Maruti Suzuki India Limited is expected to report healthy second-quarter earnings, with analysts projecting an 18% year-on-year rise in profit despite ongoing challenges in the domestic small-car segment. Consensus estimates from seven brokerages point to steady demand momentum supported by pricing strength and improved export contribution.
The country’s largest carmaker is projected to post 8% YoY growth in revenue, backed by a 2% rise in overall volumes. While domestic entry-level demand remains soft, exports are estimated to account for nearly 20% of total sales this quarter, up sharply from 14% a year ago. Analysts expect this strong overseas traction to provide a meaningful cushion to volumes.
Margin outlook remains mixed
Brokerages hold differing views on Maruti Suzuki’s margin trajectory in Q2, reflecting varied assumptions on input costs and model mix:
| Brokerage | EBITDA Margin View | Key Drivers |
|---|---|---|
| Nuvama | Contraction expected | Higher input costs, commissioning costs from Kharkhoda plant |
| Nomura | 10.6% (+20 bps YoY) | 6% rise in average selling prices |
| Motilal | 9.8% (-210 bps YoY) | Higher discounts, launch costs |
| Kotak | 11% (+60 bps YoY) | Operating leverage benefits |
Analysts say elevated raw material and start-up expenses from the new Kharkhoda plant could weigh on margins, though richer product mix and price hikes may help offset cost pressures.
Strategic trends
Maruti Suzuki continues to benefit from:
- Improved pricing and premiumisation
- Higher export share
- A more profitable product mix
The ability to sustain profitability in a slower domestic segment highlights strategic positioning toward higher-value models and global markets.
Maruti Suzuki stock performance
| Period | Return |
|---|---|
| 1 Day | +0.17% |
| 5 Days | -1.42% |
| 1 Month | +0.82% |
| 6 Months | +31.85% |
| 1 Year | +43.57% |
| 5 Years | +132.03% |
Investors will watch for management commentary on exports, small-car demand recovery, and margin sustainability, especially as competitive intensity rises and new capacity ramps up.
