Maruti Suzuki India Limited (IN:MARUTI)
:MARUTI
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Maruti Suzuki India Limited
(MARUTI)
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Rating:76Outperform
Price Target:
₹14,274.00
▲(5.71% Upside)
Action:ReiteratedDate:10/23/25
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
Free Cash Flow Strength
A swing from negative FCF to ₹54.96bn indicates durable operational cash generation and conversion. Strong FCF supports capex for new models, dealer/service network upkeep, debt resilience, and shareholder returns, providing financial flexibility across automotive cycles.
Negative Factors
Geographic Concentration
Heavy reliance on the Indian market concentrates revenue and profit exposure to a single macro and regulatory environment. Demand cycles, policy shifts, or local competitive/ev adoption dynamics can materially affect performance versus more geographically diversified peers.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Strength
A swing from negative FCF to ₹54.96bn indicates durable operational cash generation and conversion. Strong FCF supports capex for new models, dealer/service network upkeep, debt resilience, and shareholder returns, providing financial flexibility across automotive cycles.
Read all positive factors
Maruti Suzuki India Limited (MARUTI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.97T
Dividend Yield0.81%
Average Volume (3M)16.49K
Price to Earnings (P/E)33.8
Beta (1Y)0.95
Revenue Growth10.62%
EPS Growth4.43%
CountryIN
Employees18,228
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)122.05
Shares Outstanding314,402,600
10 Day Avg. Volume11,821
30 Day Avg. Volume16,486
Financial Highlights & Ratios
PEG Ratio3.32
Price to Book (P/B)3.75
Price to Sales (P/S)2.36
P/FCF Ratio65.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹17,255.00Price Target Upside27.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)573.24
Revenue Forecast (FY)₹2.05T
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,...
How the Company Makes Money
Maruti Suzuki makes money mainly by selling vehicles in India, with revenue recognized from the sale of passenger cars and related variants through its dealer network and other sales channels. In addition to core vehicle sales, the company earns r...
Maruti Suzuki India Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
80
Positive
Cash Flow
88
Very Positive
| 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
Negative
13502.40
Price Trends
14280.59
Negative
15255.41
Negative
14708.73
Negative
Market Momentum
-588.22
Negative
37.76
Neutral
32.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MARUTI, the sentiment is Negative. The current price of 13502.4 is above the 20-day moving average (MA) of 13027.41, below the 50-day MA of 14280.59, and below the 200-day MA of 14708.73, indicating a bearish trend. The MACD of -588.22 indicates Negative momentum. The RSI at 37.76 is Neutral, neither overbought nor oversold. The STOCH value of 32.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MARUTI.
Maruti Suzuki India Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹3.97T | 33.83 | ― | 0.81% | 10.62% | 4.43% | |
76 Outperform | ₹1.82T | 35.30 | ― | 0.96% | 25.37% | 19.52% | |
65 Neutral | ₹1.39T | 37.82 | ― | 0.91% | -0.35% | -4.21% | |
64 Neutral | ₹2.45T | 23.74 | ― | 2.31% | 11.83% | 13.79% | |
63 Neutral | ₹3.75T | 8.44 | ― | 3.05% | 20.60% | 19.80% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
* Consumer Cyclical Sector Average
IN:MARUTI
Maruti Suzuki India Limited
12,632.25
1,426.03
12.73%
IN:BAJAJ.AUTO
Bajaj Auto Limited
8,759.55
1,631.11
22.88%
IN:EICHERMOT
Eicher Motors Limited
6,647.35
1,647.26
32.94%
IN:HYUNDAI
Hyundai Motor India Limited
1,712.05
143.59
9.15%
IN:M&M
Mahindra & Mahindra Ltd.
3,011.65
540.60
21.88%
Maruti Suzuki India Limited Corporate Events
Maruti Suzuki Boosts February 2026 Output on Strong Utility Vehicle Growth
Mar 1, 2026
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 pr...
Maruti Suzuki February 2026 Sales Rise on Strong Exports and Utility Vehicles
Mar 1, 2026
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 vehi...
Maruti Suzuki Posts Record Monthly Sales in January 2026
Feb 2, 2026
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...
GST-Led Demand Surge Drives Record Q3 and 9-Month Results at Maruti Suzuki
Jan 28, 2026
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 br...
Maruti Suzuki Releases Q3 FY26 Investor Presentation on Financial Results
Jan 28, 2026
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...
Maruti Suzuki Board Clears Rs 4,960 Crore Land Buy for 1 Million-Unit Capacity Expansion
Jan 12, 2026
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...
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.