Maruti Suzuki India Limited (MARUTI)

Automobile and Auto Components · Automobiles · NSE · Updated 15 July 2026

₹13,583 ↑ 8.35% (1Y)

🎯 Key Takeaways

Maruti Suzuki is in a mature growth and cash generation phase, characterized by stable profitability, high margins, and consistent dividend payouts. Management is focused on capital allocation through dividends and strategic reinvestment, with no major expansion signals yet.
Revenue grew 17.9% QoQ to ₹49,904 in Q3FY26.
⚠️ Margin compression is emerging despite revenue growth, with OPM declining from 13.6% in Q4FY24 to 11.2% in Q3FY26, a trend not fully explained in mana

Market Cap

₹4.16 L Cr

P/E Ratio

27.8

P/B Ratio

4.32

ROE

15.5%

ROCE

19.8%

Debt/Equity

0.00

Div Yield

0.00%

Promoter

58.3%

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📖 The Story

Maruti Suzuki is in a mature growth and cash generation phase, characterized by stable profitability, high margins, and consistent dividend payouts. Management is focused on capital allocation through dividends and strategic reinvestment, with no major expansion signals yet. The company maintains a debt-free balance sheet and dominant market position, but growth is increasingly incremental rather than transformative.

📰 What's Happening

In Q3FY26, Maruti reported revenue of ₹49,904 crore, up from ₹42,344 crore in Q2FY26, driven by volume recovery and pricing resilience. Operating profit rose to ₹6,628 crore with OPM at 11.2%, reflecting margin pressure despite revenue growth. The board declared a final dividend of ₹140 per share for FY2025-26, consistent with its historical payout policy. Management emphasized shareholder communication around tax documentation for dividend eligibility, with a deadline of 7 August 2026 for submission of residency and PAN details to avoid higher TDS. No new strategic initiatives or capital projects were announced in recent filings.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
Revenue	38,471	35,779	37,449	38,764	40,920	38,605	42,344	49,904
Operating Profit	6,405	6,167	6,522	6,134	6,355	6,511	6,032	6,628
OPM %	13.6%	14.3%	13.3%	13.1%	11.8%	12.0%	12.0%	11.2%
Net Profit	3,952	3,760	3,103	3,727	3,911	3,792	3,349	3,879
EPS	₹251.42	₹119.58	₹98.68	₹118.54	₹124.40	₹120.62	₹106.52	₹123.38

Revenue has grown sequentially for five consecutive quarters, with Q3FY26 marking the highest top-line in recent history, up 18% YoY. Profitability remains robust, with net profit of ₹3,879 crore and EPS of ₹123.38, though OPM declined slightly to 11.2% from 12.0% in Q2FY26, which management has not attributed to specific cost pressures in public commentary. The trend in margins has been gradually compressing from highs of 14% in early FY25, suggesting pricing or mix headwinds may be emerging despite volume gains.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or margin expectations in the latest filings. The only forward-looking statement pertains to dividend policy and tax compliance requirements for shareholders. There was no commentary on demand outlook, pricing strategy, or capital expenditure plans in the Q3FY26 results announcement or associated investor presentations.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	2024-2025	2024-2025	2024-2025	2024-2025	2025-2026
Equity Capital	157	157	157	157	157
Reserves	—	88,969	—	96,083	99,587
Borrowings	—	15	—	0	34
Total Liabilities	—	32,571	—	35,732	38,709
Fixed Assets	—	28,616	—	32,493	34,603
Investments	—	57,820	—	66,265	65,473
Total Assets	—	1.22 L Cr	—	1.32 L Cr	1.38 L Cr

The balance sheet remains exceptionally strong, with equity capital unchanged at ₹157 crore but reserves growing to ₹99,587 crore from ₹96,083 crore in the prior year, reflecting cumulative retained earnings. Borrowings remain negligible at ₹34 crore, and total assets have risen to ₹1.38 lakh crore, indicating steady asset base expansion without leverage. This supports a conservative capital allocation approach, with reinvestment focused on incremental capacity and technology rather than large-scale ventures.

💰 Cash Flow Statement (₹ Cr)

Item	2020-2021	2020-2021
Operating	+2,109	+8,687
Investing	-305	-7,291
Financing	-1,813	-1,545
Net Cash Flow	—	—

👥 Shareholding Pattern

Category	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
Promoters	58.2%	58.2%	58.2%	58.3%	58.3%	58.3%	58.3%	58.3%
FII	19.6%	19.0%	17.7%	15.5%	15.0%	15.2%	15.8%	15.8%
DII	19.0%	19.5%	20.9%	23.0%	23.6%	23.3%	22.6%	22.9%
Public	3.2%	3.3%	3.2%	3.3%	3.1%	3.2%	3.3%	3.0%
# Shareholders	3,64,375	3,89,314	3,82,573	4,06,570	3,78,893	3,67,608	3,69,205	3,66,153

Promoter holding remains stable at 58.28%, indicating confidence in long-term control. FII allocation has slightly increased to 15.76% from 15.2% in Q1FY26, while DII participation has declined marginally to 22.91% from 23.33%, suggesting mixed institutional appetite. The number of retail shareholders has decreased slightly, but overall shareholder dispersion remains low. No significant stake sales or accumulations were disclosed in recent quarters.

⚖️ Peer Comparison — Automobiles

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
TVS Motor Company Limited	8.24 L Cr	393.5	—	—	—
Maruti Suzuki India Limited	4.16 L Cr	27.8	19.8%	15.5%	0.00
Mahindra & Mahindra Limited	3.88 L Cr	22.2	14.6%	20.4%	1.57
Bajaj Auto Limited	2.90 L Cr	32.6	31.6%	25.3%	0.26
Eicher Motors Limited	1.92 L Cr	35.9	28.6%	25.2%	0.01
Hyundai Motor India Limited	1.48 L Cr	27.3	—	—	—
Tata Motors Passenger Vehicles Limited	1.31 L Cr	4.2	—	—	—
Hero MotoCorp Limited	1.01 L Cr	18.6	33.9%	28.2%	0.02
Ather Energy Limited	35,872	—	—	—	—
FORCE MOTORS LTD	26,530	53.0	—	—	—

🔗 Peer Stock Analyses

TVSMOTOR M&M BAJAJ-AUTO EICHERMOT HYUNDAI

⚠️ Risk Factors

1. Margin compression is emerging despite revenue growth, with OPM declining from 13.6% in Q4FY24 to 11.2% in Q3FY26, a trend not fully explained in management commentary. 2. High dividend payout may limit reinvestment capacity if demand slows or competitive pressures intensify. 3. Market saturation in the passenger vehicle segment could constrain volume growth, with no clear diversification into EVs or new segments disclosed. 4. Regulatory and tax policy changes affecting dividend taxation or import duties could impact profitability.

📋 Recent Filings

🧠 Analyst's Read

Maruti Suzuki continues to deliver stable returns with strong cash flows and a disciplined capital structure, but growth is becoming increasingly incremental. Investors should monitor margin trends and any shift in capital allocation strategy, particularly around EV investments or export expansion, as potential catalysts for future performance.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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