Maruti Suzuki's Q2 profit falls 27% to ₹2,415 crore as sales volume rises 26.5%

What happened

• Maruti Suzuki reported net profit of ₹2,415 crore for the September 2026 quarter against ₹3,303 crore a year earlier, down 27%, Upstox and Kotak Neo reported. Upstox gave revenue from operations as ₹53,340 crore against ₹42,332 crore, up 26%; Kotak Neo gave ₹50,615.5 crore against ₹40,135.8 crore, up 26.1%. The two outlets use different revenue figures.
• Sales volume was 6,96,654 vehicles against 5,50,874, up 26.5%, both outlets said. Kotak Neo gave domestic sales as 5,88,535, up 33.6%, with utility vehicles up 52.3%, and said exports fell 2.1%.
• Upstox put EBITDA at ₹4,764 crore against ₹5,085 crore, with the margin at 8.93% against 12.01%; Kotak Neo gave ₹4,763.3 crore against ₹5,084.8 crore, down 6.3%, and said material costs were 79.9% of net sales against 75.7%. Both outlets cited adverse commodity prices amid the West Asia conflict and unfavourable foreign exchange. Upstox added higher manufacturing overheads, depreciation on new facilities and mark-to-market losses on invested surplus; Kotak Neo added lower non-operating income.
• The shares closed at ₹11,450 against ₹11,220 on Monday on Kite data, a rise of 2.05% by my calculation. Upstox's report is timed at 4:10 PM and Kotak Neo's at 5:32 PM, after the close.

Why it matters

Good to know: Profit fell while sales rose because costs grew faster than revenue. Material costs, the largest cost line for a carmaker, took 79.9% of net sales in the quarter against 75.7% a year earlier, according to Kotak Neo.

Key facts

Net profit

₹2,415 crore (₹3,303 crore a year earlier), down 27%

Revenue from operations

₹53,340 crore, up 26%, per Upstox; ₹50,615.5 crore, up 26.1%, per Kotak Neo

Sales volume

6,96,654 vehicles (5,50,874), up 26.5%

EBITDA margin, per Upstox

8.93% (12.01%)

Domestic sales / exports, per Kotak Neo

5,88,535, up 33.6% / down 2.1%

Read the source

• Maruti Suzuki Q2 net profit falls 27% YoY; EBITDA margin shrinks to 9% as commodity prices weighUpstox
• Maruti Suzuki Q2 Results: Profit Falls 27% To ₹2,415 Crore As Revenue Climbs 26%Kotak Neo

Maruti Suzuki India in the news before

1. 5 OCT 2026 · EVENING · BUSINESS UPDATESMaruti Suzuki's September sales jump 24.4% to 2,36,013 units; shares close 4.86% lower