Maruti Suzuki and Hyundai Post Record Quarterly Sales but Lower Profits
Both blamed commodity costs, but Maruti's investment losses and Hyundai's export rebound set their quarters apart. Volumes, revenue, profit and exports compared.
Maruti Suzuki and Hyundai Motor India each posted record quarterly vehicle sales for July to September 2026, and each reported a fall in profit.
Maruti's profit dropped 26.9% to ₹2,414.9 crore, according to results released on 27 October. Hyundai's fell 23.9% to ₹1,196.2 crore when it reported a day later. Each company named higher commodity costs as a cause.
The Quarter Side by Side
| Figure | Maruti Suzuki | Hyundai Motor India |
|---|---|---|
| Vehicles sold | 6,96,654, up 26.5% | 2,19,072, up 15% |
| Passenger vehicles sold in India | 5,55,012, up 38.1% | 1,65,772, up 19% |
| Exports | 1,08,119, down 2.1% | 53,300, up 4% |
| Revenue, ₹ crore | 50,615.5, up 26.1% | 20,696.1, up 18.5% |
| Net profit, ₹ crore | 2,414.9, down 26.9% | 1,196.2, down 23.9% |
The two do not report on exactly the same basis. Maruti gives net sales, while Hyundai gives consolidated revenue. Hyundai's exports count kits shipped for assembly abroad as well as built cars.
Maruti's vehicle total also includes its Super Carry light commercial vehicle and supplies to other carmakers.
Same Pressure, Different Damage
Both companies pointed to raw material prices. Maruti said its operating profit fell 17.1% because of commodity increases tied to the West Asia conflict. Hyundai said elevated commodity costs weighed on profitability, and its EBITDA margin dropped 4.4 percentage points to 9.5%.
The difference showed up against April to June. Hyundai's net profit rose 34.6% on that quarter. It credited operating leverage, a healthier mix and cost cuts for lifting its margin from 9.3%.
Maruti's operating profit also improved over the same period, by 10.8%. But its net profit fell 28%, after a mark-to-market hit on its investments reduced its non-operating income.
Hyundai's quarterly revenue passed ₹20,000 crore, a first for the company. Maruti's net sales of ₹50,615.5 crore were its highest for any quarter.
Growth at Home
Maruti's passenger vehicle sales in India grew twice as fast as Hyundai's, at 38.1% against 19%. Maruti's domestic market share reached 40.8%, from 38.6% a year earlier.
Hyundai did not give a market share figure. It reported record shares for rural markets, at 26.6% of its domestic sales, and for CNG models, at 19.1%.
Maruti also reported a backlog of about 2,00,000 bookings at the end of September. Hyundai gave no figure for pending orders.
Exports Went Separate Ways
Maruti's exports slipped 2.1%, a level it said it reached "despite the challenging geopolitical situation". Hyundai's rose 4% from a year earlier, and by 38% against April to June.
Hyundai's quarter included a sharp dip. Its shipments dropped from 21,150 units in July to 11,400 in August, and Hyundai said the West Asia conflict had disrupted its logistics.
What Each Has Lined Up
Hyundai's managing director Tarun Garg expects faster growth from October to March, which he called "a period of accelerated momentum". Hyundai announced prices for the Bayon SUV on 26 October and plans a mass-market EV in January to March 2027.
Maruti's results release gave no outlook. Its capacity has grown to 29 lakh vehicles a year after new plants at Kharkhoda in May and Hansalpur in July, and it plans another facility at Sanand in Gujarat.