Maruti Suzuki India Ltd.’s September-quarter earnings show the strain of rising costs even as sales expanded, while Tata Motors Passenger Vehicles Ltd. has reported unit sales but its board has yet to consider quarterly financial results.
Maruti’s board approved its Q2 FY27 results Oct. 27. The automaker sold 696,654 vehicles from July through September, a 26.5% year-over-year increase, while domestic market share reached 40.8%, up 2.2 percentage points. Net sales climbed to ₹506.155 billion from ₹401.358 billion.
Standalone operating profit, or EBIT, slipped to ₹28.037 billion from ₹33.820 billion. Net profit fell to ₹24.149 billion from ₹33.028 billion. The company cited commodity cost increases associated with the West Asia conflict and mark-to-market losses on invested surplus.
Broker assessments of Maruti differ. ICICIdirect Research maintained a Buy rating and a ₹13,600 target on Oct. 30, valuing the shares at 26 times average estimated earnings per share for FY28 and FY29. Motilal Oswal Financial Services reiterated Buy with a ₹14,800 target, based on 26 times estimated FY28 earnings per share, in a report published by NDTV Profit. Business Today reported that Nomura maintained a Neutral rating and cut its target to ₹13,046.
Tata Motors Passenger Vehicles recorded 201,723 sales across domestic and international markets in Q2, up 40% from a year earlier. Electric vehicle sales rose 90% to 47,150 units. The company’s managing director and CEO, Shailesh Chandra, said passenger-vehicle demand stayed strong after GST 2.0 despite the seasonally softer quarter.
Mint quoted SMC Global Securities Senior Research Analyst Seema Srivastava as saying Maruti may suit investors seeking more predictable long-term returns, while Tata Motors PV offers stronger growth prospects with added execution risk. The NSE event calendar lists Nov. 13 for Tata’s board to consider results for the quarter ended Sept. 30; the calendar does not specify that the results will be published that day.
