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Maruti Suzuki India Q2 FY27 Share Price & Earnings Call Analysis

₹11,426.00-1.32% today
Market cap
₹3.59L Cr
P/E
25.05
ROE
14.26%
PEG
1.18
Price to sales
1.84
Debt to equity
0.00
52W high / low
₹17,292 / ₹11,170
Sales growth (5Y)
21.10%
EBITDA margin
10.72%
Net profit margin
7.91%
Promoter holding
58.65%
Sales (last year)
₹1.97L Cr

The Company was established in 1981. A joint venture agreement was signed between the Government of India and Suzuki Motor Corporation (SMC), Japan in 1982. The Company became a subsidiary of SMC in 2002.It is the market leader in passenger vehicle segment in India. In terms of production volume and sales, the Company is now SMC’s largest subsidiary. SMC currently holds 56.28% of its equity stake. The principal activities of the Company are manufacturing, purchase and sale of motor vehicles, components and spare parts.

Guidance scorecard · Q2 FY27 call

What Maruti Suzuki India Ltd's management guided
and where it ranks in Automobiles

Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ4 FY26 call

10–20%
  • Maruti Suzuki expects domestic sales volume growth of over 10% in FY27 compared to the previous year.
  • The company plans to ramp up production capacity by around 500,000 units in FY27 through two new plants (Kharkhoda Phase 2 and Gujarat), adding 250,000 units each.
  • Medium-term target is to increase production capacity to 4 million units per annum.
  • Pending orders of around 190,000 units remain unserved at FY26-end, indicating strong underlying demand.
  • The company expects healthy export volumes but refrains from giving specific export revenue guidance due to geopolitical uncertainties.

2 more points from Maruti Suzuki India Ltd's call on revenue

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Full Q4 FY26 analysis

MarginsQ4 FY26 call

Flat

See what Maruti Suzuki India Ltd said on margins — free account, 30 seconds.

Full Q4 FY26 analysis

CapexQ4 FY26 call

Planned
  • Maruti Suzuki plans a capex of INR 14,000 crores for FY 26-27.
  • Capacity expansion includes the second plant at Kharkhoda and the fourth production line at the Hansalpur facility in Gujarat.
  • Each new unit will add an annual production capacity of 250,000 vehicles, totaling an additional 0.5 million units in the year.
  • The company aims to increase production capacity to 4 million units per annum in the medium term.
  • Capex is focused on addressing strong demand and fulfilling pending orders.

2 more points from Maruti Suzuki India Ltd's call on capex

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Full Q4 FY26 analysis

FundraisingQ4 FY26 call

See what Maruti Suzuki India Ltd said on fundraising — free account, 30 seconds.

Full Q4 FY26 analysis

Order bookQ4 FY26 call

Rising
  • As of the end of FY26, Maruti Suzuki had approximately 190,000 customer orders pending/unserved due to production capacity constraints.
  • Out of these, around 130,000 pending orders were in the small car segment, particularly in the 18% GST bracket.
  • The company is actively working to fulfill these pending orders quickly, reflecting strong underlying demand.
  • Production capacity is being ramped up with new plants in Kharkhoda and Gujarat to address this backlog and meet future demand.
Full Q4 FY26 analysis
Full Automobiles ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Automobiles
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. M & MGood growth
    3
See all potential multibaggersWhere does Maruti Suzuki India Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Automobiles companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹58,318 Cr—
240%+Flat₹2,339 Cr83.8
3M & M20–40%Flat₹3.63L Cr18.9
420–40%Flat₹2.00L Cr34.4
520–40%Flat₹1.95L Cr56.2
620–40%Flat₹17,491 Cr—

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Financials of Maruti Suzuki India Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Maruti Suzuki India Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +58.19%58.19%58.19%58.19%58.28%58.28%58.28%58.28%58.28%58.53%58.65%58.72%
FIIs +20.60%19.64%18.98%17.68%15.47%14.96%15.20%15.78%15.76%14.12%12.82%12.42%
DIIs +17.64%18.86%19.37%20.75%22.89%23.56%23.25%22.55%22.84%24.09%25.09%25.30%
Government +0.06%0.06%0.07%0.07%0.07%0.08%0.08%0.08%0.08%0.08%0.08%0.10%
Public +3.50%3.24%3.41%3.31%3.28%3.12%3.18%3.30%3.04%3.18%3.35%3.45%
No. of Shareholders3,87,7673,64,3753,89,3143,82,5734,06,5703,78,8933,67,6083,69,2053,66,1534,00,8604,11,2384,31,503

Financials of Maruti Suzuki India Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +37,33933,51338,47135,77937,44938,76440,92038,60542,34449,90452,46252,47053,356
Expenses +32,02829,07333,25030,67332,45033,68836,07633,98337,25844,33146,30448,15648,591
Operating Profit5,3124,4405,2215,1074,9995,0764,8444,6235,0865,5736,1584,3134,764
OPM %14%13%14%14%13%13%12%12%12%11%12%8%9%
Other Income +9581,0531,2611,1181,5701,1251,5831,9241,0141,1405811,972483
Interest35367657434648475762736468
Depreciation1,3421,3021,2981,3321,3861,4291,4621,5561,7031,7351,7481,7801,960
Profit before tax4,8924,1565,1084,8365,1414,7264,9184,9444,3394,9174,9184,4413,219
Tax %23%23%23%22%40%21%20%23%23%21%26%22%23%
Net Profit +3,7863,2073,9523,7603,1023,7273,9113,7923,3493,8793,6593,4472,466
EPS in Rs125.34102.00125.71119.5898.68118.54124.40120.62106.52123.38116.38109.6378.44

Financials of Maruti Suzuki India Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +50,80157,58968,08579,80986,06875,66070,37288,330118,410141,858152,913183,316208,192
Expenses +43,90948,56557,66467,69275,01268,30564,96182,578105,288123,232132,689161,786187,383
Operating Profit6,8929,02410,42112,11811,0567,3555,4115,75213,12218,62620,22421,53020,809
OPM %14%16%15%15%13%10%8%7%11%13%13%12%10%
Other Income +8171,4642,3992,1552,6643,4103,0461,8612,4154,2485,1994,5694,176
Interest218828934676134102127252194194239266
Depreciation2,5152,8222,6042,7603,0213,5283,0342,7894,8465,2565,6086,7427,223
Profit before tax4,9767,58510,12711,16710,6247,1035,3214,69710,43817,42419,62019,11817,496
Tax %24%28%26%29%28%20%18%17%21%23%26%23%
Net Profit +3,8095,4977,5117,8817,6515,6784,3893,8808,26413,48814,50014,68013,451
EPS in Rs126.04181.98248.61260.86253.21187.90145.30128.43273.56429.01461.20466.90427.83
Dividend Payout %20%19%30%31%32%32%31%47%34%29%29%30%

Financials of Maruti Suzuki India Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital151151151151151151151151157157157157157
Reserves24,16730,46536,92442,40846,94149,26252,35055,18274,44385,47996,083106,999108,845
Borrowings +6662314841211601845414261,2481198710283
Other Liabilities +9,49211,87914,40217,56816,71714,03118,33518,89624,25829,55034,68941,62245,716
Total Liabilities34,47742,72651,96060,24863,96963,62871,37674,656100,106115,304131,016148,880154,802
Fixed Assets +12,49012,53013,31113,38915,43715,74414,98913,74727,94127,86532,98334,52343,822
CWIP1,8901,0071,2522,1321,6071,4151,4972,9364,1437,7357,9299,8384,084
Investments13,29820,67629,15136,12337,50437,48842,94542,03549,18457,29666,26576,83872,105
Other Assets +6,8008,5138,2478,6049,4218,98011,94615,93718,83722,40823,83927,68034,790
Total Assets34,47742,72651,96060,24863,96963,62871,37674,656100,106115,304131,016148,880154,802

Financials of Maruti Suzuki India Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +6,4498,48210,28211,7886,6013,4968,8561,84010,81516,80116,18019,100
Cash from Investing Activity +-4,491-7,230-9,173-8,302-3,540-557-7,291-239-8,820-11,865-14,500-14,734
Cash from Financing Activity +-2,004-1,237-1,129-3,436-2,948-3,104-1,545-1,607-1,214-4,062-4,155-4,484
Net Cash Flow-4516-2050113-16520-6780874-2,475-118
Free Cash Flow3,4086,0266,9077,9031,899966,528-1,4832,8587,6465,6018,754
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit109%115%121%122%88%67%182%52%100%110%99%109%

Financials of Maruti Suzuki India Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days886710107810121611
Inventory Days283025212022222023192331
Days Payable577065705951735458625761
Cash Conversion Cycle-20-32-33-42-29-20-44-26-25-31-18-19
Working Capital Days-26-27-36-40-30-20-50-30-30-26-24-29
ROCE %19%23%24%24%19%9%11%6%16%22%22%19%

Guidance history

How Maruti Suzuki India Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY26 call →10–20%FlatPlanned—Rising
Q3 FY26 call →10–20%FlatPlanned—Rising
Q2 FY26 call →10–20%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

12out of 100

Momentum score · price trend

12 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−29.2%24%
Last 6 months−14.2%29%
Last 3 months−19.5%18%

The price is 33.9% below its all-time high of ₹17,292 (6 Jan 2026). Stocks more than 20% below their peak have their score halved, so 25 became 12.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Maruti Suzuki India Ltd: 0.4 × 24 + 0.4 × 29 + 0.2 × 18 = 25, halved to 12 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Maruti Suzuki India Ltd's management said in earlier quarters

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