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India's largest car maker, selling Suzuki-designed small cars, SUVs and hybrids through the biggest dealer network.
India's largest car maker, selling Suzuki-designed small cars, SUVs and hybrids through the biggest dealer network.
Sells through its dealer network to Indian buyers and pays its Japanese parent a royalty for Suzuki designs and technology. Suzuki owns the majority and also owns the Gujarat plant that supplies Maruti with cars. Maruti exports to Japan, Europe and Africa and builds some models for Toyota under a partnership.
In one line: India's Toyota for mass-market cars.
Moat: narrow (scale, distribution, brand). Largest dealer/service network and decades of low-cost small-car manufacturing scale in India.
Headquarters: New Delhi, India · Founded: 1981 · Employees: 70,528
Size Maruti Suzuki India (MARUTI.NS) is an India Consumer Discretionary company (Motor Vehicles) with a market value of $42.3B, the 19th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹12,750 on 6 Nov 2026.
Performance Over six months the shares fell 7.4%, against +1.2% for the median peer and 0.0% for the India market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 29.6% over the last twelve months (peer median +4.9%); the operating margin is 6.5% (peer median 6.4%).
Valuation It trades at 30.1× forward earnings against a peer median of 9.7× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.2 points below its cost of capital (12.1% WACC).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹2.08T | ₹1.83T | ₹1.53T | ₹1.42T | ₹1.18T |
| Revenue growth | — | +20% | +8% | +20% | — |
| Gross profit | ₹359B | ₹324B | ₹306B | ₹288B | ₹210B |
| EBITDA | ₹208B | ₹213B | ₹200B | ₹188B | ₹132B |
| Net income | ₹135B | ₹147B | ₹145B | ₹135B | ₹82.6B |
| Free cash flow | n/a | ₹91.5B | ₹62.4B | ₹81.2B | ₹31.1B |
| Capital expenditure | n/a | ₹104B | ₹106B | ₹92.0B | ₹80.6B |
| Total debt | ₹830M | ₹1.72B | ₹1.17B | ₹2.39B | ₹12.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Maruti Suzuki India MARUTI.NS | $42.3B | -7% | +30% | 7% | 30.1× | 27.7% |
| Hyundai Motor India HYUNDAI.NS | $18.3B | +16% | +8% | 7% | 33.0× | 26.6% |
| Tata Motors Passenger Vehicles TMPV.NS | $11.4B | -19% | -22% | 0% | 10.7× | n/a |
| Mahindra & Mahindra M&M.NS | $43.1B | -2% | +26% | 15% | 24.0× | 13.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MARUTI.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.3% | +7.5% | 5th highest of 21 |
| 6-month return | -7.4% | +1.2% | 7th lowest of 21 |
| Distance from 52-week high | -26.6% | -16.4% | 9th lowest of 21 |
| Revenue growth (TTM) | +29.6% | +4.9% | 3rd highest of 21 |
| Operating margin | 6.5% | 6.4% | 10th highest of 21 |
| Forward P/E | 30.1× | 9.7× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 27.7% | 17.8% | 2nd most demanding of 15 |
| Growth delivered (Del g) | +21.1% | +12.9% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | +6.7 pp | +7.4 pp | 7th least demanding of 15 |
| ROIC minus cost of capital | -2.2 pp | -0.9 pp | 8th lowest of 21 |
| EV / EBITDA | 18.9× | 10.6× | 7th most expensive of 17 |
| Net debt / EBITDA | -0.3× | 3.6× | 4th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Maruti Suzuki India MARUTI.NS | India | $42.3B | -7% | +30% | 7% | 30.1× | 27.7% | +21.1% |
| Mahindra & Mahindra M&M.NS | India | $43.1B | -2% | +26% | 15% | 24.0× | 13.6% | +21.5% |
| Bayerische Motoren Werke BMW.DE | Germany | $40.3B | -22% | -6% | 6% | 9.7× | n/a | n/a |
| Mercedes-Benz MBG.DE | Germany | $44.9B | -19% | -7% | 5% | 7.9× | 4.5% | +1.7% |
| Honda Motor 7267.T | Japan | $45.2B | +45% | +4% | -1% | 11.7× | 18.2% | +10.6% |
| Volkswagen VOW.DE | Germany | $39.1B | -24% | -3% | 7% | 5.5× | n/a | n/a |
| HyundaiMtr 005380.KS | South Korea | $47.5B | -47% | +1% | 5% | 7.3× | n/a | n/a |
| Porsche P911.DE | Germany | $47.8B | 0% | -10% | 6% | 22.9× | 17.3% | +4.8% |
| Ford Motor F | United States | $48.8B | +2% | -1% | 2% | 7.0× | 25.6% | +8.1% |
| Daimler Truck DTG.DE | Germany | $34.7B | -1% | -14% | 5% | 10.6× | 9.8% | +4.8% |
| Bajaj Auto BAJAJ-AUTO.NS | India | $31.7B | +3% | +48% | 19% | 24.0× | 27.3% | +17.4% |
| Kia 000270.KS | South Korea | $28.3B | -34% | +8% | 7% | 5.4× | -12.9% | +14.0% |
| Suzuki Motor 7269.T | Japan | $27.3B | +26% | +14% | 9% | 9.1× | -0.8% | +14.6% |
| General Motors GM | United States | $72.7B | +10% | 0% | 2% | 6.1× | 23.9% | +8.6% |
| TVS Motor TVSMOTOR.NS | India | $22.6B | +21% | +34% | 12% | 42.5× | n/a | n/a |
| Eicher Motors EICHERMOT.NS | India | $22.3B | +5% | +28% | 21% | 33.0× | 36.0% | +21.8% |
| Geely Auto 0175.HK | Hong Kong | $20.1B | -34% | +27% | 4% | 6.5× | -9.3% | +29.3% |
| Rivian Automotive RIVN | United States | $19.9B | -4% | +11% | -53% | n/a | n/a | n/a |
| Ferrari RACE.MI | Italy | $92.2B | +30% | +6% | 30% | 37.7× | 22.8% | +15.6% |
| Traton 8TRA.DE | Germany | $18.9B | +2% | +1% | 6% | 6.1× | n/a | n/a |
| Hyundai Motor India HYUNDAI.NS | India | $18.3B | +16% | +8% | 7% | 33.0× | 26.6% | +11.8% |