Maruti Suzuki India (MARUTI)

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Maruti Suzuki India (MARUTI) · mywealthgrid

About

Maruti Suzuki is India's largest carmaker with approximately 50% of the passenger-vehicle market and an established service network. The company operates in consumer discretionary, making it sensitive to economic cycles and consumer purchasing power. As the volume leader, it competes primarily on scale and affordability in the mass and entry-to-mid segments.

Founded: 1981
Face value: ₹5

Market cap

₹3,57,976 Cr

P/E

25.0×

P/B

3.3×

Dividend yield

1.2%

ROE

14.4%

ROCE

17.8%

Debt / equity

OPM

11.7%

EPS (TTM)

₹455.9

Book value

₹3,408.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin compressed sharply to 8.22% in Jun 2026 from 11.74% in Mar 2026 (340 bps decline); verify whether this reflects seasonal demand weakness, input-cost inflation, pricing pressure, or capacity-utilization issues.
Net profit fell from ₹3.59–3.66 Cr in Mar 2026 to ₹3.35–3.45 Cr in Jun 2026 despite flat revenue, signaling margin headwinds; EPS also declined from ₹114–116 to ₹106–109.
Valuation at PE 30.34 is elevated for a cyclical auto stock; a demand shock or further margin compression could reset multiples.
Verify exposure to regulatory tightening (emissions, safety, local-content rules), supply-chain disruptions, and competitive pressure from new entrants in electric and sub-₹5 Lakh segments.

Generated analysis · source review pending

Growth drivers

Revenue rose 18% from Sep 2025 (₹42.2 Cr) to Dec 2025 (₹49.9 Cr), but plateaued at ₹52.4 Cr in Mar and Jun 2026; verify whether this reflects seasonal patterns, market saturation, or demand stabilization.
Zero debt (D/E 0) provides financial flexibility for capex, R&D, or shareholder returns; determine management's capital deployment priorities for EV transition and margin recovery.
Verify the addressable market opportunity in affordable segments where Maruti has deep penetration; India's vehicle-ownership rate remains low, but assess current demand trends and macro tailwinds.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹11,386.0-4.1%1Y

Quick read

rule-based

Pros

+High return on capital employed of 20.3%
+Profit CAGR of 27.3% over the last 5 years
+Revenue CAGR of 21.1% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 79.9×
+Dividend payout of 30.7% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

60/100

Business quality: 61
Growth: 59
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	75,660	70,372	88,330	1,17,571	1,41,858	1,52,913	1,83,316
COGS	53,163	50,824	66,044	86,251	99,741	1,07,491	1,32,576
Gross profit	22,497	19,548	22,286	31,321	42,117	45,422	50,741
	15,066	14,027	16,580	20,303	23,337	25,022	28,999
	7,431	5,521	5,706	11,018	18,780	20,400	21,742
OPM %	9.8%	7.8%	6.5%	9.4%	13.2%	13.3%	11.9%
Depreciation	3,528	3,034	2,789	2,826	5,256	5,608	6,742
Interest	134	102	127	187	194	194	239
	3,334	2,936	1,907	2,318	4,094	5,022	4,357
Profit before tax	7,103	5,321	4,697	10,323	17,425	19,620	19,119
Tax	1,425	932	818	2,112	3,936	5,120	4,439
Tax %	20.1%	17.5%	17.4%	20.5%	22.6%	26.1%	23.2%
	5,678	4,389	3,880	8,211	13,488	14,500	14,680
PAT margin %	7.5%	6.2%	4.4%	7%	9.5%	9.5%	8%
EPS (₹)	188	145.3	128.4	271.8	858	461.2	466.9
EPS adjusted (₹)	188	145.3	128.4	271.9	429	461.2	466.9
	31.9%	31%	46.7%	33.1%	14.6%	29.3%	30%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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	157	157	157
Reserves	27,598	36,924	42,408	46,941	49,262	52,350	55,183	61,640	85,479	96,083	1,06,999
Minority interest	—	15	16	18	19	—	—	—	—	—	—
	238	494	121	158	112	492	382	1,216	33	0	0
	12,283	14,376	17,552	16,701	14,084	18,384	18,940	21,590	29,684	35,732	41,725
Total equity & liabilities	40,270	51,961	60,248	63,969	63,628	71,376	74,656	84,597	1,15,353	1,31,972	1,48,881
	12,976	13,311	13,389	15,437	15,126	14,989	13,747	17,830	27,865	32,983	34,523
CWIP	1,013	1,252	2,132	1,607	1,344	1,199	2,646	2,815	7,504	7,527	9,406
Investments	18,387	29,151	36,123	37,504	37,488	42,945	42,035	49,184	57,296	66,265	76,839
	7,894	8,247	8,604	9,421	9,669	12,243	16,227	14,767	22,688	25,197	28,113
Total assets	40,270	51,961	60,248	63,969	63,628	71,376	74,656	84,597	1,15,353	1,31,972	1,48,881

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	29.7%	27.8%	25.2%	26.6%	29.7%	29.7%	27.7%
EBITDA margin %	9.7%	7.6%	6.5%	9.4%	13.1%	13.2%	11.7%
EBIT margin %	5%	3.3%	3.3%	7%	9.4%	9.5%	8%
PAT margin %	7.5%	6.2%	4.4%	7%	9.5%	9.5%	8%
Working capital
Receivable days	10	7	8	10	12	16	11
Inventory days	22	22	20	18	19	23	31
Payable days	51	73	54	50	62	70	61
NWC days	-20	-44	-26	-21	-31	-31	-19
Leverage
Current ratio	0.75	1.15	1.02	0.58	0.87	0.97	1.07
Debt to EBITDA	0.02	0.09	0.07	0.11	0	0	0
Debt to equity	0	0.01	0.01	0.02	0	0	0
Interest coverage	53	51.6	36.8	55.3	89.7	100.8	79.9
Asset turnover	1.19	0.99	1.18	1.39	1.23	1.16	1.23
Return ratios
Return on assets %	8.9%	6.1%	5.2%	9.7%	11.7%	11%	9.9%
Return on capital employed %	13.6%	9.8%	8.3%	16.9%	22.6%	20.5%	17.8%
Return on equity %	11.5%	8.4%	7%	13.3%	15.8%	15.1%	13.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.48%	58.19%	58.19%	58.19%	58.19%	58.28%	58.28%	58.28%	58.28%	58.28%	58.53%	58.65%
	21.84%	20.6%	19.65%	18.98%	17.68%	15.47%	14.96%	15.2%	15.78%	15.76%	14.12%	12.82%
	18.3%	17.77%	18.99%	19.5%	20.89%	22.96%	23.64%	23.33%	22.55%	22.83%	24.1%	25.1%
	0%	0%	0%	0%	0%	0%	0%	0%	0.08%	0.08%	0.08%	0.08%
	3.38%	3.44%	3.17%	3.33%	3.24%	3.29%	3.12%	3.19%	3.31%	3.05%	3.17%	3.35%
No. of shareholders	—	—	—	—	—	—	—	—	3,69,205	3,66,153	4,00,860	4,11,238

Promoter holding up 2.17 percentage points since Sep 2023.

69 deals · 18 Aug 2021 – 14 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	36,326	₹12,574.00	₹45.68 Cr
14 Jul 2025	THE MTBJ LTD.AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	NSE	Buy	36,326	₹12,574.00	₹45.68 Cr
25 Jan 2024	SOCIETE GENERALE	Block	BSE	Buy	29,302	₹9,988.20	₹29.27 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	29,302	₹9,988.20	₹29.27 Cr
16 Nov 2023	AIA VCC - AIA ASIAN EQUITY FUND	Block	BSE	Buy	18,875	₹10,507.15	₹19.83 Cr
16 Nov 2023	AIA INTERNATIONAL LIMITED	Block	BSE	Sell	18,875	₹10,507.15	₹19.83 Cr
26 Oct 2023	AIA VCC - AIA ASIAN EQUITY FUND	Block	BSE	Buy	27,021	₹10,439.50	₹28.21 Cr
26 Oct 2023	AIA INVESTMENT TRUST-AIA SINGAPORE PARTICIPATING FUND SGD	Block	BSE	Sell	23,283	₹10,439.50	₹24.31 Cr
26 Oct 2023	AIA INVESTMENT TRUST AIA SINGAPORE PARTICIPATING FUND USD	Block	BSE	Sell	1,938	₹10,439.50	₹2.02 Cr
26 Oct 2023	AIA INVESTMENT TRUST AIA SINGAPORE PARTICIPATING FUND HERITAGE USD	Block	BSE	Sell	1,192	₹10,439.50	₹1.24 Cr

1–10 of 69

1 / 7

Mr. RAVINDRA CHANDRA BHARGAVANon-Executive - Non Independent Director-Chairperson
Mr. HISASHI TAKEUCHIExecutive Director-CEO-MD
Mr. KAZUNARI YAMAGUCHIExecutive Director
Mr. KENICHIRO TOYOFUKUExecutive Director
Mr. SUNIL KUMAR KAKKARExecutive Director
Mr. TOSHIHIRO SUZUKINon-Executive - Non Independent Director
Mr. KENICHI AYUKAWANon-Executive - Non Independent Director
Mr. KOICHI SUZUKINon-Executive - Non Independent Director
Ms. LIRA GOSWAMINon-Executive - Independent Director
Mr. MAHESWAR SAHUNon-Executive - Independent Director
Ms. ANJALI BANSALNon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹11,966.8 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹11,981.0	-34	-0.3%	₹11,981.0	50,973	+407	5,024	50
23 Nov 2026	₹12,042.0	-39	-0.3%	₹12,042.0	3,391	+197	416	50
29 Dec 2026	₹12,110.0	+56	+0.5%	₹12,110.0	30	+30	33	50

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

258

across 22 fund houses

Held by these funds

8.3%

of the company's equity

All mutual funds

15.33%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

258 schemes · 22 fund houses

		Shares
Parag Parikh Flexi Cap Fund	PPFAS Mutual Fund	29.13 L	3,946.91	2.68%	0.927%	-0
Nifty 50 ETF	SBI Mutual Fund	25.3 L	3,427.94	1.6%	0.805%	+13,303
Large Cap Fund	ICICI Prudential Mutual Fund	17.36 L	2,351.32	2.93%	0.552%	-1.05 L
BSE Sensex ETF	SBI Mutual Fund	17.23 L	2,323.26	1.9%	0.548%	+17,085
Value Fund	ICICI Prudential Mutual Fund	15.13 L	2,049.93	3.41%	0.481%	-0
Portfolio of Kotak Multi Cap FundNEW	Kotak Mahindra Mutual Fund	10.3 L	1,394.91	4.57%	0.328%	—
Flexi Cap FundNEW	ICICI Prudential Mutual Fund	9.4 L	1,274.09	4.92%	0.299%	—
Portfolio of Kotak Flexi Cap FundNEW	Kotak Mahindra Mutual Fund	8 L	1,083.76	1.92%	0.254%	—

1–8 of 258

1 / 33

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

82 announcementsExport CSV

1 Oct 2026, 1:33 pmCompany Update

Maruti Suzuki Production Volume: September 2026

General PDF

Loading announcements…

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	29.7%	27.8%	25.2%	26.6%	29.7%	29.7%	27.7%
EBITDA margin %	9.7%	7.6%	6.5%	9.4%	13.1%	13.2%	11.7%
EBIT margin %	5%	3.3%	3.3%	7%	9.4%	9.5%	8%
PAT margin %	7.5%	6.2%	4.4%	7%	9.5%	9.5%	8%
Working capital
Receivable days	10	7	8	10	12	16	11
Inventory days	22	22	20	18	19	23	31
Payable days	51	73	54	50	62	70	61
NWC days	-20	-44	-26	-21	-31	-31	-19
Leverage
Current ratio	0.75	1.15	1.02	0.58	0.87	0.97	1.07
Debt to EBITDA	0.02	0.09	0.07	0.11	0	0	0
Debt to equity	0	0.01	0.01	0.02	0	0	0
Interest coverage	53	51.6	36.8	55.3	89.7	100.8	79.9
Asset turnover	1.19	0.99	1.18	1.39	1.23	1.16	1.23
Return ratios
Return on assets %	8.9%	6.1%	5.2%	9.7%	11.7%	11%	9.9%
Return on capital employed %	13.6%	9.8%	8.3%	16.9%	22.6%	20.5%	17.8%
Return on equity %	11.5%	8.4%	7%	13.3%	15.8%	15.1%	13.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Maruti Suzuki IndiaMARUTIMARUTI	₹3,57,976 Cr	₹3,57,976 Cr	₹1,97,181 Cr	₹21,131 Cr	11.7%	₹14,334 Cr	8%	17.8%	14.4%	-19
Mahindra & MahindraM&MM&M	₹3,54,640 Cr	₹4,84,255 Cr	₹2,11,375 Cr	₹39,317 Cr	18.6%	₹18,470 Cr	9.4%	17%	20.1%	-30
Hyundai Motor India LimitedHYUNDAIHYUNDAI	₹1,64,450 Cr	₹1,65,447 Cr	₹70,685 Cr	₹7,925 Cr	12.2%	₹4,951 Cr	7.7%	35.5%	29.9%	-15
Tata Motors Passenger VehiclesTMPVTMPV	₹1,02,886 Cr	₹1,72,839 Cr	₹3,43,703 Cr	₹16,910 Cr	5.6%	₹79,242 Cr	24.6%	2.3%	72.2%	-59
Force Motors LtdFORCEMOTFORCEMOT	₹22,176 Cr	₹22,176 Cr	₹9,200 Cr	₹1,479 Cr	16.4%	₹1,252 Cr	13.4%	33.1%	33.5%	20
Olectra Greentech LimitedOLECTRAOLECTRA	₹9,000 Cr	₹9,380 Cr	₹2,540 Cr	₹350 Cr	14.3%	₹180 Cr	7.8%	22.1%	15.8%	54
Mercury Ev-Tech LimitedMERCURYEVMERCURYEV	₹704 Cr	₹708 Cr	₹22 Cr	₹3 Cr	13.2%	₹2 Cr	9%	3%	3%	205
Hindustan Motors LtdHINDMOTORSHINDMOTORS	₹309 Cr	₹309 Cr	₹1 Cr	₹-4 Cr	—	₹12 Cr	—	25.1%	-0.1%	—

50

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
1	+1	1	₹2,009.0	10,000	₹7.5	751	+282	340
0	0	0	₹0.0	10,200	₹18.8	0	0	22
0	0	0	₹0.0	10,400	₹14.1	745	+67	283
0	0	0	₹0.0	10,600	₹20.0	863	+212	307
0	0	0	₹0.0	10,700	₹24.7	445	+121	121
0	0	0	₹0.0	10,800	₹29.6	646	+127	303
2	0	0	₹2,079.5	10,900	₹37.8	332	+55	170
12	+2	5	₹1,000.0	11,000	₹43.3	1,341	+52	2,596

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
1 Oct 2026, 1:33 pm	Company Update General	Maruti Suzuki Production Volume: September 2026	PDF
1 Oct 2026, 12:59 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
30 Sept 2026, 5:15 pm	Company Update General	Intimation Under Regulation 30 Of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015	PDF
30 Sept 2026, 9:50 am	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
28 Sept 2026, 5:06 pm	Company Update General	Intimation Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
21 Sept 2026, 2:36 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
18 Sept 2026, 8:40 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
17 Sept 2026, 6:34 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	8,483	10,282	11,788	6,601	3,496	8,687	1,841	9,251	16,801	16,136	19,100
	-7,230	-9,173	-8,302	-3,540	-557	-7,291	-588	-8,036	-11,865	-14,456	-14,734
	-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	16	-21	50	113	-165	-149	-355	2	874	-2,475	-118
Free cash flow	—	7,030	—	—	—	6,555	-1,366	3,135	7,885	5,886	8,977
CFO / Operating profit %	—	—	—	—	47.8%	162.3%	32.3%	84%	90.7%	80.1%	89%

Maruti Suzuki India

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Credit ratings

Investor Presentation and earnings call

20

1

50

Compounded sales growth

Compounded profit growth

Return on equity

Maruti Suzuki India

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends20

Board meetings1

Option chain50

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

3

20

1

50