Maruti logo

Maruti

MARUTI NSE

Key Fundamentals

LargecapCars & Utility VehiclesAutomobiles
Market Cap
3.9L Cr
Volatility
Low Risk
P/E Ratio
27.2
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
₹12,201

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

Anthropic anthropic claude-opus-4.6 3h ago
AI opinion · based on fundamentals
Risk medium

Maruti Suzuki India Ltd commands a market cap of ₹3,91,871 Cr at a P/E of 27.5x and P/B of 3.68x. The company has delivered strong 5-year profit CAGR of 27% and TTM sales growth of 27%, though the stock has declined 19% over the past year and TTM profit growth has turned marginally negative at -1%.

Bull Case 8
  • Virtually debt-free balance sheet provides financial flexibility and resilience through economic cycles, keeping interest costs negligible
  • Strong 5-year compounded profit growth of 27% CAGR significantly outpaces 10-year profit CAGR of 12%, indicating an acceleration in earnings power
  • TTM revenue growth of 27% demonstrates robust top-line momentum and sustained demand for the company's vehicle portfolio
  • 3-year ROE of 16% and 5-year ROE of 14% reflect consistently healthy capital efficiency and improving return profile
  • Healthy dividend payout ratio of 29.5% with a current yield of 1.11% signals shareholder-friendly capital allocation
  • 3-year compounded sales CAGR of 16% and 10-year sales CAGR of 12% demonstrate durable long-term revenue expansion
  • 10-year stock CAGR of 9% and 5-year stock CAGR of 12% indicate the company has generated meaningful long-term wealth despite recent weakness
  • Market cap of ₹3,91,871 Cr makes it one of India's largest auto companies, providing scale advantages in procurement, distribution and brand recognition
Bear Case 8
  • TTM compounded profit growth has turned negative at -1%, suggesting margin pressure or rising costs are eroding the recent earnings trajectory
  • Stock has declined 19% over the past 1 year, significantly underperforming the broader market and its own long-term CAGR of 9-12%
  • P/E of 27.5x is elevated for an automobile manufacturer, leaving limited margin of safety if growth slows further
  • P/B ratio of 3.68x implies the market is pricing in substantial future growth; any disappointment could compress this multiple
  • Last year ROE of 14% has dipped below the 3-year average of 16%, suggesting returns on equity may be plateauing or declining
  • Dividend yield of 1.11% is modest relative to the P/E of 27.5x, meaning investors are largely dependent on capital appreciation for returns
  • 10-year compounded profit CAGR of 12% versus 5-year CAGR of 27% shows much of the profit acceleration is recent and may not be sustainable over full cycles
  • Widening gap between TTM sales growth of 27% and TTM profit growth of -1% signals significant cost or margin headwinds that revenue growth alone is not offsetting

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

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 3
  • Aug sales miss analyst estimates Sep 1

    August 2026 sales of 219,220 units missed analyst estimate of 245,000 units despite 21% YoY growth.

  • Shipping issues persist Sep 1

    Maruti flagged ongoing shipping and logistics challenges in certain areas, potentially affecting distribution.

  • Price hike on select models Sep 7

    Maruti raised prices up to ₹20,000 on select models effective September 2026, citing sustained input cost increases and elevated inflation.

Positives 6
  • Strong Aug production surge 40% Sep 1

    Total production rose to 221,613 units in August 2026 from 158,202 units YoY. UV production surged to 97,922 units from 58,587 units.

  • 1M sales in 5 months Sep 1

    Maruti crossed 1 million unit sales in the first five months of FY27, with YTD sales at 1,143,365 units vs 889,070 units in the prior period.

  • ₹77,500 crore investment by FY31 Sep 1

    Maruti plans ₹77,500 crore investment by FY31 targeting 3.65 million car capacity, with FY27 capex up 40% to ₹14,000 crore from ~₹10,000 crore.

  • Premium hatchback sales to double Sep 9

    Maruti expects premium hatchback sales to double to 1.2 million units by FY31 from current 600,000 units, within a 6.3 million unit PV market.

  • Eeco crosses 15 lakh milestone Sep 2

    Eeco hit 15 lakh cumulative sales with rural markets at 65% share in FY25-26. CNG variant share surged to 48% from 12% in FY19-20.

  • CNG demand rising on fuel costs Sep 1

    High fuel prices are boosting CNG vehicle demand, with network stock at a lean 16 days of sales indicating strong sell-through.

Neutral 3
  • Brazil flex-fuel plans early stage Sep 8

    Maruti's plans to sell flex-fuel cars in Brazil remain in early stages with no timelines or financial commitments disclosed.

  • Cybersecurity focus for supply chain Sep 2

    A Maruti executive urged Tier-2 and Tier-3 suppliers to strengthen cybersecurity backup plans across the automotive supply chain.

  • AGM approves FY26 results Aug 31

    Maruti's 45th AGM on August 31 approved FY26 financials, declared dividend, and re-appointed directors Yamaguchi and Suzuki.

TL;DR: Maruti is delivering strong volume growth with production up 40% YoY in August and crossing 1 million sales in just five months of FY27, backed by aggressive capex plans of ₹77,500 crore through FY31. The UV segment and CNG variants are key growth engines. Key risks include the August sales miss versus estimates, rising input costs necessitating price hikes, and lingering logistics challenges. The overall trend is positive with capacity expansion and product mix improvement, though near-term cost pressures and execution on export and EV plans bear watching.

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 ₹3,91,871 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 27.20, 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 ₹12,201 and ₹17,370.
Does Maruti Suzuki India Ltd pay dividends?
Maruti Suzuki India Ltd has a dividend yield of 1.11%.
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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