The Company was established in 1981. A joint venture agreement was signed between the Government of India and Suzuki MotorCorporation (SMC), Japan in 1982. The Company became a subsidiary of SMC in 2002.It is the market leader in passenger vehicle segment in India. In terms of production volume and sales, the Company is now SMC’s largest subsidiary. SMC currently holds 56.28% of its equity stake.The principal activities of the Company are manufacturing, purchase and sale of motor vehicles, components and spare parts.
Market share of major car manufacturers (%)[1]Maruti Suzuki - 45.0Hyundai - 15Tata - 13Mahindra - 10Kia - 7Others: 13%
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Maruti Suzuki | 16809.00 | 37.10 | 528389.14 | 0.80 | 3293.10 | 7.30 | 42100.80 | 13.17 | 21.67 | 159680.30 | 10.75 | 14240.90 | 3293.10 | 5.43 | 11.79 | 0.00 |
| 2. | M & M | 3748.80 | 32.76 | 466284.94 | 0.67 | 3963.75 | 15.85 | 46105.67 | 21.57 | 13.93 | 175704.22 | 18.95 | 14232.39 | 3673.32 | 5.63 | 5.51 | 1.53 |
| 3. | Hyundai Motor I | 2362.00 | 34.19 | 191880.62 | 0.89 | 1570.25 | 17.38 | 17061.03 | 1.10 | 54.25 | 66889.41 | 13.20 | 5612.65 | 1570.25 | 11.30 | 19.97 | 0.05 |
| 4. | Tata Motors PVeh | 363.35 | 9.91 | 133797.51 | 1.65 | 76248.00 | -214.83 | 72349.00 | -13.52 | 19.97 | 392137.00 | 9.18 | 13507.54 | -3412.33 | 1.21 | 7.65 | 0.61 |
| 5. | Force Motors | 20655.00 | 33.19 | 27222.41 | 0.19 | 350.70 | 159.72 | 2081.40 | 7.22 | 29.99 | 8624.15 | 14.46 | 820.18 | 350.67 | 7.76 | 11.53 | 0.00 |
| 6. | Olectra Greentec | 1215.40 | 69.83 | 9979.84 | 0.03 | 49.43 | 4.18 | 656.62 | 25.39 | 20.52 | 1968.13 | 13.68 | 142.91 | 49.55 | 8.89 | 7.46 | 0.33 |
| 7. | Mercury EV-Tech | 36.62 | 78.88 | 695.68 | 0.00 | 1.72 | 7.50 | 34.01 | 74.59 | 5.16 | 122.86 | 8.41 | 8.82 | 1.72 | 2.48 | 3.17 | 0.03 |
| – | Median: 8 Co. | 1788.7 | 35.64 | 80509.96 | 0.43 | 960.48 | 7.4 | 9571.22 | 10.2 | 20.24 | 37756.78 | 11.97 | 3216.41 | 200.11 | 6.7 | 7.55 | 0.04 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 29,044 | 33,309 | 38,492 | 32,327 | 35,531 | 38,414 | 32,048 | 38,235 | 40,674 | 29,931 | 37,062 | 37,203 | 42,101 |
Expenses | 26,211 | 29,401 | 34,022 | 29,344 | 31,029 | 34,418 | 28,698 | 33,550 | 36,409 | 27,162 | 32,278 | 32,786 | 37,667 |
Operating Profit | 2,833 | 3,908 | 4,470 | 2,983 | 4,502 | 3,995 | 3,350 | 4,685 | 4,265 | 2,769 | 4,784 | 4,417 | 4,434 |
Other Income | 861 | 933 | 985 | 1,001 | 975 | 1,823 | 743 | 1,118 | 1,447 | 612 | 844 | 1,475 | 913 |
Profit before tax | 2,954 | 4,054 | 4,602 | 3,190 | 4,689 | 4,834 | 3,255 | 4,998 | 4,792 | 2,628 | 4,799 | 5,100 | 4,251 |
Tax % | 20% | 23% | 23% | 22% | 22% | 23% | 19% | 22% | 23% | 22% | 23% | 40% | 23% |
Net Profit | 2,351 | 3,130 | 3,525 | 2,485 | 3,650 | 3,712 | 2,624 | 3,878 | 3,711 | 2,062 | 3,716 | 3,069 | 3,293 |
EPS in Rs | 77.84 | 99.55 | 112.12 | 82.27 | 116.09 | 118.06 | 86.85 | 123.34 | 118.04 | 68.24 | 123.03 | 97.62 | 104.74 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 43,792 | 49,971 | 57,538 | 68,035 | 79,763 | 86,020 | 75,611 | 70,332 | 88,296 | 117,523 | 140,933 | 151,900 | 159,680 |
Expenses | 38,590 | 43,209 | 48,518 | 57,620 | 67,647 | 74,968 | 68,266 | 64,928 | 82,549 | 106,504 | 124,483 | 134,074 | 142,516 |
Operating Profit | 5,202 | 6,761 | 9,020 | 10,415 | 12,116 | 11,052 | 7,345 | 5,404 | 5,747 | 11,019 | 16,449 | 17,826 | 17,164 |
Other Income | 717 | 783 | 1,326 | 2,237 | 1,991 | 2,508 | 3,378 | 2,887 | 1,748 | 2,150 | 3,807 | 4,710 | 5,168 |
Interest | 176 | 206 | 82 | 89 | 346 | 76 | 133 | 101 | 126 | 187 | 193 | 193 | 199 |
Depreciation | 2,084 | 2,470 | 2,820 | 2,602 | 2,758 | 3,019 | 3,526 | 3,032 | 2,786 | 2,823 | 3,022 | 3,159 | 3,654 |
Profit before tax | 3,658 | 4,868 | 7,444 | 9,960 | 11,003 | 10,466 | 7,065 | 5,159 | 4,582 | 10,159 | 17,040 | 19,183 | 18,479 |
Net Profit | 2,783 | 3,711 | 5,364 | 7,350 | 7,722 | 7,501 | 5,651 | 4,230 | 3,766 | 8,049 | 13,209 | 13,955 | 14,241 |
EPS in Rs | 92.13 | 122.85 | 177.58 | 243.32 | 255.62 | 248.30 | 187.06 | 140.02 | 124.68 | 266.46 | 420.14 | 443.86 | 452.96 |
Dividend Payout % | 13% | 20% | 20% | 31% | 31% | 32% | 32% | 32% | 48% | 34% | 30% | 30% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 157 | 157 | 157 |
Reserves | 20,827 | 23,553 | 29,733 | 36,280 | 41,606 | 45,990 | 48,286 | 51,216 | 53,935 | 60,231 | 83,825 | 93,890 | 97,256 |
Borrowings | 1,824 | 516 | 231 | 484 | 111 | 150 | 171 | 531 | 419 | 1,247 | 119 | 76 | 92 |
Other Liabilities | 7,798 | 9,330 | 11,825 | 14,336 | 17,502 | 16,641 | 13,944 | 18,170 | 18,889 | 21,549 | 26,184 | 31,497 | 34,131 |
Total Liabilities | 30,600 | 33,549 | 41,940 | 51,251 | 59,370 | 62,932 | 62,552 | 70,067 | 73,394 | 83,179 | 110,285 | 125,620 | 131,636 |
Fixed Assets | 10,790 | 12,259 | 12,510 | 13,293 | 13,359 | 15,408 | 15,781 | 14,957 | 13,717 | 17,805 | 18,495 | 24,707 | 26,699 |
Gross Block | 22,702 | 26,462 | 15,322 | 18,660 | 21,424 | 26,329 | 29,797 | 31,455 | 32,489 | 39,078 | 42,426 | 51,410 | – |
Accumulated Depreciation | 11,911 | 14,202 | 2,812 | 5,367 | 8,065 | 10,922 | 14,016 | 16,498 | 18,772 | 21,273 | 23,931 | 26,704 | – |
CWIP | 2,621 | 1,883 | 1,007 | 1,252 | 2,126 | 1,600 | 1,337 | 1,490 | 2,929 | 2,897 | 6,534 | 5,759 | 6,123 |
Investments | 10,118 | 12,814 | 19,932 | 28,481 | 35,290 | 36,515 | 36,468 | 41,787 | 40,763 | 47,756 | 68,514 | 74,506 | 75,142 |
Other Assets | 7,070 | 6,593 | 8,491 | 8,225 | 8,595 | 9,409 | 8,966 | 11,834 | 15,984 | 14,720 | 16,742 | 20,648 | 23,673 |
Total Assets | 30,600 | 33,549 | 41,940 | 51,251 | 59,370 | 62,932 | 62,552 | 70,067 | 73,394 | 83,179 | 110,285 | 125,620 | 131,636 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 4,904 | 6,321 | 8,484 | 10,279 | 11,785 | 6,593 | 3,405 | 8,839 | 1,791 | 9,228 | 15,167 | 14,012 |
Cash from Investing Activity | -4,893 | -4,410 | -7,227 | -9,178 | -8,282 | -3,538 | -464 | -7,284 | -189 | -8,018 | -10,683 | -10,242 |
Cash from Financing Activity | -66 | -1,962 | -1,236 | -1,129 | -3,446 | -2,948 | -3,100 | -1,541 | -1,602 | -1,208 | -4,062 | -4,149 |
Net Cash Flow | -55 | -51 | 21 | -28 | 57 | 107 | -159 | 14 | -0 | 1 | 422 | -378 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 12 | 8 | 8 | 6 | 7 | 10 | 10 | 7 | 8 | 10 | 12 | 16 |
Inventory Days | 20 | 28 | 30 | 25 | 21 | 20 | 22 | 22 | 20 | 18 | 15 | 17 |
Days Payable | 57 | 56 | 70 | 65 | 70 | 59 | 51 | 73 | 54 | 50 | 53 | 59 |
Cash Conversion Cycle | -25 | -21 | -32 | -33 | -42 | -29 | -19 | -44 | -26 | -21 | -26 | -26 |
Working Capital Days | -28 | -27 | -27 | -36 | -40 | -30 | -20 | -47 | -30 | -27 | -25 | -23 |
ROCE % | 16% | 19% | 23% | 24% | 24% | 19% | 9% | 5% | 6% | 15% | 19% | 22% |
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Stock Analysis
Maruti Suzuki India Limited is the largest passenger vehicle manufacturer in India, holding a dominant market share. It is a subsidiary of Suzuki Motor Corporation, Japan, and is known for its extensive sales and service network.
The company has demonstrated consistently strong export volumes, with a significant YoY increase in CY2025. The successful launch and global rollout of the VICTORIS SUV are expected to further boost export order flow.
Corporate Announcements
