Maruti Suzuki India’s record September-quarter (Q2FY27) sales of 696,654 units, up 26.5% year-on-year, lifted revenue 26% to ₹53,340 crore but failed to offset higher commodity costs. Standalone Ebitda margin contracted 308 basis points (bps) to 8.9%.
Passenger vehicle demand benefited from goods and services tax (GST)-led affordability gains and festive buying. Maruti’s domestic volumes rose 33.6%, with utility vehicles (UVs) growing 52%. Dealer inventory stood at a contained 17 days, including vehicles in transit, helping lift domestic market share by 220 bps to 40.8%.
Maruti is targeting at least 10% domestic-volume growth in the second half of fiscal year 2027 (FY27), relying on recent capacity additions, a stronger product mix and its multi-powertrain strategy. It has added nearly 500,000 units of annual capacity through its second plant at Kharkhoda and the fourth production line at Hansalpur in Gujarat.
Its expanding SUV and CNG portfolios should also support volumes, while a new electric vehicle (EV) launch at Bharat Mobility next year should strengthen its EV presence. Pending customer orders rose from 200,000 at September-end to about 270,000 by Dussehra, management said, signalling robust demand and lending support to its growth target.
Including exports, Maruti expects volumes to grow 7-10% in H2FY27, putting full-year growth in the mid-teens.