Maruti Suzuki's (MSIL) Q2FY16 performance was below our as well as street's estimates. Company delivered disappointing performance with ~ 200 bps QoQ decline (up 154 bps YoY) in EBIDTA margin at 14.4%, as against our estimate of 16.6%. Its Revenue/EBIDTA/PAT grew 19.7%/34%/27% YoY but fell (8.2)%/4.4%/17% QoQ as against our estimate of Rs 149.4bn/24.8bn/13.6bn in Q3FY16.