Maruti Suzuki Shares Down Over 30% From January Peak: Record Sales but Q2 FY27 Profit Falls 27%
Maruti Suzuki sold a record 6.97 lakh vehicles in Q2 FY27, but profit fell 27% on costlier commodities. Why the stock is over 30% below its January peak.
Photo: Premnath Kudva / CC BY-SA 3.0, via Wikimedia Commons
New Delhi, 10th November 2026: Maruti Suzuki, India’s largest carmaker, sold more vehicles than ever in July to September 2026, yet its profit fell by more than a quarter. That gap is a big reason its shares have fallen more than 30% from their January peak.
Net profit fell 26.9% year on year to about ₹2,415 crore in Q2 FY27, even as net sales rose 26.1%, Angel One reported after the October 27 results.
Q2 FY27 at a glance
- Total sales: a record 6,96,654 vehicles, up 26.5%
- Domestic sales: 5,88,535, up 33.6%
- Exports: 1,08,119, down 2.1%
- Revenue from operations: ₹53,340 crore, up 26%
- Operating EBITDA margin: 9.4%, down 3.3 percentage points
- Net profit: about ₹2,415 crore, down 26.9%
Consolidated profit of about ₹2,466 crore was around 22% below analysts’ average estimate of ₹3,105 crore, according to NiftyTrader’s results review. For the April to September half, Maruti posted record net sales of ₹1,00,575 crore, but net profit fell to ₹5,767 crore from ₹7,061 crore a year earlier.
Why profit fell while sales rose
Maruti told investors its margins were hit by costlier commodities linked to the West Asia conflict, unfavourable currency moves and higher manufacturing overheads. Mark-to-market losses on its invested surplus also cut non-operating income, according to its results release.
Profit pressure is not new this year. The stock had also slipped after weak Q1 FY27 results, falling up to 2% in a session, according to market reports. Exports dipped slightly in Q2, which Maruti put down to a challenging geopolitical situation.
A large cap that fell harder than the market
CA Rachana Ranade (@ca_rachanaranade) picked Maruti as an example of an unusual pattern this year: large caps falling harder than small caps, under pressure from geopolitical tensions, AI-led disruption and foreign investor selling. Her post says the stock is down 32% from its peak on January 5, 2026.
The stock was trading at about ₹11,393 on October 28. In January it had already fallen 18% from that January 5 high to about ₹14,304 by January 30, according to market reports.
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Post: @ca_rachanaranade on Instagram
What could change the picture
- Maruti expects sales growth to continue in the second half of FY27, helped by new manufacturing capacity from January 2027
- It is targeting more than 9 lakh CNG vehicle sales this year
- Any easing in commodity prices would help margins directly
This article is for information only and is not investment advice. Speak to a registered adviser before investing.
For monthly sales numbers, see our October 2026 car sales report.
Frequently asked questions
Why did Maruti Suzuki’s profit fall in Q2 FY27?
Higher commodity costs linked to the West Asia conflict, currency movements, higher overheads and mark-to-market losses on investments cut profit despite record sales.
How many cars did Maruti Suzuki sell in Q2 FY27?
A record 6,96,654 vehicles, up 26.5% year on year.
How much has Maruti Suzuki’s share price fallen in 2026?
It is down more than 30% from its January 5 peak, trading near ₹11,400 in late October.
