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Maruti Suzuki India INR

At a glance: strengths & risks
✓Revenue growing (+20%)✓Net cash balance sheet✗Margins compressing (17%→15%)

Sector: Automobiles

IN_MARUTI

Price chart

12 950 INRDay -3.18%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
12 950 INR · -3.18%
Market cap
4071.5 bn INR

Growth

Δ revenue y/y
36.1%
Δ EBITDA y/y
-6.7%

Multiples

P/E (LTM)
27.7x
3y avg: 28.3x
P/B (FY)
3.8x
P/E (ann.)
29.5x
EV/EBITDA (LTM)
18.9x
3y avg: 20.0x
EV/EBITDA (ann.)
23.6x

Cash return

Dividend yield
1.1%
FCF yield (LTM)
2.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
-5.7%
↓ details

Liquidity

Daily turnover (listing)
609.7 mln INR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B INR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB INROperating profitB INRD&AB INREBITDAB INRNet profitB INROperating CFB INRCapex + M&AB INRAssetsB INREquityB INRROE (annualized)Net debtB INRSource
2026-06-30Q2 2026 (3M)PARTIAL517.1
y/y 36.1%
25.3
y/y -17.4%
17.8
y/y 14.4%
43.1
y/y -6.7%
34.5
y/y -9.1%
———
y/y —
1071.6
y/y 11.3%
12.9%≈ 0.0—
2026-03-31FY 2026 (12M)OK—
y/y 20.1%
—
y/y 1.2%
—
y/y 20.2%
—
y/y 6.5%
—
y/y 1.2%
——1488.8
y/y 13.6%
1071.6
y/y 11.3%
14.2%0.0—
2025-12-31Q4 2025 (3M)PARTIAL475.4
y/y 22.6%
38.4
y/y 5.2%
17.3
y/y —
55.7
y/y 52.8%
38.8
y/y 4.1%
———
y/y —
997.4
y/y 11.9%
5.2%≈ -1.3—
2025-09-30Q3 2025 (3M)OK423.4
y/y 13.1%
33.8
y/y -6.4%
23.5
y/y —
57.4
y/y 58.7%
33.5
y/y 7.9%
——1384.5
y/y 13.8%
997.4
y/y 11.9%
13.7%≈ -1.3Link
2025-06-30Q2 2025 (3M)PARTIAL379.9
y/y 6.2%
30.7
y/y -18.8%
15.6
y/y —
46.2
y/y 22.5%
37.9
y/y 0.9%
———
y/y —
962.4
y/y 12.4%
15.8%≈ -1.3—
2025-03-31FY 2025 (12M)OK—
y/y 8.0%
—
y/y 9.0%
—
y/y 6.7%
—
y/y 8.4%
—
y/y 7.5%
——1310.2
y/y 13.6%
962.4
y/y 12.4%
15.6%-1.8—
2024-12-31Q4 2024 (3M)PARTIAL387.6
y/y 15.7%
36.5
y/y 16.2%
—
y/y —
36.5
y/y 16.2%
37.3
y/y 16.2%
———
y/y —
891.3
y/y 35.5%
5.6%≈ -20.8Link
2024-09-30Q3 2024 (3M)OK374.5
y/y 1.0%
36.1
y/y -10.0%
—
y/y —
36.1
y/y -10.0%
31.0
y/y -17.6%
——1217.0
y/y 34.5%
891.3
y/y 35.5%
14.2%-20.8Link
2024-06-30Q2 2024 (3M)PARTIAL357.8
y/y —
37.7
y/y —
—
y/y —
37.7
y/y —
37.6
y/y —
———
y/y —
856.4
y/y —
17.6%≈ -25.1Link
2024-03-31FY 2024 (12M)OK—
y/y 20.0%
—
y/y 62.2%
—
y/y 8.5%
—
y/y 42.4%
—
y/y 63.2%
——1153.5
y/y 14.9%
856.4
y/y 14.8%
17.8%-26.3—
2023-12-31Q4 2023 (3M)PARTIAL335.1
y/y —
31.4
y/y —
—
y/y —
31.4
y/y —
32.1
y/y —
———
y/y —
657.9
y/y —
6.5%≈ -1.4Link
2023-09-30Q3 2023 (3M)OK370.7
y/y —
40.2
y/y —
—
y/y —
40.2
y/y —
37.6
y/y —
——904.8
y/y —
657.9
y/y —
21.5%-1.4Link
2023-03-31FY 2023 (12M)OK1137.6
y/y —
82.6
y/y —
48.5
y/y —
131.1
y/y —
82.6
y/y —
108.1-80.61003.9
y/y —
746.0
y/y —
—11.8—

Revenue & EBITDA

RevenueEBITDA

Quarterly values (INR mln)

0200 000400 000600 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-20%0%20%40%60%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Net debt / cash (INR mln)

-30 000-20 000-10 00002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q4

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 1.25x of reported net profit; after capex, 0.38x.
year20222023202420252026
cash flow / profit0.47x1.31x1.25x1.12x1.30x
accruals, % of assets—-2.5%-2.9%-1.3%-3.0%
capex 1.6x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -5.7%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (43 133 − 46 226) × 5.05
-15 618
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (4 071 519 + -41) ÷ 217 801
18.7x
3. Target multiple
(Current EV/EBITDA + 11) ÷ 2
= (18.7 + 11) ÷ 2
14.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -1 218 + 0 + 0 − 0
-1 218
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-15 618 × 14.8 + -1 218) ÷ 4 071 519
-5.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2026-03-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +20% vs +8% the year before — a +12.0 pp move. 3-year CAGR +16%.
revenue growth by year: 2024 +20% · 2025 +8% · 2026 +20%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-07140 INREx-dividend: 140 INR per sharePaidYahoo Finance (ex-div)
2025-08-01135 INREx-dividend: 135 INR per sharePaidYahoo Finance (ex-div)
2024-08-02125 INREx-dividend: 125 INR per sharePaidYahoo Finance (ex-div)
2023-08-0390 INREx-dividend: 90 INR per sharePaidYahoo Finance (ex-div)
2022-08-0360 INREx-dividend: 60 INR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Maruti Suzuki India — from primary filings.

Frequently asked questions

What is Maruti Suzuki India's P/E ratio?
Maruti Suzuki India trades at a P/E of 27.7x (price to trailing 12-month earnings).
What is Maruti Suzuki India's EV/EBITDA?
Maruti Suzuki India trades at 18.9x EV/EBITDA.
What is Maruti Suzuki India's P/B ratio?
Maruti Suzuki India trades at a P/B of 3.8x.
What is Maruti Suzuki India's dividend yield?
Maruti Suzuki India's trailing 12-month dividend yield is 1.1%.
What is Maruti Suzuki India's return on equity (ROE)?
Maruti Suzuki India's ROE is 12.9%.
What is Maruti Suzuki India's market capitalization?
Maruti Suzuki India's market cap is 4071.5 bn INR.

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