Maruti Suzuki Q2 results today; will MSIL shares hit fresh record high?
MSIL Q2: Nomura sees net profit at Rs 3,985 crore, up 11 per cent. It sees sales rising 8 per cent to Rs 40,066 crore. MOFSL sees adjusted profit at Rs 3,308 crore, up 7.8 per cent YoY.
- Oct 31, 2025,
- Updated Oct 31, 2025 11:28 AM IST
Ahead of its September quarter (Q2) results, shares Maruti Suzuki India Ltd hit a high of Rs 16,512 intraday and were near their record high level of Rs 16,673.90 hit on October 23. Brokerages are expecting a challenging quarter for MSIL due to demand weakness in the domestic market for bulk of the September quarter. All eyes are on the management commentary on demand following the GST rate cuts.
Foreign brokerage Investec expects Maruti to report 7 per cent drop in profit at Rs 3,471.70 crore for the September quarter compared with Rs 3,739.30 crore in the same quarter last year. Sales are seen rising 6 per cent YoY to Rs 39,278 crore from Rs 37,202 crore YoY. Total volumes are seen rising 2 per cent to 5,50,874 units. Ebitda is seen at Rs 3,215 crore, with Ebit margin falling 167 basis points to 8.2 per cent.
"Revenues to increase 6 per cent YoY led by volume growth of 2 per cent YoY and ASP growth of 4 per cent YoY due to price hikes and favourable product mix (lower passenger car and higher exports). Ebitda margin may expand 20 bps QoQ to 10.4 per cent led by fav product mix (higher exports) and operating leverage benefits," the brokerage said while suggesting a target of Rs 18,450 on the stock.
Nomura sees net profit at Rs 3,985 crore, up 11 per cent. It sees sales rising 8 per cent to Rs 40,066 crore. MOFSL sees adjusted profit at Rs 3,308 crore, up 7.8 per cent YoY.
ICICI Securities sees profit after tax at Rs 3,852 crore and sales at Rs 39,933 crore. It expects revenue to grow 4 per cent sequentially, led by 4 per cent QoQ increase in volumes. It expect average selling price (ASP) to be flattish QoQ as the benefit of favourable geographic mix (higher share of exports) to be offset by unfavourable segment mix (lower share of UVs) and higher price cuts on entry-model segment post GST reduction.
"Expect Ebitda margin to improve by 20bps QoQ due to by better operating leverage. 130bps margin decline on YoY basis is due to unabsorbed fixed cost on Kharkhoda plant, higher discounts and commodity costs partially offset by price hike," it said.
Ahead of its September quarter (Q2) results, shares Maruti Suzuki India Ltd hit a high of Rs 16,512 intraday and were near their record high level of Rs 16,673.90 hit on October 23. Brokerages are expecting a challenging quarter for MSIL due to demand weakness in the domestic market for bulk of the September quarter. All eyes are on the management commentary on demand following the GST rate cuts.
Foreign brokerage Investec expects Maruti to report 7 per cent drop in profit at Rs 3,471.70 crore for the September quarter compared with Rs 3,739.30 crore in the same quarter last year. Sales are seen rising 6 per cent YoY to Rs 39,278 crore from Rs 37,202 crore YoY. Total volumes are seen rising 2 per cent to 5,50,874 units. Ebitda is seen at Rs 3,215 crore, with Ebit margin falling 167 basis points to 8.2 per cent.
"Revenues to increase 6 per cent YoY led by volume growth of 2 per cent YoY and ASP growth of 4 per cent YoY due to price hikes and favourable product mix (lower passenger car and higher exports). Ebitda margin may expand 20 bps QoQ to 10.4 per cent led by fav product mix (higher exports) and operating leverage benefits," the brokerage said while suggesting a target of Rs 18,450 on the stock.
Nomura sees net profit at Rs 3,985 crore, up 11 per cent. It sees sales rising 8 per cent to Rs 40,066 crore. MOFSL sees adjusted profit at Rs 3,308 crore, up 7.8 per cent YoY.
ICICI Securities sees profit after tax at Rs 3,852 crore and sales at Rs 39,933 crore. It expects revenue to grow 4 per cent sequentially, led by 4 per cent QoQ increase in volumes. It expect average selling price (ASP) to be flattish QoQ as the benefit of favourable geographic mix (higher share of exports) to be offset by unfavourable segment mix (lower share of UVs) and higher price cuts on entry-model segment post GST reduction.
"Expect Ebitda margin to improve by 20bps QoQ due to by better operating leverage. 130bps margin decline on YoY basis is due to unabsorbed fixed cost on Kharkhoda plant, higher discounts and commodity costs partially offset by price hike," it said.