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 ₹ 4,51,576 Cr.
- Current Price ₹ 14,366
- High / Low ₹ 17,372 / 12,201
- Stock P/E 31.3
- Book Value ₹ 3,343
- Dividend Yield 0.97 %
- ROCE 19.2 %
- ROE 14.5 %
- Face Value ₹ 5.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 47.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 30.2%
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
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 49,971 | 57,538 | 68,035 | 79,763 | 86,020 | 75,611 | 70,332 | 88,296 | 117,523 | 140,933 | 151,900 | 183,266 | |
| 43,209 | 48,518 | 57,620 | 67,647 | 74,968 | 68,266 | 64,928 | 82,549 | 106,504 | 124,483 | 134,074 | 161,816 | |
| Operating Profit | 6,761 | 9,020 | 10,415 | 12,116 | 11,052 | 7,345 | 5,404 | 5,747 | 11,019 | 16,449 | 17,826 | 21,450 |
| OPM % | 14% | 16% | 15% | 15% | 13% | 10% | 8% | 7% | 9% | 12% | 12% | 12% |
| 783 | 1,326 | 2,237 | 1,991 | 2,508 | 3,378 | 2,887 | 1,748 | 2,150 | 3,807 | 4,710 | 4,392 | |
| Interest | 206 | 82 | 89 | 346 | 76 | 133 | 101 | 126 | 187 | 193 | 193 | 239 |
| Depreciation | 2,470 | 2,820 | 2,602 | 2,758 | 3,019 | 3,526 | 3,032 | 2,786 | 2,823 | 3,022 | 3,159 | 6,740 |
| Profit before tax | 4,868 | 7,444 | 9,960 | 11,003 | 10,466 | 7,065 | 5,159 | 4,582 | 10,159 | 17,040 | 19,183 | 18,863 |
| Tax % | 24% | 28% | 26% | 30% | 28% | 20% | 18% | 18% | 21% | 22% | 27% | 23% |
| 3,711 | 5,364 | 7,350 | 7,722 | 7,501 | 5,651 | 4,230 | 3,766 | 8,049 | 13,209 | 13,955 | 14,445 | |
| EPS in Rs | 122.85 | 177.58 | 243.32 | 255.62 | 248.30 | 187.06 | 140.02 | 124.68 | 266.46 | 420.14 | 443.86 | 459.46 |
| Dividend Payout % | 20% | 20% | 31% | 31% | 32% | 32% | 32% | 48% | 34% | 30% | 30% | 30% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 21% |
| 3 Years: | 16% |
| TTM: | 21% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 47% |
| 3 Years: | 30% |
| TTM: | 4% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 14% |
| 3 Years: | 14% |
| 1 Year: | 13% |
| Return on Equity | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 13% |
| 3 Years: | 15% |
| Last Year: | 15% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 23,553 | 29,733 | 36,280 | 41,606 | 45,990 | 48,286 | 51,216 | 53,935 | 60,231 | 83,825 | 93,890 | 104,953 |
| 516 | 231 | 484 | 111 | 150 | 171 | 531 | 419 | 1,247 | 119 | 76 | 102 | |
| 9,330 | 11,825 | 14,336 | 17,502 | 16,641 | 13,944 | 18,170 | 18,889 | 21,549 | 26,184 | 31,497 | 41,530 | |
| Total Liabilities | 33,549 | 41,940 | 51,251 | 59,370 | 62,932 | 62,552 | 70,067 | 73,394 | 83,179 | 110,285 | 125,620 | 146,742 |
| 12,259 | 12,510 | 13,293 | 13,359 | 15,408 | 15,781 | 14,957 | 13,717 | 17,805 | 18,495 | 24,707 | 34,944 | |
| CWIP | 1,883 | 1,007 | 1,252 | 2,126 | 1,600 | 1,337 | 1,490 | 2,929 | 2,897 | 6,534 | 5,759 | 9,406 |
| Investments | 12,814 | 19,932 | 28,481 | 35,290 | 36,515 | 36,468 | 41,787 | 40,763 | 47,756 | 68,514 | 74,506 | 74,766 |
| 6,593 | 8,491 | 8,225 | 8,595 | 9,409 | 8,966 | 11,834 | 15,984 | 14,720 | 16,742 | 20,648 | 27,627 | |
| Total Assets | 33,549 | 41,940 | 51,251 | 59,370 | 62,932 | 62,552 | 70,067 | 73,394 | 83,179 | 110,285 | 125,620 | 146,742 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6,321 | 8,484 | 10,279 | 11,785 | 6,593 | 3,405 | 8,839 | 1,791 | 9,228 | 15,167 | 14,012 | 19,063 | |
| -4,410 | -7,227 | -9,178 | -8,282 | -3,538 | -464 | -7,284 | -189 | -8,018 | -10,683 | -10,242 | -14,696 | |
| -1,962 | -1,236 | -1,129 | -3,446 | -2,948 | -3,100 | -1,541 | -1,602 | -1,208 | -4,062 | -4,149 | -4,484 | |
| Net Cash Flow | -51 | 21 | -28 | 57 | 107 | -159 | 14 | -0 | 1 | 422 | -378 | -117 |
| Free Cash Flow | 3,172 | 6,030 | 6,907 | 7,920 | 1,893 | 6 | 6,511 | -1,532 | 2,981 | 8,203 | 5,312 | 8,719 |
| CFO/OP | 109% | 115% | 121% | 122% | 88% | 66% | 182% | 52% | 104% | 114% | 100% | 109% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 15 | 17 | 31 |
| Days Payable | 56 | 70 | 65 | 70 | 59 | 51 | 73 | 54 | 50 | 53 | 59 | 61 |
| Cash Conversion Cycle | -21 | -32 | -33 | -42 | -29 | -19 | -44 | -26 | -21 | -26 | -26 | -19 |
| Working Capital Days | -27 | -27 | -36 | -40 | -30 | -20 | -47 | -30 | -27 | -25 | -23 | 2 |
| ROCE % | 19% | 23% | 24% | 24% | 19% | 9% | 5% | 6% | 15% | 19% | 22% | 19% |
Insights
In beta| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Sales Volume vehicles |
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| Service Touchpoints count |
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| Export Market Share (Share of India PV Exports) % |
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| Installed Production Capacity vehicles per annum |
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| CNG Vehicle Sales vehicles |
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| UV Share of MSIL Domestic Sales % |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
1d - Kharkhoda facility inaugurated; 0.5 million capacity scaling to 1 million, with ₹35,000 crore investment.
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Maruti Suzuki Production Volume: June 2026
2d - Maruti Suzuki June 2026 production rose to 178,024 units from 127,545 last year.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
2d - Maruti Suzuki sold 200,390 units in June 2026, including 150,150 domestic and 42,768 exports.
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Reply To The Clarification Sought
30 Jun - Maruti Suzuki clarified its June 29 press release on onboarding 5 startups; no material impact or negotiations.
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Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015
30 Jun - Income tax authority levies Rs. 67.05 million penalty for FY2009-10; company will appeal.
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 2026Transcript PPT REC
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Mar 2026TranscriptAI SummaryPPT
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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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Nov 2022Transcript PPT
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Aug 2021TranscriptPPT
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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%