Maruti Suzuki India Ltd
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.
- Market Cap ₹ 4,09,987 Cr.
- Current Price ₹ 13,044
- High / Low ₹ 17,372 / 12,016
- Stock P/E 27.9
- Book Value ₹ 3,408
- Dividend Yield 1.03 %
- ROCE 19.0 %
- ROE 14.4 %
- Face Value ₹ 5.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 27.0% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 29.5%
Cons
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 50,801 | 57,589 | 68,085 | 79,809 | 86,068 | 75,660 | 70,372 | 88,330 | 117,571 | 141,858 | 152,913 | 183,316 | |
| 43,909 | 48,565 | 57,664 | 67,692 | 75,012 | 68,305 | 64,961 | 82,578 | 106,542 | 123,232 | 132,689 | 161,860 | |
| Operating Profit | 6,892 | 9,024 | 10,421 | 12,118 | 11,056 | 7,355 | 5,411 | 5,752 | 11,029 | 18,626 | 20,224 | 21,456 |
| OPM % | 14% | 16% | 15% | 15% | 13% | 10% | 8% | 7% | 9% | 13% | 13% | 12% |
| 817 | 1,464 | 2,399 | 2,155 | 2,664 | 3,410 | 3,046 | 1,861 | 2,307 | 4,248 | 5,199 | 4,643 | |
| Interest | 218 | 82 | 89 | 346 | 76 | 134 | 102 | 127 | 187 | 194 | 194 | 239 |
| Depreciation | 2,515 | 2,822 | 2,604 | 2,760 | 3,021 | 3,528 | 3,034 | 2,789 | 2,826 | 5,256 | 5,608 | 6,742 |
| Profit before tax | 4,976 | 7,585 | 10,127 | 11,167 | 10,624 | 7,103 | 5,321 | 4,697 | 10,323 | 17,424 | 19,620 | 19,118 |
| Tax % | 24% | 28% | 26% | 29% | 28% | 20% | 18% | 17% | 20% | 23% | 26% | 23% |
| 3,809 | 5,497 | 7,511 | 7,881 | 7,651 | 5,678 | 4,389 | 3,880 | 8,211 | 13,488 | 14,500 | 14,680 | |
| EPS in Rs | 126.04 | 181.98 | 248.61 | 260.86 | 253.21 | 187.90 | 145.30 | 128.43 | 271.82 | 429.01 | 461.20 | 466.90 |
| Dividend Payout % | 20% | 19% | 30% | 31% | 32% | 32% | 31% | 47% | 33% | 29% | 29% | 30% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 21% |
| 3 Years: | 16% |
| TTM: | 20% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 27% |
| 3 Years: | 30% |
| TTM: | 2% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 13% |
| 3 Years: | 11% |
| 1 Year: | 8% |
| Return on Equity | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 14% |
| 3 Years: | 16% |
| Last Year: | 14% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | 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 | 151 | 151 | 151 | 157 | 157 | 157 |
| Reserves | 24,167 | 30,465 | 36,924 | 42,408 | 46,941 | 49,262 | 52,350 | 55,182 | 61,640 | 85,479 | 96,083 | 106,999 |
| 666 | 231 | 484 | 121 | 160 | 184 | 541 | 426 | 1,247 | 119 | 87 | 102 | |
| 9,492 | 11,879 | 14,402 | 17,568 | 16,717 | 14,031 | 18,335 | 18,896 | 21,558 | 29,550 | 35,644 | 41,622 | |
| Total Liabilities | 34,477 | 42,726 | 51,960 | 60,248 | 63,969 | 63,628 | 71,376 | 74,656 | 84,597 | 115,304 | 131,971 | 148,881 |
| 12,490 | 12,530 | 13,311 | 13,389 | 15,437 | 15,744 | 14,989 | 13,747 | 17,830 | 27,865 | 32,983 | 34,955 | |
| CWIP | 1,890 | 1,007 | 1,252 | 2,132 | 1,607 | 1,415 | 1,497 | 2,936 | 2,904 | 7,735 | 7,929 | 9,406 |
| 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 |
| 6,800 | 8,513 | 8,247 | 8,604 | 9,421 | 8,980 | 11,946 | 15,937 | 14,678 | 22,408 | 24,794 | 27,681 | |
| Total Assets | 34,477 | 42,726 | 51,960 | 60,248 | 63,969 | 63,628 | 71,376 | 74,656 | 84,597 | 115,304 | 131,971 | 148,881 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6,449 | 8,482 | 10,282 | 11,788 | 6,601 | 3,496 | 8,856 | 1,840 | 9,251 | 16,801 | 16,136 | 19,100 | |
| -4,491 | -7,230 | -9,173 | -8,302 | -3,540 | -557 | -7,291 | -239 | -8,036 | -11,865 | -14,456 | -14,734 | |
| -2,004 | -1,237 | -1,129 | -3,436 | -2,948 | -3,104 | -1,545 | -1,607 | -1,213 | -4,062 | -4,155 | -4,484 | |
| Net Cash Flow | -45 | 16 | -20 | 50 | 113 | -165 | 20 | -6 | 2 | 874 | -2,475 | -118 |
| Free Cash Flow | 3,408 | 6,026 | 6,907 | 7,903 | 1,899 | 96 | 6,528 | -1,483 | 3,004 | 7,646 | 5,533 | 8,754 |
| CFO/OP | 109% | 115% | 121% | 122% | 88% | 67% | 182% | 52% | 104% | 110% | 99% | 109% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 18 | 19 | 23 | 31 |
| Days Payable | 57 | 70 | 65 | 70 | 59 | 51 | 73 | 54 | 50 | 62 | 70 | 61 |
| Cash Conversion Cycle | -20 | -32 | -33 | -42 | -29 | -20 | -44 | -26 | -22 | -31 | -31 | -19 |
| Working Capital Days | -26 | -27 | -36 | -40 | -30 | -20 | -50 | -30 | -26 | -26 | -24 | 2 |
| ROCE % | 19% | 23% | 24% | 24% | 19% | 9% | 11% | 6% | 14% | 24% | 22% | 19% |
Insights
In beta| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Sales Volume Units ・Standalone data |
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| Domestic Passenger Vehicle Market Share % ・Standalone data |
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| Installed Manufacturing Capacity Million Units p.a. ・Standalone data |
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| Service Touchpoints Number ・Standalone data |
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Extracted by Screener AI
Documents
Announcements
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Maruti Suzuki Production Volume: May 2026
2d - Maruti Suzuki May 2026 production rose to 230,041 units from 195,882.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
2d - Maruti Suzuki sold 242,688 units in May 2026, its highest-ever monthly sales; domestic sales hit 193,535 units.
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Compliances-Reg.24(A)-Annual Secretarial Compliance
27 May - Annual Secretarial Compliance Report for FY2026 shows full SEBI LODR compliance; no deviations reported.
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Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
27 May - CCI hearing on ongoing matter adjourned to 30 July 2026.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 May
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Concalls
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Apr 2026TranscriptPPT REC
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Mar 2026TranscriptAI SummaryPPT
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Jan 2026Transcript PPT REC
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Oct 2025Transcript PPT REC
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Oct 2024Transcript PPT REC
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Jul 2024Transcript PPT
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Apr 2024Transcript PPT REC
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Oct 2023Transcript PPT
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Oct 2023TranscriptAI SummaryPPT
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Nov 2022Transcript PPT
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Aug 2021TranscriptPPT
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Oct 2020TranscriptPPT
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Oct 2018TranscriptPPT
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Jul 2017TranscriptPPT
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Jul 2016TranscriptPPT
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Apr 2016TranscriptPPT
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Jan 2016TranscriptPPT
Segment wise domestic sales 9M FY26[1]
Compact - 41.6%
Utility vehicles - 37.7%
Vans - 7.3%
Mini - 5.3%
Mid Size - 0.1%
LCV - 2%
Sales to other (OEM) - 6%