MSIL: COS: NSE&BSE: 2026/10_11

Financial Results Overview

Standalone Performance (Q2 FY2027):

  • Revenue from operations: ₹53,340.2 crore (26.0% YoY growth from ₹42,332.3 crore in Q2 FY2026)
  • Total income: ₹53,770.0 crore
  • Profit before tax: ₹3,165.8 crore (26.2% decrease from ₹4,290.9 crore in Q2 FY2026)
  • Total tax expense: ₹750.9 crore
  • Net profit: ₹2,414.9 crore (26.9% decrease from ₹3,302.8 crore in Q2 FY2026)
  • Basic EPS: ₹76.81 (compared to ₹105.05 in Q2 FY2026)

Standalone Performance (H1 FY2027):

  • Revenue from operations: ₹1,05,795.9 crore
  • Total income: ₹1,07,998.8 crore
  • Profit before tax: ₹7,507.1 crore
  • Net profit: ₹5,767.0 crore
  • Basic EPS: ₹183.43

Consolidated Performance (Q2 FY2027):

  • Revenue from operations: ₹53,355.5 crore
  • Total income: ₹53,769.1 crore
  • Profit before tax: ₹3,219.1 crore
  • Net profit: ₹2,466.1 crore
  • Basic EPS: ₹78.44

Consolidated Performance (H1 FY2027):

  • Revenue from operations: ₹1,05,825.3 crore
  • Total income: ₹1,08,012.3 crore
  • Profit before tax: ₹7,660.3 crore
  • Net profit: ₹5,913.0 crore
  • Basic EPS: ₹188.07

Key Financial Metrics

Revenue Breakdown (Standalone Q2 FY2027):

  • Sale of products: ₹50,615.5 crore
  • Sale of services: ₹1,865.1 crore
  • Other operating revenues: ₹859.6 crore
  • Other income: ₹429.4 crore

Expense Analysis (Standalone Q2 FY2027):

  • Cost of materials consumed: ₹37,488.4 crore
  • Purchases of stock-in-trade: ₹5,936.9 crore
  • Changes in inventories: (₹2,838.7) crore
  • Employee benefits expense: ₹2,346.7 crore
  • Finance costs: ₹67.7 crore
  • Depreciation and amortization: ₹1,959.6 crore
  • Other expenses: ₹5,801.6 crore
  • Vehicles/dies for own use: (₹158.0) crore

Balance Sheet Position (Standalone as at September 30, 2026)

Assets:

  • Total assets: ₹1,52,474.4 crore
  • Non-current assets: ₹1,18,748.0 crore
  • Property, plant and equipment: ₹38,208.9 crore
  • Right-of-use assets: ₹4,573.3 crore
  • Capital work-in-progress: ₹4,084.2 crore
  • Investments: ₹65,537.9 crore
  • Current assets: ₹33,726.4 crore
  • Inventories: ₹12,802.1 crore
  • Trade receivables: ₹6,731.4 crore
  • Cash and cash equivalents: ₹881.7 crore

Liabilities and Equity:

  • Total equity: ₹1,06,809.8 crore
  • Equity share capital: ₹157.2 crore
  • Other equity: ₹1,06,652.6 crore
  • Total liabilities: ₹45,664.6 crore
  • Non-current liabilities: ₹5,394.4 crore
  • Current liabilities: ₹40,270.2 crore

Cash Flow Statement (Standalone H1 FY2027)

  • Cash generated from operations: ₹6,881.2 crore
  • Income taxes paid: (₹1,407.9) crore
  • Net cash from operating activities: ₹5,473.3 crore
  • Net cash outflow from investing activities: (₹122.5) crore
  • Net cash outflow from financing activities: (₹4,532.4) crore
  • Net increase in cash and equivalents: ₹818.4 crore

Regulatory and Compliance Matters

SEBI Compliance:

  • Financial results prepared in accordance with Ind AS 34 and Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • Results reviewed by Audit Committee and approved by Board of Directors on October 27, 2026
  • Limited review performed by statutory auditors Price Waterhouse Chartered Accountants LLP who issued unmodified reports

Environmental Regulation Impact:

  • Ministry of Environment, Forest and Climate Change notified Environment Protection (End-of-Life Vehicles) Rules, 2025 effective April 1, 2025
  • Extended Producer Responsibility (EPR) obligations imposed on vehicle manufacturers
  • Company unable to reliably estimate range of possible outcomes as pricing mechanism and measurement framework not yet available
  • Financial impact will be evaluated once implementation framework is established

Corporate Restructuring

Suzuki Motor Gujarat Amalgamation:

  • Board approved Scheme of Amalgamation on January 29, 2025 between Company and Suzuki Motor Gujarat Private Limited (wholly owned subsidiary)
  • Approved by National Company Law Tribunal, New Delhi vide order dated November 6, 2025
  • Scheme became effective from December 1, 2025 after filing with Registrar of Companies, Delhi
  • Amalgamation given effect from April 1, 2025 (Appointed Date)
  • Earlier published comparative figures restated in accordance with Ind AS 103
  • No impact on consolidated financial results

Entity Composition

Consolidated financial results include:

  • 1 holding company (Maruti Suzuki India Limited)
  • 2 subsidiaries (True Value Solutions Limited, J.J. Impex (Delhi) Limited)
  • 14 associates
  • 3 joint ventures

Auditor's Qualifications

Price Waterhouse Chartered Accountants LLP issued unmodified review reports with emphasis of matter on:

1. Inability to estimate EPR obligations under End-of-Life Vehicles Rules, 2025

2. Restatement of comparative figures due to Suzuki Motor Gujarat amalgamation

The consolidated financial results include unaudited interim financial information of 2 subsidiaries and share of results from 14 associates and 3 joint ventures that were not reviewed by their auditors, but management considers these not material to the Group.