MARUTI · Automobile and Auto Components
Maruti Suzuki India Ltd. reported revenue of ₹52,470 cr for April to June 2026, +35.9% on the year and +0.0% on the quarter. That is faster than this quarter has grown in recent years (+8.9% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹1.97 lakh cr, +26.6% on the four before.
Operating profit (EBITDA) was ₹4,313 cr, a margin of 8.2%, −376 bps on the year and −352 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 8.2% to 13.3%). Operating costs grew +41.7%, faster than revenue at +35.9%, so operating profit grew less than sales.
Net profit was ₹3,447 cr, −9.1% on the year and −5.8% on the quarter, with earnings per share of ₹109.63. Profit before other income, one-offs and tax fell 18.2%, so 9 points of the headline growth came from outside the core business. The tax rate of 22% is in line with its recent average. Profit over the last four quarters totals ₹14,334 cr, −1.4% on the four before.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹455.91 over the last four quarters, the stock at ₹13,179.00 trades at 28.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹33,513 cr | ₹38,471 cr | ₹35,779 cr | ₹37,449 cr | ₹38,764 cr | ₹40,920 cr | ₹38,605 cr | ₹42,344 cr | ₹49,904 cr | ₹52,462 cr | ₹52,470 cr | ₹53,356 cr |
| YoY | — | — | +10% | +0% | +16% | +6% | +8% | +13% | +29% | +28% | +36% | +26% |
| EBITDA margin | 13.2% | 13.6% | 14.3% | 13.3% | 13.1% | 11.8% | 12.0% | 12.0% | 11.2% | 11.7% | 8.2% | 8.9% |
| Other income, % of PBT | 25% | 25% | 23% | 31% | 24% | 32% | 39% | 23% | 23% | 12% | 44% | 15% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 23% | 22% | 40% | 21% | 20% | 23% | 23% | 21% | 26% | 22% | 23% |
| Net profit | ₹3,207 cr | ₹3,952 cr | ₹3,760 cr | ₹3,102 cr | ₹3,727 cr | ₹3,911 cr | ₹3,792 cr | ₹3,349 cr | ₹3,879 cr | ₹3,659 cr | ₹3,447 cr | ₹2,466 cr |
| YoY | — | — | +48% | −18% | +16% | −1% | +1% | +8% | +4% | −6% | −9% | −26% |
| Core profit YoY | — | — | +72% | −9% | +16% | −13% | −19% | −7% | +5% | +30% | −18% | −18% |
| EPS | ₹102.00 | ₹125.71 | ₹119.58 | ₹98.68 | ₹118.54 | ₹124.40 | ₹120.62 | ₹106.52 | ₹123.38 | ₹116.38 | ₹109.63 | ₹78.44 |
| Flags | · | · | ✓ | 1 | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Maruti Suzuki India Ltd. reported revenue of ₹52,470 cr (+35.9% on the year) and net profit of ₹3,447 cr (−9.1% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −18.2% on the year, against −9.1% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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