Stock MARUTI MARUTI SUZUKI INDIA LTD
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Financials Maruti Suzuki India Ltd

Equities

MARUTI

INE585B01010

Auto & Truck Manufacturers

Delayed NSE India S.E.
Other stock markets
 03:39:46 2024-04-29 am EDT 		5-day change 1st Jan Change
12,682 INR -0.17% Intraday chart for Maruti Suzuki India Ltd -0.86% +23.03%
09:24am Nomura Adjusts Maruti Suzuki’s Price Target to INR12,523 From INR11,649, Keeps at Neutral MT
07:26am Maruti Suzuki India's Consolidated Profit Jumps in Fiscal Q4; EPS, Revenue Top Estimates MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,015,644 1,295,410 2,072,028 2,284,118 2,504,893 3,993,966 - -
Enterprise Value (EV) 1 1,645,237 926,551 1,622,275 1,856,479 2,504,893 3,961,582 3,282,900 3,261,888
P/E ratio 26.9 x 22.9 x 49 x 60.6 x 31.1 x 29.2 x 27 x 24.4 x
Yield 1.2% 1.4% 0.66% 0.79% 1.09% 0.95% 1.12% 1.19%
Capitalization / Revenue 2.34 x 1.71 x 2.95 x 2.59 x 2.13 x 2.81 x 2.59 x 2.32 x
EV / Revenue 1.91 x 1.23 x 2.31 x 2.1 x 2.13 x 2.81 x 2.13 x 1.9 x
EV / EBITDA 15 x 12.7 x 30.3 x 32.6 x 22.8 x 29 x 17.5 x 15.3 x
EV / FCF 86.9 x 438 x 24.2 x -131 x 80.5 x 51.1 x 38.2 x 30 x
FCF Yield 1.15% 0.23% 4.13% -0.76% 1.24% 1.96% 2.61% 3.34%
Price to Book 4.37 x 2.67 x 4.03 x 4.22 x 4.15 x 5.35 x 4.22 x 3.9 x
Nbr of stocks (in thousands) 302,080 302,080 302,080 302,080 302,080 314,403 - -
Reference price 2 6,673 4,288 6,859 7,561 8,292 12,703 12,703 12,703
Announcement Date 4/25/19 5/13/20 4/27/21 4/30/22 4/26/23 4/26/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 860,203 756,106 703,325 882,956 1,175,229 1,409,326 1,540,471 1,719,691
EBITDA 1 109,993 73,026 53,453 57,012 110,077 136,810 187,925 212,822
EBIT 1 79,804 37,769 23,138 29,147 81,844 133,788 150,130 167,646
Operating Margin 9.28% 5% 3.29% 3.3% 6.96% 9.49% 9.75% 9.75%
Earnings before Tax (EBT) 1 104,656 70,648 51,594 45,823 101,591 170,404 187,926 207,792
Net income 1 75,006 56,506 42,297 37,663 80,492 132,094 145,519 161,002
Net margin 8.72% 7.47% 6.01% 4.27% 6.85% 9.37% 9.45% 9.36%
EPS 2 248.3 187.1 140.0 124.7 266.5 431.1 469.8 519.9
Free Cash Flow 1 18,932 2,115 67,072 -14,145 31,126 68,064 85,844 108,835
FCF margin 2.2% 0.28% 9.54% -1.6% 2.65% 4.89% 5.57% 6.33%
FCF Conversion (EBITDA) 17.21% 2.9% 125.48% - 28.28% 41.79% 45.68% 51.14%
FCF Conversion (Net income) 25.24% 3.74% 158.57% - 38.67% 53.61% 58.99% 67.6%
Dividend per Share 2 80.00 60.00 45.00 60.00 90.00 121.1 142.2 151.3
Announcement Date 4/25/19 5/13/20 4/27/21 4/30/22 4/26/23 4/26/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2019 S1 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 448,926 367,051 234,578 240,237 177,707 205,389 232,460 267,400 264,998 299,308 290,443 320,480 323,269 369,179 336,316 386,013 356,569
EBITDA 1 67,824 36,541 22,261 19,911 8,211 8,549 15,590 24,268 19,121 27,689 28,331 33,503 29,830 40,765 38,598 50,775 42,881
EBIT 1 - 18,094 14,848 12,501 779 988 9,190 17,796 12,607 20,463 21,230 26,111 22,355 34,087 31,776 40,457 36,013
Operating Margin - 4.93% 6.33% 5.2% 0.44% 0.48% 3.95% 6.66% 4.76% 6.84% 7.31% 8.15% 6.92% 9.23% 9.45% 10.48% 10.1%
Earnings before Tax (EBT) 1 - - 24,498 13,075 5,635 5,990 12,218 21,980 13,218 26,283 29,542 32,548 31,902 41,500 38,143 50,142 47,067
Net income 1 42,157 27,941 19,414 11,661 4,408 4,753 10,113 18,389 10,128 20,615 23,513 26,236 24,851 31,884 29,958 39,490 35,773
Net margin 9.39% 7.61% 8.28% 4.85% 2.48% 2.31% 4.35% 6.88% 3.82% 6.89% 8.1% 8.19% 7.69% 8.64% 8.91% 10.23% 10.03%
EPS 2 - 92.50 64.27 38.60 14.59 15.73 33.48 60.87 33.53 68.24 77.84 86.85 82.27 108.6 97.90 129.3 -
Dividend per Share 2 - - - 45.00 - - - 60.00 - - - 90.00 - - - - -
Announcement Date 10/25/18 10/24/19 1/28/21 4/27/21 7/28/21 10/27/21 1/25/22 4/30/22 7/27/22 10/28/22 1/24/23 4/26/23 7/31/23 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 370,407 368,859 449,753 427,639 - 515,308 711,066 732,078
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 18,932 2,115 67,072 -14,145 31,126 68,064 85,844 108,835
ROE (net income / shareholders' equity) 17.1% 11.9% 8.48% 7.14% 14.1% 18.5% 16.9% 16.7%
ROA (Net income/ Total Assets) 12.3% 9.01% 6.38% 5.25% 10.3% 13.8% 13.8% 14%
Assets 1 611,510 627,420 663,097 717,776 782,865 919,602 1,051,587 1,147,287
Book Value Per Share 2 1,528 1,604 1,701 1,793 1,999 2,376 3,013 3,259
Cash Flow per Share 2 218.0 113.0 293.0 59.30 305.0 552.0 642.0 678.0
Capex 1 47,447 31,936 21,316 32,057 61,154 77,101 79,587 78,878
Capex / Sales 5.52% 4.22% 3.03% 3.63% 5.2% 5.54% 5.17% 4.59%
Announcement Date 4/25/19 5/13/20 4/27/21 4/30/22 4/26/23 4/26/24 - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Maruti Suzuki India Ltd

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automobiles & Multi Utility Vehicles

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