Important Contextual Note

Suzuki Motor Gujarat Private Limited (SMG), a wholly owned subsidiary, amalgamated with Maruti Suzuki India Limited starting December 1, 2025. The appointed date as per the Scheme of amalgamation is April 1, 2025, and accordingly, the financial statements for the relevant periods have been restated for comparison purposes.

Q2 FY27 Performance vs Q2 FY26

Quantitative Financial Highlights (All figures in INR million except sales volume)

| Metric | Q2 FY27 | Q2 FY26 | Change |

| Sales Volume | 696,654 units | 550,874 units | +26.5% |

| Net Sales | 506,155 | 401,358 | +26.1% |

| Operating EBITDA | 47,633 | 50,848 | -6.3% |

| Operating EBIT | 28,037 | 33,820 | -17.1% |

| PBT | 31,658 | 42,909 | -26.2% |

| PAT | 24,149 | 33,028 | -26.9% |

Key Financial Ratios (% of Net Sales)

| Parameter | Q2 FY27 | Q2 FY26 | Change (bps) |

| Material Cost | 79.9% | 75.7% | +420 |

| Employee Cost | 4.6% | 5.1% | -50 |

| Other Expenses | 11.5% | 12.0% | -50 |

| Other Operating Income | 5.4% | 5.5% | -10 |

| Operating EBITDA | 9.4% | 12.7% | -330 |

| Depreciation | 3.9% | 4.2% | -40 |

| Operating EBIT | 5.5% | 8.4% | -290 |

| Interest Expense | 0.1% | 0.1% | - |

| Non-Operating Income | 0.8% | 2.4% | -160 |

| PBT | 6.3% | 10.7% | -440 |

| PAT | 4.8% | 8.2% | -340 |

Margin Movement Analysis - Q2 FY27 vs Q2 FY26

Negative Factors:

  • Adverse commodity prices in the context of West Asia conflict
  • Adverse foreign exchange movement
  • Lower non-operating income due to mark-to-market losses on invested surplus

Positive Factors:

  • Improved realization
  • Favourable operating leverage
  • Cost reduction efforts

Q2 FY27 Performance vs Q1 FY27

Quantitative Financial Highlights (All figures in INR million except sales volume)

| Metric | Q2 FY27 | Q1 FY27 | Change |

| Sales Volume | 696,654 units | 682,724 units | +2.0% |

| Net Sales | 506,155 | 499,591 | +1.3% |

| Operating EBITDA | 47,633 | 43,111 | +10.5% |

| Operating EBIT | 28,037 | 25,311 | +10.8% |

| PBT | 31,658 | 43,413 | -27.1% |

| PAT | 24,149 | 33,521 | -28.0% |

Key Financial Ratios (% of Net Sales)

| Parameter | Q2 FY27 | Q1 FY27 | Change (bps) |

| Material Cost | 79.9% | 80.5% | -60 |

| Employee Cost | 4.6% | 4.9% | -30 |

| Other Expenses | 11.5% | 11.0% | +50 |

| Other Operating Income | 5.4% | 5.0% | +40 |

| Operating EBITDA | 9.4% | 8.6% | +80 |

| Depreciation | 3.9% | 3.6% | +30 |

| Operating EBIT | 5.5% | 5.1% | +40 |

| Interest Expense | 0.1% | 0.1% | - |

| Non-Operating Income | 0.8% | 3.7% | -290 |

| PBT | 6.3% | 8.7% | -240 |

| PAT | 4.8% | 6.7% | -190 |

Margin Movement Analysis - Q2 FY27 vs Q1 FY27

Negative Factors:

  • Adverse commodity prices in the context of West Asia conflict
  • Adverse foreign exchange movement
  • Higher manufacturing overheads
  • Higher depreciation expense due to new facility and new model dies
  • Lower non-operating income due to mark-to-market losses on invested surplus

Positive Factors:

  • Improved realization
  • Favourable Fixed Cost Incidence (FCI) due to inventory accretion
  • Cost reduction efforts

H1 FY27 Performance vs H1 FY26

Quantitative Financial Highlights (All figures in INR million except sales volume)

| Metric | H1 FY27 | H1 FY26 | Change |

| Sales Volume | 1,379,378 units | 1,078,735 units | +27.9% |

| Net Sales | 1,005,746 | 767,564 | +31.0% |

| Operating EBITDA | 91,750 | 97,054 | -5.5% |

| Operating EBIT | 54,354 | 64,469 | -15.7% |

| PBT | 75,071 | 91,969 | -18.4% |

| PAT | 57,670 | 70,609 | -18.3% |

Key Financial Ratios (% of Net Sales)

| Parameter | H1 FY27 | H1 FY26 | Change (bps) |

| Material Cost | 80.2% | 75.1% | +510 |

| Employee Cost | 4.8% | 5.3% | -50 |

| Other Expenses | 11.1% | 12.3% | -120 |

| Other Operating Income | 5.2% | 5.4% | -20 |

| Operating EBITDA | 9.1% | 12.6% | -350 |

| Depreciation | 3.7% | 4.2% | -50 |

| Operating EBIT | 5.4% | 8.4% | -300 |

| Interest Expense | 0.1% | 0.1% | - |

| Non-Operating Income | 2.2% | 3.7% | -150 |

| PBT | 7.5% | 12.0% | -450 |

| PAT | 5.7% | 9.2% | -350 |

Sales Volume Analysis

Market-wise Sales Performance

| Market | Q2 FY27 | YoY Growth | % of Total | H1 FY27 | YoY Growth | % of Total |

| Domestic | 588,535 | +33.6% | 84.5% | 1,146,523 | +31.6% | 83.1% |

| Exports | 108,119 | -2.1% | 15.5% | 232,855 | +12.2% | 16.9% |

| Total | 696,654 | +26.5% | 100% | 1,379,378 | +27.9% | 100% |

Segment-wise Domestic Sales Performance

| Segment | Q2 FY27 | YoY Growth | % of Domestic | H1 FY27 | YoY Growth | % of Domestic |

| Passenger cars (Mini+Compact+Mid-size) | 281,308 | +31.9% | 47.8% | 551,094 | +33.8% | 48.1% |

| UVs | 236,807 | +52.3% | 40.2% | 455,692 | +43.6% | 39.7% |

| Vans | 36,897 | +11.3% | 6.3% | 73,454 | +10.8% | 6.4% |

| LCV | 10,441 | +23.5% | 1.8% | 20,020 | +18.0% | 1.8% |

| Sales to other OEM | 23,082 | -23.2% | 3.9% | 46,263 | -21.4% | 4.0% |

| Total Domestic | 588,535 | +33.6% | 100.0% | 1,146,523 | +31.6% | 100.0% |

Forward-Looking Statement Disclaimer

The presentation contains forward-looking statements involving risks, uncertainties and other factors that could cause actual results to differ materially from those in the forward-looking statements. The company undertakes no obligation to update these statements to reflect subsequent events or circumstances.