Maruti Suzuki India Ltd
The Company was established in 1981. A joint venture agreement was signed between the Government of India and Suzuki Motor Corporation (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.
Strengths
- +Company is almost debt free.
- +Company has delivered good profit growth of 47.2% CAGR over last 5 years
- +Company has been maintaining a healthy dividend payout of 30.2%
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 58.19% | 58.19% | 58.28%▲0.1 | 58.28% | 58.28% | 58.28% | 58.28% | 58.53%▲0.3 |
| FIIs | 18.98% | 17.68%▼1.3 | 15.47%▼2.2 | 14.96%▼0.5 | 15.2%▲0.2 | 15.78%▲0.6 | 15.76%▼0.0 | 14.12%▼1.6 |
| DIIs | 19.37% | 20.75%▲1.4 | 22.89%▲2.1 | 23.56%▲0.7 | 23.25%▼0.3 | 22.55%▼0.7 | 22.84%▲0.3 | 24.09%▲1.3 |
| Public | 3.41% | 3.31%▼0.1 | 3.28%▼0.0 | 3.12%▼0.2 | 3.18%▲0.1 | 3.3%▲0.1 | 3.04%▼0.3 | 3.18%▲0.1 |
Financial Statements
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 33,309 | 38,235 | 35,531 | 37,203 | 38,752 | 40,674 | 38,414 | 42,332 | 49,892 | 52,449 |
| Expenses | 29,401 | 33,550 | 31,029 | 32,786 | 33,688 | 36,409 | 34,418 | 37,248 | 44,320 | 46,292 |
| Operating Profit | 3,908 | 4,685 | 4,502 | 4,417 | 5,065 | 4,265 | 3,995 | 5,085 | 5,572 | 6,157 |
| OPM % | 12% | 12% | 13% | 12% | 13% | 10% | 10% | 12% | 11% | 12% |
| Net Profit | 3,130 | 3,878 | 3,650 | 3,069 | 3,659 | 3,711 | 3,712 | 3,303 | 3,794 | 3,590 |
| EPS ₹ | 99.55 | 123.34 | 116.09 | 97.62 | 116.39 | 118.04 | 118.06 | 105.05 | 120.67 | 114.2 |
AI Insights
Mar 2026 revenue at ₹1,83,266Cr, up 20.6% YoY. OPM at 12%.
Borrowings at ₹102Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.
CWIP at ₹9,406Cr (27% of fixed assets). Significant capex underway — growth runway building.
DIIs: 24.09% (+6.02pp change). FIIs: 14.12% (-7.75pp change). Promoters hold 58.53%.
ROCE improving from 19% (Mar 2015) to 19% (Mar 2026). Working capital days: 2.
PE 28.3x with 19.2% ROCE. Price is 290% above book value of ₹3,343. Dividend yield: 1.03%.
Recent Announcements
- Commencement Of The Commercial Production At Second Plant In Kharkhoda 2m
- Consolidated Financial Results Issued By Suzuki Motor Corporation In Japan 14 May - Maruti Suzuki forwards Suzuki Motor FY2025 results and FY2026 forecast, including revenue, profit, production and dividend plan.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 May - Investor meetings scheduled with a group on 18 and 19 May 2026.
- Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 11 May - CCI matter hearing adjourned from 11 May 2026 to 25 May 2026 for arguments.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 4 May
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse