NSE: MARUTI · BSE: 532500
MARUTI SUZUKI INDIA LTD.
Manufactures passenger cars and utility vehicles in India under the Maruti Suzuki brand. Q1 FY27 sales volumes grew 29.3% YoY to 682,724 units, with utility vehicles (Brezza, e Vitara, Fronx, Jimny, Victoris) up 44.6% and small cars up 34.1%, alongside exports up 28.6%. July 2026 set an all-time domestic sales high of 200,123 units, and April-July FY27 total sales reached 924,145 units versus 708,387 a year ago. Domestic passenger vehicle market share rose to 41.2% in Q1 FY27, up 2.3 percentage points. A new 800-acre Kharkhoda manufacturing facility in Haryana was inaugurated with current capacity of 0.5 million units, scaling to 1 million units as part of an overall 4 million units annual production ambition by FY 2026-27; the plant runs on 100 percent renewable energy. Revenue comes principally from vehicle sales, with the subsidiary Suzuki Motor Gujarat now amalgamated (effective December 2025). Materials and components are the dominant input cost at 60.9% of FY26 revenue, surging to 80.5% in Q1 FY27 due to commodity price increases linked to the West Asia conflict; a price hike of up to ₹30,000 per vehicle was announced effective August 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Passenger vehicles — compact cars, Passenger vehicles — mini and vans, Utility vehicles, Exports. Cyclical, asset-heavy passenger vehicle manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 88,330 | 1,17,571 | 1,41,858 | 1,52,913 | 1,83,316 |
| EBITDA (ex other income) | 5,868 | 11,195 | 18,526 | 20,156 | 21,456 |
| margin % | 6.6 | 9.5 | 13.1 | 13.2 | 11.7 |
| Owners' profit | 3,880 | 8,211 | 13,488 | 14,500 | 14,680 |
| EPS, as reported (₹) | 128.43 | 271.82 | 858.02 | 461.20 | 466.90 |
| ROE % · ROCE % | 7.0 · 8.4 | 13.3 · 16.3 | 15.8 · 19.4 | 15.1 · 19.3 | 13.7 · 17.0 |
| Debt / equity (x) | 0.01 | 0.02 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1,841 | 9,251 | 16,801 | 16,136 | 19,100 |
| Capex | (3,206) | (6,117) | (8,916) | (10,250) | (10,123) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 37,449 | 38,764 | 40,920 | 38,605 | 42,344 | 49,904 | 52,463 | 52,470 |
| Profit before tax | 5,093 | 4,659 | 4,846 | 4,908 | 4,272 | 4,832 | 4,821 | 4,344 |
| Net profit | 3,103 | 3,727 | 3,911 | 3,792 | 3,349 | 3,879 | 3,659 | 3,447 |
| EPS (₹) | 98.68 | 118.54 | 124.40 | 120.62 | 106.52 | 123.38 | 116.38 | 109.63 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MARUTI SUZUKI INDIA LTD. ◆ | 3,62,943 | 25.3 | 3.39 | 14.1 | 13.7 | 16.8 | 21.1 | 11.8 |
| MAHINDRA & MAHINDRA LTD | 3,45,071 | 17.4 | 3.15 | 11.7 | 17.0 | 11.5 | 21.7 | 19.9 |
| HYUNDAI MOTOR INDIA LTD | 1,51,693 | 30.6 | 7.58 | 15.1 | 27.1 | 32.2 | — | 10.9 |
| TATA MOTORS PASS VEH LTD | 97,137 | — | 0.82 | 7.0 | 69.5 | (1.0) | 6.1 | 7.6 |
| FORCE MOTORS LIMITED | 22,529 | 18.0 | 5.37 | 12.0 | 28.9 | 33.7 | 35.4 | 15.0 |
| OLECTRA GREENTECH LIMITED | 8,073 | 45.6 | 6.55 | 24.0 | 14.6 | 16.8 | 52.4 | 12.2 |
| HINDUSTAN MOTORS LTD. | 285 | 68.3 | 8.91 | — | (0.1) | (0.2) | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.3 | 28.0 | 8 of 16 | 53% |
| P/B | 3.4 | 4.9 | 8 of 17 | 56% |
| ROCE | 16.8 | 10.9 | 9 of 20 | 58% |
| ROE | 13.7 | 14.6 | 10 of 17 | 44% |
| Debt / Equity | 0.0 | 0.6 | 1 of 17 | 81% |
| EBITDA margin | 11.8 | 10.9 | 8 of 17 | 56% |
| Revenue growth | 35.9 | 29.7 | 5 of 16 | 73% |
| Profit growth | (9.1) | 16.9 | 11 of 17 | 38% |
| Market cap | 362943 | 16718 | 1 of 21 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Quarterly results published with Rs 3,270 crore net profit | compliance | minimal | — | — |
| 27 Oct 2026 · Investor call audio recording uploaded for September quarter results | investor communications | low | — | — |
| 27 Oct 2026 · Q2 FY27 sales rise 26.5%, but profit falls 26.9% | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 net sales rise 26%, but profit falls on costs and investment losses | results | high | — | — |
| 27 Oct 2026 · September quarter revenue rises 49%, but profit falls 26% | results | high | — | — |
| 27 Oct 2026 · September quarter revenue up 26%, profit down 26% on restated comparison | results | high | — | — |
| 27 Oct 2026 · Maruti Suzuki to set up Osamu Suzuki Centre of Excellence Foundation | strategic transactions | low | — | — |
| 24 Oct 2026 · Maruti Suzuki launches VICTORIS AURUM strong hybrid edition | compliance | low | — | — |
| 21 Oct 2026 · Maruti Suzuki Q2 FY27 Earnings Call Scheduled for 27 October 2026 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Income Tax Tribunal order in Maruti's favour, about Rs 130,000 million relief | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.