MARUTI

Maruti Suzuki India share price & financials

Price
₹13,395
Market cap
₹3.9L Cr
Sector
Automobile and Auto Components
Calls analysed
7
Latest concall · Q4 FY26 · call held 28 Apr 2026

Maruti Suzuki Q4 FY26

Q4 FY26 Net Sales ₹50,079 cr +29%Q4 FY26 Operating Profit ₹4,400 cr +30%Q4 FY26 Net Profit ₹3,600 cr −7%Q4 FY26 EBIT Margin 8.8%

What went well

  • Highest ever annual sales of 2.42 million vehicles, including 447,000 exports in FY26 (page 4).
  • Record net sales of over INR 1.74 trillion in FY26, a growth of 20.2% YoY (page 6).
  • Q4 FY26 operating profit (EBIT) increased by 30.4% YoY to over INR 44 billion (page 5).

What to watch

  • Net profit declined by 6.9% YoY in Q4 FY26 to nearly INR 36 billion, primarily due to mark-to-market impact (page 5).
  • Adverse commodity prices impacted margins by 80 bps in Q4 (page 6).
Read the full call →

What Maruti Suzuki India Limited does

Maruti Suzuki India designs, manufactures and sells passenger vehicles in India and exports them worldwide, earning primarily from selling cars spanning small cars to SUVs, vans and light commercial vehicles, along with sales to other OEMs. It sold 2.42 million vehicles in FY26 and is India's largest exporter of passenger vehicles, contributing about 49% of the country's PV exports that year. Manufacturing is based at plants in Haryana and Gujarat, and the range now includes its first battery electric vehicle. The wholly-owned Suzuki Motor Gujarat subsidiary was amalgamated into the company effective 1 December 2025.

Segments

  • Mini
  • Compact
  • Mid-Size
  • Utility Vehicles (UVs)
  • Vans
  • Light Commercial Vehicles (LCV)
  • Sales to other OEM
Manufacturing footprint
Plants at Gurgaon and Manesar (Haryana) and Hansalpur (Gujarat), with a new plant at Kharkhoda (Haryana) being commissioned
Export position
India's No.1 passenger-vehicle exporter (~49% of national PV exports, FY26)
Corporate structure
Wholly-owned subsidiary Suzuki Motor Gujarat amalgamated into MSIL (1 Dec 2025)
Electric vehicles
Launched e VITARA, its first battery electric vehicle, for Indian and global markets
Safety standard
6 airbags standard across over 99% of the passenger-vehicle lineup
Bharat NCAP 5-star models
Dzire, VICTORIS, e VITARA and Invicto
Founded 1981Headquarters New Delhi, India Company website

Guidance record · Q4 FY26

what the last two calls moved 22 tracked 7 delivered 4 missed 11 open
  • Kharkhoda Plant Commissioning delivered said Q2 FY25 Promised: Commissioned by end of FY25 Q4 FY26: Promise previously achieved.
  • e VITARA Sales Volume went quiet said Q4 FY25 Promised: about 70,000 units in FY26 Q4 FY26: No specific sales volume for e VITARA was disclosed for FY26. Management mentioned 'encouraging initial responses' but also being 'constrained by production capacity'. The target of 70,000 units was not confirmed or addressed.
  • Total Models on track said Q2 FY25 Promised: ~28 models by end of decade Q4 FY26: Management mentioned higher new model expenses, indicating continued investment in the product pipeline. The long-term plan remains intact.

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 35.9%, net profit down 9.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue37,449 38,764 40,920 38,605 42,344 +13%49,904 +29%52,462 +28%52,470 +36%
EBITDA4,999 5,076 4,844 4,623 5,086 +2%5,573 +10%6,158 +27%4,313 −7%
Net profit3,102 3,727 3,911 3,792 3,349 +8%3,879 +4%3,659 −6%3,447 −9%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −17.9% 1Y

₹12k₹14k₹16kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 31 Oct 2025Q3 FY26 — 28 Jan 2026Q4 FY26 — 28 Apr 2026

1Y: ₹15,108 on 10 Sept 2025 → ₹12,400. High ₹17,292 (6 Jan 2026), low ₹12,306 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−2.5%
28 Apr
Q3 FY26
−2.4%
28 Jan
Q2 FY26
−0.1%
31 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 15.8% a year over 3 years, FY23 to FY26. Operating margin widened to 11.7%.

Year endingFY23FY24FY25FY26
Revenue₹117.9k Cr₹141.9k Cr₹152.9k Cr₹183.3k Cr
Operating profit₹12.0k Cr₹18.5k Cr₹20.0k Cr₹21.4k Cr
Operating margin10.1%13.0%13.1%11.7%
Interest₹253 Cr₹193 Cr₹194 Cr₹239 Cr
Depreciation₹3.8k Cr₹5.3k Cr₹5.6k Cr₹6.7k Cr
Net profit₹8.2k Cr₹13.5k Cr₹14.5k Cr₹14.7k Cr
Net margin7.0%9.5%9.5%8.0%
Cash from operations₹10.8k Cr₹16.8k Cr₹16.2k Cr₹19.1k Cr
Free cash flow₹2.9k Cr₹7.6k Cr₹5.6k Cr₹8.8k Cr
ROCE16.0%22.0%22.0%19.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹151 Cr₹151 Cr₹157 Cr₹157 Cr₹157 Cr₹157 Cr
Reserves₹52.4k Cr₹55.2k Cr₹74.4k Cr₹85.5k Cr₹99.6k Cr₹107.0k Cr
Borrowings₹541 Cr₹426 Cr₹1.2k Cr₹119 Cr₹100 Cr₹102 Cr
Other liabilities₹18.3k Cr₹18.9k Cr₹24.3k Cr₹29.6k Cr₹38.6k Cr₹41.6k Cr
Total liabilities₹71.4k Cr₹74.7k Cr₹100.1k Cr₹115.3k Cr₹138.5k Cr₹148.9k Cr
Fixed assets₹15.0k Cr₹13.7k Cr₹27.9k Cr₹27.9k Cr₹35.5k Cr₹34.5k Cr
Capital work in progress₹1.5k Cr₹2.9k Cr₹4.1k Cr₹7.7k Cr₹7.9k Cr₹9.8k Cr
Investments₹42.9k Cr₹42.0k Cr₹49.2k Cr₹57.3k Cr₹65.5k Cr₹76.8k Cr
Other assets₹11.9k Cr₹15.9k Cr₹18.8k Cr₹22.4k Cr₹29.6k Cr₹27.7k Cr
Total assets₹71.4k Cr₹74.7k Cr₹100.1k Cr₹115.3k Cr₹138.5k Cr₹148.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −2.38 pp while DIIs added +1.84 pp. The shareholder count grew 12% to 4,11,238.

Promoters
58.6%
FIIs
12.8%
DIIs
25.1%
Government
0.1%
Public
3.4%

Since Jun 2025

  • FIIs −2.38 pp
  • DIIs +1.84 pp
  • Promoters +0.37 pp

How it drifted, 12 quarters

Over this window FIIs fell from 21.9% to 12.8% — −9.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 56.5%, FIIs 21.9%, DIIs 18.1%, Government 0.1%, Public 3.5%.Dec '23: Promoters 58.2%, FIIs 20.6%, DIIs 17.6%, Government 0.1%, Public 3.5%.Mar '24: Promoters 58.2%, FIIs 19.6%, DIIs 18.9%, Government 0.1%, Public 3.2%.Jun '24: Promoters 58.2%, FIIs 19.0%, DIIs 19.4%, Government 0.1%, Public 3.4%.Sep '24: Promoters 58.2%, FIIs 17.7%, DIIs 20.8%, Government 0.1%, Public 3.3%.Dec '24: Promoters 58.3%, FIIs 15.5%, DIIs 22.9%, Government 0.1%, Public 3.3%.Mar '25: Promoters 58.3%, FIIs 15.0%, DIIs 23.6%, Government 0.1%, Public 3.1%.Jun '25: Promoters 58.3%, FIIs 15.2%, DIIs 23.3%, Government 0.1%, Public 3.2%.Sep '25: Promoters 58.3%, FIIs 15.8%, DIIs 22.6%, Government 0.1%, Public 3.3%.Dec '25: Promoters 58.3%, FIIs 15.8%, DIIs 22.8%, Government 0.1%, Public 3.0%.Mar '26: Promoters 58.5%, FIIs 14.1%, DIIs 24.1%, Government 0.1%, Public 3.2%.Jun '26: Promoters 58.6%, FIIs 12.8%, DIIs 25.1%, Government 0.1%, Public 3.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 8 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Maruti Suzuki India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Suzuki Motor Corporation Corporate58.65%+0.12 pp
LICI ULIP-Growth Fund Insurer5.15%newly disclosed
ICICI Prudential Manufacturing Fund Mutual fund3.64%newly disclosed
HDFC Mutual Fund-HDFC Arbitrage Fund Mutual fund2.34%newly disclosed
SBI Mnc Fund Mutual fund2.06%newly disclosed
NPS Trust A/C - SBI Pension Fund - NPS Vatsalya Sc Pension / PF1.90%newly disclosed
Kotak Balanced Advantage Fund Mutual fund1.37%newly disclosed
UTI Balanced Advantage Fund Mutual fund1.18%newly disclosed
Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund1.02%−0.05 pp
Parag Parikh Large Cap Fund Mutual fund1.02%newly disclosed
Suzuki Motor de Mexico, S.A. de C.V. 0.00%unchanged
Suzuki Motor de Colombia S.A. 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in MARUTI

Filings to Aug 2026

1 new, 18 added, 23 trimmed, 2 sold out — net −5.69 L shares (−3.7%).

Held by funds
₹20.3k Cr
65 schemes
Biggest holder
SBI Nifty 50 ETF
₹3.4k Cr · 1.6% of that fund
SchemeHoldingLast month
SBI Nifty 50 ETF SBI Mutual Fund₹3.4k Cr+0.13 L
HDFC Flexi Cap Fund HDFC Mutual Fund₹3.2k Crheld
SBI BSE Sensex ETF SBI Mutual Fund₹2.3k Cr+0.17 L
HDFC Balanced Advantage Fund HDFC Mutual Fund₹1.6k Crheld
Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund₹1.1k Cr+0.16 L
HDFC ELSS Tax saver HDFC Mutual Fund₹783 Crheld
Nippon India Large Cap Fund Nippon India Mutual Fund₹681 Cr−1.50 L
Nippon India ETF BSE Sensex Nippon India Mutual Fund₹547 Cr+0.11 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

18 added, 23 trimmed — net −5.69 L shares (−3.7%)

Funds are sitting on
+22%
vs est. average cost
Held by funds
₹20.3k Cr
65 schemes · ≈ 5.0% of the company
Biggest holder
SBI Nifty 50 ETF
₹3.4k Cr · 1.6% of that fund
Longest holder
Nippon India Index Fund - Nifty 50 Plan
14y · since Sep '12

Shares held by these funds +74%

Aug '23 1.50 cr shares Jul '26

What the price assumes

Fair

To justify its price of ₹12400, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~20%. At that growth it is worth ₹11362 — downside of 8%.

Growth the price implies
21.3% a year
for 7 years, fading to 4%
It has actually compounded at
21.2% a year
net profit, FY23–FY26 · EPS 19.6%
The gap
0.0 pp
-8% downside if it only repeats history
Price today ₹12,400 Value at the reference growth ₹11,362.47

Change the assumptions yourself →

All earnings calls (7)

Read the Q4 FY26 call →

Learn to analyse Maruti Suzuki India Limited

Guides on how to read this kind of business and the numbers that matter.