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Revenue
₹42,344 Cr
verified against source
Revenue YoY
12.8%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Maruti Suzuki reported Q2 FY26 net sales of INR 40,130 crore (+12.8% YoY) and net profit of INR 3,290 crore (+7.5% YoY). Domestic volumes declined 5.1% due to pre-GST cut deferrals, but exports surged 42.2% to 110,487 units. Festive retail sales doubled to 400,000 units (vs 211,000 last year), with small cars growing 30% in October. Management guided for 6% industry growth in H2 and expects to exceed the export target of 400,000 units. The company reiterated its aspiration of 50% market share and 10% EBIT margin, supported by eight new SUV launches by 2030-31. Key risk: sustainability of the small car recovery given deferred sales and festive euphoria.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects overall industry growth of about 6% year-on-year in the second half and beyond.
- Given H1 exports of over 200,000 units, management expects to exceed the full-year export guidance of 400,000 units.
- Global President announced eight more SUVs to be launched in India by the turn of the decade, excluding Victoris and eVITARA.
- Management reiterated the goal of achieving 10% EBIT margin and 50% market share, as set by Suzuki Motor Corporation.
Risks flagged
- The strong festive retail sales may include deferred purchases and festive euphoria; sustainability is uncertain.
- Higher sales promotion expenses (75 bps) and price corrections (20 bps) impacted margins; small car recovery could pressure blended margins.
- Forex (JPY) and commodities (PGM) together adversely impacted margins by 30 bps; hedging gains are non-operating.
- Global President noted that reaching 50% market share is more difficult than ever, despite product launches.
Key quotes
- What is good for India is good for Maruti, and what is good for Maruti is good for India.
- We should be exceeding our guidance of 400,000 units this year. In the first half, we've done more than 200,000 units. That gives us some confidence.
- Getting to 50% would be probably more difficult than it has ever been in the past. Having said that, we have levers available.
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