Maruti Suzuki India Limited (MARUTI) AI Stock Analysis

• Market Cap: ₹5.19T
• Dividend Yield: 0.81%
• Average Volume (3M): 16.49K
• Price to Earnings (P/E): 35.1
• Beta (1Y): 0.87
• Revenue Growth: 10.62%
• EPS Growth: 4.43%
• Country: IN
• Employees: 18,228
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Manufacturers
• EPS (TTM): 104.70
• Shares Outstanding: 314,402,600
• 10 Day Avg. Volume: 11,821
• 30 Day Avg. Volume: 16,486
• PEG Ratio: 3.32
• Price to Book (P/B): 3.75
• Price to Sales (P/S): 2.36
• P/FCF Ratio: 65.68
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹18,700.00
• Price Target Upside: 12.22% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: ₹18,520.00 ▲(11.14% Upside)

Maruti Suzuki's strong financial performance is the most significant factor driving its stock score, supported by robust revenue and profit growth, efficient cash flow management, and a solid balance sheet. Technical analysis indicates a bullish trend, though caution is advised due to potential overbought conditions. Valuation concerns with a high P/E ratio slightly offset the positive outlook.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective sales strategies, enhancing long-term business stability and expansion potential.

Cash Flow Management

Strong cash flow management ensures operational efficiency and supports future investments, contributing to sustainable growth and financial resilience.

Balance Sheet Health

Low leverage enhances financial stability and flexibility, allowing the company to navigate economic fluctuations and invest in growth opportunities.

Negative Factors

Earnings Per Share Decline

Declining EPS indicates potential challenges in profit generation, which could affect investor confidence and limit reinvestment capabilities.

Equity Ratio Decline

A declining equity ratio suggests increased liabilities, which may impact financial strength and limit future borrowing capacity.

Valuation Concerns

High valuation may limit upside potential and could deter value-focused investors, impacting long-term stock performance.

Maruti Suzuki India Limited Business Overview & Revenue Model

Company Description

Maruti Suzuki India Limited manufactures, purchases, and sells motor vehicles, components, and spare parts primarily in India, rest of Asia, Europe, Africa, Oceania, and Latin America. The company offers passenger vehicles, multi utility vehicles, and multi-purpose vehicles. It is also involved in the facilitation of pre-owned car sales, fleet management, and car financing. In addition, the company offers driving school, accessories, insurance, and financing products and services. As of March 31, 2022, it had a network of 4,254 workshops across 2,134 cities. The company was formerly known as Maruti Udyog Limited and changed its name to Maruti Suzuki India Limited in September 2007. The company was incorporated in 1981 and is headquartered in New Delhi, India. Maruti Suzuki India Limited is a subsidiary of Suzuki Motor Corporation.

How the Company Makes Money

Maruti Suzuki generates revenue through multiple key streams, primarily from the sale of vehicles, including a wide range of models catering to different segments of the market. The company earns money not only from the direct sale of cars but also from providing after-sales services, spare parts, and accessories to customers. Additionally, MARUTI benefits from its partnerships with various financial institutions, offering financing and insurance products to buyers, which further enhances its revenue. The company's strategic collaborations with Suzuki Motor Corporation enable it to leverage advanced technology and research, improving product offerings and operational efficiencies. Furthermore, the growing demand for electric vehicles and the company's initiatives in this sector present new revenue opportunities. Overall, Maruti Suzuki's robust market positioning, customer-centric approach, and diversified product portfolio contribute significantly to its earnings.

Maruti Suzuki India Limited Financial Statement Overview

Summary

Maruti Suzuki India Limited exhibits strong financial health with impressive growth in revenue and profits, efficient cost and cash flow management, and a solid balance sheet with minimal leverage. The company's performance highlights operational excellence and a stable financial position, positioning it well for future growth and resilience against industry fluctuations.

Income Statement

Maruti Suzuki India Limited has demonstrated strong financial performance with consistent revenue growth, evidenced by a revenue increase from ₹677.89 billion in 2021 to ₹1,451.10 billion in 2025. The Gross Profit Margin has generally remained solid, reflecting efficient cost management. The Net Profit Margin has improved significantly, from 6.47% in 2021 to 9.99% in 2025, indicating enhanced profitability. The EBIT and EBITDA Margins have also shown positive trends, supporting the company's strong operating performance.

Balance Sheet

The company's balance sheet is robust, with a healthy Debt-to-Equity Ratio consistently below 0.03, suggesting low leverage and financial stability. The Return on Equity (ROE) has improved from 8.36% in 2021 to 15.07% in 2025, reflecting effective use of shareholders' funds. The Equity Ratio has been strong, showcasing a solid capital structure, although it has slightly decreased from 73.64% in 2021 to 72.91% in 2025 due to increased liabilities.

Cash Flow

Maruti Suzuki has shown excellent cash flow management with a significant improvement in Free Cash Flow from negative in 2022 to ₹54.96 billion in 2025, indicating strong operational efficiency and capital investment returns. The Operating Cash Flow to Net Income Ratio has remained robust, highlighting efficient cash generation relative to profits. Free Cash Flow to Net Income Ratio improvements further demonstrate effective cash utilization.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.56T	1.53T	1.42T	1.18T	883.30B	703.72B
Gross Profit	440.97B	439.52B	408.13B	318.38B	216.42B	190.32B
EBITDA	192.31B	201.46B	186.97B	130.94B	57.33B	53.91B
Net Income	145.33B	145.00B	134.88B	82.64B	38.80B	43.89B
Balance Sheet
Total Assets	0.00	1.32T	1.15T	845.97B	746.55B	712.83B
Cash, Cash Equivalents and Short-Term Investments	88.87B	122.39B	92.00B	41.54B	71.81B	114.91B
Total Debt	0.00	1.17B	1.19B	13.19B	4.25B	5.41B
Total Liabilities	-962.40B	357.32B	297.15B	228.06B	193.22B	187.82B
Stockholders Equity	962.40B	962.40B	856.36B	746.00B	553.34B	525.01B
Cash Flow
Free Cash Flow	0.00	54.96B	76.01B	29.04B	-16.19B	64.86B
Operating Cash Flow	0.00	161.36B	168.01B	92.51B	18.41B	88.56B
Investing Cash Flow	0.00	-144.56B	-118.65B	-80.36B	-2.39B	-72.91B
Financing Cash Flow	0.00	-41.55B	-40.62B	-12.13B	-16.07B	-15.45B

Maruti Suzuki India Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 16663.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 16663.8 is above the 20-day moving average (MA) of 16645.37, above the 50-day MA of 16198.21, and above the 200-day MA of 14054.08, indicating a neutral trend. The MACD of 171.43 indicates Positive momentum. The RSI at 48.80 is Neutral, neither overbought nor oversold. The STOCH value of 22.13 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MARUTI	76 Outperform	₹5.19T	35.10	―	0.81%	10.62%	4.43%
EICHERMOT	76 Outperform	₹2.06T	40.31	―	0.96%	25.37%	19.52%
M&M	68 Neutral	₹4.57T	28.84	―	3.05%	20.60%	19.80%
HYUNDAI	65 Neutral	₹1.84T	32.19	―	0.91%	-0.35%	-4.21%
BAJAJ.AUTO	64 Neutral	₹2.67T	32.04	―	2.31%	11.83%	13.79%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
TATAMOTORS	60 Neutral	₹1.30T	1.39	―	1.00%	-6.87%	193.82%

Maruti Suzuki India Limited Corporate Events

Maruti Suzuki Schedules Investor Meetings for Early January 2026

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 Receives West Bengal GST Adjudication Order, Plans Appeal

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 Updates on Prolonged Legal Proceedings

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.

Maruti Suzuki Launches Nationwide EV Charging Platform

Maruti Suzuki India Limited has announced a significant step towards electric mobility by launching a comprehensive digital platform for electric vehicle (EV) charging. The company has partnered with 13 leading Charge Point Operators to create a seamless charging experience across India, with plans to establish over 100,000 public charging points by 2030. This initiative marks Maruti Suzuki’s commitment to enhancing customer confidence in EVs and aligns with its global vision to expand its electric vehicle offerings.

Maruti Suzuki Completes Amalgamation with Suzuki Motor Gujarat

Maruti Suzuki India Limited has announced the completion of the amalgamation of its wholly-owned subsidiary, Suzuki Motor Gujarat Private Limited, into the parent company. This strategic move, effective from December 1, 2025, includes an increase in the authorized share capital by INR 150 billion and modifications to the company’s Memorandum of Association. The amalgamation is expected to streamline operations and enhance Maruti Suzuki’s market positioning, providing technical support and specialized after-sales services to customers both in India and abroad.

Maruti Suzuki’s ESG Rating Upgraded by MSCI

Maruti Suzuki India Limited has received an upgrade in its ESG rating from MSCI ESG Research LLC, moving from a B rating in 2024 to a BB rating in 2025. This improvement in the ESG rating reflects positively on the company’s commitment to environmental, social, and governance practices, potentially enhancing its reputation and appeal among environmentally conscious investors and stakeholders.

Maruti Suzuki Reports Increased Production Volume for October 2025

Maruti Suzuki India Limited reported its production volume for October 2025, showing an increase in total passenger vehicle production to 188,624 units from 173,662 units in the previous year. This growth indicates a positive trend in the company’s manufacturing capabilities and market demand, potentially strengthening its position in the automotive industry.

Maruti Suzuki Releases Investors’ Call Recording on Q2 Financial Results

Maruti Suzuki India Limited announced that the audio recording of its investors’ call, discussing the financial results for the quarter ended September 30, 2025, has been made available on the company’s website. This move reflects the company’s commitment to transparency and keeping stakeholders informed about its financial performance.

Maruti Suzuki Schedules Q2 Earnings Call for Analysts and Investors

Maruti Suzuki India Limited announced a scheduled earnings call for analysts and investors to discuss the financial results for the second quarter of the fiscal year 2025-26. This call, set for October 31, 2025, will provide insights into the company’s financial performance and strategic direction, potentially impacting investor sentiment and market positioning.