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Maruti Suzuki India Limited
(MARUTI)
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Rating:72Outperform
Price Target:
₹13,908.00
▲(2.81% Upside)
Action:Upgraded
Date:08/04/26
The score is driven primarily by strong financial performance—especially the very low leverage and improving profitability—partly offset by cash-flow variability. Technicals are supportive but not fully strong due to being below the 200-day average and near-overbought stochastics. Valuation is a headwind given the higher P/E and modest dividend yield.
Positive Factors
Strong Revenue Growth
Sustained revenue expansion across several fiscal years indicates solid demand and effective execution across Maruti Suzuki’s vehicle portfolio. Continued top-line growth can support operating leverage, product investment, network development, and stronger competitive positioning over the next several quarters.
Negative Factors
Volatile Free Cash Flow
Large swings in free cash flow make the company’s internally available funding less predictable, even though recent levels improved. This variability can complicate capital planning and may reduce confidence that reported earnings will translate into consistently deployable cash.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Sustained revenue expansion across several fiscal years indicates solid demand and effective execution across Maruti Suzuki’s vehicle portfolio. Continued top-line growth can support operating leverage, product investment, network development, and stronger competitive positioning over the next several quarters.
Read all positive factors
Maruti Suzuki India Limited (MARUTI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.97T
Dividend Yield1.12%
Average Volume (3M)28.72K
Price to Earnings (P/E)27.6
Beta (1Y)1.11
Revenue Growth26.61%
EPS Growth-1.37%
CountryIN
Employees25,831
SectorGeneral
Sector StrengthN/A
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)455.91
Shares Outstanding314,402,600
10 Day Avg. Volume21,003
30 Day Avg. Volume28,717
Financial Highlights & Ratios
PEG Ratio21.33
Price to Book (P/B)3.61
Price to Sales (P/S)2.11
P/FCF Ratio42.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹15,000.00Price Target Upside10.88% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)480.01
Revenue Forecast (FY)₹2.13T
Maruti Suzuki India Limited Business Overview & Revenue Model
Company Description
Maruti Suzuki India Limited manufactures, purchases, and sells motor vehicles, components, and spare parts in India. The company offers passenger vehicles, utility vehicles, and multi-purpose vehicles. It is also involved in the facilitation of pr...
How the Company Makes Money
Maruti Suzuki primarily makes money by selling vehicles in India, with revenue recognized from the wholesale/retail sale of passenger cars and related variants across its model portfolio. Vehicle sales are the core revenue stream and are influence...
Maruti Suzuki India Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.97T | 1.83T | 1.53T | 1.42T | 1.18T | 883.30B |
| Gross Profit | 355.29B | 352.38B | 439.52B | 408.13B | 318.38B | 216.42B |
| EBITDA | 237.13B | 260.99B | 201.46B | 186.97B | 130.94B | 57.33B |
| Net Income | 143.34B | 146.79B | 145.00B | 134.88B | 82.64B | 38.80B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 1.49T | 1.32T | 1.15T | 845.97B | 746.55B |
| Cash, Cash Equivalents and Short-Term Investments | 173.46B | 170.04B | 122.39B | 92.00B | 41.54B | 71.81B |
| Total Debt | 0.00 | 1.02B | 1.17B | 1.19B | 13.19B | 4.25B |
| Total Liabilities | -1.07T | 417.25B | 357.32B | 297.15B | 228.06B | 193.22B |
| Stockholders Equity | 1.07T | 1.07T | 962.40B | 856.36B | 746.00B | 553.34B |
Cash Flow | ||||||
| Free Cash Flow | -7.03B | 91.47B | 54.96B | 76.01B | 29.04B | -16.19B |
| Operating Cash Flow | 49.71B | 192.70B | 161.36B | 168.01B | 92.51B | 18.41B |
| Investing Cash Flow | -5.14B | -150.99B | -144.56B | -118.65B | -80.36B | -2.39B |
| Financing Cash Flow | -43.44B | -42.88B | -41.55B | -40.62B | -12.13B | -16.07B |
Maruti Suzuki India Limited Technical Analysis
Negative
13528.00
Price Trends
13574.77
Negative
13387.57
Negative
14127.12
Negative
Market Momentum
-305.49
Positive
24.57
Positive
4.60
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MARUTI, the sentiment is Negative. The current price of 13528 is above the 20-day moving average (MA) of 13261.41, below the 50-day MA of 13574.77, and below the 200-day MA of 14127.12, indicating a bearish trend. The MACD of -305.49 indicates Positive momentum. The RSI at 24.57 is Positive, neither overbought nor oversold. The STOCH value of 4.60 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MARUTI.
Maruti Suzuki India Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹228.99B | 19.13 | ― | 0.28% | 8.44% | 45.33% | |
72 Outperform | ₹3.97T | 27.62 | ― | 1.12% | 26.61% | -1.37% | |
69 Neutral | ₹1.78T | 36.19 | ― | 0.94% | 3.55% | -10.31% | |
64 Neutral | ₹1.12T | 1.40 | ― | 1.00% | -21.70% | 267.29% | |
63 Neutral | ₹3.92T | 18.90 | ― | 2.98% | 25.93% | 34.37% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
42 Neutral | ₹2.94B | 3,305.66 | ― | ― | -100.00% | -134.00% |
* General Sector Average
IN:MARUTI
Maruti Suzuki India Limited
12,530.00
-2,641.62
-17.41%
IN:FORCEMOT
Force Motors Limited
18,160.00
-192.33
-1.05%
IN:HINDMOTORS
Hindustan Motors Ltd
13.98
-9.62
-40.76%
IN:HYUNDAI
Hyundai Motor India Limited
2,214.50
-321.37
-12.67%
IN:M&M
Mahindra & Mahindra Ltd.
3,149.70
-402.37
-11.33%
IN:TMPV
Tata Motors Passenger Vehicles
300.50
-54.28
-15.30%
Maruti Suzuki India Limited Corporate Events
Maruti Suzuki Corrects Model Name in Latest Press Release
Sep 5, 2026
Maruti Suzuki India Limited issued a corrigendum to a recent press release to correct a model reference error. The company clarified that the term “New Brezza” used earlier should be read as “Stunning New Baleno” in the spe...
Maruti Suzuki Eeco Surpasses 15 Lakh Sales, Launches Star Edition
Sep 2, 2026
Maruti Suzuki India Limited has announced that its Eeco van has crossed a landmark 15 lakh cumulative sales in India, underscoring the model’s role as a trusted mobility partner for both households and commercial users since its launch in 20...
Maruti Suzuki Publishes Assured Sustainability Report for FY 2025-26
Aug 8, 2026
Maruti Suzuki India Limited has released its Business Responsibility and Sustainability Report for the 2025-26 financial year, prepared on a standalone basis following the amalgamation of Suzuki Motor Gujarat Private Limited into the parent compan...
Maruti Suzuki Moves Annual Report Access Online, Urges Investors to Update Emails
Aug 8, 2026
Maruti Suzuki India Limited has notified stock exchanges that it has sent letters to shareholders whose email addresses are not registered, providing a web link and navigation path to access the company’s Annual Report for the financial year...
Maruti Suzuki Charts Next Growth Phase With Record Sales, SUV Push and Biogas Investment
Aug 8, 2026
Maruti Suzuki has released its Annual Integrated Report 2025-26, themed “The Next Million, New Momentum,” highlighting how multiple growth drivers are simultaneously propelling the company into its next phase of expansion. The report u...
Maruti Suzuki ramps up July 2026 vehicle production
Aug 1, 2026
Maruti Suzuki India Limited is a leading Indian automotive manufacturer focused on passenger vehicles and light commercial vehicles. Its portfolio spans mini and compact cars such as Alto, S-Presso, Baleno and Swift, utility vehicles like Brezza a...
Maruti Suzuki Uploads Investor Call Audio on Quarterly Results
Jul 31, 2026
Maruti Suzuki India Limited has notified the stock exchanges that the audio recording of its investors’ call held on July 31, 2026, discussing financial results for the quarter ended June 30, 2026, is now available on the company’s web...
Maruti Suzuki Posts Lower Quarterly Profit but Maintains Solid Earnings per Share
Jul 31, 2026
Maruti Suzuki India Limited reported standalone unaudited financial results for the quarter ended June 30, 2026, with revenue from operations of INR 524,551 million and total income of INR 543,294 million. Profit for the quarter stood at INR 33,52...
Maruti Suzuki Posts Strong June Sales with Robust Q1 Growth
Jul 1, 2026
Maruti Suzuki India Limited reported total sales of 200,390 units in June 2026, comprising 150,150 units in domestic sales, 7,472 units supplied to other OEMs, and 42,768 units in exports. Passenger vehicle sales were driven by strong demand in co...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.