.

According to the Q2 FY27 estimates, Maruti Suzuki's standalone net profit is projected to decline 11 per cent year-on-year (YoY) to Rs 2,929 crore, compared with Rs 3,303 crore in the corresponding quarter of the previous financial year.

Revenue from operations is estimated to rise 27 per cent YoY to Rs 53,944 crore from Rs 42,332 crore in Q2 FY26.

The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) are expected to decline 8 per cent YoY to Rs 4,687 crore from Rs 5,085 crore in the year-ago quarter.

EBITDA margin is projected at 8.7 per cent, compared with 12 per cent in Q2 FY26, representing a contraction of 330 basis points.

On a sequential basis, EBITDA is estimated to increase 9 per cent from Rs 4,311 crore in Q1 FY27. EBITDA margin is expected to improve from 8.2 per cent in the preceding quarter.

Meanwhile, net profit is projected to decline 13 per cent quarter-on-quarter (QoQ) from Rs 3,352 crore, while revenue is expected to rise 3 per cent from Rs 52,456 crore.

^{Maruti Suzuki Q2 FY27: Earnings estimates}

Maruti Suzuki's vehicle sales volumes are expected to grow around 27–29 per cent YoY during the September quarter, driven by strong demand and capacity ramp-up.

However, average selling prices (ASPs) are expected to remain broadly flat or marginally lower compared with the year-ago period due to a higher share of hatchbacks in the product mix.

Commodity inflation and manufacturing costs to weigh on margins

Commodity and raw material inflation is expected to weigh on the company's gross margins during the quarter.

Higher manufacturing costs are also expected to add to margin pressures.

However, lower advertising expenditure, operating leverage and cost-control measures are expected to partially offset these pressures.

Maruti Suzuki Q2 Results: Key factors to monitor

The EBITDA margin trajectory amid sustained commodity cost pressures will be a key monitorable in the upcoming results.

The product mix between utility vehicles (UVs) and hatchbacks, including any improvement that supports average selling prices, will also remain in focus.

Other key monitorables include a recovery in export volumes, improvement in export mix and any further pricing actions to offset raw material cost inflation.