Maruti Suzuki Q2 Profit Rises 8% YoY to Rs 3,349 crore on Strong Sales, But Margins Tighten

Maruti Suzuki India Ltd, the country’s largest carmaker, posted a steady set of numbers for the quarter ended September 30, 2025, aided by robust demand across its model range. The company’s consolidated net profit rose 7.9% year-on-year (YoY) to Rs 3,349 crore, up from Rs 3,102 crore in the corresponding quarter last year.

Revenue from operations grew 12.9% to Rs 42,344.2 crore, driven by healthy domestic volumes and improved product mix. Total income for the quarter stood at Rs 43,290.4 crore, marking an 11.1% rise over the same period last year. However, the gains were tempered by a sharp increase in input costs. Total expenses surged 15.2% to Rs 39,018.4 crore, with raw material costs alone climbing nearly 19% to Rs 25,324.2 crore.

Employee benefit expenses rose 22.1% to Rs 2,052.2 crore, reflecting annual pay revisions and higher headcount to support capacity expansion. Depreciation charges also went up to Rs 1,703 crore. The carmaker’s profit from associates and joint ventures improved to Rs 67.3 crore, providing some cushion against cost pressures.

On a sequential basis, however, the company’s net profit fell 11.7%, underscoring the impact of rising commodity prices and fluctuating demand. Earnings per share (EPS) stood at Rs 106.52, up 8% YoY but lower than the previous quarter.

Also read: Suzuki Doubles Down On India With 8 SUVs Planned for Next 5-6 Years | Republic World

Despite the positive results, Maruti Suzuki shares ended slightly lower on October 31. The stock closed 0.12% down at Rs 16,186 on the BSE, after touching an intraday high of Rs 16,516. The traded volume was 7.19 lakh shares, with a market capitalisation of Rs 5.09 lakh crore. The stock currently trades near its 52-week peak of Rs 16,660, well above its yearly low of Rs 10,725.

During the quarter, domestic wholesales fell 5.1% year-on-year to 4,40,387 units, as buyers postponed purchases anticipating price revisions under the new GST regime. Implemented on September 22, 2025, the revised GST framework reduced the tax rate on sub-4-metre cars to 18% from 28% by removing the compensation cess. The move, announced under the next-generation GST rationalization plan unveiled in early September, was expected to make compact cars more affordable.

While domestic sales softened, exports surged 42.2% to a record 1,10,487 units, helping offset local weakness. Overall sales volume grew 1.7% to 5,50,874 units, with net sales hitting an all-time high of Rs 40,135.9 crore, compared to Rs 35,589.1 crore in the same quarter last year.

For the first half of FY2025-26, Maruti Suzuki sold 10,78,735 units, including 8,71,276 domestic and 2,07,459 export units, achieving its highest-ever half-yearly net sales of Rs 76,760.6 crore. Net profit for H1 FY26 stood at Rs 7,004.8 crore, up from Rs 6,719.1 crore in the year-ago period.