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Maruti Suzuki India

MARUTI NSE
₹11,995.00 +126.00 (+1.06%)
P/E
28.04
View as Markdown
MCP
Close 4 Nov 2026 ₹11,995.00 −3,457.00 −22.4% 1Y
Start ₹15,452.00

Key Fundamentals

LargecapAutomobilesConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
18.90%
Debt to Equity
0.00
EPS (TTM)
₹427.83
Book Value
₹3,466.97
Market Cap
—
P/E (TTM)
28.04
P/B
3.46
ROE
14.30%
Dividend Yield
1.18%
EBITDA
₹25,813 Cr
52W High
₹17,370.00
52W Low
₹10,985.00
Day Range
₹11,786.00 – ₹11,995.00
Volume
5,81,928

Peer Comparison

Consumer Discretionary › Automobiles › Passenger Cars & Utility Vehicles

Maruti peer comparison
Maruti (this company)
₹11,995.0028.04₹3,73,667 Cr3.461.18%14.30%18.90%₹2,08,192 Cr₹13,451 Cr
Mahindra & Mahindra
₹2,961.9019.94₹3,64,230 Cr3.951.13%20.30%15.10%₹2,11,375 Cr₹20,243 Cr
Hyundai Motor India
₹2,063.0036.64₹1,64,832 Cr8.231.03%29.90%38.40%₹73,920 Cr₹4,575 Cr
Tata Motors Passenger Vehicles
₹278.50—₹1,02,686 Cr0.921.08%75.70%2.73%₹3,43,703 Cr₹79,502 Cr
Force Motors
₹18,148.0019.10₹23,063 Cr5.160.28%26.10%36.00%₹9,200 Cr₹1,253 Cr
Olectra Greentech
₹1,058.7048.99₹8,392 Cr7.100.06%15.60%21.00%₹2,540 Cr₹180 Cr
Median 6 companies₹2,512.4528.04₹1,33,759 Cr4.561.06%23.20%19.95%₹1,41,056 Cr₹9,013 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.

Tapetide Score

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

Overall score

59 Good

Data confidence 100/100

Category scores

Quality
51
Average
Returns, margins, earnings quality 22% weight
Valuation
83
Strong
Cheap vs sector & own history 24% weight
Growth
85
Strong
Sales & profit trajectory 9% weight
Financial Health
73
Strong
Solvency, leverage, coverage 9% weight
Momentum
17
Poor
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company is almost debt free.
  • 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%

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish937
OscillatorsNeutral333
Moving AveragesStrong Bearish604

Key readings

RSI (14)
58.83
Neutral
MACD (12,26,9)
−80.77
Bullish
SMA (50)
12,077.08
Bearish
SMA (200)
13,398.18
Bearish

As of

Analyst Rating

Based on 39 analysts
BUY87%

34 of 39 analysts rate Buy, 4 Hold, 1 Sell.

As of

BUY
34
87%
HOLD
4
10%
SELL
1
3%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+12.28%
5Y+21.10%
3Y+15.68%
1Y+19.88%
TTM+29.61%

Net profit

Net profit growth by window
10Y+10.32%
5Y+27.31%
3Y+21.11%
1Y+1.24%
TTM−8.99%

Operating cash flow

Operating cash flow growth by window
10Y+8.46%
5Y+16.62%
3Y+20.87%
1Y+18.05%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−3.93 pp
5Y+4.05 pp
3Y+0.66 pp
1Y−1.49 pp
TTM−2.23 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹68,085 Cr
Mar 2018₹79,809 Cr
Mar 2019₹86,068 Cr
Mar 2020₹75,660 Cr
Mar 2021₹70,372 Cr
Mar 2022₹88,330 Cr
Mar 2023₹1,18,410 Cr
Mar 2024₹1,41,858 Cr
Mar 2025₹1,52,913 Cr
Mar 2026₹1,83,316 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹7,511 Cr
Mar 2018₹7,881 Cr
Mar 2019₹7,651 Cr
Mar 2020₹5,678 Cr
Mar 2021₹4,389 Cr
Mar 2022₹3,880 Cr
Mar 2023₹8,264 Cr
Mar 2024₹13,488 Cr
Mar 2025₹14,500 Cr
Mar 2026₹14,680 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹5,356 Cr +22.2% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk medium

Maruti Suzuki trades at ₹11,426 as of 2026-10-29 with a market cap of ₹3,59,236 Cr, a P/E (TTM) of 26.71x, and zero debt on its balance sheet. The stock is down roughly 34% from its 52-week high of ₹17,370 and sits just 4% above its 52-week low of ₹10,985, while TTM sales growth stands at 30% even as TTM profit has declined 9%.

Bull Case 8
  • Debt-free balance sheet with a debt-to-equity ratio of 0, providing significant financial flexibility and resilience through economic cycles
  • Strong 5-year compounded profit CAGR of 27%, reflecting sustained earnings expansion over a meaningful period
  • TTM revenue growth of 30% indicates robust top-line momentum and strong demand for the company's product portfolio
  • Healthy dividend payout ratio of 29.5% with a current dividend yield of 1.21%, offering consistent shareholder returns
  • 3-year average ROE of 16% and current ROCE of 17.22% demonstrate efficient capital allocation relative to the auto sector
  • 10-year compounded sales CAGR of 12% and profit CAGR of 12% show the company has delivered consistent long-term growth through multiple cycles
  • Stock trading at ₹11,426, just 4% above its 52-week low of ₹10,985, which compresses the valuation multiple after a steep correction from ₹17,370
  • 5-year compounded sales CAGR of 21% outpaces the 10-year rate of 12%, suggesting an acceleration in the business growth trajectory
Bear Case 7
  • TTM compounded profit has declined 9% even as TTM sales grew 30%, signalling meaningful margin compression and potential cost pressures
  • Stock price CAGR of -30% over the last 1 year reflects a sharp de-rating, indicating deteriorating market sentiment
  • P/E (TTM) of 26.71x is elevated for a company whose most recent earnings are contracting, raising questions about valuation support
  • Last year ROE of 14% has dropped below the 3-year average of 16%, suggesting declining return efficiency
  • 10-year stock CAGR of only 7% has meaningfully lagged the broader market indices over the same period, suggesting persistent re-rating challenges
  • The wide gap between 30% TTM sales growth and -9% TTM profit growth implies rising input costs, higher discounts, or an unfavourable product mix that may persist
  • 5-year stock CAGR of 9% significantly trails the 5-year profit CAGR of 27%, indicating the market has been assigning a lower earnings multiple over time

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

AI News Digest

9h ago

TL;DR: Maruti Suzuki is firing on all cylinders with record domestic sales, a 30% export surge, and a meaningful tax liability reduction. There are no material headwinds in the recent news flow, though the West Asia crisis remains a background risk for exports. The trend is clearly improving, with cumulative Apr-Oct FY27 sales at 1,655,498 units and production capacity ramping aggressively. Sustained volume momentum and the ITAT relief provide a constructive near-term outlook.

Positives 4
  • ITAT ruling cuts contingent liability Oct 15

    ITAT ruled largely in Maruti Suzuki's favor for FY14-FY20 and FY22, reducing contingent liability by ₹63,000 million.

  • Oct sales beat estimates by 10% Nov 2

    Total sales hit 276,120 units in Oct 2026, beating the 250,000-unit estimate by ~10%. Domestic sales set a new monthly record at 216,789 units.

  • Exports surge 30% in CY26 Nov 3

    Exports rose 30% in the first 10 months of CY26, already surpassing the full-year CY25 export record despite West Asia crisis headwinds.

Quarterly Results

₹ Cr
MARUTI quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
37,339
33,513
38,471
35,779
37,449
38,764
40,920
38,605
42,344
49,904
52,462
52,470
53,356
Expenses
32,028
29,073
33,250
30,673
32,450
33,688
36,076
33,983
37,258
44,331
46,304
48,156
48,591
Operating Profit
5,312
4,440
5,221
5,107
4,999
5,076
4,844
4,623
5,086
5,573
6,158
4,313
4,764
OPM %
14%
13%
14%
14%
13%
13%
12%
12%
12%
11%
12%
8%
9%
Other Income
958
1,053
1,261
1,118
1,570
1,125
1,583
1,888
1,014
1,140
581
1,972
483
Interest
35
36
76
57
43
46
48
47
57
62
73
64
68
Depreciation
1,342
1,302
1,298
1,332
1,386
1,429
1,462
1,556
1,703
1,735
1,748
1,780
1,960
PBT
4,892
4,156
5,108
4,836
5,141
4,726
4,918
4,908
4,339
4,917
4,918
4,441
3,219
Tax %
23%
23%
23%
22%
40%
21%
20%
23%
23%
21%
26%
22%
23%
Net Profit
3,764
3,207
3,952
3,760
3,102
3,727
3,911
3,792
3,349
3,879
3,659
3,447
2,466
EPS (₹)
125
102
126
120
98.68
119
124
121
107
123
116
110
78.44

Profit & Loss

₹ Cr
MARUTI profit and loss, annual, ₹ crore
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
2,08,192
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
1,87,383
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
20,809
OPM %
14%
16%
15%
15%
13%
10%
8%
7%
11%
13%
13%
12%
10%
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
4,176
Interest
218
82
89
346
76
134
102
127
252
194
194
239
266
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
7,223
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
17,496
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
13,451
EPS (₹)
126
182
249
261
253
188
145
128
274
429
461
467
428
Div. Payout %
20%
19%
30%
31%
32%
32%
31%
47%
34%
29%
29%
30%
—

Balance Sheet

₹ Cr
MARUTI balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
151
151
151
151
151
151
151
151
157
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
1,08,845
Borrowings
666
231
484
121
160
184
541
426
1,248
119
87
102
83
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
45,716
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
1,54,802
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
43,822
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
4,084
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
72,105
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
34,790
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
1,54,802

Cash Flow

₹ Cr
MARUTI cash flow, annual, ₹ crore
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/EBITDA
109
115
121
122
88
67
182
52
100
110
99
109

Ratios

MARUTI financial ratios, annual
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

Log in to view Maruti insights

63 extracted metrics across FY09–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 58.72%
  • DIIs 25.41%
  • FIIs 12.42%
  • Public 2.88%
  • Others 0.57%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Maruti Suzuki India

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.
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 Consumer Discretionary sector, in the Automobiles industry.
What is the PE ratio of Maruti Suzuki India Ltd?
Maruti Suzuki India Ltd trades at a PE ratio of 28.04 as of 4 Nov 2026, on earnings per share of ₹427.83, against a book value of ₹3,466.97 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 ₹10,985 and ₹17,370 as of 4 Nov 2026.
Does Maruti Suzuki India Ltd pay dividends?
Maruti Suzuki India Ltd has a dividend yield of 1.18%.
What is the Return on Equity (ROE) of Maruti Suzuki India Ltd?
Maruti Suzuki India Ltd reported a return on equity of 14.30%. 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 9 Jul 2003
Face Value ₹5

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