Maruti Suzuki India Q2 FY27 Results: Consolidated Net Profit ₹24,661 Crore on Total Income of ₹37,691 Crore

Earnings
Automobiles

Blacklitt Research27 October 20263 min read

Maruti Suzuki India (NSE: MARUTI) reported a consolidated total income of ₹37,691 crore and a consolidated net profit of ₹24,661 crore for the quarter ended 30 Sep 2026, it said in a filing on 27 Oct 2026. Standalone total income was ₹37,700 crore and standalone net profit ₹24,149 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹37,691 crore, up 14.5% YoY and down 13.2% QoQ
Net profit and EPS: ₹24,661 crore, down 26.4% YoY and 28.5% QoQ; basic EPS ₹18.44
Other income: ₹4,136 crore, down 56.3% YoY and 77.9% QoQ
Finance costs: ₹677 crore, up 18.4% YoY

Standalone

The company on its own, without its subsidiaries

Total income: ₹37,700 crore, down 12.9% YoY and up 14.3% QoQ
Net profit and EPS: ₹24,149 crore, down 26.9% YoY and 28.0% QoQ; basic EPS ₹76.81
Other income: ₹4,294 crore, down 77.1% YoY and 55.6% QoQ
Depreciation: ₹19,596 crore, up 15.1% YoY

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	37,691	32,904	+14.5%	43,438	-13.2%
Revenue from operations	34,441	n/a	n/a	n/a	n/a
Other income	4,136	9,462	-56.3%	18,740	-77.9%
	24,661	33,490	-26.4%	34,469	-28.5%
Profit before tax	32,191	43,393	-25.8%	44,412	-27.5%
Finance costs	677	572	+18.4%	635	+6.6%
Tax expense	7,530	9,903	-24.0%	9,943	-24.3%
Net profit margin	65.43%	101.78%	-36.35 pp	79.35%	-13.92 pp
EPS, basic (₹)	18.44	n/a	n/a	109.63	-83.2%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Net profit fell faster than total income. Consolidated total income rose 14.5% YoY to ₹37,691 crore, while net profit fell 26.4% to ₹24,661 crore. Other income of ₹4,136 crore is 11.0% of total income this quarter, against ₹9,462 crore a year earlier, and is 12.8% of profit before tax of ₹32,191 crore.

Tax took 23.4% of profit before tax this quarter, against a year-earlier tax of ₹9,903 crore on profit before tax of ₹43,393 crore. The filing does not give a reason for the sharp fall in other income.

The filing notes that the company cannot reliably estimate a range of possible outcomes for its obligations under the Environment Protection (End-of-Life Vehicles) Rules, 2025, and the auditor draws attention to this matter without modifying the conclusion. The effect on results is not quantified.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	37,700	43,294	-12.9%	32,984	+14.3%
Revenue from operations	33,402	n/a	n/a	n/a	n/a
Other income	4,294	18,731	-77.1%	9,661	-55.6%
	24,149	33,028	-26.9%	33,521	-28.0%
Profit before tax	31,658	42,909	-26.2%	43,413	-27.1%
Finance costs	677	572	+18.4%	635	+6.6%
Depreciation	19,596	17,028	+15.1%	17,800	+10.1%
Tax expense	7,509	9,881	-24.0%	9,892	-24.1%
Net profit margin	64.06%	76.29%	-12.23 pp	101.63%	-37.57 pp
EPS, basic (₹)	76.81	105.05	-26.9%	106.62	-28.0%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone net profit of ₹24,149 crore was ₹512 crore lower than consolidated net profit of ₹24,661 crore. Standalone total income of ₹37,700 crore was ₹9 crore higher than consolidated total income of ₹37,691 crore.

Standalone profit before tax of ₹31,658 crore fell 26.2% YoY, and standalone depreciation rose 15.1% to ₹19,596 crore. Finance costs of ₹677 crore are 1.8% of total income this quarter.

For the half year ended 30 Sep 2026, standalone profit before tax was ₹75,071 crore and net profit ₹57,670 crore. The company's Note 5 describes the amalgamation of Suzuki Motor Gujarat Private Limited, effective from 1 Dec 2025, with comparative figures restated from 1 Apr 2025.

Inference

The board approved the results on 27 Oct 2026. The consolidated group comprises 2 subsidiaries, 14 associates and 3 joint ventures, and the standalone figures are the company's own accounts.

Standalone paid-up equity share capital is ₹1,572 crore at a face value of ₹5 a share. The filing does not say what the company intends to do with the EPR obligations, and the reason for the difference between standalone and consolidated profit is not explained.

Blacklitt's data shows the company filed on 27 Oct 2026 about incorporating a wholly owned subsidiary, which the filing itself does not discuss in these results.

Reference: Original filing (PDF)

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