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Maruti Suzuki saw mixed Q2 & H1 FY26 results. Total sales volume grew modestly at 1.7% in Q2 (550,874 units) and 1.4% in H1 (1,078,735 units). Domestic sales dipped 5.1% in Q2 and 4.8% in H1, largely due to drops in Mini and UV segments. However, strong exports, up 42.2% in Q2 and 39.9% in H1, cushioned the overall volume impact.
Financially, Q2 Net Sales rose 12.8% YoY to INR 40,135.9 Cr, with PAT up 7.3% to INR 3,293.1 Cr. H1 Net Sales also increased 10.5% to INR 76,760.6 Cr, and PAT was up 4.3% to INR 7,004.8 Cr. However, Operating EBIT declined 7.4% in Q2 (INR 3,394.9 Cr) and 14.1% in H1 (INR 6,452.7 Cr).
Margin pressures came from adverse commodity prices, unfavorable foreign exchange, and higher promotional costs. The company is actively focusing on cost reduction efforts, which, along with favorable leverage and higher operating income, provided some support. New plant expenses for Kharkhoda signal future expansion.