Maruti Suzuki Q2 Preview: What to expect from India's largest carmaker?

Maruti Suzuki Q2 Preview: Maruti Suzuki India will likely announce its September quarter results on October 31, 2025.

Maruti Suzuki Q2 preview: India’s largest carmaker, Maruti Suzuki, is expected to post a steady topline growth in the September quarter (Q2FY26), aided by improving demand elasticity, GST-led car demand recovery, and a richer product mix. 

 

However, margin compression due to higher discounts, wage revisions, marketing spends, and new plant-related costs may weigh on profitability.

 

That said, Maruti Suzuki India will likely announce its September quarter results on October 31, 2025.

 

Brokerages estimate revenue growth of around 6-7 per cent Y-o-Y,, supported by better realisations and higher export contribution. Yet, Ebitda may decline between 4-11 per cent Y-o-Y, reflecting increased input and operating costs. 

 

Profit after tax (PAT) expectations vary widely, with forecasts ranging from a 9 per cent decline to a 23 per cent rise Y-o-Y, depending on cost assumptions and forex impact.

 

Analysts expect Maruti’s performance to capture the rebound in car demand better than peers, thanks to its broad portfolio and pricing flexibility. The Street will watch management commentary on demand trends post-GST rate cuts, export momentum, and margin trajectory for cues on near-term outlook.

 

On the bourses around 1:30 PM, Maruti Suzuki share price was trading 0.13 per cent higher at ₹16,634.90 per share. In comparison, BSE Sensex was trading 0.49 per cent higher at 85,039.36 levels.

 

Here's what top brokerage predict for Maruti Suzuki ahead of Q2 numbers:

 

Axis Securities

 

Axis Securities expects a 6.9 per cent Y-o-Y growth in revenue, aided by 1.7 per cent higher volumes and a 5 per cent improvement in average selling prices (ASPs). A greater export contribution (20.1 per cent in Q2FY26 vs 14.4 per cent last year) is likely to offset a reduced UV share (28.2 per cent vs 33.3 per cent) and higher discounting in entry-level cars.

Ebitda margins may compress by around 7 bps sequentially due to negative operating leverage, wage revisions, higher ad spends, and forex losses, partly cushioned by better CNG and export sales.

 

The brokerage forecasts revenue at ₹39,776 crore (up 6.9 per cent Y-o-Y), Ebitda at ₹4,108 crore (down 7 per cent Y-o-Y), PAT at ₹3,784 crore (up 23.3 per cent Y-o-Y), and Ebitda margin at 10.3 per cent.

 

SMIFS Limited

   

Analysts at SMIFS expect total volumes to edge up ~1.7 per cent Y-o-Y, driven by stronger exports (up to ~20 per cent of sales), even as domestic demand remained soft. Realisations are likely to improve about 5 per cent Y-o-Y, supported by a richer product mix though partially offset by higher discounts.

 

The brokerage projects a 205 bps Y-o-Y and 57 bps Q-o-Q contraction in Ebitda margin, led by launch-related expenses and discounts, offset by operating leverage gains.

 

It estimates revenue at ₹39,735.5 crore (up 6.8 per cent Y-o-Y), Ebitda at ₹3,904.6 crore (down 11.6 per cent Y-o-Y), PAT at ₹3,347 crore (up 9.1 per cent Y-o-Y), and Ebitda margin at 9.8 per cent.

 

InCred Equities

 

According to analysts at InCred Equities, Maruti Suzuki is best placed to benefit from strong demand elasticity and the recovery in car sales following the GST rate cut, which could help it consolidate market share and enhance pricing power.

 

The brokerage expects revenue to climb 5.8 per cent Y-o-Y to ₹39,357.1 crore, while Ebitda may decline 4 per cent Y-o-Y to ₹4,239.1 crore and adjusted PAT could fall 9.4 per cent Y-o-Y to ₹3,539.4 crore.

 

Nuvama Institutional Equities (Nuvama)

 

Nuvama expects revenue to grow in high single digits, aided by improved volumes, a higher mix of premium models, and better realisations. However, it sees margin pressure from elevated input costs and expenses related to the new Kharkhoda plant.

 

It pegs revenue at ₹39,800.2 crore (up 7 per cent Y-o-Y), Ebitda at ₹4,160.2 crore (down 6 per cent Y-o-Y), and adjusted PAT at ₹3,779.7 crore (up 23 per cent Y-o-Y).