Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,410.00 last close on 9 Oct 2026 +1.16%
Research updated
Maruti Suzuki India Limited
NSE: MARUTIConsumer CyclicalAuto Manufacturers
- Last close
- ₹11,420.00
- Day change
- +₹192.00 (+1.71%)vs
- Market cap
- ₹3.56 lakh crIndian rupees
- Research updated
- 2 reports
About Maruti Suzuki India
Maruti Suzuki India Limited is a leading passenger vehicle manufacturer in India, focused on designing, producing, and selling a broad range of automobiles for mass-market and premium buyers. Its portfolio includes entry-level cars, hatchbacks, sedans, utility vehicles, multi-purpose vehicles, vans, and select light commercial vehicles, supported by a wide network of dealerships, service centers, spare parts, accessories, and after-sales services. The company also offers pre-owned vehicle solutions and related automotive services, reflecting its integrated role across the vehicle ownership cycle. Maruti Suzuki India Limited serves individual consumers, families, and fleet customers across urban and regional markets, while also exporting vehicles to overseas destinations. Headquartered in New Delhi, the company is recognized as one of India’s most influential automotive brands and a major participant in the country’s passenger mobility market.
- Sector
- Consumer Cyclical
- Industry
- Auto Manufacturers
- Listing
- NSE: MARUTI
- Chief executive
- Mr. Hisashi Takeuchi
- Employees
- 25,831
- Headquarters
- New Delhi, India
- ISIN
- INE585B01010
- Website
- marutisuzuki.com
Public research · Report of
Business model & financial foundation
Maruti Suzuki (NSE: MARUTI), Passenger vehicles (automobile manufacturer): revenue of ₹1,83,316 crore in FY26 (+19.9% on FY25), an EBITDA margin of 11.7%, net profit of ₹14,680 crore and net cash of ₹76,905 crore.
- Revenue, FY26 (₹ crore)
- 1,83,316
- consolidated
- Revenue growth, FY26
- +19.9%
- on FY25
- EBITDA margin, FY26
- 11.7%
- EBITDA (revenue - cogs - employee - other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 14,680
- to owners
- Return on equity, FY26
- 14.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -76,905
- Net debt (borrowings - cash - bank balances - investments)
- Market capitalisation (₹ crore)
- 3,57,979
- at the close of 12 Oct 2026
Company profile
Maruti Suzuki is India's largest passenger vehicle maker, with a domestic PV market share of about 40-41% (FY26-Q1 FY27). It sells about 2.4 million vehicles a year (FY26) across small cars, SUVs and vans from plants at Gurugram, Manesar, Kharkhoda (Haryana) and Hansalpur (Gujarat), and is India's largest PV exporter. Suzuki Motor Corporation owns about 58.7% and licenses the technology for a royalty of about 3-3.5% of sales.
| Item | Value |
|---|---|
| Legal name | Maruti Suzuki India Limited (formerly Maruti Udyog Limited) |
| Exchange and ticker | NSE: MARUTI; BSE: 532500 |
| ISIN | INE585B01010 |
| CIN | L34103DL1981PLC011375 |
| Sector | Consumer Cyclical |
| Industry | Passenger vehicles (automobile manufacturer) |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP (since 2025-08-28) |
| Market capitalisation | ₹3,57,979 crore (12 Oct 2026) |
| Shares outstanding | 31.44 crore shares (FY26) |
| Price | ₹11,420 (close, 12 Oct 2026) |
| 52-week range | ₹11,225 - ₹17,370 (to 12 Oct 2026) |
| Website | https://www.marutisuzuki.com |
Corporate structure and shareholding
Parent: Suzuki Motor Corporation (Japan), c.58.7% as of Jun 2026.
| Entity | Holding | Business |
|---|---|---|
| Suzuki Motor Gujarat Private Limited | 100% | Contract manufacturing plant at Hansalpur, Gujarat; amalgamated into MSIL effective 1 Dec 2025 (appointed date 1 Apr 2025) |
| True Value Solutions Limited | 100% | Pre-owned car related services |
| Maruti Suzuki Toyotsu India Pvt Ltd | 50% | JV with Toyota Tsusho: vehicle scrapping and recycling |
Group structure from company disclosures; minor associates (component JVs such as Bellsonica, Krishna Maruti, Jay Bharat) are equity-accounted and add about INR 285 cr of associate profit in FY26.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 58.30% | 58.28% | 58.53% | 58.65% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 15.80% | 15.76% | 14.12% | 12.82% |
| Domestic institutions | 22.60% | 22.90% | 24.20% | 25.20% |
| of which mutual funds | 14.60% | 14.44% | 14.95% | 15.33% |
| Retail | 3.30% | 3.00% | 3.20% | 3.40% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Maruti Suzuki makes and sells passenger vehicles (small cars, SUVs, vans) and light commercial vehicles in India and exports to ~100 markets; it is a single reportable segment. It controls design adaptation, manufacturing at Gurugram, Manesar, Kharkhoda and Hansalpur (Suzuki Motor Gujarat amalgamated from 1 Apr 2025) and the country's largest dealer network (4,487 outlets, Q3FY26). It does not control core technology: Suzuki Motor Corporation (58.7%) licenses it for a royalty of ~3.1% of FY26 net sales. Revenue per vehicle rose from ~684k in FY25 to ~757k in FY26 on SUV mix (derived from consolidated revenue and units). Working capital is negative (payables 22,134 cr vs receivables 5,342 cr and inventory 11,321 cr at Mar 2026) and the company holds ~76.8k cr of investments.
| Peer | Why the dossier compares them |
|---|---|
| Mahindra & Mahindra (M&M) | Largest domestic SUV maker; direct competitor in UVs, similar market cap |
| Hyundai Motor India (HYUNDAI) | Listed Indian arm of a foreign OEM paying royalty to its parent - closest structural analogue |
| Tata Motors Passenger Vehicles (TMPV) | Domestic PV and EV competitor (post-demerger PV entity) |
| Bajaj Auto (BAJAJ-AUTO) | Large-cap domestic auto OEM with sizeable exports |
| Eicher Motors (EICHERMOT) | |
| TVS Motor (TVSMOTOR) | Large-cap auto OEM, high-growth benchmark |
| Hero MotoCorp (HEROMOTOCO) | Mass-market entry-level vehicle maker, sensitive to the same first-time-buyer demand |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (incl. other operating revenue) | 85,169 | 1,13,765 | 1,41,858 | 1,52,913 | 1,83,316 |
| Cost of revenue (vendor classification) * | 69,431 | 90,482 | 1,05,611 | 1,07,116 | 1,39,072 |
| Other operating costs (vendor classification) * | 7,285 | 9,457 | 11,175 | 24,920 | 13,610 |
| EBITDA (vendor classification) * | 6,092 | 13,655 | 19,283 | 25,422 | 22,432 |
| EBIT * | 4,824 | 10,691 | 17,618 | 19,814 | 19,357 |
| Finance costs | 126.6 | 252.3 | 193.6 | 194.2 | 238.7 |
| Profit before tax | 4,697 | 10,438 | 17,425 | 19,620 | 19,119 |
| Total tax expense | 817.7 | 2,175 | 3,936 | 5,120 | 4,439 |
| Profit for the year | 3,880 | 8,264 | 13,488 | 14,500 | 14,680 |
| Diluted EPS (₹) | 128.4 | 262.8 | 429.0 | 461.2 | 466.9 |
| Cost of materials incl. traded goods and inventory change | n.r. | 1,07,497 | 1,32,576 | ||
| Employee benefits expense | n.r. | 7,026 | 9,050 | ||
| Other expenses net of vehicles/dies for own use | n.r. | 18,166 | 20,251 | ||
| EBITDA (revenue - cogs - employee - other expenses) | 18,626 | 20,224 | 21,440 | ||
| Other income (excl. share of associates/JVs) | n.r. | 5,022 | 4,373 | ||
| Depreciation and amortisation | 5,256 | 5,608 | 6,742 | ||
| Share of profit of associates and JVs | n.r. | 176.2 | 285.5 | ||
| Profit attributable to owners | 13,488 | 14,500 | 14,680 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 55,334 | 74,600 | 85,636 | 96,240 | 1,07,156 |
| Borrowings (vendor series appears to be lease liabilities) * | 425.5 | 1,248 | 118.6 | 87.0 | 102.5 |
| Cash and cash equivalents | 35.1 | 1,785 | 2,660 | 184.5 | 66.9 |
| Trade receivables * | 2,035 | 3,285 | 4,597 | 6,540 | 5,342 |
| Inventories * | 3,532 | 5,444 | 5,318 | 6,913 | 11,321 |
| Trade payables * | 9,765 | 13,676 | 16,988 | 20,502 | 22,134 |
| Net property, plant and equipment * | 895.0 | 510.3 | 601.0 | 697.7 | 852.8 |
| Capital work in progress * | 2,646 | 4,054 | 7,504 | 8,857 | 10,743 |
| Total assets * | 74,656 | 1,00,385 | 1,15,351 | 1,31,972 | 1,48,881 |
| Investments (current + non-current) | 57,296 | 66,265 | 76,838 | ||
| Net debt (borrowings - cash - bank balances - investments) | -59,956 | -66,818 | -76,905 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 2,074 | 7,640 | 15,431 | 16,180 | 19,100 |
| Free cash flow (vendor definition) * | -1,619 | 2,750 | 7,601 | 5,559 | 8,702 |
| Dividends paid (the provider's sign: an outflow is negative) * | -1,359 | -1,813 | -2,719 | -3,930 | -4,244 |
| Purchase of PP&E (incl. CWIP) * | -3,070 | -7,725 | -8,872 | -10,579 | -10,346 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 30.21 | 31.44 | 31.44 | 31.44 | 31.44 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (incl. other operating revenue) | 37,449 | 38,764 | 40,920 | 38,605 | 42,344 | 49,904 | 52,463 | 52,470 |
| Cost of revenue (vendor classification) * | 26,428 | 27,231 | 28,864 | 27,273 | 36,220 | 38,398 | 40,206 | |
| Other operating costs (vendor classification) * | 4,341 | 4,670 | 5,411 | 4,662 | 5,411 | 5,658 | 5,487 | |
| EBITDA (vendor classification) * | 6,569 | 6,201 | 6,427 | 6,546 | 6,714 | 6,740 | 6,285 | |
| EBIT * | 5,184 | 4,772 | 4,965 | 4,990 | 4,979 | 4,991 | 4,505 | |
| Finance costs | 43.0 | 46.3 | 47.6 | 46.8 | 57.2 | 61.7 | 73.0 | 63.5 |
| Profit before tax | 5,141 | 4,726 | 4,918 | 4,944 | 4,339 | 4,917 | 4,918 | 4,441 |
| Total tax expense | 2,038 | 999.1 | 1,007 | 1,151 | 990.3 | 1,038 | 1,259 | 994.3 |
| Profit for the period | 3,103 | 3,727 | 3,911 | 3,792 | 3,349 | 3,879 | 3,659 | 3,447 |
| Diluted EPS (₹) | 98.68 | 118.5 | 124.4 | 120.6 | 106.5 | 123.4 | 116.4 | 109.6 |
| Cost of materials incl. traded goods and inventory change | 26,504 | 27,306 | 28,920 | 27,361 | 30,459 | 36,269 | 38,487 | 40,354 |
| Employee benefits expense | 1,681 | 1,787 | 1,801 | 2,048 | 2,052 | 2,701 | 2,248 | 2,464 |
| Other expenses net of vehicles/dies for own use | 4,266 | 4,595 | 5,356 | 4,573 | 4,747 | 5,362 | 5,569 | 5,339 |
| EBITDA (revenue less cogs, employee and other expenses) | 4,999 | 5,077 | 4,844 | 4,623 | 5,086 | 5,573 | 6,158 | 4,313 |
| Other income | 1,523 | 1,058 | 1,511 | 1,888 | 946.2 | 1,055 | 483.9 | 1,874 |
| Depreciation and amortisation | 1,386 | 1,429 | 1,462 | 1,556 | 1,703 | 1,735 | 1,748 | 1,780 |
| Share of profit of associates and JVs | 47.3 | 67.1 | 71.9 | 35.5 | 67.3 | 85.4 | 97.3 | 97.7 |
| Profit attributable to owners | 3,103 | 3,727 | 3,911 | 3,792 | 3,349 | 3,879 | 3,659 | 3,447 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 25.6% | 33.6% | 24.7% | 7.8% | 19.9% |
| EBITDA margin | 13.1% | 13.2% | 11.7% | ||
| Net margin | 9.5% | 9.5% | 8.0% | ||
| Return on equity | 16.8% | 15.9% | 14.4% | ||
| Return on capital employed | 8.9% | 16.2% | 21.8% | 21.8% | 19.0% |
| Return on assets | 12.5% | 11.7% | 10.5% | ||
| Net debt (₹ crore) | -59,956 | -66,818 | -76,905 | ||
| Net debt / EBITDA | -3.22x | -3.30x | -3.59x | ||
| Interest cover | 38.1x | 42.4x | 91.0x | 102.0x | 81.1x |
| Asset turnover | 1.17x | 1.30x | 1.32x | 1.24x | 1.31x |
| Receivable days | 9 | 11 | 12 | 16 | 11 |
| Inventory days (on revenue) | 15 | 17 | 14 | 17 | 23 |
| Payable days (on revenue) | 42 | 44 | 44 | 49 | 44 |
| Cash conversion | 1.14x | 1.12x | 1.30x | ||
| Capex intensity | 3.6% | 6.8% | 6.3% | 6.9% | 5.6% |
| Free cash flow (₹ crore) | -996.6 | -85.6 | 6,560 | 5,601 | 8,754 |
| Dividend payout | 20.2% | 27.1% | 28.9% | ||
| EPS, diluted (₹) | 128.4 | 262.8 | 429.0 | 461.2 | 466.9 |
| Book value per share (₹) | 1,832 | 2,373 | 2,724 | 3,061 | 3,408 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue - cogs - employee - other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings - cash - bank balances - investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue - cogs - employee - other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Maruti Suzuki India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Maruti Suzuki India
- Research reportLatest
- Research report
Same sector
More research in Consumer Cyclical
Mahindra & Mahindra Ltd.
NSE: M&M
Consumer Cyclical · Auto Manufacturers
₹2,796.20 last close on 9 Oct 2026 +1.64%Research updated
Eternal Limited
NSE: ETERNAL
Consumer Cyclical · Internet Retail
₹323.45 last close on 9 Oct 2026 +1.38%Research updated
Bajaj Auto Limited
NSE: BAJAJ-AUTO
Consumer Cyclical · Auto Manufacturers
₹9,778.00 last close on 9 Oct 2026 +1.46%Research updated
TVS Motor Company Limited
NSE: TVSMOTOR
Consumer Cyclical · Auto Manufacturers
₹3,866.80 last close on 9 Oct 2026 +0.71%Research updated
Eicher Motors Ltd.
NSE: EICHERMOT
Consumer Cyclical · Auto Manufacturers
₹7,050.00 last close on 9 Oct 2026 +4.17%Research updated
Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.