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Maruti Suzuki India Limited
(MARUTI)
Maruti Suzuki India Limited (MARUTI) vs. iShares MSCI India ETF (INDA)
Maruti Suzuki India Limited Business Overview & Revenue Model
Maruti Suzuki India Limited Financial Statement Overview
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.61T | 1.53T | 1.42T | 1.18T | 883.30B | 703.72B |
| Gross Profit | 412.69B | 439.52B | 408.13B | 318.38B | 216.42B | 190.32B |
| EBITDA | 202.92B | 201.46B | 186.97B | 130.94B | 57.33B | 53.91B |
| Net Income | 147.79B | 145.00B | 134.88B | 82.64B | 38.80B | 43.89B |
Balance Sheet | ||||||
| Total Assets | 1.38T | 1.32T | 1.15T | 845.97B | 746.55B | 712.83B |
| Cash, Cash Equivalents and Short-Term Investments | 53.04B | 122.39B | 92.00B | 41.54B | 71.81B | 114.91B |
| Total Debt | 1.65B | 1.17B | 1.19B | 13.19B | 4.25B | 5.41B |
| Total Liabilities | 387.09B | 357.32B | 297.15B | 228.06B | 193.22B | 187.82B |
| Stockholders Equity | 997.44B | 962.40B | 856.36B | 746.00B | 553.34B | 525.01B |
Cash Flow | ||||||
| Free Cash Flow | -7.03B | 54.96B | 76.01B | 29.04B | -16.19B | 64.86B |
| Operating Cash Flow | 49.71B | 161.36B | 168.01B | 92.51B | 18.41B | 88.56B |
| Investing Cash Flow | -5.14B | -144.56B | -118.65B | -80.36B | -2.39B | -72.91B |
| Financing Cash Flow | -43.44B | -41.55B | -40.62B | -12.13B | -16.07B | -15.45B |
Maruti Suzuki India Limited Technical Analysis
Maruti Suzuki India Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹3.96T | 33.83 | ― | 0.81% | 10.62% | 4.43% | |
76 Outperform | ₹1.85T | 35.30 | ― | 0.96% | 25.37% | 19.52% | |
65 Neutral | ₹1.64T | 37.82 | ― | 0.91% | -0.35% | -4.21% | |
64 Neutral | ₹2.48T | 23.74 | ― | 2.31% | 11.83% | 13.79% | |
62 Neutral | ₹3.67T | 118.58 | ― | 3.05% | 20.60% | 19.80% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
Maruti Suzuki India Limited Corporate Events
Maruti Suzuki India Limited reported total production of 223,507 vehicles in February 2026, up from 187,414 units a year earlier, driven by strong growth in utility vehicles and steady output in mini, compact and van segments. Passenger vehicle production rose to 219,612 units, with utility vehicles jumping to 102,834 units from 66,647, underscoring the carmaker’s increasing emphasis on SUVs and crossovers within its broader product mix.
Mini and compact car production combined reached 103,867 units, broadly flat versus 102,047 units in February 2025, while mid-size sedan production ceased compared with the prior year’s Ciaz output. Light commercial vehicle production of the Super Carry increased modestly to 3,895 units, indicating continued demand in small commercial transport and supporting Maruti Suzuki’s volume growth and capacity utilization across segments.
Maruti Suzuki India Limited reported total sales of 213,995 vehicles in February 2026, comprising 164,130 domestic units (including light commercial vehicles), 10,710 units supplied to other OEMs, and 39,155 units exported. Domestic passenger vehicle volumes were 161,000 units, with compact and mini cars contributing 76,624 units and utility vehicles 72,756 units, underscoring the company’s continued strength in small cars and growing utility vehicle portfolio.
For the April–February period of FY 2025–26, total sales reached 2,197,462 units, up from 2,041,282 units a year earlier, driven notably by higher exports of 400,734 units versus 299,617 units in the prior year. The figures indicate steady domestic demand and robust growth in overseas markets, reinforcing Maruti Suzuki’s scale advantage and its competitive positioning in both compact passenger vehicles and utility vehicles for stakeholders across its value chain.
Maruti Suzuki India Limited reported its highest-ever monthly sales in January 2026, with total sales of 236,963 units, driven by strong domestic demand and record exports. Domestic sales, including passenger vehicles and light commercial vehicles, reached 178,300 units, while exports surged to an all-time monthly high of 51,020 units, underscoring the company’s growing strength in overseas markets and reinforcing its dominant position in India’s passenger vehicle segment.
Maruti Suzuki India Limited reported record results for the third quarter and the first nine months of FY 2025-26, driven by a sharp recovery in the Indian car market following GST reform, particularly in the small car segment under the 18% GST bracket. In Q3, the company posted its highest-ever quarterly domestic sales of 564,669 units and total sales of 667,769 units, including 103,100 units of exports, alongside record quarterly net sales of INR 475,344 million; quarterly net profit edged up to INR 37,940 million, despite a one-time provision of INR 5,939 million related to new labour codes. For the April–December period, Maruti Suzuki achieved its highest-ever nine‑month sales volume of 1,746,504 units, with domestic sales of 1,435,945 units and exports of 310,559 units, net sales of INR 1,242,908 million, and net profit of INR 108,549 million, with these results also reflecting the amalgamation of Suzuki Motor Gujarat into the parent company effective April 1, 2025.
Maruti Suzuki India Limited has released an investor presentation detailing its standalone financial results for the quarter and nine months ended 31 December 2025, in line with regulatory disclosure requirements. The filing, submitted to both the National Stock Exchange of India and BSE, underscores the company’s ongoing engagement with capital markets and provides shareholders and analysts with updated financial information relevant for assessing its performance in the current fiscal year.
Maruti Suzuki India Limited’s board has approved the acquisition of land at Khoraj Industrial Estate from the Gujarat Industrial Development Corporation to expand its fully utilized production capacity. The planned capacity addition is up to 1 million units annually, on top of the current capability of about 2.6 million units, with Rs 4,960 crore earmarked for land acquisition, development and preparatory activities, to be financed through a mix of internal accruals and external borrowings; detailed phasing, timelines and total investment for the new capacity will be finalized later, and the move is aimed at meeting growing market demand, including exports.
Maruti Suzuki India Limited has notified stock exchanges that it will hold a series of meetings with investor groups on 5, 6 and 7 January 2026, in line with regulatory disclosure requirements. The scheduled interactions underscore the company’s ongoing engagement with the investment community, providing a forum for dialogue that can influence market perceptions and support transparency around its business and strategic outlook.
Maruti Suzuki India Limited has disclosed that it received an adjudication order from the West Bengal GST Authority relating to the availment of GST credit for the period from April 2018 to March 2023. The order raises a tax demand of Rs 4.33 million along with an equivalent penalty of Rs 4.33 million, but the company has stated that this will not have any major impact on its financial, operational or other activities, and it plans to challenge the order by filing an appeal with the first appellate authority.
Maruti Suzuki India Limited has informed the exchanges about the ongoing legal proceedings related to the adjourned hearings before the National Company Law Appellate Tribunal (NCLAT). These repeated adjournments, spanning several years, continue to delay resolution of the matter, which could have implications for the company’s regulatory standing and operational focus.