Maruti logo

Maruti

MARUTI NSE

Key Fundamentals

LargecapCars & Utility VehiclesAutomobiles
Market Cap
3.7L Cr
Volatility
Moderate
P/E Ratio
24.97
EBITDA
₹25,813 Cr
Return on Equity
13.7%
Debt to Equity
0
Book Value
₹3,408.25
EPS
₹467.71
52W High
₹17,370
52W Low
₹11,831

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

4
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 26.7% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 29.5%

Growth Rate

Revenue Growth
18.83% higher than 3Y
Net Income Growth
1.24% lower than 3Y
Cash Flow Change
18.05% higher than 3Y
ROE
-9.09% lower than 3Y
ROCE
-11.87% higher than 3Y
EBITDA Margin (Avg.)
-13.74% lower than 3Y

AI Analysis — Bull vs Bear

3d ago
AI opinion · based on fundamentals
Risk medium

Maruti Suzuki India Ltd has a market capitalisation of about ₹3,76,969 crore and trades at a P/E of 26.5 and a P/B of 3.54. The company is almost debt free, and its profits grew at a 27% CAGR over 5 years. However, TTM profit fell 1% even though TTM sales rose 27%, and the stock is down 26% over the past year. Return on equity was 14% last year, compared with a 3-year average of 16%.

Bull Case 7
  • The company is almost debt free, so a leveraged balance sheet is not a risk. That leaves room to fund capacity expansion, EV investments and dividends from internal cash, even for a ₹3,76,969 crore business.
  • Profit has grown at a 27% CAGR over 5 years and a 21% CAGR over 3 years. Both are well above the 10-year profit CAGR of 12%, which points to a stronger earnings path in recent years.
  • TTM sales grew 27%, above the 5-year sales CAGR of 21% and the 3-year sales CAGR of 16%. This suggests demand and volume or pricing momentum are holding up.
  • The stock has fallen 26% over the past year while TTM sales rose 27%. The current P/E of 26.5 therefore reflects a valuation that has come down relative to revenue growth.
  • Capital efficiency has improved over time. The 3-year average ROE of 16% is above the 5-year average of 14% and the 10-year average of 13%.
  • The company keeps a dividend payout ratio of 29.5% and has a dividend yield of 1.16%. It returns cash to shareholders consistently while keeping most of its earnings for growth.
  • The company is expected to report a good quarter. If that happens, it could help reverse the flat trend in TTM profit (-1%).
Bear Case 8
  • TTM profit fell 1% while TTM sales grew 27%. This gap points to significant margin compression, possibly from input costs, discounting, product mix or higher expenses.
  • The P/E of 26.5 is high relative to the 10-year profit CAGR of 12% and flat TTM profit growth (-1%). This leaves limited room for disappointment if earnings growth does not pick up again.
  • Shareholders have seen weak returns. The stock is down 26% over 1 year, and its 3-year CAGR of 4% trails the 3-year profit CAGR of 21%.
  • ROE was 14% last year, down from the 3-year average of 16%. This suggests returns on capital have recently weakened, although the balance sheet carries little debt.
  • A P/B of 3.54 combined with an ROE of about 14% implies an earnings yield of roughly 3.8% on book value. Investors are paying a notable premium for a mid-teens return profile.
  • The 5-year growth rates (21% sales CAGR, 27% profit CAGR) may be inflated by a low pandemic-era base. The longer-run 10-year CAGRs are 12% for both sales and profit.
  • Over 10 years, the stock has compounded at 8%, below the 10-year profit CAGR of 12%. This reflects a long-term de-rating of the stock.
  • The dividend yield of 1.16% is modest, so income offers little cushion against price swings like the 26% fall over the past year.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

19h ago
Headwinds 5
  • Input cost-driven price hike Sep 7

    Maruti Suzuki raised prices on select models by up to ₹20,000 from September 2026, citing sustained input cost increases and elevated inflation after internal cost measures fell short. This points to margin pressure and could weigh on demand in price-sensitive segments.

  • ₹149.64 mn tax penalty Sep 30

    The Income Tax Authority issued a ₹149.64 million penalty order for FY23 related to Suzuki Motor Gujarat. The company plans to appeal, and the amount is small relative to its scale.

  • CCI matter still unresolved Sep 28

    The Competition Commission of India hearing has been adjourned to November 2, 2026 for continued arguments. Regulatory uncertainty will continue until the matter is resolved.

  • Production director exits Sep 30

    Kazunari Yamaguchi resigned as Whole-time Director (Production) effective September 30, 2026, and Sarada Prasana Nayak was appointed Head of Production. This is a leadership change at a key operational post.

  • Brazil flex-fuel plans stall Sep 8

    A company official said plans to sell flex-fuel cars in Brazil are in early stages and face new market challenges. No timelines or financial commitments have been disclosed.

Positives 7
  • FY27 growth guidance above 10% Sep 22

    Maruti Suzuki expects more than 10% yearly growth in FY27, which signals confidence in sustained momentum. This came alongside reports of very strong demand across its portfolio during the festive season.

  • Capacity target of 4 mn units Sep 25

    Suzuki Motor Corporation's Technology Strategy Briefing 2026 outlines plans to expand Indian production capacity to 4 million units by FY30. This supports a long-term volume growth runway.

  • Automatic S-CNG Swift, Dzire, Baleno Sep 18

    The company launched automatic S-CNG variants of the Swift, Dzire and Baleno under its Auto Green Mission. The launch follows a 58% surge in S-CNG sales in Q1 and record monthly volumes of 83,000 units in July.

  • Premium hatchbacks to double by FY31 Sep 9

    Maruti Suzuki expects premium hatchback sales to double from 600,000 to 1.2 million units by FY31. It pegs the overall PV market potential at 6.3 million units.

  • Eeco crosses 15 lakh units Sep 2

    The Eeco crossed 15 lakh cumulative sales, with the latest 5 lakh units sold in 3.5 years, its fastest growth phase. Rural markets made up 65% of FY25-26 sales, and S-CNG share rose to 48% from 12% in FY19-20.

  • ESG rating upgraded to Strong Sep 12

    Crisil ESG Ratings upgraded Maruti Suzuki's FY26 score to 68 (Strong) from 63. The core ESG score rose to 64 from 57.

  • 300 kW green hydrogen pilot Sep 24

    The company commissioned a 300 kW green hydrogen electrolyzer at Manesar that uses surplus solar energy to produce hydrogen for manufacturing. This supports its decarbonisation goals.

Neutral 3
  • Investor meets on Sep 22, 24 Sep 21

    Maruti Suzuki scheduled investor meetings for September 22 and September 24, 2026 under SEBI LODR Regulation 30(6). Both dates were subject to change.

  • Large-trade signals near ₹12,200 Sep 21

    Trade scanners flagged about 30,172 shares at ₹12,210 (₹36.84 crore) on Sep 21 and 25,469 shares at ₹12,200 (₹31.07 crore) on Sep 18. These signals are unconfirmed, and no buyer or seller identities are known.

  • Supply chain cybersecurity push Sep 2

    A Maruti Suzuki executive urged stronger cybersecurity backup plans and called on Tier-2 and Tier-3 suppliers to improve their cybersecurity skills.

TL;DR: Maruti Suzuki's demand picture looks strong, with very strong festive-season demand, FY27 growth guidance above 10%, record S-CNG volumes (83,000 units in July) and a plan to reach 4 million units of capacity by FY30. The main near-term risk is input cost inflation, which forced price hikes of up to ₹20,000. Smaller overhangs include the ₹149.64 mn tax penalty, the CCI hearing set for November 2, 2026 and the exit of its production director. Overall the trend is improving, and the key things to watch are whether festive demand turns into actual volumes and whether margins hold up against cost pressure.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
32,535
37,339
33,513
38,471
35,779
37,449
38,764
40,920
38,605
42,344
49,904
52,462
52,470
Expenses
29,015
32,028
29,073
33,250
30,673
32,450
33,688
36,076
33,983
37,258
44,331
46,304
48,156
Operating Profit
3,520
5,312
4,440
5,221
5,107
4,999
5,076
4,844
4,623
5,086
5,573
6,158
4,313
OPM %
11%
14%
13%
14%
14%
13%
13%
12%
12%
12%
11%
12%
8%
Other Income
1,110
958
1,053
1,261
1,118
1,570
1,125
1,583
1,924
1,014
1,140
581
1,972
Interest
46
35
36
76
57
43
46
48
47
57
62
73
64
Depreciation
1,314
1,342
1,302
1,298
1,332
1,386
1,429
1,462
1,556
1,703
1,735
1,748
1,780
PBT
3,269
4,892
4,156
5,108
4,836
5,141
4,726
4,918
4,944
4,339
4,917
4,918
4,441
Tax %
22%
23%
23%
23%
22%
40%
21%
20%
23%
23%
21%
26%
22%
Net Profit
2,543
3,786
3,207
3,952
3,760
3,102
3,727
3,911
3,792
3,349
3,879
3,659
3,447
EPS in Rs
84.18
125
102
126
120
98.68
119
124
121
107
123
116
110
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
50,801
57,589
68,085
79,809
86,068
75,660
70,372
88,330
1,18,410
1,41,858
1,52,913
1,83,316
1,97,181
Expenses
43,909
48,565
57,664
67,692
75,012
68,305
64,961
82,578
1,05,288
1,23,232
1,32,689
1,61,786
1,76,050
Operating Profit
6,892
9,024
10,421
12,118
11,056
7,355
5,411
5,752
13,122
18,626
20,224
21,530
21,131
OPM %
14%
16%
15%
15%
13%
10%
8%
7%
11%
13%
13%
12%
11%
Other Income
817
1,464
2,399
2,155
2,664
3,410
3,046
1,861
2,415
4,248
5,199
4,569
4,707
Interest
218
82
89
346
76
134
102
127
252
194
194
239
255
Depreciation
2,515
2,822
2,604
2,760
3,021
3,528
3,034
2,789
4,846
5,256
5,608
6,742
6,966
PBT
4,976
7,585
10,127
11,167
10,624
7,103
5,321
4,697
10,438
17,424
19,620
19,118
18,616
Tax %
24%
28%
26%
29%
28%
20%
18%
17%
21%
23%
26%
23%
—
Net Profit
3,809
5,497
7,511
7,881
7,651
5,678
4,389
3,880
8,264
13,488
14,500
14,680
14,334
EPS in Rs
126
182
249
261
253
188
145
128
274
429
461
467
456
Div. Payout %
20%
19%
30%
31%
32%
32%
31%
47%
34%
29%
29%
30%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
151
151
151
151
151
151
151
151
157
157
157
157
Reserves
24,167
30,465
36,924
42,408
46,941
49,262
52,350
55,182
74,443
85,479
96,083
1,06,999
Borrowings
666
231
484
121
160
184
541
426
1,248
119
87
102
Other Liabilities
9,492
11,879
14,402
17,568
16,717
14,031
18,335
18,896
24,258
29,550
34,689
41,622
Total Liabilities
34,477
42,726
51,960
60,248
63,969
63,628
71,376
74,656
1,00,106
1,15,304
1,31,016
1,48,880
Fixed Assets
12,490
12,530
13,311
13,389
15,437
15,744
14,989
13,747
27,941
27,865
32,983
34,523
CWIP
1,890
1,007
1,252
2,132
1,607
1,415
1,497
2,936
4,143
7,735
7,929
9,838
Investments
13,298
20,676
29,151
36,123
37,504
37,488
42,945
42,035
49,184
57,296
66,265
76,838
Other Assets
6,800
8,513
8,247
8,604
9,421
8,980
11,946
15,937
18,837
22,408
23,839
27,680
Total Assets
34,477
42,726
51,960
60,248
63,969
63,628
71,376
74,656
1,00,106
1,15,304
1,31,016
1,48,880
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
6,449
8,482
10,282
11,788
6,601
3,496
8,856
1,840
10,815
16,801
16,180
19,100
Investing
-4,491
-7,230
-9,173
-8,302
-3,540
-557
-7,291
-239
-8,820
-11,865
-14,500
-14,734
Financing
-2,004
-1,237
-1,129
-3,436
-2,948
-3,104
-1,545
-1,607
-1,214
-4,062
-4,155
-4,484
Net Cash Flow
-45
16
-20
50
113
-165
20
-6
780
874
-2,475
-118
Free Cash Flow
3,408
6,026
6,907
7,903
1,899
96
6,528
-1,483
2,858
7,646
5,601
8,754
CFO/OP
109
115
121
122
88
67
182
52
100
110
99
109
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
8
8
6
7
10
10
7
8
10
12
16
11
Inventory Days
28
30
25
21
20
22
22
20
23
19
23
31
Days Payable
57
70
65
70
59
51
73
54
58
62
57
61
Cash Conversion Cycle
-20
-32
-33
-42
-29
-20
-44
-26
-25
-31
-18
-19
Working Capital Days
-26
-27
-36
-40
-30
-20
-50
-30
-30
-26
-24
-29
ROCE %
19%
23%
24%
24%
19%
9%
11%
6%
16%
22%
22%
19%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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63 extracted metrics + investor summaries across FY08–FY27.

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Shareholding Pattern

Others0.66%Promot.58.65%Public2.68%FIIs12.82%DIIs25.18%As ofJun 2026

Documents

Frequently Asked Questions about Maruti

What does Maruti Suzuki India Ltd do?
The Company was established in 1981. A joint venture agreement was signed between the Government of India and Suzuki Motor Corporation (SMC), Japan in 1982. The Company became a subsidiary of SMC in 2002.It is the market leader in passenger vehicle segment in India. In terms of production volume ...
Where is Maruti Suzuki India Ltd (MARUTI) listed?
Maruti Suzuki India Ltd trades as MARUTI on the NSE and under code 532500 on the BSE.
Which sector does Maruti Suzuki India Ltd belong to?
Maruti Suzuki India Ltd is classified under the Automobiles sector, in the Cars & Utility Vehicles industry.
What is the market capitalisation of Maruti Suzuki India Ltd?
Maruti Suzuki India Ltd has a market capitalisation of ₹3,69,517 Cr, which places it in the Large Cap band.
What is the PE ratio of Maruti Suzuki India Ltd?
Maruti Suzuki India Ltd trades at a PE ratio of 24.97, on earnings per share of ₹467.71, against a book value of ₹3,408.25 per share.
What is the 52-week high and low of Maruti Suzuki India Ltd?
Over the last 52 weeks Maruti Suzuki India Ltd has traded between ₹11,831 and ₹17,370.
Does Maruti Suzuki India Ltd pay dividends?
Maruti Suzuki India Ltd has a dividend yield of 1.17%.
What is the Return on Equity (ROE) of Maruti Suzuki India Ltd?
Maruti Suzuki India Ltd reported a return on equity of 13.70%. Its debt-to-equity ratio is 0.00.

Company Information

The Company was established in 1981. A joint venture agreement was signed between the Government of India and Suzuki Motor Corporation (SMC), Japan in 1982. The Company became a subsidiary of SMC in 2002.It is the market leader in passenger vehicle segment in India. In terms of production volume and sales, the Company is now SMC’s largest subsidiary. SMC currently holds 56.28% of its equity stake. The principal activities of the Company are manufacturing, purchase and sale of motor vehicles, components and spare parts.

Website marutisuzuki.com
CEO Mr. Hisashi Takeuchi
Employees 19,966
Listed 2003-07-09
Face Value ₹ 5
Issued Size 31,44,02,574

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