Maruti Suzuki India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Vehicles: 80.0% • Spare Parts / Dies & Moulds / Components: 15.2% • Other Operating Revenues: 4.9%
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Company has delivered good profit growth of 27.3% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 20.9%
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 21.1% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.22x)
CONS
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MARUTI | 12410.00 | 27.22 | 390173.59 | 1.13 | 3446.90 | -9.11 | 52469.80 | 43.27 | 19.03 | 8.41 |
| M&M | 3120.00 | 21.01 | 387981.00 | 1.06 | 5997.56 | 37.04 | 58187.57 | 27.80 | 16.29 | 18.79 |
| HYUNDAI | 2175.00 | 35.70 | 176727.69 | 0.97 | 888.62 | -35.10 | 16334.63 | 0.96 | 38.55 | 9.25 |
| TMPV | 302.00 | 1.40 | 111223.32 | 0.99 | 859.00 | -78.54 | 95799.00 | -7.70 | 0.67 | 6.46 |
| MERCURYEV | 41.75 | 158.53 | 793.14 | 0.00 | 1.56 | -4.18 | 33.38 | 47.91 | 5.17 | 9.77 |
| HINDMOTORS | 13.82 | 0.00 | 288.37 | 0.00 | 0.22 | -94.71 | 0.00 | — | 53.69 | — |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30,848 | 35,535 | 31,845 | 36,694 | 33,876 | 35,586 | 36,805 | 40,320 | 36,624 | 40,139 | 47,537 | 51,568 | 52,470 | |
| 29,015 | 32,028 | 29,073 | 33,250 | 30,673 | 32,450 | 33,688 | 36,076 | 33,983 | 37,258 | 44,331 | 46,304 | 50,000 | |
| Operating Profit | 1,833 | 3,507 | 2,772 | 3,444 | 3,204 | 3,136 | 3,117 | 4,244 | 2,642 | 2,880 | 3,206 | 5,263 | 2,470 |
| OPM % | 5.94% | 9.87% | 8.70% | 9.39% | 9.46% | 8.81% | 8.47% | 10.53% | 7.21% | 7.18% | 6.74% | 10.21% | 4.71% |
| 1,048 | 900 | 996 | 1,184 | 1,060 | 1,523 | 1,058 | 1,511 | 1,888 | 946 | 1,055 | 484 | 1,874 | |
| 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 |
| Profit before Tax | 3,207 | 4,834 | 4,099 | 5,030 | 4,778 | 5,093 | 4,659 | 4,846 | 4,908 | 4,272 | 4,832 | 4,821 | 4,441 |
| Tax % | 22.64% | 22.88% | 23.15% | 22.97% | 22.52% | 40.02% | 21.44% | 20.77% | 23.45% | 23.18% | 21.49% | 26.12% | 22.39% |
| Net Profit | 0 | 0 | 0 | 0 | 3,760 | 3,102 | 3,727 | 3,911 | 3,792 | 3,349 | 3,879 | 3,659 | 3,447 |
| 80.88 | 120.43 | 102.00 | 125.71 | 119.58 | 98.68 | 118.54 | 124.40 | 120.62 | 106.52 | 123.38 | 116.38 | 109.63 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 68,085 | 79,809 | 86,068 | 75,660 | 70,372 | 88,330 | 1,18,410 | 1,41,858 | 1,52,913 | 1,83,316 | 1,91,713 | |
| 57,727 | 67,746 | 75,065 | 68,347 | 65,020 | 82,624 | 1,05,316 | 1,23,332 | 1,32,757 | 1,61,860 | 1,77,894 | |
| Operating Profit | 10,358 | 12,063 | 11,003 | 7,313 | 5,352 | 5,706 | 13,094 | 18,526 | 20,156 | 21,456 | 13,820 |
| OPM % | 15.21% | 15.12% | 12.78% | 9.67% | 7.60% | 6.46% | 11.06% | 13.06% | 13.18% | 11.70% | 7.21% |
| 2,290 | 2,046 | 2,562 | 3,334 | 2,936 | 1,745 | 2,265 | 4,094 | 5,022 | 4,357 | 4,359 | |
| Interest | 89 | 346 | 76 | 134 | 102 | 127 | 252 | 194 | 194 | 239 | 255 |
| Depreciation | 2,604 | 2,760 | 3,021 | 3,528 | 3,034 | 2,789 | 4,846 | 5,256 | 5,608 | 6,742 | 6,966 |
| Profit before Tax | 10,127 | 11,167 | 10,624 | 7,103 | 5,321 | 4,697 | 10,438 | 17,424 | 19,620 | 19,118 | 18,366 |
| Tax % | 25.83% | 29.43% | 27.99% | 20.07% | 17.51% | 17.41% | 20.83% | 22.59% | 26.09% | 23.22% | 23.32% |
| Net Profit | 7,511 | 7,881 | 7,651 | 5,678 | 4,389 | 3,880 | 8,264 | 13,488 | 14,500 | 14,680 | 14,084 |
| EPS | 248.64 | 260.88 | 253.26 | 187.95 | 145.30 | 128.43 | 262.84 | 429.01 | 461.20 | 466.91 | — |
| Dividend Payout % | 30.16% | 30.66% | 31.59% | 31.92% | 30.96% | 46.71% | 34.24% | 29.14% | 29.27% | 29.98% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 12%
- 5 Years:
- 21%
- 3 Years:
- 16%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 10%
- 5 Years:
- 27%
- 3 Years:
- 21%
STOCK PRICE CAGR
- 10 Years:
- 9%
- 5 Years:
- 13%
- 3 Years:
- 6%
- 1 Year:
- -18%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 13%
- 3 Years:
- 16%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 151 | 151 | 151 | 151 | 151 | 151 | 157 | 157 | 157 | 157 |
| Minority Interest | 15 | 16 | 18 | 19 | 0 | 0 | 0 | 0 | 0 | 0 |
| 36,924 | 42,408 | 46,941 | 49,262 | 52,350 | 55,182 | 74,443 | 85,479 | 96,083 | 1,06,999 | |
| 1,680 | 1,762 | 2,284 | 2,314 | 2,674 | 2,615 | 3,854 | 3,383 | 3,470 | 3,408 | |
| Trade Payables | 8,369 | 10,499 | 9,638 | 7,499 | 10,168 | 9,765 | 13,676 | 16,988 | 16,922 | 22,134 |
| 4,820 | 5,412 | 4,937 | 4,383 | 6,034 | 6,801 | 7,976 | 9,297 | 46,686 | 52,678 | |
| Total Liabilities | 51,960 | 60,248 | 63,969 | 63,628 | 71,376 | 74,514 | 1,00,106 | 1,15,304 | 1,63,318 | 1,85,376 |
| 13,311 | 13,389 | 15,437 | 15,744 | 14,989 | 13,747 | 27,941 | 27,865 | 32,983 | 34,523 | |
| Capital Work in Progress | 1,252 | 2,132 | 1,607 | 1,344 | 1,199 | 2,646 | 4,054 | 7,504 | 7,527 | 9,406 |
| 29,151 | 36,123 | 37,504 | 37,488 | 42,945 | 42,035 | 49,184 | 57,296 | 66,265 | 76,838 | |
| 3,264 | 3,160 | 3,323 | 3,214 | 3,049 | 3,532 | 5,444 | 5,318 | 6,913 | 11,321 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,597 | 6,540 | 5,342 | |
| Cash & Bank | 24 | 74 | 188 | 29 | 3,047 | 3,042 | 2,748 | 2,827 | 553 | 1,580 |
| 4,960 | 5,370 | 5,910 | 5,808 | 6,147 | 9,512 | 10,734 | 9,897 | 42,537 | 46,365 | |
| Total Assets | 51,960 | 60,248 | 63,969 | 63,628 | 71,376 | 74,514 | 1,00,106 | 1,15,304 | 1,63,318 | 1,85,376 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 12,605 | 14,844 | 9,745 | 4,933 | 9,868 | 3,019 | 13,079 | 16,801 | 16,180 | 19,100 | |
| Cash from Investing | -9,173 | -8,302 | -3,540 | -557 | -7,291 | -239 | -8,820 | -11,865 | -14,500 | -14,734 |
| Cash from Financing | -1,129 | -3,436 | -2,948 | -3,104 | -1,545 | -1,607 | -1,214 | -4,062 | -4,155 | -4,484 |
| -20 | 50 | 113 | -165 | 20 | -6 | 780 | 874 | -2,475 | -118 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-12 - Maruti Suzuki India Limited has informed the Exchange about ESG rating by Crisil ESG Ratings & Analytics Limited
2026-09-07 - Maruti Suzuki India Limited has informed the Exchange about Advance intimation regarding price increase
2026-09-05 - Maruti Suzuki India Limited has informed the Exchange regarding Corrigendum to Press Release
2026-09-05 - Maruti Suzuki India Limited has informed the Exchange regarding a press release dated September 05, 2026, titled " Dare to go Glam with the Stunning New Baleno: Designed for Dynamic Achievers".
2026-09-02 - Maruti Suzuki India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 31, 2026. Further, the company has informed the Exchange regarding voting results.
2026-09-02 - Maruti Suzuki India Limited has informed the Exchange regarding a press release dated September 02, 2026, titled "India s Partner in Progress: Maruti Suzuki Eeco crosses 15 lakh sales milestone".
2026-09-01 - Maruti Suzuki India Limited has informed the Exchange about Maruti Suzuki Production Volume: August 2026
2026-09-01 - Maruti Suzuki India Limited has informed the Exchange regarding a press release dated September 01, 2026, titled "Maruti Suzuki sales in August 2026 ".
2026-08-31 - Maruti Suzuki India Limited has informed the Exchange about Shareholders meeting
News
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Maruti Suzuki India Ltd.
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