| Quarter | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 37,339 | 33,513 | 38,471 | 35,779 | 37,449 | 38,764 | 40,920 | 38,605 | 42,344 | 49,904 | 52,463 | 52,470 | |
Growth YoY Revenue Growth YoY% | 24.7 | 14.6 | 19.4 | 10.0 | 0.3 | 15.7 | 6.4 | 7.9 | 13.1 | 28.7 | 28.2 | 35.9 |
| 32,028 | 29,073 | 33,250 | 30,673 | 32,450 | 33,688 | 36,076 | 33,983 | 37,258 | 44,331 | 46,304 | 48,157 | |
| 5,312 | 4,440 | 5,221 | 5,107 | 4,999 | 5,077 | 4,844 | 4,623 | 5,086 | 5,573 | 6,158 | 4,313 | |
OPM OPM% | 14.2 | 13.3 | 13.6 | 14.3 | 13.3 | 13.1 | 11.8 | 12.0 | 12.0 | 11.2 | 11.7 | 8.2 |
| 958 | 1,053 | 1,261 | 1,118 | 1,571 | 1,125 | 1,583 | 1,924 | 1,014 | 1,141 | 581 | 1,972 | |
Interest Expense Interest ExpenseCr | 35 | 36 | 76 | 57 | 43 | 46 | 48 | 47 | 57 | 62 | 73 | 64 |
Depreciation DepreciationCr | 1,342 | 1,302 | 1,298 | 1,332 | 1,386 | 1,429 | 1,462 | 1,556 | 1,703 | 1,735 | 1,748 | 1,780 |
PBT PBTCr | 4,892 | 4,156 | 5,108 | 4,836 | 5,141 | 4,726 | 4,918 | 4,944 | 4,339 | 4,917 | 4,918 | 4,441 |
| 1,106 | 949 | 1,155 | 1,076 | 2,038 | 999 | 1,007 | 1,151 | 990 | 1,038 | 1,259 | 994 | |
| 3,786 | 3,207 | 3,952 | 3,760 | 3,103 | 3,727 | 3,911 | 3,792 | 3,349 | 3,879 | 3,659 | 3,447 | |
Growth YoY PAT Growth YoY% | 79.2 | 33.3 | 47.0 | 47.9 | -18.1 | 16.2 | -1.0 | 0.9 | 8.0 | 4.1 | -6.5 | -9.1 |
NPM NPM% | 10.1 | 9.6 | 10.3 | 10.5 | 8.3 | 9.6 | 9.6 | 9.8 | 7.9 | 7.8 | 7.0 | 6.6 |
| 120.4 | 102.0 | 125.7 | 119.6 | 98.7 | 118.5 | 124.4 | 120.6 | 106.5 | 123.4 | 116.4 | 109.6 |
| Quarter | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 37,339 | 33,513 | 38,471 | 35,779 | 37,449 | 38,764 | 40,920 | 38,605 | 42,344 | 49,904 | 52,463 | 52,470 | |
Growth YoY Revenue Growth YoY% | 24.7 | 14.6 | 19.4 | 10.0 | 0.3 | 15.7 | 6.4 | 7.9 | 13.1 | 28.7 | 28.2 | 35.9 |
| 32,028 | 29,073 | 33,250 | 30,673 | 32,450 | 33,688 | 36,076 | 33,983 | 37,258 | 44,331 | 46,304 | 48,157 | |
| 5,312 | 4,440 | 5,221 | 5,107 | 4,999 | 5,077 | 4,844 | 4,623 | 5,086 | 5,573 | 6,158 | 4,313 | |
OPM OPM% | 14.2 | 13.3 | 13.6 | 14.3 | 13.3 | 13.1 | 11.8 | 12.0 | 12.0 | 11.2 | 11.7 | 8.2 |
| 958 | 1,053 | 1,261 | 1,118 | 1,571 | 1,125 | 1,583 | 1,924 | 1,014 | 1,141 | 581 | 1,972 | |
Interest Expense Interest ExpenseCr | 35 | 36 | 76 | 57 | 43 | 46 | 48 | 47 | 57 | 62 | 73 | 64 |
Depreciation DepreciationCr | 1,342 | 1,302 | 1,298 | 1,332 | 1,386 | 1,429 | 1,462 | 1,556 | 1,703 | 1,735 | 1,748 | 1,780 |
PBT PBTCr | 4,892 | 4,156 | 5,108 | 4,836 | 5,141 | 4,726 | 4,918 | 4,944 | 4,339 | 4,917 | 4,918 | 4,441 |
| 1,106 | 949 | 1,155 | 1,076 | 2,038 | 999 | 1,007 | 1,151 | 990 | 1,038 | 1,259 | 994 | |
| 3,786 | 3,207 | 3,952 | 3,760 | 3,103 | 3,727 | 3,911 | 3,792 | 3,349 | 3,879 | 3,659 | 3,447 | |
Growth YoY PAT Growth YoY% | 79.2 | 33.3 | 47.0 | 47.9 | -18.1 | 16.2 | -1.0 | 0.9 | 8.0 | 4.1 | -6.5 | -9.1 |
NPM NPM% | 10.1 | 9.6 | 10.3 | 10.5 | 8.3 | 9.6 | 9.6 | 9.8 | 7.9 | 7.8 | 7.0 | 6.6 |
| 120.4 | 102.0 | 125.7 | 119.6 | 98.7 | 118.5 | 124.4 | 120.6 | 106.5 | 123.4 | 116.4 | 109.6 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue RevenueCr | 57,589 | 68,085 | 79,809 | 86,069 | 75,660 | 70,372 | 88,330 | 1,17,571 | 1,41,858 | 1,52,913 | 1,83,316 | 1,97,181 |
Growth Revenue Growth% | 13.4 | 18.2 | 17.2 | 7.8 | -12.1 | -7.0 | 25.5 | 33.1 | 20.7 | 7.8 | 19.9 | 26.6 |
| 48,700 | 57,727 | 67,746 | 75,065 | 68,347 | 65,020 | 82,624 | 1,06,554 | 1,23,332 | 1,32,757 | 1,61,860 | 1,76,050 | |
| 8,889 | 10,358 | 12,063 | 11,003 | 7,313 | 5,352 | 5,706 | 11,018 | 18,526 | 20,156 | 21,456 | 21,131 | |
OPM OPM% | 15.4 | 15.2 | 15.1 | 12.8 | 9.7 | 7.6 | 6.5 | 9.4 | 13.1 | 13.2 | 11.7 | 10.7 |
| 1,600 | 2,462 | 2,209 | 2,717 | 3,453 | 3,105 | 1,907 | 2,318 | 4,348 | 5,266 | 4,643 | 4,707 | |
Interest Expense Interest ExpenseCr | 82 | 89 | 346 | 76 | 134 | 102 | 127 | 187 | 194 | 194 | 239 | 255 |
Depreciation DepreciationCr | 2,822 | 2,604 | 2,760 | 3,021 | 3,528 | 3,034 | 2,789 | 2,826 | 5,256 | 5,608 | 6,742 | 6,966 |
PBT PBTCr | 7,585 | 10,127 | 11,167 | 10,624 | 7,103 | 5,321 | 4,697 | 10,323 | 17,425 | 19,620 | 19,119 | 18,616 |
| 2,088 | 2,616 | 3,286 | 2,973 | 1,425 | 932 | 818 | 2,112 | 3,936 | 5,120 | 4,439 | 4,282 | |
PAT PATCr | 5,497 | 7,511 | 7,881 | 7,651 | 5,678 | 4,389 | 3,880 | 8,211 | 13,488 | 14,500 | 14,680 | 14,334 |
Growth PAT Growth% | 45.0 | 36.6 | 4.9 | -2.9 | -25.8 | -22.7 | -11.6 | 111.7 | 64.3 | 7.5 | 1.2 | -1.4 |
NPM NPM% | 9.6 | 11.0 | 9.9 | 8.9 | 7.5 | 6.2 | 4.4 | 7.0 | 9.5 | 9.5 | 8.0 | 7.3 |
| 182.0 | 248.6 | 260.9 | 253.3 | 187.9 | 145.3 | 128.4 | 262.8 | 429.0 | 461.2 | 466.9 | 455.9 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue RevenueCr | 57,589 | 68,085 | 79,809 | 86,069 | 75,660 | 70,372 | 88,330 | 1,17,571 | 1,41,858 | 1,52,913 | 1,83,316 | 1,97,181 |
Growth Revenue Growth% | 13.4 | 18.2 | 17.2 | 7.8 | -12.1 | -7.0 | 25.5 | 33.1 | 20.7 | 7.8 | 19.9 | 26.6 |
| 48,700 | 57,727 | 67,746 | 75,065 | 68,347 | 65,020 | 82,624 | 1,06,554 | 1,23,332 | 1,32,757 | 1,61,860 | 1,76,050 | |
| 8,889 | 10,358 | 12,063 | 11,003 | 7,313 | 5,352 | 5,706 | 11,018 | 18,526 | 20,156 | 21,456 | 21,131 | |
OPM OPM% | 15.4 | 15.2 | 15.1 | 12.8 | 9.7 | 7.6 | 6.5 | 9.4 | 13.1 | 13.2 | 11.7 | 10.7 |
| 1,600 | 2,462 | 2,209 | 2,717 | 3,453 | 3,105 | 1,907 | 2,318 | 4,348 | 5,266 | 4,643 | 4,707 | |
Interest Expense Interest ExpenseCr | 82 | 89 | 346 | 76 | 134 | 102 | 127 | 187 | 194 | 194 | 239 | 255 |
Depreciation DepreciationCr | 2,822 | 2,604 | 2,760 | 3,021 | 3,528 | 3,034 | 2,789 | 2,826 | 5,256 | 5,608 | 6,742 | 6,966 |
PBT PBTCr | 7,585 | 10,127 | 11,167 | 10,624 | 7,103 | 5,321 | 4,697 | 10,323 | 17,425 | 19,620 | 19,119 | 18,616 |
| 2,088 | 2,616 | 3,286 | 2,973 | 1,425 | 932 | 818 | 2,112 | 3,936 | 5,120 | 4,439 | 4,282 | |
PAT PATCr | 5,497 | 7,511 | 7,881 | 7,651 | 5,678 | 4,389 | 3,880 | 8,211 | 13,488 | 14,500 | 14,680 | 14,334 |
Growth PAT Growth% | 45.0 | 36.6 | 4.9 | -2.9 | -25.8 | -22.7 | -11.6 | 111.7 | 64.3 | 7.5 | 1.2 | -1.4 |
NPM NPM% | 9.6 | 11.0 | 9.9 | 8.9 | 7.5 | 6.2 | 4.4 | 7.0 | 9.5 | 9.5 | 8.0 | 7.3 |
| 182.0 | 248.6 | 260.9 | 253.3 | 187.9 | 145.3 | 128.4 | 262.8 | 429.0 | 461.2 | 466.9 | 455.9 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital Equity CapitalCr | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 157 | 157 | 157 |
Reserves ReservesCr | 30,465 | 36,924 | 42,408 | 46,941 | 49,262 | 52,350 | 55,183 | 61,640 | 85,479 | 96,083 | 1,06,999 |
| 11,044 | 13,237 | 15,449 | 14,161 | 11,305 | 16,214 | 17,024 | 20,107 | 25,952 | 29,615 | 36,480 | |
| 1,051 | 1,633 | 2,224 | 2,699 | 2,890 | 2,662 | 2,299 | 2,698 | 3,763 | 5,161 | 5,245 | |
| 42,726 | 51,961 | 60,248 | 63,969 | 63,628 | 71,376 | 74,656 | 84,597 | 1,15,351 | 1,31,016 | 1,48,881 | |
| 7,951 | 8,798 | 7,930 | 12,373 | 8,441 | 18,097 | 16,793 | 11,616 | 22,634 | 28,569 | 38,957 | |
| 34,774 | 43,163 | 52,318 | 51,596 | 55,187 | 53,279 | 57,862 | 72,981 | 92,717 | 1,02,448 | 1,09,924 | |
| 42,726 | 51,961 | 60,248 | 63,969 | 63,628 | 71,376 | 74,656 | 84,597 | 1,15,351 | 1,31,016 | 1,48,881 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital Equity CapitalCr | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 157 | 157 | 157 |
Reserves ReservesCr | 30,465 | 36,924 | 42,408 | 46,941 | 49,262 | 52,350 | 55,183 | 61,640 | 85,479 | 96,083 | 1,06,999 |
| 11,044 | 13,237 | 15,449 | 14,161 | 11,305 | 16,214 | 17,024 | 20,107 | 25,952 | 29,615 | 36,480 | |
| 1,051 | 1,633 | 2,224 | 2,699 | 2,890 | 2,662 | 2,299 | 2,698 | 3,763 | 5,161 | 5,245 | |
| 42,726 | 51,961 | 60,248 | 63,969 | 63,628 | 71,376 | 74,656 | 84,597 | 1,15,351 | 1,31,016 | 1,48,881 | |
| 7,951 | 8,798 | 7,930 | 12,373 | 8,441 | 18,097 | 16,793 | 11,616 | 22,634 | 28,569 | 38,957 | |
| 34,774 | 43,163 | 52,318 | 51,596 | 55,187 | 53,279 | 57,862 | 72,981 | 92,717 | 1,02,448 | 1,09,924 | |
| 42,726 | 51,961 | 60,248 | 63,969 | 63,628 | 71,376 | 74,656 | 84,597 | 1,15,351 | 1,31,016 | 1,48,881 |
| Financial Year | 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 | 8,856 | 1,841 | 9,251 | 16,801 | 16,180 | 19,100 | |
| -7,230 | -9,173 | -8,302 | -3,540 | -557 | -7,291 | -239 | -8,036 | -11,865 | -14,500 | -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 Net Cash FlowCr | 16 | -21 | 50 | 113 | -165 | 20 | -6 | 2 | 874 | -2,475 | -118 |
Free Cash Flow Free Cash FlowCr | 6,026 | 7,046 | 7,903 | 2,024 | 338 | 6,766 | -1,230 | 3,234 | 7,930 | 5,991 | 9,029 |
CFO To PAT CFO To PAT% | 154.3 | 136.9 | 149.6 | 86.3 | 61.6 | 201.8 | 47.4 | 112.7 | 124.6 | 111.6 | 130.1 |
CFO To EBITDA CFO To EBITDA% | 95.4 | 99.3 | 97.7 | 60.0 | 47.8 | 165.5 | 32.3 | 84.0 | 90.7 | 80.3 | 89.0 |
| Financial Year | 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 | 8,856 | 1,841 | 9,251 | 16,801 | 16,180 | 19,100 | |
| -7,230 | -9,173 | -8,302 | -3,540 | -557 | -7,291 | -239 | -8,036 | -11,865 | -14,500 | -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 Net Cash FlowCr | 16 | -21 | 50 | 113 | -165 | 20 | -6 | 2 | 874 | -2,475 | -118 |
Free Cash Flow Free Cash FlowCr | 6,026 | 7,046 | 7,903 | 2,024 | 338 | 6,766 | -1,230 | 3,234 | 7,930 | 5,991 | 9,029 |
CFO To PAT CFO To PAT% | 154.3 | 136.9 | 149.6 | 86.3 | 61.6 | 201.8 | 47.4 | 112.7 | 124.6 | 111.6 | 130.1 |
CFO To EBITDA CFO To EBITDA% | 95.4 | 99.3 | 97.7 | 60.0 | 47.8 | 165.5 | 32.3 | 84.0 | 90.7 | 80.3 | 89.0 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap Market CapitalizationCr | 1,12,347 | 1,81,982 | 2,67,738 | 2,01,539 | 1,29,524 | 2,07,219 | 2,28,370 | 2,50,504 | 3,96,559 | 3,62,237 | 3,86,677 | 3,83,257 |
Price To Earnings Price To Earnings | 20.4 | 24.2 | 34.0 | 26.3 | 22.8 | 47.2 | 58.9 | 31.6 | 29.4 | 25.0 | 26.3 | 26.7 |
Price To Sales Price To Sales | 1.9 | 2.7 | 3.4 | 2.3 | 1.7 | 2.9 | 2.6 | 2.1 | 2.8 | 2.4 | 2.1 | 1.9 |
Price To Book Price To Book | 3.7 | 4.9 | 6.3 | 4.3 | 2.6 | 4.0 | 4.1 | 3.5 | 4.6 | 3.8 | 3.6 | 3.6 |
EV To EBITDA EV To EBITDA | 12.6 | 17.6 | 22.2 | 18.3 | 17.7 | 38.3 | 39.6 | 22.9 | 21.3 | 17.9 | 17.9 | 17.9 |
GPM GPM% | 30.7 | 29.9 | 29.6 | 29.1 | 28.1 | 26.4 | 23.8 | 25.3 | 27.7 | 27.7 | 25.9 | 25.9 |
OPM OPM% | 15.4 | 15.2 | 15.1 | 12.8 | 9.7 | 7.6 | 6.5 | 9.4 | 13.1 | 13.2 | 11.7 | 10.7 |
NPM NPM% | 9.6 | 11.0 | 9.9 | 8.9 | 7.5 | 6.2 | 4.4 | 7.0 | 9.5 | 9.5 | 8.0 | 7.3 |
ROCE ROCE% | 25.0 | 27.2 | 27.0 | 22.6 | 14.6 | 10.2 | 8.7 | 16.7 | 20.5 | 20.6 | 18.1 | 18.1 |
ROE ROE% | 18.0 | 20.3 | 18.5 | 16.3 | 11.5 | 8.4 | 7.0 | 13.3 | 15.8 | 15.1 | 13.7 | 13.7 |
ROA ROA% | 12.9 | 14.5 | 13.1 | 12.0 | 8.9 | 6.2 | 5.2 | 9.7 | 11.7 | 11.1 | 9.9 | 9.9 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap Market CapitalizationCr | 1,12,347 | 1,81,982 | 2,67,738 | 2,01,539 | 1,29,524 | 2,07,219 | 2,28,370 | 2,50,504 | 3,96,559 | 3,62,237 | 3,86,677 | 3,83,257 |
Price To Earnings Price To Earnings | 20.4 | 24.2 | 34.0 | 26.3 | 22.8 | 47.2 | 58.9 | 31.6 | 29.4 | 25.0 | 26.3 | 26.7 |
Price To Sales Price To Sales | 1.9 | 2.7 | 3.4 | 2.3 | 1.7 | 2.9 | 2.6 | 2.1 | 2.8 | 2.4 | 2.1 | 1.9 |
Price To Book Price To Book | 3.7 | 4.9 | 6.3 | 4.3 | 2.6 | 4.0 | 4.1 | 3.5 | 4.6 | 3.8 | 3.6 | 3.6 |
EV To EBITDA EV To EBITDA | 12.6 | 17.6 | 22.2 | 18.3 | 17.7 | 38.3 | 39.6 | 22.9 | 21.3 | 17.9 | 17.9 | 17.9 |
GPM GPM% | 30.7 | 29.9 | 29.6 | 29.1 | 28.1 | 26.4 | 23.8 | 25.3 | 27.7 | 27.7 | 25.9 | 25.9 |
OPM OPM% | 15.4 | 15.2 | 15.1 | 12.8 | 9.7 | 7.6 | 6.5 | 9.4 | 13.1 | 13.2 | 11.7 | 10.7 |
NPM NPM% | 9.6 | 11.0 | 9.9 | 8.9 | 7.5 | 6.2 | 4.4 | 7.0 | 9.5 | 9.5 | 8.0 | 7.3 |
ROCE ROCE% | 25.0 | 27.2 | 27.0 | 22.6 | 14.6 | 10.2 | 8.7 | 16.7 | 20.5 | 20.6 | 18.1 | 18.1 |
ROE ROE% | 18.0 | 20.3 | 18.5 | 16.3 | 11.5 | 8.4 | 7.0 | 13.3 | 15.8 | 15.1 | 13.7 | 13.7 |
ROA ROA% | 12.9 | 14.5 | 13.1 | 12.0 | 8.9 | 6.2 | 5.2 | 9.7 | 11.7 | 11.1 | 9.9 | 9.9 |
Documents — Maruti Suzuki India Ltd
Concall Transcript Summaries — Maruti Suzuki India Ltd