Maruti Suzuki Q2 earnings preview
YES Securities
YES Securities expects adjusted PAT to decline by 12.8% YoY (-14.1% QoQ) at Rs 2880 crore due to higher
depreciation. MSIL's volume grew by 26.5% YoY (+2% QoQ) to 697k units with Average Selling Price (ASP) to grow by 1% YoY (1% QoQ) at Rs 776000/unit.
This could result in 27.7% YoY (+3.1% QoQ) growth in revenues at Rs 54060 crore. Led by Raw material (RM) inflation, the brokerage expects EBITDA margins to contract by 340bps YoY (+40bp QoQ) at 8.6%.
Anand Rathi
Maruti is among the top picks of brokerage Anand Rathi. The stock has a received a buy call with a target price of Rs 11,603. It expects a 28.3% year-on-year rise in Q2 revenue to Rs 54,297.1 crore. However, net profit may fall 9% to Rs 3005.2 crore.
Jefferies
Global investment firm Jefferies expects Maruti Suzuki to post a 27.9% rise in revenue at Rs 54,130 crore. EBITDA is seen falling by 8.9% to Rs 4631 crore. Pre-ex profit may fall 1.6% to Rs 3,250.2 crore Jefferies has a buy call on Maruti stock at Rs 11,603.
Axis Direct
The brokerage said EBITDA margins for Maruti are expected to improve by ~38 bps YoY but decline by 96 bps QoQ, supported by higher sales of new models (Victoris and e-Vitara) and increased export volumes, but partly offset by elevated raw material costs and supply chain disruptions.
Total revenue is expected to grow by 29.8% YoY, driven by an 26.5% YoY increase in volumes and 3% YoY growth in ASPs over the past year. This growth is supported by an improved product mix, with a higher UV contribution at 34% in Q2FY27 compared to 28% in Q2FY26, along with a stronger export mix and the impact of new product launches.
EBITDA margins are expected to improve by 37 bps YoY but decline by 195 bps QoQ, impacted by elevated raw material costs and supply chain disruptions, but partly offset by higher sales of new models and increased export volumes.
Net profit is expected to fall 8.9% to Rs 3001 crore in Q2. Axis sees a 29.8% rise in Q2 revenue to Rs 54,626 crore.
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