Thank you very much. We will now begin the question -and-answer session. The first question is from the line of Raghunathan NL from Nuvama Research. Please go ahead.

Thank you, sir, for the opportunity , and festive greetings. Two questions. Firstly, how was the festive season in terms of growth? And second, what is the strategy to take back market share to 50%?

Great. So, in the festive season, if we talk about retail sales, and I am talking about the period from 22nd September, which was the first day of Navaratri, also the first day of GST reduction, till date, we have got about 500,000 bookings. And in the festive period the previous year (from 3rd October’24 to 11th November’24), we were at about 350,000 bookings. And if we talk about retail sales, in festive period this year, we did about 400,000 units retail. And in the festive period, the previous year, retails were 211,000 units. And within this 400,000 units retail, about 250,000 units came from small cars, which had a growth of almost 100%. Having said that, we should qualify that there could be an element of deferred sales in these numbers. And I missed your other question?

Sir, the strategy to take the market share back to 50%.

Sorry. I want to add one more piece of statistics. In the month of October, our retail grew by about 20% overall. And our growth, this is October retail versus previous October retail, 20% growth overall in which, and the small car segment, which falls under the 18% GST bracket, grew by 30%. So, these thin gs are favorable, and I would imagine they would be positive for our market share also. We were in the Japan Mobility Show yesterday and Global President of Suzuki Motor Corporation, Mr. T. Suzuki, made a mention of eight more SUVs to be launched in India by the turn of the decade, by FY 2030-31. And analysts know it more than anybody else, the mathematical phenomenon. It will help our market share. Of course, the usual strengths, for example, the V ICTORIS has just been launched, so those numbers will be incremental. The eight SUVs do not include V ICTORIS. And the e VITARA numbers are also yet to come. So, the usual sense of Maruti Suzuki- the brand, the features, the quality, the proximity of our sales and service networks, all of them will also help us.

Thank you. The next question is from the line of B inay Singh from Morgan Stanley. Please go ahead.

Hi, team. Thanks for the opportunity. Just continuing on the earlier comments you made, like the data that you shared, large part of retail sales came from small car side. How do you see that momentum continuing into the coming months? And secondly, how to think about gross margins, ASPs and all in that context? Because you also talked about a temporary price reduction. So, how to think about gross margins if small car rebound continues? Page | 6

We have to be conscious that this would have had some amount of deferred sales, some amount of festive euphoria also. So, how much of it is sustainable, we are yet to make a clear assessment. But, at least, I think the total industry growth across all segments, we should see about 6% year- on-year on a sustainable basis. That is a preliminary estimate. It's very difficult to predict the future. And on margins, we don't talk about segment -wise profitability. We talk about blended average. And that is the strength of a market leader who has presence in multiple segments.

And, Rahul, just a 6% number. Like earlier, we had talked about, I think, 10% H2 growth in volumes. So, is this 6% now?

We had mentioned 10% for the small car segment and 6% overall.

In the second half for industry. Is that what you are saying?

The second half and beyond. See, in the month of October, the cars that were in the 18% bracket grew by 30% YoY for MSIL retail sales. The cars that were in the 40% bracket grew by about 4%-5%. So, we believe that small cars should grow faster than other countries , particularly on this base. But having said that, it's always very difficult to predict the future. We will make an assessment maybe in January or February on what could be a sustainable level of growth going forward.

And lastly, typically post-festive, we see production volumes dropping down. Now that October is almost behind us, your retail sales have played out. What is inventory, booking number? Are you keeping that production momentum that we saw? Any comments on the near term?

Our production colleagues have worked for three Sundays now and probably will need to work at least one more Sunday. Inventories would be at a low level in the network. So, a number of models are now on a small wait list. So, we are stretching to deliver on this demand.

Great. Thanks. I will come back in the queue. Thank you.

Thank you. The next question is from the line of Gunjan Prithyani from Bank of America. Please go ahead.

Hi. Thanks for taking my question. Just a quick clarification. Did you talk about the pending bookings post-festive and what that number would be?

Sorry your voice is not clear b ut if your question is on pending bookings, it's about 200,000 units.

Just two questions. Firstly, on the small car recovery that we are seeing right now. Of course, it will take time to ascertain the sustainability. But if this was to come back, how do you think the launch cycle and the product action changes because a lot of focus incrementally is on SUVs. If we were to go back on the drawing board and think about smaller car s coming back, how soon Page | 7 or what sort of changes we expect? That will be the first question. I mean, what sort of excitement we should see on that portfolio? We haven’t really seen much on the non-SUV side.

I think studying the market, studying the consumer trends and studying what can we do different on our products is a continuous exercise between our marketing and product planning verticals. It continues all the time. Particularly when the cycle of product development almost runs into 4 years. So, we are quite conscious of this. We are continuously studying that customer in that segment. And as a market leader, we cannot ignore any segment. So, it's on our radar and we will keep studying that. Whatever that segment needs, we will provide.

And second question on the margin. Just looking for a clarification on what did this depreciation increase come from in this quarter and is this the sort of number we should work with? And maybe I am just adding in a bit more on margin. Well, Binay did ask on the margins, just trying to get a sense, does a small car recovery means it has an adverse implication on the profitability of the portfolio? If you can just share some insights and qualitative insights around that.

I will take your question, Gunjan. This is Arnab. So, all the depreciation is primarily coming out of the new plant which is in Kharkho da. So, that is the impact of the depreciation. See, as we have said multiple times, we don't give a forward -looking outlook. And in any case, the gross margin is dependent on multiple factors. It is a function of commodity. It is a function of FOREX. It is a function of the capacity utilization. So, there are too many factors which comes into play. Not a single factor which you can call out.

Kharkhoda had already reflected from March and June quarter. So, I am a little unsure about the step-up in this quarter. Was it to do with the launch or the commissioning of a line?

See, Kharkhoda is one of the factors. Plus, we had a new model launch which came out, the VICTORIS. So, there will be an impact on account of dies/moulds for VICTORIS in this quarter.

We are producing the VICTORIS in the Kharkhoda plant.

All right. I will join back in the queue. Thank you.

Thank you. The next question is from the line of Kapil Singh from Nomura. Please go ahead.

Good evening, sir. I just wanted to understand, we have seen a very strong improvement in ASPs. Like, what are the reasons for that? If you could help us understand that. Any more color on the mix would be helpful.

I think we are holding on to the mix. So, overall, if we have to talk about the ASP, in Quarter 2 FY26, ASP has grown 5% sequentially. So, yes, I think the ASPs are going in the right direction.

Any color you can share here? Which model , mix or what mix has led to a Q oQ improvement that we are seeing? Page | 8

It's a combination of multiple things because there are multiple markets, multiple things which come in. Overall, as we have said in the walk, overall, I think it has been a good export, as you can see here. So, export has been good. Post-22nd September, I think generally, there has been a good offtake, which has helped us. Specifically, calling out a model may not be the right reason here because things play into the picture. The C NG contribution has been good. So, a combination of things have contributed to that.

And can you just let us know, where are the inventory levels? And I also missed the retail sales in festive season last year, did you mention 211,000 units?

Yes, that's right. Last year, 211,000 units during the festive period (3 rd October’24 to 11 th November’24) , t his year, 400,000 units. This is for the period 22 nd September’25 till 31 st October’25 (projected).

And what are the inventory levels currently?

So, as of September end, we were at about 38 days of inventory. And as Rahul said, the October outlook, it will be much lower in October end.

And just one question I had on the pricing power now. How to think about that and the discounts? Can we see a scenario, as you are saying, inventories come down? Can the discounts fall sharply as we go ahead? Because you have always mentioned that discounts are a function of the inventory. And is there a need to increase prices given the cost pressures that you are seeing? What is the outlook on costs? If you could share that.

It's not easy to say this. It depends on many, many factors. So, we will, of course, watch the market and we want that the market momentum should continue.

Thank you. I will come back in the queue.

Thank you. The next question is from the line of Amit Hiranandani from Phillip Capital. Please go ahead.

Thanks for the opportunity and congrats team for the decent set of numbers. Sir, my question pertains to the ex-showroom prices which Maruti has reduced for some models. And looking at the current momentum, do you think Maruti will be able to rollback prices partially? And related to this, if you can help us with the average discounts also for the Quarter 2, please.

So, we just answered this question. You know, pricing and discounts depend on many -many factors. It's very difficult to say. What we had done on 22nd September was we had gone beyond just GST benefits and offered more because we wanted to build a critical mass and we wanted to build a consumer momentum which fortunately has come. It will be difficult to make any kind of projection for the future. And your second question? Page | 9

Sir, your retail sales have done very well. Basically, I wanted to understand what was the industry retail sales for the same period?

Industry number, we would not have. Maybe by tomorrow evening we might get.

So, lastly, any upward revision in the export’s growth target of 20% for this fiscal?

So, we should be exceeding our guidance of 400,000 units this year. In the first half, we have done more than 200,000 units. So, that gives us some confidence.

All the best. Thank you so much, sir.

Thank you. The next question is from the line of Amyn Pirani from JP Morgan. Please go ahead.

Thanks for the opportunity. Most of my results related questions have already been asked. So, I just had a medium -term question. This 50% market share , which keeps coming back in commentary, I wanted to understand as to how important is it to get to 50% market share because while it has come down to 40-41%, it is on a much larger industry base. Even if you can maintain 40% in an industry which will become 6 -6.5 million units, it's still a very commendable achievement. So, how important is getting the 50% market share and is there a trade-off that you are willing to take while capturing that 50% market share in terms of either profitability or segmental share if you can shed some light?

What is good for India is good for Maruti and what is good for Maruti is good for India. We believe as a market leader, we should serve the customer and we should give mobility to more number of people. So, 50% market share, we should get it. It is important for us. On a lighter note, I thought our investors would be more ambitious than we would be. So, probably your remark stems from some kind of a fear of a trade -off. We don't think that is true. All you have to do is, there is a global phil osophy of Suzuki Motor Corporation ‘By Your Side’. So, if you really think about your customer, you observe and you strive to provide it, 50% market share is clearly achievable. Having said that, this question came to our global president in a press conference, I think, day before yesterday also and he did mention that getting to 50% market share would be probably more difficult than it has ever been in the past. Having said that, we have levers available. We have eight SUV launches and you know SUV incremental models can really get us incremental market share. The small cars which we have been talking about for so many years have now shown healthy signs of recovery and all our other strengths of the company like the brand, like service network, like our multiple channels the Nexa and the Arena, our EV launch, our multiple pathway approach to carbon neutrality. All this should give us the strength to get that without a trade-off.

Great. Thanks for the elaborate answer. As a follow-up, last year you talked about two new SUV launches and the VICTORIS got launched and the e VITARA has already been launched. Can we get some early guidance into next year like will we have two new SUVs? And what are the Page | 10 white spaces because with your large market share you are already present in so many sub - segments so what are the white spaces for these eight SUVs to come in if you can help us?

Thanks for that question but I think you will have to retain your curiosity for some more time.

Thank you. I will come back in the queue.

Thank you. The next question is from the line of Kumar Rakesh from BNP Paribas. Please go ahead.

Hi. Thanks. Good evening. My first question, Rahul, was around the same question which Amyn was also asking. So, you have said that you have spoken multiple times about 50% in terms of market share but you have not spoken ever anything about the range in which you want to operate from profitability perspective. Many of your peers in India do talk about the sort of profitability that they would be operating at. So I can understand earlier you did spoke about that the discounts and all of those things are a factor of lot of things but just on the framework how you decide in terms of what kind of discounting you would do, the price correction that you will take, what kind of market share that you will chase, are there any guardrails similar on ter ms of the profitability margin as well? I completely appreciate that Maruti would want to have higher number of volume and would want to do as you to quote you what's good for India is good for Maruti but the profitability is also critical to keep on inves ting in future technologies future , product development and the capacities as well and hence the question from that angle as well . Is there any broader picture that you have in mind from the profitability perspective while you will be incentivizing many of the segments to drive your growth?

The answer is yes, I do not know if you are aware Suzuki Motor Corporation on its website has set out an aspiration and of course aspirations I mean it's not easy to meet them so they always come with a rider . But they have talked in their Mid -term plan, about 10% margin and 50% market share by FY 2030 -31. So that's a very clear goal for the whole management of Maruti Suzuki.

Got it. Is there any similar number or goals for Maruti Suzuki that you would want to share?

So, this 10% EBIT margin we have also adopted as a guiding light and management is working for it. It's on the website and personally I believe it's a bold step to give out this number in the public domain but then it exists and this is what management is working towards.

Got it. That is very helpful. Thanks. My second question was more near term over the last two quarters we have seen very smart improvement in the ASP but the gross margin during this period of time has contracted. So the traditional thought process that higher priced products have higher margin that doesn't necessarily work in this scheme ? Can you just help understand the decoupling of ASP and the gross margin?

As I said earlier, gross margin and operating margin are a function of multiple factors. So, you cannot just link it to the mix, commodities plays a part, FOREX plays a part, capacity utilization Page | 11 plays a part. So there are multiple factors. You have to keep decoupling the factors to come to this. One factor alone will not give you the 100% correlation here.

Thanks. Just a clarification. Can you share the CNG mix in the quarter?

Healthy levels. We are higher than in the past.

Thank you.

Thank you. The next question is from the line of Chandramouli Muthiah from Goldman Sachs. Please go ahead.

Hi, good evening and thank you for taking my questions. My first question is just on the VICTORIS model. Are you able to share what the latest gross bookings count is since launch last month?

I thought I mentioned 30,000 bookings.

As of end of October?

Yes.

That's helpful. Second question is just a clarification on export revenue in the quarter and also if you could share the quarterly retail number and the discount per unit which I think was close to about Rs. 30,000 per unit.

So, the export revenue is about 8,300 crores plus and your other question was?

The retail for the September quarter and discount per unit that you had in the quarter.

So, retail sales was about 394,000 units in Q2 FY26 and sales promotion sequentially affected EBIT by about 75 basis points.

Alright and just lastly on the eight SUVs launch plan over the next 5-6 years. I think as it stands, after Ciaz has been discontinued and VICTORIS has been launched, I think our current number of models in the market is close to 19 models and couple of quarters back we had mentioned that over the next 5 -6 years, we plan to take the model count closer to 28 models , so it looks like most of the new model launches are likely to be SUVs and at some point over the next 2-3 years majority of our models in the domestic market will be SUVs. Is that the right understanding for the next 2-3 years?

Not necessarily.

Got it. So there can be some small car launches in tandem with the SUVs to keep that healthy mix between small cars and SUVs in our domestic offering. Page | 12

There could be so many ways of looking at the portfolio.

Got it. Thank you very much and all the best.

Thank you. The next question is from the line of Pramod Amthe from Incred Capital. Please go ahead.

Hi Rahul. I wanted to get some color in terms of consumer profile in this recovery . Do you see any significant changes, either in terms of first-time buyer or rural or age profile of the buyer?

So, as anecdotally our marketing colleagues have mentioned , we see a lot of helmets coming into our showrooms, which is a good sign because people who had never considered buying a car before, they are now actively considering. And the other aspect is that the bookings in Top- 100 cities grew by 50% but beyond Top 100, grew by 65%. So it looks like it's a broad -based recovery.

And looking at the first-time buyer, do you see a first-time buyer increasing. Do you need to do product interventions in the small car because that segment has not seen much as compared to peers and you being a leader you take that responsibility, is that fair to understand?

So, there is some increase in the first -time buyers. Since these have been days of high sales pressure so we are yet to get data on it.

And related to GST also, do you see a decent reduction in the service charges because the parts have come down and that's shifting, organized, unorganized and the parts sales business, how do you see this? Is there any significant change?

Sorry, I didn't get it

There has also been a lot of auto component parts where the GST has been reduced. Does it have a meaningful impact on service?

Nothing meaningful.

Sure.

So just to add to it, the share of the 4 entry level vehicles in our portfolio has gone up from about 16.5% to 20.5% in terms of bookings.

For the festival retail which we did?

Before and after 22nd September.

Sure. Thanks, and all the best Page | 13

Thank you. L adies and gentlemen this was the last question for today . With that we conclude today's conference call. On behalf of Maruti Suzuki India Limited that concludes this conference. Thank you for joining us and you may now disconnect your lines.