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Maruti Suzuki India Ltd

MARUTI
NSE
13,314.00
0.43%
Last Updated:
30 Apr '26, 4:00 PM
Company Overview
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Maruti Suzuki India Ltd

MARUTI
NSE
13,314.00
0.43%
30 Apr '26, 4:00 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
4,18,596Cr
Close
Close Price
13,314.00
Industry
Industry
Auto - 4 Wheelers
PE
Price To Earnings
28.52
PS
Price To Sales
2.28
Revenue
Revenue
1,83,316Cr
Rev Gr TTM
Revenue Growth TTM
19.88%
PAT Gr TTM
PAT Growth TTM
1.24%
Peer Comparison
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MARUTI
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Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue
RevenueCr
32,53537,33933,51338,47135,77937,44938,76440,92038,60542,34449,90452,463
Growth YoY
Revenue Growth YoY%
22.724.714.619.410.00.315.76.47.913.128.728.2
Expenses
ExpensesCr
29,01532,02829,07333,25030,67332,45033,68836,07633,98337,25844,33146,304
Operating Profit
Operating ProfitCr
3,5205,3124,4405,2215,1074,9995,0774,8444,6235,0865,5736,158
OPM
OPM%
10.814.213.313.614.313.313.111.812.012.011.211.7
Other Income
Other IncomeCr
1,1109581,0531,2611,1181,5711,1251,5831,9241,0141,141581
Interest Expense
Interest ExpenseCr
473536765743464847576273
Depreciation
DepreciationCr
1,3141,3421,3021,2981,3321,3861,4291,4621,5561,7031,7351,748
PBT
PBTCr
3,2694,8924,1565,1084,8365,1414,7264,9184,9444,3394,9174,918
Tax
TaxCr
7261,1069491,1551,0762,0389991,0071,1519901,0381,259
PAT
PATCr
2,5433,7863,2073,9523,7603,1033,7273,9113,7923,3493,8793,659
Growth YoY
PAT Growth YoY%
145.479.233.347.047.9-18.116.2-1.00.98.04.1-6.5
NPM
NPM%
7.810.19.610.310.58.39.69.69.87.97.87.0
EPS
EPS
80.9120.4102.0125.7119.698.7118.5124.4120.6106.5123.4116.4

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue
RevenueCr
50,80157,58968,08579,80986,06975,66070,37288,3301,17,5711,41,8581,52,9131,83,316
Growth
Revenue Growth%
14.113.418.217.27.8-12.1-7.025.533.120.77.819.9
Expenses
ExpensesCr
43,95748,70057,72767,74675,06568,34765,02082,6241,06,5541,23,3321,32,7571,61,860
Operating Profit
Operating ProfitCr
6,8448,88910,35812,06311,0037,3135,3525,70611,01818,52620,15621,456
OPM
OPM%
13.515.415.215.112.89.77.66.59.413.113.211.7
Other Income
Other IncomeCr
8651,6002,4622,2092,7173,4533,1051,9072,3184,3485,2664,643
Interest Expense
Interest ExpenseCr
218828934676134102127187194194239
Depreciation
DepreciationCr
2,5152,8222,6042,7603,0213,5283,0342,7892,8265,2565,6086,742
PBT
PBTCr
4,9767,58510,12711,16710,6247,1035,3214,69710,32317,42519,62019,119
Tax
TaxCr
1,1852,0882,6163,2862,9731,4259328182,1123,9365,1204,439
PAT
PATCr
3,7915,4977,5117,8817,6515,6784,3893,8808,21113,48814,50014,680
Growth
PAT Growth%
33.945.036.64.9-2.9-25.8-22.7-11.6111.764.37.51.2
NPM
NPM%
7.59.611.09.98.97.56.24.47.09.59.58.0
EPS
EPS
126.0182.0248.6260.9253.3187.9145.3128.4262.8429.0461.2466.9

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
151151151151151151151151151157157157
Reserves
ReservesCr
24,16730,46536,92442,40846,94149,26252,35055,18361,64085,47996,0831,06,999
Current Liabilities
Current LiabilitiesCr
8,98111,04413,23715,44914,16111,30516,21417,02420,10725,95230,57136,480
Non Current Liabilities
Non Current LiabilitiesCr
1,1641,0511,6332,2242,6992,8902,6622,2992,6983,7635,1615,245
Total Liabilities
Total LiabilitiesCr
34,47742,72651,96160,24863,96963,62871,37674,65684,5971,15,3511,31,9721,48,881
Current Assets
Current AssetsCr
8,6957,9518,7987,93012,3738,44118,09716,79311,61622,63429,52438,957
Non Current Assets
Non Current AssetsCr
25,78234,77443,16352,31851,59655,18753,27957,86272,98192,7171,02,4481,09,924
Total Assets
Total AssetsCr
34,47742,72651,96160,24863,96963,62871,37674,65684,5971,15,3511,31,9721,48,881

Cash Flow

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
6,4498,48310,28211,7886,6013,4968,8561,8419,25116,80116,13619,100
Investing Cash Flow
Investing Cash FlowCr
-4,491-7,230-9,173-8,302-3,540-557-7,291-239-8,036-11,865-14,456-14,734
Financing Cash Flow
Financing Cash FlowCr
-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
Net Cash FlowCr
-4516-2150113-16520-62874-2,475-118
Free Cash Flow
Free Cash FlowCr
3,4086,0267,0467,9032,0243386,766-1,2303,2347,9305,923
CFO To PAT
CFO To PAT%
170.1154.3136.9149.686.361.6201.847.4112.7124.6111.3130.1
CFO To EBITDA
CFO To EBITDA%
94.295.499.397.760.047.8165.532.384.090.780.189.0

Ratios

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
1,11,7471,12,3471,81,9822,67,7382,01,5391,29,5242,07,2192,28,3702,50,5043,96,5593,62,2373,86,677
Price To Earnings
Price To Earnings
30.620.424.234.026.322.847.258.930.529.425.026.3
Price To Sales
Price To Sales
2.21.92.73.42.31.72.92.62.12.82.42.2
Price To Book
Price To Book
4.63.74.96.34.32.64.04.14.04.63.83.6
EV To EBITDA
EV To EBITDA
16.412.617.622.218.317.738.339.622.921.317.917.9
Profitability Ratios
Profitability Ratios
GPM
GPM%
29.932.831.431.130.829.727.825.226.629.729.727.7
OPM
OPM%
13.515.415.215.112.89.77.66.59.413.113.211.7
NPM
NPM%
7.59.611.09.98.97.56.24.47.09.59.58.0
ROCE
ROCE%
21.125.027.227.022.614.610.28.716.720.520.618.1
ROE
ROE%
15.618.020.318.516.311.58.47.013.315.815.113.7
ROA
ROA%
11.012.914.513.112.08.96.25.29.711.711.09.9
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** Maruti Suzuki India Limited (MSIL), a subsidiary of Japan’s Suzuki Motor Corporation (SMC), remains India’s leading passenger vehicle manufacturer and the largest exporter of passenger cars from the country. With over four decades of market leadership in India, the company continues to strengthen its position through strategic product diversification, capacity expansion, technology innovation, and a robust multi-channel distribution network. As of November 2025, MSIL is accelerating its transformation into a globally competitive, sustainable mobility leader, with a strong focus on electrification, lightweight engineering, smart manufacturing, and rural development initiatives. --- ### **Strategic Focus Areas (as of Sep–Nov 2025)** #### **1. Electrification & Powertrain Diversification** - **Launch of e VITARA**: Maruti Suzuki launched its first Battery Electric Vehicle (BEV), the **e VITARA**, in overseas markets in September 2025 as a "lean-battery" model, combining SUV ruggedness with efficient range. - Built on the dedicated **HEARTECT-e platform**, it features a long 2,700mm wheelbase, flat floor for cabin space optimization, and high-voltage safety systems. - Designed under the **‘Crafted Futurism’** philosophy at the NEXA brand, with a **"High-Tech & Adventure"** theme. - Offers **Level-2 ADAS**, a **digital cockpit**, **twin-deck floating console**, **10-way power driver seat**, and an **'Infinity by Harman'** premium sound system. - **SDV Right Philosophy**: The e VITARA introduces **Suzuki’s SDV right** concept—delivering *only the necessary digital and electronic features* tailored to B-segment SUV customers. - Features include integrated display, server-linked navigation, and third-generation **Suzuki Connect**, powered by **System-on-a-Chip (SoC)** technology. - **EV Ecosystem Development**: - Supports e VITARA with complimentary home chargers, mobile app, DC fast charging stations across 100 Indian cities, and **1,500+ BEV-ready service workshops** in 1,000 cities with 24/7 assistance. - Exports to **over 100 countries**, including Europe and Japan, marking a major milestone in global market access. - **Multi-Technology Decarbonization Strategy**: - Beyond BEVs, the company promotes **CNG, Compressed Biogas (CBG), ethanol (Flex Fuel), 20% ethanol-compatible engines, hybrids (mild and strong), and biofuels** to address diverse customer needs and infrastructure realities. - Plans to launch **four BEVs by FY2030**, starting with the e VITARA. #### **2. Lightweight Engineering: S Light Project** - Aims to reduce vehicle weight by **100kg per vehicle** through the **S Light** project to improve efficiency, lower emissions, and enhance affordability. - Achieved **80kg reduction to date**, with contributions from: - 50kg – component lightweighting - 20kg – structural evolution - 10kg – specification review - Cross-functional teams optimize every component, including bolts, drawing inspiration from Alto, motorcycles, and outboard motors. - Prototype development target set for **2030**, beginning with Kei cars and scaling to A, B, and C segments. - Integration of lightweight technologies into new models already underway ahead of full project completion. #### **3. New Product Launches & SUV Expansion** - **All-New VICTORIS**: - Offers multiple powertrain options: - **S-CNG variant** with **factory-fitted underbody CNG tank** (segment-first), preserving boot space. - **1.5L Strong Hybrid system** with **EV mode**, **e-CVT**, and selectable drive modes (Eco, Power, Normal). - **ALLGRIP Select 4x4** with **6-speed automatic**, **paddle shifters**, **Multi-Terrain Mode (Auto, Snow, Sport, Lock)**, and Hill Descent Control. - **FRONX**: - Compact SUV with turbocharged 1.0L Boosterjet engine; fastest to reach 100,000 and 200,000 sales in India. - Top exported model in FY2024–25; now available in S-CNG with **28.51 km/kg** efficiency. - **Grand Vitara**: - Flagship mid-SUV with Strong Hybrid and ALLGRIP SELECT technologies. - Crossed **300,000 unit sales faster than any other SUV** in its segment. - **Invicto**: - Premium three-row utility vehicle with **Intelligent Electric Hybrid technology**, targeting comfort, design, and connectivity. - Portfolio expansion continues with upcoming models reinforcing Maruti’s push for leadership in the high-growth SUV segment. #### **4. Smart Manufacturing & Sustainability** - **Suzuki Smart Factory Initiative**: - Implements **digital technologies** to enhance quality, productivity, and energy efficiency. - At Kosai Plant, **natural air stratification** in zoning design reduced energy consumption in painting operations. - Targeting **carbon neutrality at domestic plants by FY2035**. - **Biogas Business Venture**: - Partnering with India's dairy cooperatives to convert **cow dung from 300 million cattle** into **carbon-neutral CBG fuel and organic fertilizer**. - Biogas will power CNG vehicles and support **rural mobility**. - Projects to begin **operations in 2025**, aligning with national goals of energy and fertilizer self-sufficiency. - **Battery Reuse & Localization**: - Joint R&D with **ELIIY Power** for **in-house battery development** and **common modules** for mobility and stationary storage. - Exploring domestic battery material localization and establishing **efficient reuse systems**. - Current battery sourcing partners: **TDSG** (MHEV/SHEV), **Tata Gotion** (motorcycle BEVs), and **FinDreams Battery** (automobile BEVs). #### **5. Manufacturing & Export Growth** - **Production Scale**: - Achieved **over 2 million units in FY2024–25**, becoming the **first OEM in India to do so annually**. - Operating 18 models and 650+ variants across nearly 100 export markets. - **Capacity Expansion**: - Plans to **double annual capacity to 4 million units by FY2030–31**, leveraging new **Kharkhoda** (Haryana) and **Gujarat** plants. - Kharkhoda’s first production line is operational; second line expected early FY2026. - **Export Leadership**: - **Largest Indian PV exporter for four consecutive years (>42% export market share)**. - Exported over **3 million vehicles since FY1986–87**. - FY2024–25 exports exceeded **330,000 units** (+37% YoY in Q1). - Resuming **exports to advanced markets like Europe** with the e VITARA launch. - Target: **more than double current export volume**, with exports to **over 100 countries**. #### **6. Sales & Distribution Network** - **Four Sales Channels in India**: - **Arena** (Youth-focused): 3,232 outlets in 2,744 cities - **NEXA** (Premium): 630 outlets in 421 cities - **Commercial**: 373 outlets in 267 cities - **True Value** (CPO): 601 outlets in 302 cities - **Service Reach**: - **5,424 service touchpoints**, **503 mobile workshops**, and **796 quick response vehicles** covering **2,720 cities**. - **Digital Transformation**: - Launched **NEXAVERSE and ARENAVERSE** (virtual metaverse showrooms) with 3D customization. - Introduced **AI virtual assistant** and **WhatsApp chatbot** for 24x7 customer support. - **NEXA Studio** retail format rolled out for premium, scalable customer experiences. #### **7. Supplier & Ecosystem Development** - **MACE (Maruti Suzuki Centre of Excellence)**: - Trains and upgrades **Tier-1 and Tier-2 suppliers** in quality, cost, and technology to achieve world-class standards. - **Associate Companies**: - **SKH, JBML, FMI** established for reliable supply of high-tensile components, rear axles, and exhaust systems. - Ensures cost control, quality alignment, and design integration. #### **8. Market & Consumer Strategy** - **Domestic Confidence**: - Believes India’s auto market will grow sustainably due to supportive policies and economic trends. - Over **48% of sales from non-urban markets** (up from 45% in FY2023–24), underscoring rural strength. - **Customer-Centric Design**: - Emphasizes **"Waku Waku Drive"** philosophy—balancing **safety, comfort, economy**, and **emotional driving enjoyment**. - Features like **ventilated seats, powered tailgate, digital clusters, wireless charging, TPMS**, and **6 airbags** increasingly standard. - **Affordability & After-Sales**: - Offers **over 87,000 aftermarket parts** with advanced logistics ensuring low vehicle downtime (~400 off-road at any time out of 25M sold). - **SMGA online platform** expanded to 450 cities with **Smart EMI** on accessories. #### **9. Global & Regional Expansion** - **Europe**: - Complying with strict CO₂ regulations by launching **four BEVs by 2030**, starting with e VITARA. - Utilizing **Magyar Suzuki** for manufacturing and localizing products to European preferences. - **Latin America**: - Market leader in **Bolivia (15 years)** and **Barbados (20 years)**; promoting compact SUVs and mild hybrids. - **Oceania & ASEAN**: - Focused on **fuel-efficient models**; restructuring around **Indonesia** as production and ASEAN supply hub. - **Pakistan**: - Holds **45% market share**; plans further growth.