MARUTI SUZUKI INDIA LTD |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 12,690 INR | -0.11% |
|
-0.17% | +23.17% |
| 04-29 | Jefferies Adjusts Maruti Suzuki’s Price Target to INR14,750 From INR12,000, Keeps at Buy | MT |
| 04-29 | Nomura Adjusts Maruti Suzuki’s Price Target to INR12,523 From INR11,649, Keeps at Neutral | 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 | 3,989,722 | - | - |
| Enterprise Value (EV) 1 | 1,645,237 | 926,551 | 1,622,275 | 1,856,479 | 2,504,893 | 3,919,089 | 3,347,372 | 3,279,406 |
| P/E ratio | 26.9 x | 22.9 x | 49 x | 60.6 x | 31.1 x | 29.2 x | 26.8 x | 24 x |
| Yield | 1.2% | 1.4% | 0.66% | 0.79% | 1.09% | 0.99% | 1.15% | 1.25% |
| Capitalization / Revenue | 2.34 x | 1.71 x | 2.95 x | 2.59 x | 2.13 x | 2.81 x | 2.58 x | 2.31 x |
| EV / Revenue | 1.91 x | 1.23 x | 2.31 x | 2.1 x | 2.13 x | 2.78 x | 2.17 x | 1.9 x |
| EV / EBITDA | 15 x | 12.7 x | 30.3 x | 32.6 x | 22.8 x | 28.6 x | 17.6 x | 15.2 x |
| EV / FCF | 86.9 x | 438 x | 24.2 x | -131 x | 80.5 x | 46.4 x | 39.7 x | 30.9 x |
| FCF Yield | 1.15% | 0.23% | 4.13% | -0.76% | 1.24% | 2.15% | 2.52% | 3.24% |
| Price to Book | 4.37 x | 2.67 x | 4.03 x | 4.22 x | 4.15 x | 5.34 x | 4.23 x | 3.8 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 | 12,690 | 12,690 | 12,690 |
| Announcement Date | 19-04-25 | 20-05-13 | 21-04-27 | 22-04-30 | 23-04-26 | 24-04-26 | - | - |
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 | 1,545,627 | 1,725,616 |
| EBITDA 1 | 109,993 | 73,026 | 53,453 | 57,012 | 110,077 | 136,810 | 190,071 | 215,631 |
| EBIT 1 | 79,804 | 37,769 | 23,138 | 29,147 | 81,844 | 133,788 | 153,962 | 172,005 |
| Operating Margin | 9.28% | 5% | 3.29% | 3.3% | 6.96% | 9.49% | 9.96% | 9.97% |
| Earnings before Tax (EBT) 1 | 104,656 | 70,648 | 51,594 | 45,823 | 101,591 | 170,404 | 190,653 | 213,411 |
| Net income 1 | 75,006 | 56,506 | 42,297 | 37,663 | 80,492 | 132,094 | 147,798 | 164,911 |
| Net margin | 8.72% | 7.47% | 6.01% | 4.27% | 6.85% | 9.37% | 9.56% | 9.56% |
| EPS 2 | 248.3 | 187.1 | 140.0 | 124.7 | 266.5 | 431.1 | 473.2 | 528.3 |
| Free Cash Flow 1 | 18,932 | 2,115 | 67,072 | -14,145 | 31,126 | 84,401 | 84,270 | 106,302 |
| FCF margin | 2.2% | 0.28% | 9.54% | -1.6% | 2.65% | 5.99% | 5.45% | 6.16% |
| FCF Conversion (EBITDA) | 17.21% | 2.9% | 125.48% | - | 28.28% | 61.69% | 44.34% | 49.3% |
| FCF Conversion (Net income) | 25.24% | 3.74% | 158.57% | - | 38.67% | 63.89% | 57.02% | 64.46% |
| Dividend per Share 2 | 80.00 | 60.00 | 45.00 | 60.00 | 90.00 | 125.0 | 145.6 | 158.9 |
| Announcement Date | 19-04-25 | 20-05-13 | 21-04-27 | 22-04-30 | 23-04-26 | 24-04-26 | - | - |
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 | 52,921 |
| 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 | 18-10-25 | 19-10-24 | 21-01-28 | 21-04-27 | 21-07-28 | 21-10-27 | 22-01-25 | 22-04-30 | 22-07-27 | 22-10-28 | 23-01-24 | 23-04-26 | 23-07-31 | - | - | - | - |
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 | - | 42,493 | 642,349 | 710,315 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 18,932 | 2,115 | 67,072 | -14,145 | 31,126 | 84,401 | 84,270 | 106,302 |
| ROE (net income / shareholders' equity) | 17.1% | 11.9% | 8.48% | 7.14% | 14.1% | 18.3% | 16.7% | 16.7% |
| ROA (Net income/ Total Assets) | 12.3% | 9.01% | 6.38% | 5.25% | 10.3% | 13.7% | 12% | 13.3% |
| Assets 1 | 611,510 | 627,420 | 663,097 | 717,776 | 782,865 | 967,318 | 1,226,945 | 1,240,589 |
| Book Value Per Share 2 | 1,528 | 1,604 | 1,701 | 1,793 | 1,999 | 2,376 | 3,001 | 3,338 |
| Cash Flow per Share 2 | 218.0 | 113.0 | 293.0 | 59.30 | 305.0 | 352.0 | 606.0 | 669.0 |
| Capex 1 | 47,447 | 31,936 | 21,316 | 32,057 | 61,154 | 67,269 | 90,079 | 81,358 |
| Capex / Sales | 5.52% | 4.22% | 3.03% | 3.63% | 5.2% | 4.77% | 5.83% | 4.71% |
| Announcement Date | 19-04-25 | 20-05-13 | 21-04-27 | 22-04-30 | 23-04-26 | 24-04-26 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B-
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +23.17% | 47.89B | |
| +9.24% | 87.34B | |
| +0.93% | 84.51B | |
| +24.82% | 76.07B | |
| +18.30% | 34.02B | |
| +12.93% | 23.85B | |
| -2.79% | 19.82B | |
| +49.56% | 11.99B | |
| -8.54% | 10.13B | |
| +91.55% | 7.85B |
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