Nancy Thakur and Sakshi, both aged 12 years and students of Convent of Jesus and Mary, were found dead on the road in a pool of blood, police said.
It was yet to be ascertained whether they fell from a hillock or died due to some accident.
SP Chader Shekhar Pandit said the girls fell from the hillock and died.
Their school bags were found near the bodies, he said.
The SP ruled out the possibility of hit-and-run accident and said the bodies had been sent for post-mortem.