MARUTI Maruti Suzuki India Q2 FY26 results (Jul–Sep 2025) and concall
Maruti Suzuki's Q2 FY26 was a tale of two halves – domestic wholesales were dented by consumer deferral ahead of the GST rate cut, but this reversed sharply post-22 September with exceptional festive demand. Exports were a standout with 42% growth and the start of e VITARA BEV shipments to Europe. The company launched VICTORIS to bolster its SUV portfolio and reiterated ambitious medium-term targets. While operating margins improved sequentially to 8.5%, higher sales promotion expenses and adverse forex/commodity costs partially offset operating leverage gains. Management struck an optimistic
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What they filed
| Line item | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|
| Revenue | 38,764 | 40,920 | 38,605 | 42,344 |
| EBITDA | 5,076 | 4,844 | 4,623 | 5,086 |
| Net profit | 3,727 | 3,911 | 3,792 | 3,349 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Inve summary of a publicly available earnings call transcript; see how call summaries are prepared. Not investment advice.
