Shares of Maruti Suzuki India Ltd. opened higher on Wednesday, after the automaker announced a 26.9% YoY drop in net profit to ₹2,415 crore and a 6.3% decline in EBITDA to ₹4,763 crore.
Revenue climbed 26% to ₹53,340 crore, matching the ₹53,350 crore consensus, while EBITDA exceeded the ₹4,445 crore estimate, settling at 8.9% – a 71‑basis‑point lift over the prior quarter but still 3.1 percentage points shy of the 12% margin seen a year earlier.
HSBC kept its Buy stance with a ₹14,500 target, pointing to a 10% domestic volume upswing in FY27’s second half. Nomura, also bullish, noted the 8.9% margin against its 8.8% forecast and flagged a potential FY28 slowdown. CLSA highlighted cost‑control gains and a margin jump of 71 basis points, projecting a ₹14,537 target.
The automaker has raised its FY27 full‑year growth outlook to the mid‑teens, up from ~10%, and foresees 7–10% volume growth in the second half, with domestic sales at least 10%. Exports are expected to stay flat, while a series of EV launches slated for next year may shift future margin dynamics.