Future growth expectations in sales/revenue/volumes?

Indian passenger vehicle industry expected to grow from ~4.2 million units in 2023 to ~4.3 million units in FY25 (preliminary SIAM estimate). Maruti Suzuki aims to grow faster than the industry. Small car segment shrinking due to rising costs and affordability issues; expected revival as income growth catches up. Planned capacity expansions: - 100,000 units addition at Manesar by March 2024. - New Kharkhoda plant with 250,000 units capacity operational in 2025. - Potential new plant in Gujarat targeted for operation by FY 28-29 to increase capacity by 1 million units. Ambition to double

Any current/future capex/capital investment/strategic investment?

Maruti Suzuki plans to increase its annual production capacity twofold to about 4 million units by 2030-31. A greenfield project is underway in Kharkhoda, Haryana, with the first plant (annual capacity 250,000 units) expected to be operational in 2025. The Kharkhoda site has space for four plants totaling 1 million units capacity. MoU signed with the Government of Gujarat to set up a new automobile manufacturing facility, targeting operations by FY 28-29, with an expected capacity of 1 million units. The total investment for the Gujarat plant is estimated at Rs. 35,000 crores. Maruti Suzuki ai

Future growth expectations in earnings/operating earnings/profits/EPS?

Industry growth for FY 2025 is expected to be modest, with SIAM preliminarily estimating sales at 4.3 million vehicles, up from ~4.2 million in FY 2024. Maruti Suzuki intends to grow faster than the industry pace. Small car segment is currently shrinking due to regulatory costs; revival expected as income growth catches up with prices. Production capacity is increasing: ~100,000 units addition in Manesar by March 2024, utilization of Gujarat plant, and first 250,000 unit line at Kharkhoda operational by 2025. Export volumes, currently record high (~270,000 units in 2023), expected to increase

Current/ Expected Orderbook/ Pending Orders?

At the end of Q3 FY 23-24, Maruti Suzuki had pending bookings of about 215,000 vehicles. There are supply constraints particularly for CNG automatic vehicles leading to pending orders. The semiconductor supply issue, a previous bottleneck, has been resolved. Production capacity stands at approximately 2 million units per year, which might become a constraint for growth. The Company is adding capacity with ~100,000 units addition at Manesar by March 2024. Further capacity expansion is planned with the first production line of 250,000 units at Kharkhoda plant in 2025. Current production and inve

Maruti SuzukiQ3 FY24Automobiles

Maruti Suzuki Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹11,489P/E: 25.2Market Cap: ₹3.6L CrSector: Automobiles

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

N/A

Order

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

Indian passenger vehicle industry expected to grow from ~4.2 million units in 2023 to ~4.3 million units in FY25 (preliminary SIAM estimate).
Maruti Suzuki aims to grow faster than the industry.
Small car segment shrinking due to rising costs and affordability issues; expected revival as income growth catches up.
Planned capacity expansions:
- 100,000 units addition at Manesar by March 2024.
- New Kharkhoda plant with 250,000 units capacity operational in 2025.
- Potential new plant in Gujarat targeted for operation by FY 28-29 to increase capacity by 1 million units.
Ambition to double annual production capacity to about 4 million by 2030-31.
Export growth expected with target of 750,000 vehicles annually by decade-end.
New product launches including EVs and SUVs aligned with consumer preferences for growth.

Margin guidance

Category 3

Industry growth for FY 2025 is expected to be modest, with SIAM preliminarily estimating sales at 4.3 million vehicles, up from ~4.2 million in FY 2024.
Maruti Suzuki intends to grow faster than the industry pace.
Small car segment is currently shrinking due to regulatory costs; revival expected as income growth catches up with prices.
Production capacity is increasing: ~100,000 units addition in Manesar by March 2024, utilization of Gujarat plant, and first 250,000 unit line at Kharkhoda operational by 2025.
Export volumes, currently record high (~270,000 units in 2023), expected to increase up to 750,000 units annually by the decade's end.
Margin outlook is cautious, dependent on volume, discounts, commodity costs; however, Company expects benefits from royalties, forex, and commodity trends.
New product launches, including an EV mid-SUV in 2024, and expansion into utility vehicle segments support volume and margin growth.
Overall, the Company is optimistic but notes affordability constraints and market uncertainties.

See what Maruti Suzuki management said on margin guidance — free account, 30 seconds.

Fundraise plans

The transcript from the MSIL Conference Call on 31 January 2024 does not mention any current or future plans for fundraising through debt or equity. - No discussion or indication of raising funds via debt. - No discussion or indication of raising funds via equity. - Focus is primarily on production capacity expansion, new model launches, export growth, and operational performance. - Large investments mentioned relate to capacity expansion (e.g., new plants in Kharkhoda and Gujarat) funded through internal plans, but no mention of how these are financed. Therefore, based on this transcript, Maruti Suzuki India Limited has not disclosed any plans for raising funds through debt or equity at this time.

Order book

At the end of Q3 FY 23-24, Maruti Suzuki had pending bookings of about 215,000 vehicles.
There are supply constraints particularly for CNG automatic vehicles leading to pending orders.
The semiconductor supply issue, a previous bottleneck, has been resolved.
Production capacity stands at approximately 2 million units per year, which might become a constraint for growth.
The Company is adding capacity with ~100,000 units addition at Manesar by March 2024.
Further capacity expansion is planned with the first production line of 250,000 units at Kharkhoda plant in 2025.
Current production and inventory levels are managed well with closing stock below 45,000 units at the end of the quarter.
The Company is addressing supply bottlenecks to clear pending orders, particularly for CNG vehicles.

See what Maruti Suzuki management said on order book — free account, 30 seconds.

Capex plans

Yes

Maruti Suzuki plans to increase its annual production capacity twofold to about 4 million units by 2030-31.
A greenfield project is underway in Kharkhoda, Haryana, with the first plant (annual capacity 250,000 units) expected to be operational in 2025.
The Kharkhoda site has space for four plants totaling 1 million units capacity.
MoU signed with the Government of Gujarat to set up a new automobile manufacturing facility, targeting operations by FY 28-29, with an expected capacity of 1 million units.
The total investment for the Gujarat plant is estimated at Rs. 35,000 crores.
Maruti Suzuki aims to continue aggressive localization efforts, especially for upcoming EV production.
Solar power capacity will be increased from 26.3 MWp to over 48 MWp in the next financial year as part of sustainability initiatives.

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