Auto biggies Q2 result compared: Bajaj Auto vs Maruti Suzuki - Who wins the earnings race? Profit, revenue, target price
Bajaj Auto vs Maruti Suzuki: Shares of Bajaj Auto and Maruti Suzuki ended in green on Wednesday, a day after the two auto majors announced their second quarter results for the financial year 2026-27.
Bajaj Auto reported upbeat earnings with a 35.2% annual jump in its consolidated net profit. Whereas, Maruti Suzuki India reported mix set of numbers as its profit fell by 26.4%, but revenue surged by 26% annually.
Bajaj Auto vs Maruti Suzuki Q2 profit compared
Bajaj Auto reported a 35% annual jump in its standalone profit after tax (PAT) to ₹3,354 crore in the three months to September compared to the corresponding quarter of the last financial year.
Car market leader Maruti Suzuki India saw 26.36% decline in its consolidated net profit for the second quarter of FY27. The car maker’s net profit declined to ₹2,466.1 crore, due to higher input costs resulting from the West-Asia conflict even as the revenue surged sharply, driven by record quarterly vehicle sales volume. Its net profit stood at ₹2,480 crore in the same quarter of previous financial year.
Maruti Suzuki vs Bajaj Auto: Q2 revenue
Maruti Suzuki’s total revenue from operations increased to ₹53,355.5 crore as against ₹42,344.2 crore in the same period of 2025-26 fiscal.
The company’s total expenses in July-September also shot up to ₹50,619 crore as compared to ₹39,018.4 crore in the year-ago period, the company said. Bajaj Auto’s revenue from operations stood at ₹20,003, up 34% on an annual basis from ₹14,922 crore reported in the year-ago period.
Maruti Suzuki vs Bajaj Auto: Share price target
Healthy launch pipeline, recovery in domestic passenger vehicle demand, lean channel inventory, and capacity ramp-up at new facilities are likely to boost Maruti Suzuki performance in the financial year 2026-27, highlighted Motilal Oswal Financial Services.
The brokerage maintained a ‘Buy’ rating with a target price of ₹14,800 per share. “We expect MSIL to deliver a 11% earnings CAGR over FY26–28E. Reiterate BUY with a TP of INR14,800, valuing the stock at 26x FY28E EPS.”
For Bajaj Auto, the MOFSL highlighted that it sustained its high margins despite the surge in input costs. The brokerage maintained its ‘Buy’ rating for the stock with a target price of ₹12,600 per share, indicating a 21% upside.
“Given the strong earnings forecast, healthy return ratios, among-the-best dividend payouts and a resilient business model, valuations at 21.8x/18.9x FY27E/FY28E EPS appear attractive. We reiterate our BUY rating with a TP of INR12,600 per share, based on 24x FY28E core EPS,” read the brokerage report.
Maruti Suzuki vs Bajaj Auto: Share price trend
Maruti Suzuki stock closed 0.83% higher at ₹11550 per share on BSE on Wednesday. The stock has declined 30.90% in 2026 so far. Bajaj Auto share price closed 0.99% higher at ₹10480 per share.