The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · MARUTI SUZUKI INDIA LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MARUTI SUZUKI INDIA LTD. Discounted cash flow · base FY26
MARUTI SUZUKI INDIA LTD.
Value per share, this model₹10,003
CMP 2026-09-10₹12,400.00
Difference(19.3)%
Growth the CMP implies25.6%/yr
This note states the assumptions and the arithmetic of one model of MARUTI SUZUKI INDIA LTD., built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
20% a year
FY26 19.9% · 5-yr CAGR 21.1%
EBITDA margin
11.7%
FY26 11.7% · 5-yr average 10.8%
Depreciation · capex, % of revenue
3.7% · 5.5%, fading to 1.2× depreciation
FY26 3.7% · 5.5%
Working capital, % of added revenue · tax
0% · 23.6%
-11 working-capital days · effective 23.6%
Discount rate
11.00%
1-yr beta 1.09
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(67) · ₹0 · ₹0 cr
FY26 net debt ₹(67) cr
Shares
31.44 crore
31.44 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
1,83,316
2,19,979
2,63,975
3,16,770
3,80,124
4,56,149
growth %
19.9
20.0
20.0
20.0
20.0
20.0
EBITDA
21,456
25,738
30,885
37,062
44,475
53,369
Depreciation
(6,742)
(8,139)
(9,767)
(11,720)
(14,065)
(16,878)
NOPAT
11,242
13,445
16,134
19,361
23,233
27,880
less capex
(10,123)
(12,099)
(13,819)
(15,743)
(17,885)
(20,253)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
9,486
12,082
15,338
19,413
24,504
Present value
9,003
10,331
11,816
13,473
15,321
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · MARUTI SUZUKI INDIA LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
59,944
PV of the terminal value (81% of EV)
2,54,487
Enterprise value
3,14,431
less net debt
67
less non-controlling interest
0
add non-operating investments
0
Equity value
3,14,498
÷ 31.44 crore shares
₹10,003
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
10,346
11,152
12,120
13,303
14,782
10.5%
9,502
10,172
10,965
11,915
13,077
11.0%
8,781
9,345
10,003
10,781
11,715
11.5%
8,157
8,637
9,191
9,837
10,601
12.0%
7,612
8,024
8,496
9,040
9,675
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
