Maruti Suzuki Financial Breakdown: Revenue, Profit, Ratios
Maruti Suzuki India, the country's largest carmaker, reported a paradox in its September 2026 quarter (Q2 FY27): record sales volumes of nearly 7 lakh vehicles, yet a 26% fall in profit. This breakdown looks at the company's five-year financial trend, its latest quarterly results, balance sheet strength, shareholding, dividends and how it compares with rival Hyundai Motor India.
Quick take: Revenue is at a record high, but margins are under pressure from commodity costs linked to the West Asia conflict and adverse currency moves. The company remains virtually debt-free, pays a record dividend, and management expects domestic volumes to grow at least 10% in the second half of FY27.
Business Overview
Maruti Suzuki India Ltd (NSE: MARUTI, BSE: 532500) is India's largest passenger vehicle manufacturer and the largest subsidiary of Japan's Suzuki Motor Corporation, which holds a majority stake. The company manufactures, purchases and sells motor vehicles, components and spare parts. It reports no separate business segments — automobiles is its single reportable segment — so vehicle sales, spare parts and related services together drive the top line.
The company's brands span entry-level hatchbacks (Alto, Wagon R), compact cars (Swift, Baleno), sedans (Ciaz) and a fast-growing utility vehicle range (Brezza, Fronx, Grand Vitara, Jimny). In Q2 FY27 it sold a record 6,96,654 vehicles, up 26.5% year-on-year, including 1,08,119 exports.
Q2 FY27 Results: Record Volumes, Shrinking Margins
Maruti Suzuki announced its Q2 FY27 results on 27 October 2026. The headline numbers tell a two-sided story:
- Consolidated revenue from operations: Rs 53,355.5 crore, up 26% from Rs 42,344.2 crore in Q2 FY26
- Consolidated net profit: Rs 2,466.1 crore, down 26.4% from Rs 3,349 crore a year ago
- Standalone net sales: Rs 50,615.5 crore, up 26.1% from Rs 40,135.8 crore
- Standalone net profit: Rs 2,414.9 crore, down 26.9% from Rs 3,302.8 crore
- EBITDA: Rs 4,763.3 crore, down 6.3% from Rs 5,085 crore; EBITDA margin shrank to 9.4% from 12.0% a year ago
- Operating profit (EBIT): Rs 2,803.7 crore, down 17.1% from Rs 3,382 crore
- Material costs: 79.9% of net sales, up from 75.7% a year ago
The company attributed the margin squeeze to higher commodity costs arising from the West Asia conflict, unfavourable foreign exchange movements and higher manufacturing overheads. Non-operating income also fell sharply because of mark-to-market losses on its invested surplus.
For the first half of FY27, standalone net sales rose 31% to Rs 1,00,574.6 crore, while net profit fell 18.3% to Rs 5,767 crore. Total H1 volumes were a record 13,79,378 vehicles (domestic 11,46,523; exports 2,32,855). Management expects domestic volumes to grow at least 10% in H2 FY27 and plans calibrated price increases to protect margins.
Five-Year Revenue and Profit Trend (Standalone)
The table below uses standalone audited figures, which the company reports alongside consolidated numbers. Revenue has roughly doubled in five years; profit recovered sharply after the pandemic-era slump but has flattened in the last two years as costs rose.
| Rs crore | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Sales / revenue from operations | 88,296 | 1,17,523 | 1,40,933 | 1,51,900 | 1,83,266 |
| Operating profit | 5,701 | 10,864 | 16,401 | 17,785 | 21,450 |
| Net profit (PAT) | 3,766 | 8,049 | 13,209 | 13,955 | 14,445 |
| EPS (Rs) | 124.71 | 266.53 | 420.15 | 443.87 | 459.46 |
| Operating profit margin | 6.5% | 9.2% | 11.6% | 11.7% | 11.7% |
FY26 was a record year on the top line — standalone revenue up 20% and consolidated net profit of about Rs 14,680 crore — but profit growth slowed to under 1% on a standalone basis (Rs 14,445 crore vs Rs 13,955 crore in FY25), an early sign of the cost pressure that intensified in Q2 FY27.
Profitability and Ratios
| Metric | Value | Period / source basis |
|---|---|---|
| Operating profit margin | 11.7% | FY26 standalone |
| Net profit margin | 7.9% | FY26 standalone (PAT / sales) |
| Q2 FY27 EBITDA margin | 9.4% | Q2 FY27 standalone, vs 12.0% a year ago |
| Return on equity (ROE) | ~13.7% | Trailing, per Screener data |
| Debt-to-equity | 0.00x | Virtually debt-free balance sheet |
| Dividend payout | ~29.5% | Five-year average payout ratio |
| P/E ratio | ~27x | At 30 Oct 2026 close of Rs 11,413 |
| Market capitalisation | ~Rs 3.6 lakh crore | As of 27-30 Oct 2026 |
The margin story is the key watchpoint: the operating margin recovered from 6.5% in FY22 to 11.7% in FY26, but the Q2 FY27 EBITDA margin of 9.4% shows how quickly commodity and currency shocks can reverse that progress.
Balance Sheet Strength
Maruti Suzuki runs one of the cleanest balance sheets among large Indian manufacturers:
- Total equity (standalone, FY26): Rs 1,05,110 crore, up from Rs 94,427 crore a year ago
- Total assets (standalone, FY26): Rs 1,46,742 crore
- Debt-to-equity: 0.00x — the company is effectively debt-free
- Capex plan: Rs 77,500 crore over FY27-FY31 for capacity expansion, new models and R&D, as outlined by MD & CEO Hisashi Takeuchi at the August 2026 AGM, including a jump to about Rs 14,000 crore in FY27 alone
- Merger note: Suzuki Motor Gujarat (its wholly owned subsidiary) was merged into the company effective 1 December 2025, with prior-period figures restated — which is why some year-ago comparisons differ slightly across data providers
Segment Split
Maruti Suzuki does not report separate business segments — its filings state that manufacturing, purchase and sale of motor vehicles, components and spare parts is a single "Automobiles" segment, with other activities not material. Within volumes, the mix has shifted decisively toward utility vehicles, which grew fastest in Q2 FY27, while exports (1,08,119 units in Q2) remain a steady contributor despite geopolitical challenges.
Shareholding Pattern (September 2026)
| Shareholder | Stake (Sep 2026) |
|---|---|
| Promoters (Suzuki Motor Corporation) | 58.72% |
| Domestic institutional investors (DII) | 25.41% |
| Foreign institutional investors (FII) | 12.42% |
| Public and others | 3.44% |
One notable trend: foreign investors have steadily trimmed their stake — from 18.98% in June 2024 to 12.82% in June 2026 and 12.42% by September 2026 — even as domestic institutions raised theirs to over a quarter of the company.
Dividend History
- FY26: Record final dividend of Rs 140 per share (face value Rs 5), total payout about Rs 4,401.6 crore; record date 7 August 2026, paid 9 September 2026
- FY25: Rs 135 per share
- Payout ratio: About 29.5% on average over five years, per Screener
Peer Comparison: Q2 FY27
Hyundai Motor India, the second-largest carmaker, reported the same pattern in Q2 FY27 — record volumes and revenue, falling profit — confirming that the margin squeeze is industry-wide rather than company-specific.
| Q2 FY27 (consolidated) | Maruti Suzuki | Hyundai Motor India |
|---|---|---|
| Revenue from operations | Rs 53,356 cr (+26% YoY) | Rs 20,696 cr (+18.5% YoY) |
| Net profit | Rs 2,466 cr (-26.4% YoY) | Rs 1,196 cr (-23.9% YoY) |
| EBITDA margin | 9.4% | 9.5% |
| Volumes | 6,96,654 units (+26.5%) | 2,19,072 units (+15%) |
| P/E (late Oct 2026) | ~27x | ~31x |
Key Risks
- Commodity and currency shocks: Material costs jumped to 79.9% of net sales in Q2 FY27; further West Asia escalation or rupee weakness would hurt again
- Margin recovery depends on price hikes: Management's calibrated increases must stick in a price-sensitive market
- Mark-to-market treasury losses: A large invested surplus means non-operating income can swing quarterly profit
- FII selling: Foreign holding has fallen for two years, capping near-term share-price momentum (the stock is down about 29% over the past year to Rs 11,413 on 30 Oct 2026)
- EV transition and capacity execution: The Rs 77,500 crore FY27-FY31 capex plan must deliver new models and capacity on time
FAQs
Q: What was Maruti Suzuki's profit in Q2 FY27?
A: Consolidated net profit was Rs 2,466.1 crore, down 26.4% year-on-year; standalone profit was Rs 2,414.9 crore, down 26.9%.
Q: Why did Maruti Suzuki's profit fall despite record sales?
A: Higher commodity costs linked to the West Asia conflict, adverse currency moves, higher overheads and mark-to-market losses on its invested surplus more than offset 26% revenue growth.
Q: What is Maruti Suzuki's revenue trend over five years?
A: Standalone sales rose from Rs 88,296 crore in FY22 to Rs 1,83,266 crore in FY26 — roughly doubling in five years.
Q: Does Maruti Suzuki pay dividends?
A: Yes. It paid a record Rs 140 per share for FY26 (about Rs 4,401.6 crore total), up from Rs 135 in FY25.
Q: Who owns Maruti Suzuki?
A: Suzuki Motor Corporation of Japan is the promoter with 58.72% (September 2026); domestic institutions hold 25.41% and foreign investors 12.42%.
Q: Is Maruti Suzuki debt-free?
A: Effectively yes — its debt-to-equity ratio is 0.00x, with standalone equity of Rs 1,05,110 crore at end-FY26.
Conclusion
Maruti Suzuki's Q2 FY27 results capture the Indian auto industry's current tension: demand is the strongest it has ever been, with record volumes and revenue, but input-cost inflation is eating the profit on every car sold. The five-year trend shows a company that doubled revenue and rebuilt margins from the pandemic lows, and its debt-free balance sheet, record dividend and Rs 77,500 crore investment plan give it room to ride out the cost shock. Whether margins recover in H2 FY27 — via price hikes, easing commodity prices and the expected 10%+ domestic volume growth — is now the number to watch.
Disclaimer: This article is for educational purposes only and is not investment advice. Figures are sourced from the company's stock-exchange filings and reputable financial publications; standalone and consolidated figures differ and are labelled as such. Please consult a registered financial adviser before making investment decisions.
Sources: Maruti Suzuki Q2 FY27 results coverage (Moneycontrol, Business Today, Kotak Securities); audited annual results (BSE/NSE filings via Rediff Money/Goodreturns); shareholding data (September 2026); FY26 dividend announcement; Hyundai Motor India Q2 FY27 results (Business Standard, Economic Times); market data as of 30 October 2026.
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