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Maruti Suzuki India Limited
(MARUTI)
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Rating:72Outperform
Price Target:
₹12,693.00
▼(-6.17% Downside)
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 expansion
Sustained revenue expansion indicates solid demand and effective execution across Maruti Suzuki’s vehicle portfolio. Continued top-line growth supports scale benefits, strengthens the company’s market position, and provides a durable base for investment in products, capacity, and customer services.
Negative Factors
Volatile free cash flow
Large year-to-year swings in free cash flow make internally generated funding less predictable, even though the latest level improved. This variability can complicate capital allocation, reduce confidence in recurring cash conversion, and make investment capacity more sensitive to operating conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue expansion
Sustained revenue expansion indicates solid demand and effective execution across Maruti Suzuki’s vehicle portfolio. Continued top-line growth supports scale benefits, strengthens the company’s market position, and provides a durable base for investment in products, capacity, and customer services.
Read all positive factors
Maruti Suzuki India Limited (MARUTI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.59T
Dividend Yield1.23%
Average Volume (3M)29.66K
Price to Earnings (P/E)26.6
Beta (1Y)1.04
Revenue Growth29.61%
EPS Growth-8.99%
CountryIN
Employees25,831
SectorGeneral
Sector StrengthN/A
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)427.83
Shares Outstanding314,402,600
10 Day Avg. Volume29,211
30 Day Avg. Volume29,665
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
₹13,750.00Price Target Upside1.64% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)426.11
Revenue Forecast (FY)₹2.16T
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 | 2.08T | 1.83T | 1.53T | 1.42T | 1.18T | 883.30B |
| Gross Profit | 359.50B | 352.38B | 439.52B | 408.13B | 318.38B | 216.42B |
| EBITDA | 224.45B | 260.99B | 202.24B | 187.38B | 131.22B | 57.52B |
| Net Income | 134.51B | 146.79B | 145.00B | 134.88B | 82.64B | 38.80B |
Balance Sheet | ||||||
| Total Assets | 1.55T | 1.49T | 1.32T | 1.15T | 845.97B | 746.55B |
| Cash, Cash Equivalents and Short-Term Investments | 57.50B | 170.04B | 122.39B | 92.00B | 41.54B | 71.81B |
| Total Debt | 830.00M | 1.02B | 1.17B | 1.19B | 13.19B | 4.25B |
| Total Liabilities | 458.00B | 417.25B | 357.32B | 297.15B | 228.06B | 193.22B |
| Stockholders Equity | 1.09T | 1.07T | 962.40B | 856.36B | 746.00B | 553.34B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 91.47B | 54.96B | 76.01B | 29.04B | -16.19B |
| Operating Cash Flow | 0.00 | 192.70B | 161.36B | 168.01B | 92.51B | 18.41B |
| Investing Cash Flow | 0.00 | -150.99B | -144.56B | -118.65B | -80.36B | -2.39B |
| Financing Cash Flow | 0.00 | -42.88B | -41.55B | -40.62B | -12.13B | -16.07B |
Maruti Suzuki India Limited Technical Analysis
Neutral
13528.00
Price Trends
12233.16
Negative
12941.36
Negative
13411.75
Negative
Market Momentum
-227.48
Negative
42.83
Neutral
69.75
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MARUTI, the sentiment is Neutral. The current price of 13528 is above the 20-day moving average (MA) of 11405.24, above the 50-day MA of 12233.16, and above the 200-day MA of 13411.75, indicating a neutral trend. The MACD of -227.48 indicates Negative momentum. The RSI at 42.83 is Neutral, neither overbought nor oversold. The STOCH value of 69.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | ₹228.87B | 19.14 | ― | 0.29% | 16.45% | 10.96% | |
72 Outperform | ₹3.59T | 26.64 | ― | 1.23% | 29.61% | -8.99% | |
69 Neutral | ₹1.55T | 33.94 | ― | 1.09% | 7.97% | -19.97% | |
63 Neutral | ₹3.54T | 17.18 | ― | 3.65% | 25.93% | 34.37% | |
56 Neutral | ₹976.73B | 1.23 | ― | 1.13% | -21.70% | 267.29% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
42 Neutral | ₹2.85B | 3,305.66 | ― | ― | -100.00% | -134.00% |
* General Sector Average
IN:MARUTI
Maruti Suzuki India Limited
11,413.00
-4,616.95
-28.80%
IN:FORCEMOT
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17,370.00
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IN:HYUNDAI
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1,910.90
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2,844.00
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IN:TMPV
Tata Motors Passenger Vehicles
265.20
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-34.80%
Maruti Suzuki India Limited Corporate Events
Maruti Suzuki Tops India’s EV Exports After Crossing 50,000 Units
Oct 29, 2026
Maruti Suzuki, India’s top passenger vehicle exporter, has also emerged as the country’s leading electric vehicle exporter, leveraging its extensive global footprint to ship Made-in-India models to key markets. Central to this strategy...
Maruti Suzuki to set up Osamu Suzuki Centre of Excellence CSR subsidiary
Oct 27, 2026
Maruti Suzuki India Limited’s board has approved the creation of a wholly owned, not-for-profit subsidiary called Osamu Suzuki Centre of Excellence (OSCOE) Foundation in India. The new entity will focus on promoting vocational and technical ...
Maruti Suzuki’s September Sales Climb to 236,013 Units, Bolstering H1 FY27 Growth
Oct 1, 2026
Maruti Suzuki India Limited reported total sales of 236,013 units in September 2026, comprising 185,252 units sold in the domestic market, 6,542 units supplied to other OEMs and 44,219 units exported. Passenger vehicle sales reached 181,838 units,...
Maruti Suzuki Schedules Investor Meeting for September 24, 2026
Sep 21, 2026
Maruti Suzuki India Limited has notified the stock exchanges that it will hold a meeting with an investor group on September 24, 2026. The company has framed this communication under Regulation 30(6) of the SEBI Listing Obligations and Disclosure ...
Maruti Suzuki’s ESG Rating Upgraded to ‘Strong’ by Crisil
Sep 12, 2026
Maruti Suzuki India Limited’s ESG score has been upgraded by Crisil ESG Ratings Analytics Limited to 68, maintaining a “Strong” rating category for FY 2025-26. The company’s core ESG score also improved sharply to 64 from ...
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...
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.