# Maruti Suzuki India (MARUTI.NSE)

Canonical: https://gigainvestors.com/s/MARUTI.NSE

Analysis as of: 2026-10-16T07:33:24.050Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 11,445.00 per share; close as of 2026-10-15.

Estimated value: low INR 5,161.42 per share, central INR 7,168.54 per share, high INR 8,190.96 per share. Buy at or below the central value INR 7,168.54 per share. Valuation as of 2026-10-16T07:33:24.050Z; scenarios are not confidence intervals.

Expected annual return: 8.4% at the stated quote. About 8.4% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.37×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.12×

- FY2019: 0.09×

- FY2020: 0.05×

- FY2021: 0.03×

- FY2022: 0.03×

- FY2023: 0.07×

- FY2024: 0.09×

- FY2025: 0.10×

- FY2026: 0.08×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.8%

- ROIC, second-lowest year: 8.9%

- Conservative return floor, median: 11.0%

- Conservative return floor, second lowest: 4.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 12.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 4.7%

- FY2023: 8.9%

- FY2024: 12.4%

- FY2025: 11.3%

- FY2026: 10.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 519B

- Net income, five-year total: INR 548B

- Return on incremental invested capital: 40.7%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.5 pp

- Working capital / revenue, final three-year average: -3.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 0.99×

- FY2024: 1.00×

- FY2025: 0.81×

- FY2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 248.61 to 466.90 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: INR 2.05T

- Cumulative retained earnings: INR 574B

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 8.2%

- Per-share value change: INR 218.29

- Per-share value, starting three-year median: INR 248.61

- Per-share value, ending three-year median: INR 466.90

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.0%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: INR 879B

- ROIC, last three-year median: 11.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 248.61

- FY2018: INR 260.86

- FY2019: INR 253.26

- FY2020: INR 187.95

- FY2021: INR 145.30

- FY2022: INR 62.10

- FY2023: INR 271.82

- FY2024: INR 858.02

- FY2025: INR 461.20

- FY2026: INR 466.90

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 0.68×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.3%

- FY2018: -6.5%

- FY2019: 1.6%

- FY2020: 3.4%

- FY2021: -6.3%

- FY2022: 2.7%

- FY2023: -2.5%

- FY2024: -2.9%

- FY2025: -1.3%

- FY2026: -3.0%

## Holders

## Price story

Down 31% since Dec 2025 · sales +19.9%

Story as of 2026-10-16T09:59:55.999Z; price observation 2026-10-15.

Price needs cash profits to grow 12.6% a year for ten years

### Sales · FY2025–2026

sales +19.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 681B 

- FY2018: INR 798B 

- FY2019: INR 861B 

- FY2020: INR 757B 

- FY2021: INR 704B 

- FY2022: INR 883B 

- FY2023: INR 1.18T 

- FY2024: INR 1.42T 

- FY2025: INR 1.53T 

- FY2026: INR 1.83T 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in passenger cars & utility vehicles; annual sales are INR 1.8 trillion.

- Source: https://www.screener.in/company/MARUTI/consolidated/ (filed 2026-10-16T07:33:24.050Z); FY2026: revenue 1833160000000; operatingIncome 147880000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 8.1% to 9.6% during 2024–26; it earns 10.8% on its capital.

- Source: https://www.screener.in/company/MARUTI/consolidated/ (filed 2026-10-16T07:33:24.050Z); FY2024: operatingIncome / revenue = 9.4%.

- Source: https://www.screener.in/company/MARUTI/consolidated/ (filed 2026-10-16T07:33:24.050Z); FY2025: operatingIncome / revenue = 9.6%.

- Source: https://www.screener.in/company/MARUTI/consolidated/ (filed 2026-10-16T07:33:24.050Z); FY2026: operatingIncome / revenue = 8.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.050Z); 10-year return on capital observations [[2022,0.04665079575848398],[2023,0.08943967168262654],[2024,0.1241426297511094],[2025,0.11293085806168689],[2026,0.10774957890951758]]; median 0.10774957890951758. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 25% of cash earnings; earns 40.7% on new investment.

- Source: https://www.screener.in/company/MARUTI/consolidated/ (filed 2026-10-16T07:33:24.050Z); FY2017: growth capex 7870000000; upkeep 26040000000; owner earnings 75100000000. Growth capex / owner earnings = 0.1047936085219707.

- Source: https://www.screener.in/company/MARUTI/consolidated/ (filed 2026-10-16T07:33:24.050Z); FY2018: growth capex 11520000000; upkeep 27600000000; owner earnings 78800000000. Growth capex / owner earnings = 0.14619289340101524.

- Source: https://www.screener.in/company/MARUTI/consolidated/ (filed 2026-10-16T07:33:24.050Z); FY2019: growth capex 12593914275.792274; upkeep 36126085724.207726; owner earnings 70573914275.79227. Growth capex / owner earnings = 0.17844998970267043.

- Source: https://www.screener.in/company/MARUTI/consolidated/ (filed 2026-10-16T07:33:24.050Z); FY2020: growth capex 0; upkeep 34370000000; owner earnings 57670000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/MARUTI/consolidated/ (filed 2026-10-16T07:33:24.050Z); FY2021: growth capex 0; upkeep 23700000000; owner earnings 50530000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/MARUTI/consolidated/ (filed 2026-10-16T07:33:24.050Z); FY2022: growth capex 6700000000; upkeep 27890000000; cash acquisitions 0; owner earnings 38719000000. Growth capex plus acquisitions / owner earnings = 0.17304165913375863.

- Source: https://www.screener.in/company/MARUTI/consolidated/ (filed 2026-10-16T07:33:24.050Z); FY2023: growth capex 32190000000; upkeep 48460000000; cash acquisitions 0; owner earnings 82180000000. Growth capex plus acquisitions / owner earnings = 0.3917011438306157.

- Source: https://www.screener.in/company/MARUTI/consolidated/ (filed 2026-10-16T07:33:24.050Z); FY2024: growth capex 39440000000; upkeep 52560000000; cash acquisitions 0; owner earnings 134880000000. Growth capex plus acquisitions / owner earnings = 0.29240806642941874.

- Source: https://www.screener.in/company/MARUTI/consolidated/ (filed 2026-10-16T07:33:24.050Z); FY2025: growth capex 22479763629.607635; upkeep 83730236370.39236; cash acquisitions 0; owner earnings 117096763629.60764. Growth capex plus acquisitions / owner earnings = 0.1919759601615811.

- Source: https://www.screener.in/company/MARUTI/consolidated/ (filed 2026-10-16T07:33:24.050Z); FY2026: growth capex 36560000000; upkeep 67420000000; cash acquisitions 0; owner earnings 146441000000. Growth capex plus acquisitions / owner earnings = 0.2496568583934827.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.050Z); Incremental return on capital 0.4066819437099712, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.050Z); Dividend observations: [[2017,10570000000],[2018,22660000000],[2019,24170000000],[2020,24170000000],[2021,18120000000],[2022,13590000000],[2023,18120000000],[2024,27190000000],[2025,39300000000],[2026,42440000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 12.6% yearly over ten years; actual growth was 9.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.050Z); Ten-year compound average after fade. Initial solved rate 0.1686080056492288. Price 11445; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 193.66618155357466 → FY2026 465.75819414168933. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 5,266.00 per share

- 2016-12: INR 5,319.55 per share

- 2017-01: INR 5,894.25 per share

- 2017-02: INR 5,922.50 per share

- 2017-03: INR 6,015.70 per share

- 2017-04: INR 6,524.85 per share

- 2017-05: INR 7,211.00 per share

- 2017-06: INR 7,217.60 per share

- 2017-07: INR 7,750.05 per share

- 2017-08: INR 7,700.30 per share

- 2017-09: INR 7,978.20 per share

- 2017-10: INR 8,211.25 per share

- 2017-11: INR 8,599.10 per share

- 2017-12: INR 9,729.55 per share

- 2018-01: INR 9,509.70 per share

- 2018-02: INR 8,850.95 per share

- 2018-03: INR 8,861.10 per share

- 2018-04: INR 8,814.95 per share

- 2018-05: INR 8,537.20 per share

- 2018-06: INR 8,825.60 per share

- 2018-07: INR 9,520.55 per share

- 2018-08: INR 9,096.40 per share

- 2018-09: INR 7,347.95 per share

- 2018-10: INR 6,616.40 per share

- 2018-11: INR 7,661.60 per share

- 2018-12: INR 7,465.50 per share

- 2019-01: INR 6,641.15 per share

- 2019-02: INR 6,829.70 per share

- 2019-03: INR 6,672.55 per share

- 2019-04: INR 6,666.40 per share

- 2019-05: INR 6,869.85 per share

- 2019-06: INR 6,534.65 per share

- 2019-07: INR 5,469.70 per share

- 2019-08: INR 6,123.75 per share

- 2019-09: INR 6,715.80 per share

- 2019-10: INR 7,559.40 per share

- 2019-11: INR 7,245.85 per share

- 2019-12: INR 7,368.60 per share

- 2020-01: INR 6,913.50 per share

- 2020-02: INR 6,283.10 per share

- 2020-03: INR 4,288.30 per share

- 2020-04: INR 5,358.80 per share

- 2020-05: INR 5,610.80 per share

- 2020-06: INR 5,838.30 per share

- 2020-07: INR 6,262.75 per share

- 2020-08: INR 6,839.95 per share

- 2020-09: INR 6,743.45 per share

- 2020-10: INR 6,965.15 per share

- 2020-11: INR 7,035.80 per share

- 2020-12: INR 7,649.60 per share

- 2021-01: INR 7,206.65 per share

- 2021-02: INR 6,866.15 per share

- 2021-03: INR 6,859.20 per share

- 2021-04: INR 6,455.65 per share

- 2021-05: INR 7,086.30 per share

- 2021-06: INR 7,515.90 per share

- 2021-07: INR 6,977.70 per share

- 2021-08: INR 6,846.10 per share

- 2021-09: INR 7,338.05 per share

- 2021-10: INR 7,482.40 per share

- 2021-11: INR 7,067.80 per share

- 2021-12: INR 7,426.45 per share

- 2022-01: INR 8,597.30 per share

- 2022-02: INR 8,314.15 per share

- 2022-03: INR 7,561.30 per share

- 2022-04: INR 7,717.80 per share

- 2022-05: INR 7,966.35 per share

- 2022-06: INR 8,470.75 per share

- 2022-07: INR 8,773.55 per share

- 2022-08: INR 9,082.25 per share

- 2022-09: INR 8,828.15 per share

- 2022-10: INR 9,527.60 per share

- 2022-11: INR 8,974.15 per share

- 2022-12: INR 8,394.60 per share

- 2023-01: INR 8,895.30 per share

- 2023-02: INR 8,624.35 per share

- 2023-03: INR 8,292.15 per share

- 2023-04: INR 8,589.55 per share

- 2023-05: INR 9,367.70 per share

- 2023-06: INR 9,789.05 per share

- 2023-07: INR 9,820.75 per share

- 2023-08: INR 10,003.80 per share

- 2023-09: INR 10,610.60 per share

- 2023-10: INR 10,392.30 per share

- 2023-11: INR 10,608.70 per share

- 2023-12: INR 10,302.35 per share

- 2024-01: INR 10,186.90 per share

- 2024-02: INR 11,288.35 per share

- 2024-03: INR 12,600.35 per share

- 2024-04: INR 12,817.50 per share

- 2024-05: INR 12,399.30 per share

- 2024-06: INR 12,033.85 per share

- 2024-07: INR 13,115.80 per share

- 2024-08: INR 12,403.00 per share

- 2024-09: INR 13,238.00 per share

- 2024-10: INR 11,076.45 per share

- 2024-11: INR 11,074.20 per share

- 2024-12: INR 10,858.40 per share

- 2025-01: INR 12,310.65 per share

- 2025-02: INR 11,945.85 per share

- 2025-03: INR 11,522.15 per share

- 2025-04: INR 12,257.00 per share

- 2025-05: INR 12,319.00 per share

- 2025-06: INR 12,400.00 per share

- 2025-07: INR 12,608.00 per share

- 2025-08: INR 14,791.00 per share

- 2025-09: INR 16,029.00 per share

- 2025-10: INR 16,186.00 per share

- 2025-11: INR 15,900.00 per share

- 2025-12: INR 16,697.00 per share

- 2026-01: INR 14,599.00 per share

- 2026-02: INR 14,857.00 per share

- 2026-03: INR 12,306.00 per share

- 2026-04: INR 13,314.00 per share

- 2026-05: INR 13,127.00 per share

- 2026-06: INR 14,115.00 per share

- 2026-07: INR 14,234.00 per share

- 2026-08: INR 13,547.00 per share

- 2026-09: INR 11,967.00 per share

- 2026-10: INR 11,445.00 per share

## Annual estimated value (INR per share)

- FY2019: low INR 2,634.90 per share, central INR 2,936.97 per share, high INR 3,320.11 per share

- FY2020: low INR 2,316.47 per share, central INR 2,582.03 per share, high INR 2,918.87 per share

- FY2021: low INR 1,843.19 per share, central INR 2,048.27 per share, high INR 2,308.40 per share

- FY2022: low INR 1,029.52 per share, central INR 1,145.21 per share, high INR 1,291.94 per share

- FY2023: low INR 2,631.37 per share, central INR 2,931.60 per share, high INR 3,312.41 per share

- FY2024: low INR 6,067.90 per share, central INR 6,763.54 per share, high INR 7,645.87 per share

- FY2025: low INR 4,037.25 per share, central INR 5,607.21 per share, high INR 6,406.95 per share

- FY2026: low INR 5,161.42 per share, central INR 7,168.54 per share, high INR 8,190.96 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:09.658Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations