 "vehicle, car sales, driving")
The operating performance of the country’s largest passenger carmakers, Maruti Suzuki India (MSIL) and Hyundai Motor India (HMIL), in the July–September quarter (Q2) of 2025–26 (FY26) outpaced brokerage expectations. Profitability stayed firm, helped by a richer product mix and tighter cost control. The outlook for the domestic passenger vehicle (PV) segment remains upbeat, with demand improving after the goods and services tax (GST) cuts. Most brokerages continue to take a positive view of the two stocks.
Volume trends were uneven, with softer domestic sales offset by stronger exports. MSIL’s volumes rose 2 per cent year-on-year (Y-o-Y), while HMIL’s slipped slightly.
