Maruti Suzuki, India's largest passenger vehicle maker, heads into its Q2 FY 2026-2027 print with volumes running well ahead of its own 10% growth guidance but margins still recovering from a ~300 bps commodity hit in Q1. The key questions this quarter are how much of the ~110 bps settlement-cycle margin hit reverses, and how much of the June and August price increases flows through to the second quarter.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | INR 499,591 Mn (Rs. 49,959.1 Cr), +36.4% YoY |
| Previous quarter PAT | INR 33,521 Mn (Rs. 3,352.1 Cr), -10.8% YoY |
| Previous quarter EBITDA margin | 8.63% (derived, standalone) |
| Market cap | Rs. 350,191.97 Cr |
| CMP | Rs. 11,198.0 |
The Board of Directors will meet on 27 October 2026 to approve the unaudited financial results for the quarter ended 30 September 2026 (Regulation 29, SEBI LODR).
The Q2 FY 2026-27 analyst/investor call is scheduled for Tuesday, 27 October 2026 at 5:45 p.m., per the company's 21 October announcement.
The Q2 print will test whether the margin reset that took EBIT to 5.1% of net sales in Q1 FY27 begins to reverse, with management having guided that the ~110 bps settlement-cycle commodity impact passes back between Q2 and Q3 and that most of the benefit of two price increases (June implemented, August announced) flows in the second quarter. Volume momentum into the print is strong: September 2026 sales were 236,013 units (+24.44% YoY), YTD Apr-Sep sales are up 27.87% against a 10% own-volume FY27 growth guide, and domestic market share stood at 41.2% (+2.3 pp) in Q1. Offsets remain live: industry PV exports fell 17% in August against the company's 'at least last year's numbers' export guide (FY26 base of 447,774 units), the yen appreciated ~2% against the rupee over the window, and the West Asia conflict that drove the ~300 bps commodity and gas cost shock is still ongoing. CAFE-3 regulations were notified on 29 September 2026 with a weight-curve structure management has indicated potentially benefits Maruti Suzuki, and model-wise pricing clarity is due in the next few quarters. The call is likely to cover the pace of margin recovery toward the 10% EBIT margin goal by FY 2030-31, the quality of wholesale strength against dealer inventory, and export visibility.
Guidance scorecard to interrogate
Margin bridge normalization
Order book, inventory and demand quality
Tax items and leadership transition
Q1 FY27 PAT fell 10.8% YoY to INR 33,521 Mn even as net sales rose 36.4%, because of ~300 bps of commodity inflation tied to the West Asia conflict, of which ~110 bps was a temporary change in the commodity settlement cycle. Management described these as temporary factors, with the settlement-cycle benefit expected to flow back between Q2 and Q3 FY27.
Management has set a 10% EBIT margin goal by FY 2030-31 and said Q4 FY26's 8.8% EBIT margin was in line with its estimate. It declined quarter-level margin guidance but expressed confidence in a return to a healthy trajectory once the commodity, war and energy price headwinds ease.
Management has guided exports to be 'at least the last year numbers' (FY26: 447,774 units) but declined a specific figure, saying 'If you can help me predict the war, I can predict the export number'. Geopolitical volatility and shipping-schedule disruptions make the outlook hard to quantify.
The CFO expects start-up costs for Kharkhoda Phase 2 and the Gujarat brownfield line to be 'not significant' in FY27, given demand visibility and economies of scale. The prior Kharkhoda greenfield had carried ~60 bps of cumulative start-up costs.
YTD Apr-Sep FY27 sales are up 27.87% against the initial expectation of 10% own-volume growth, which management has said remains unchanged with no new demand outlook issued. Supply-side headroom of ~10% was flagged, with sales constrained by supply rather than demand.