Maruti Suzuki India Ltd., the nation's largest car manufacturer, is slated to release its second-quarter earnings today, October 27, 2026. The auto giant's stock has been trading close to its 52-week low, currently just 3% above the Rs 10,984 mark reached on October 22. Shares saw a modest rise of 1.26% to Rs 11,342 in early trade on the BSE.
Analyst Expectations for Q2 Performance
Brokerages largely foresee a mixed bag for Maruti Suzuki's Q2 performance, with strong revenue growth propelled by increased sales volumes, but a potential dip in net profit. Key factors influencing these projections include raw material costs, depreciation, and an evolving product mix.
YES Securities
YES Securities anticipates Maruti Suzuki's adjusted Profit After Tax (PAT) to fall by 12.8% year-on-year (YoY) to Rs 2,880 crore, attributing this decline primarily to higher depreciation. Despite this, the brokerage projects a 27.7% YoY growth in revenues, reaching Rs 54,060 crore, fueled by a robust 26.5% YoY increase in sales volumes to 697,000 units. However, EBITDA margins are expected to contract by 340 basis points YoY to 8.6% due to raw material inflation.
Anand Rathi
Anand Rathi, which maintains a 'buy' rating on Maruti Suzuki with a target price of Rs 11,603, expects a significant 28.3% YoY rise in Q2 revenue to Rs 54,297.1 crore. Conversely, the firm forecasts a 9% decline in net profit, settling at Rs 3,005.2 crore for the quarter.
Jefferies
Global investment firm Jefferies also has a 'buy' call on Maruti stock, aligning with a target price of Rs 11,603. Their projections include a 27.9% increase in revenue, reaching Rs 54,130 crore. However, EBITDA is anticipated to fall by 8.9% to Rs 4,631 crore, with pre-exceptional profit seeing a marginal 1.6% dip to Rs 3,250.2 crore.
Axis Direct
Axis Direct provides a comprehensive outlook, predicting a 29.8% YoY growth in total revenue to Rs 54,626 crore. This growth is primarily driven by a 26.5% increase in volumes and a 3% YoY growth in Average Selling Price (ASP). The brokerage notes an improved product mix, with Utility Vehicle (UV) contribution rising to 34% in Q2FY27 from 28% in Q2FY26, alongside a stronger export mix and new product launches.
Despite the strong top-line growth, Axis Direct expects net profit to decline by 8.9% to Rs 3,001 crore. EBITDA margins are projected to improve by 38 basis points YoY but decline by 96-195 basis points quarter-on-quarter. This is attributed to elevated raw material costs and supply chain disruptions, partially offset by higher sales of new models like Victoris and e-Vitara, and increased export volumes.