Maruti Suzuki India (MARUTI) Q2 25/26 earnings summary

Executive summary

• Achieved significant milestones with the launch of the e VITARA BEV for over 100 countries and Suzuki's first lithium-ion battery cell manufacturing in India.

• Launched the Victoris SUV, which received over 30,000 bookings and a five-star safety rating, strengthening the product portfolio.

• Celebrated 10 years of NEXA and expanded the service network to over 5,640 touchpoints across 2,818 cities.

• Standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2025, were approved by the board and reviewed by auditors with unmodified opinions.

• The company is primarily engaged in the automobile sector, with ancillary activities in pre-owned car sales, fleet management, and car financing.

Financial highlights

• Q2 FY26 standalone net sales reached ₹401,359 million, with consolidated revenue at ₹423,442 million; net profit was ₹32,931 million standalone and ₹33,490 million consolidated.

• H1 FY26 standalone net sales hit ₹767,606 million, with net profit at ₹70,048 million.

• Standalone EPS for Q2 FY26 was ₹104.74, down from ₹118.06 in Q2 FY25; consolidated EPS was ₹106.52, down from ₹120.62 year-over-year.

• Total comprehensive income for H1 FY26 was ₹76,104 million standalone and ₹77,484 million consolidated.

• Q2 sales volume was 550,874 units, with H1 sales volume at 1,078,735 units.

Outlook and guidance

• Expecting continued buoyancy in retail sales due to GST reduction, with festive season sales showing strong momentum.

• Projecting industry-wide sustainable growth of 6% year-over-year, with small cars expected to grow at 10% in H2.

• Confident of exceeding export guidance of 400,000 units for the fiscal year.

• The company awaits the final judgment on the Scheme of Amalgamation with Suzuki Motor Gujarat Private Limited, which could impact future structure and results.

• The impact of new Environment Protection (End-of-Life Vehicles) Rules, 2025, is yet to be determined due to lack of an operational framework.