Maruti Suzuki Q2 Results FY27: Date, Base to Beat and What to Read in the Filing

Earnings · Auto Q2 FY27

Volumes are already known at 6,96,654 vehicles. What the filing must still answer is whether price hikes, mix and cost control can hold the EBITDA margin near the 8.2% of Q1 FY27 while revenue is estimated to rise by about 27%.

Updated: Tuesday, 27 October 2026, 1:00 PM IST  |  Reading time: 11 min  |  Next update: when the board-approved results are filed on 27 October 2026

Latest update (Tuesday, 27 October 2026, 1:00 PM IST): The board meets on 27 October 2026 to approve the unaudited results. The sources checked show no filed numbers yet. This page carries estimates reported on 26 October 2026 and will be rewritten into the analysis after the filing.

In plain words: EBITDA is operating profit before interest, tax, depreciation and amortisation. EBITDA margin is EBITDA divided by revenue. A carmaker can sell more cars and still earn less per car if metal, energy and other input costs rise faster than prices.

Data note: estimates are as reported on 26 and 27 October 2026 and are not a consensus. Year-ago figures are standalone and come from secondary reports of the Q2 FY26 filing; the exchange filing is final. Volumes come from Maruti Suzuki’s monthly sales releases. All as of Tuesday, 27 October 2026, 1:00 PM IST.

What is the base to beat in Maruti Suzuki Q2 results FY27?

The base to beat is Rs 42,101 crore revenue, Rs 4,434 crore EBITDA at a 10.53% margin and Rs 3,293 crore standalone profit from Q2 FY26 (July–September 2025). Q1 FY27 is the second yardstick, because it shows where costs stood in the quarter to 30 June 2026.

Cite this table: PositionalCalls.com, “Maruti Suzuki Q2 FY27 base-to-beat table”, as of 27 October 2026.

Maruti Suzuki reports standalone and consolidated numbers, so Maruti Suzuki Q2 results FY27 can read differently on each. For Q2 FY26 the consolidated profit was Rs 3,349 crore on revenue of Rs 42,344 crore, as reported. Brokers do not always use the same basis, so compare like with like before calling anything a beat or a miss. As a quick check, profit was 74.3% of EBITDA in Q2 FY26 (3,293 divided by 4,434) and 77.8% in Q1 FY27 (3,352 divided by 4,311). That gap between EBITDA and profit is why other income and depreciation need a look.

When will Maruti Suzuki announce its Q2 results?

Maruti Suzuki Q2 results FY27 are due after the board meets on Tuesday, 27 October 2026 to approve the unaudited results for the quarter ended 30 September 2026; the company told the exchanges on 8 October 2026. The exact filing time was not confirmed in the sources checked as of 27 October 2026, 1:00 PM IST. For Q1 FY27 the announcement was reported for 5:15 PM IST on 31 July 2026.

When Maruti Suzuki Q2 results FY27 are filed, read them first on the company’s investor Financials page or on the BSE stock page for scrip 532500. Media summaries arrive minutes later and sometimes mix standalone and consolidated figures.

How many vehicles did Maruti Suzuki sell in Q2 FY27?

Ahead of Maruti Suzuki Q2 results FY27, volumes are already known: the company sold 6,96,654 vehicles in July–September 2026, up 26.46% from 5,50,874 a year earlier, with domestic passenger vehicles up 38.11% and exports down 2.14% (as reported from the company’s monthly releases).

Cite this table: PositionalCalls.com, “Maruti Suzuki Q2 FY27 volume table”, as of 27 October 2026.

For Maruti Suzuki Q2 results FY27 the segments add up to the total: 5,55,012 plus 10,441 plus 1,08,119 plus 23,082 is 6,96,654. By month, July was 2,41,421 and September 2,36,013, which implies about 2,19,220 for August (my calculation from the quarter total). Q2 volume is about 2.0% above the 6,82,724 of Q1 FY27 (my calculation).

Mix matters. Exports were about 15.5% of Q2 FY27 volume against about 20.1% a year earlier (my calculation), so the quarter leaned on the domestic market. Maruti Suzuki also described the quarter as its best ever for domestic sales, as reported.

What are brokerages expecting for the Maruti Suzuki Q2 profit?

Estimates for Maruti Suzuki Q2 results FY27 point to revenue up roughly 27–28% but a lower margin and lower profit; no confirmed consensus figure was found in the sources I could open. Treat each row as one view, not a benchmark.

The two views differ most on EBITDA: one has it slightly up, the other down by double digits. Zee’s profit estimate also implies profit of 62.2% of EBITDA (2,832 divided by 4,556, my calculation), well below the 74.3% and 77.8% seen above. I cannot tell from the report whether that reflects lower other income, higher depreciation or tax, so the filing is the place to look.

Two operating facts frame the debate on Maruti Suzuki Q2 results FY27. In the Q1 FY27 call, management pointed to higher commodity and energy costs and said margin pressure should ease in Q2 as price increases take effect (as summarised by Investing.com). The Kharkhoda plant started in May 2026 and the fourth Hansalpur plant in July 2026, lifting capacity to 29 lakh units a year (as reported by Motilal Oswal); new plants can add depreciation and start-up cost.

What should you read first in the Maruti Suzuki filing?

To read Maruti Suzuki Q2 results FY27 well, take six things in order: the basis, the EBITDA margin, revenue per vehicle, other income and depreciation, the export and Toyota mix, and management commentary.

1. Confirm the basis. Note whether the headline is standalone (base Rs 3,293 crore) or consolidated (base Rs 3,349 crore).
2. Find the EBITDA margin. Compare it with 10.53% a year ago and 8.2% in Q1 FY27, then look at material cost as a share of revenue.
3. Divide revenue by vehicles. Compare with Rs 7.64 lakh and Rs 7.68 lakh to see whether price hikes offset mix.
4. Check other income and depreciation. They explain the gap between EBITDA and profit.
5. Check exports and Toyota supplies. Both were lower in the quarter, as reported.
6. Read the commentary. Q1 FY27 reported an order book of about 1,30,000 units, dealer inventory of 13 days and a roughly 10% volume growth guide for FY27 (as reported).

How much does EBITDA margin change the Maruti Suzuki Q2 result?

For Maruti Suzuki Q2 results FY27, on Rs 53,465 crore of revenue, each 1 percentage point of EBITDA margin is about Rs 535 crore, and the gap between 10.53% and 8.2% is about Rs 1,246 crore. These are own calculations with stated assumptions, not forecasts. Revenue is the Zee Business estimate, used only as a yardstick.

Cite this table: PositionalCalls.com, “Maruti Suzuki EBITDA margin sensitivity table”, as of 27 October 2026.

Arithmetic: 53,465 multiplied by 8.2% is 4,384; by 9.5% is 5,079; by 10.53% is 5,630. The 2.33-point gap between 10.53% and 8.2% equals 2.33 times 534.65, or about 1,246. That is more than 28% of the year-ago EBITDA.

What changed and when: the GST 2.0 base effect

The base effect matters for Maruti Suzuki Q2 results FY27: from 22 September 2025, GST on small petrol and CNG cars up to 1,200 cc and 4 metres fell from 28% plus cess to 18%, so the year-ago quarter had only about nine days of the lower prices. Maruti Suzuki announced price cuts of up to Rs 1.29 lakh from the same date, as reported.

The nine days run from 22 to 30 September 2025 (my count). My reading: Q2 FY27 compares a full quarter at the lower small-car prices with a base that was mostly at the old prices. That helps volume growth more than it helps margin, which is why a 38% rise in domestic passenger vehicles can sit alongside a lower margin. Rates are as reported by secondary sources; the GST Council notification is the primary document.

Results-day checklist and common mistakes

• Open the exchange filing for Maruti Suzuki Q2 results FY27, not a forwarded screenshot.
• Note standalone or consolidated, then compare with the matching base.
• Write down EBITDA margin and compare with 10.53% and 8.2%.
• Divide revenue by 6,96,654 vehicles and compare with Rs 7.64 lakh.
• Check other income, depreciation and any one-off item.
• Read the commentary on costs, order book and exports.
• Update your own view after the call, not before.

What you need: nothing beyond the filing to read results; a demat account only if you trade. Costs and tax: brokerage and charges differ by broker, so check your broker’s current schedule; for tax on gains, read our capital gains tax on shares guide or ask a tax adviser.

Analyst’s note

Part of our Q2 FY27 results series, with Infosys, Reliance, Bajaj Finance and Eternal.

FAQs on Maruti Suzuki Q2 results FY27

Sources

• Maruti Suzuki, sales in September 2026 (press release, 1 October 2026)
• Maruti Suzuki investor Financials page
• BSE stock information, scrip 532500
• Zee Business, Maruti Suzuki Q2 preview (26 October 2026)
• Axis Securities and Anand Rathi Q1 FY27 result updates (August 2026)
• Motilal Oswal Q1 FY27 summary, via DSIJ; Samco, IANS and Motilal Oswal reports on Q2 FY26 results
• PSU Connect (board meeting date); Citi note via ad-hoc-news; Investing.com earnings-call summary
• DriveSpark and Autocar Professional (monthly and quarterly volumes); Onmanorama and Evo India (GST 2.0 rates)

Editorial disclosure: PositionalCalls.com is an independent Indian stock market research and education site founded by Shubham Chaudhary. PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. This page carries no price target and no advice to buy, hold or sell. How I researched this: I compared Maruti Suzuki’s monthly sales releases with reported year-ago and Q1 FY27 figures, recalculated every derived number, and labelled estimates as reported.