Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Oct - Copy of notice published in newspaper
Source: Bse
Maruti Suzuki India Limited (MARUTI)
Large CapAuto stocks · Large cap · NSE
Maruti Suzuki India Limited (MSIL) is an Indian automobile manufacturer. Its wholly owned subsidiary, Suzuki Motor Gujarat Private Limited (SMG), amalgamated with MSIL effective April 1, 2025, with financials restated for comparison.
₹11,475
-14.00 · -0.12%
Market cap ₹3,61,217 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result31 Jul, 10:09 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -9.6% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 49
Sector 3M: -6.3% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MARUTID candles · FIT view-12.1%Latest close ₹11475.00 on 2026-10-19
Bar
-0.3%
RSI
38
MACD hist
46.34
52W pos
6%
2026-10-19O ₹11510.00H ₹11702.00L ₹11440.00C ₹11475.00Vol 4.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MARUTINifty AutoNifty 500
- MARUTI
- -15.1%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- -9.5 pp
Chart stats
19 Oct 2026- From 52W high
- -33.9%
- 52W range position
- 6%
- ATR (14)
- 2.1%
- Volume vs 20D
- 0.99x
- Avg traded value
- ₹520 Cr
- 20D price channel
- ₹11,125 - ₹12,275
₹17,370
₹11,125 - ₹17,370
₹245.9
Latest completed session
20-session average
25.4% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE57
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +35.9% · PAT -9.1% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model+34.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence79
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -9% YoY · margin compression · Rev +36% YoY
Filed 31 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹52,470 Cr | +35.9% | +0.0% |
| EBITDA | ₹4,313 Cr | -6.7% | -30.0% |
| Operating margin | 8.0% | -400 bps | -400 bps |
| PAT | ₹3,447 Cr | -9.1% | -5.8% |
| PAT margin | 6.6% | -325 bps | -40 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 25.20
- P/B
- 3.37
- EV/EBITDA
- 12.86
- Market Cap
- 361217.00Cr
Profitability
- ROE
- 14.30%
- ROCE
- 18.90%
- ROA
- 9.63%
- Dividend Y
- 1.22%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 27.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 21.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 82.87×
- Altman Z
- 8.25
- Book Value
- 3408.00
Cash Flow
- FCF Yield
- 1.21%
- FCF Positive Y
- 12/5
- OCF
- 19100.00 Cr
- EPS TTM
- 455.91
Shareholding
- Promoter Hold
- 58.65%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 183.3k+19.9% vs prev
Net Profit
₹ CrLatest: 14.7k+1.2% vs prev
Return on Equity
%Latest: 13.7-9.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 38. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~10.6% over last month) — short-term momentum negative.
- RSI(14) at 38 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
18
RS percentile
Stage 4 Downtrend
1M return
-5.2%
3M return
-15.1%
6M return
-14.0%
1Y return
-29.6%
RS 1D
+4
RS 20D
+3
Sector rank
#10
Industry rank
-
Stage evidence
- Price is 12.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.3%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 74.06+0.91%
RS vs Nifty 50074
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation8/30
Growth16/25
Quality9/20
Balance Sheet11/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 34.7%.
- Balance sheet contributes 11/15 to the score.
Main drags
- Valuation is weaker at 8/30; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
- Growth is weaker at 16/25; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
25.2
PB
3.4
EV/EBITDA
12.9
ROE
14.3%
ROCE
18.9%
FCF Yield
1.2%
Debt/Equity
0.0
MoS
+34.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+34.7%
Previous: +34.7%
Score history
12 stored score snapshots. Latest stored move: +1 points.
21 Oct 2026
v4.3-runtime-valuation
56
56
56
57
57
57
57
56
56
56
56
57
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹5,912.63
-94.1% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹17,575.33
+34.7% MoS
PEG
1.02
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
M&M
Large
Mahindra & Mahindra Limited
Passenger & Commercial Vehicles
match 98
56
18.2
20.3%
+49%
FAIR VALUE
BAJAJ-AUTO
Large
Bajaj Auto Limited
Two Wheelers
match 96
57
24.0
29.2%
+37%
FAIR VALUE
EICHERMOT
Large
Eicher Motors Limited
Two Wheelers & CV
match 93
61
33.4
24.0%
+9%
UNDERVALUED
TVSMOTOR
Large
TVS Motor Company Limited
Two Wheelers
match 92
47
55.2
33.6%
-46%
FAIR VALUE
HYUNDAI
Large
Hyundai Motor India Limited
Passenger Vehicles
match 92
58
32.2
29.9%
+17%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T15:38:08.527Z
Management commentary snapshot
Q4 FY26 sales volume grew 11.8% YoY, with Net Sales up 28.9% YoY, but PAT declined 6.9% YoY due to adverse commodity prices and lower non-operating income. FY26 saw 8.4% volume growth and 20.2% Net Sales growth, but PAT increased only 1.0% YoY.
Despite robust volume and revenue growth in Q4 and FY26, profitability was significantly impacted by adverse commodity prices and lower non-operating income. The company's ability to pass on costs and improve margins will be key for thesis revalidation.
Current business mix
Domestic Sales Volume by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Mini6.7%
Compact39.1%
UVs40.8%
Vans6.5%
LCV1.9%
Sales to other OEM5.0%
Growth engines
Exports
Exports volume surged by 61.3% YoY in Q4 FY26 and 34.6% YoY in FY26, contributing significantly to overall volume growth.
Utility Vehicles (UVs)
UV segment domestic sales grew 14.9% YoY in Q4 FY26 and 5.7% YoY in FY26, becoming the largest domestic segment at 40.8% in Q4.
Operating Leverage
Favourable operating leverage was a positive factor for Q4 FY26 YoY margin movement.
Tailwinds
Operating Leverage
Favourable operating leverage contributed positively to Q4 FY26 YoY margin movement.
Lower Sales Promotion & Advertisement
Lower sales promotion & advertisement expenses positively impacted Q4 FY26 YoY margins.
Favourable Foreign Exchange Movement
Favourable foreign exchange movement positively impacted Q4 FY26 QoQ margins.
Headwinds
Adverse Commodity Prices
Adverse commodity prices negatively impacted margins in both Q4 FY26 YoY and QoQ, and for the full year FY26.
Lower Non-Operating Income
Lower non-operating income negatively impacted PBT and PAT in Q4 FY26 YoY and QoQ, and for the full year FY26.
New Model Expenses
New model expenses negatively impacted Q4 FY26 QoQ margins.
Higher Manufacturing & Admin Expenses
Higher manufacturing and administrative expenses negatively impacted Q4 FY26 QoQ margins.
Risk radar
Commodity Price Volatility
Adverse commodity prices have been a consistent negative factor impacting profitability across Q4 and FY26.
Non-Operating Income Dependence
Significant decline in non-operating income negatively impacted PBT and PAT, indicating potential reliance on this income stream.
New Model Cost Management
New model expenses negatively impacted Q4 FY26 QoQ margins, suggesting potential pressure on profitability from product launches.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The document provides both Q4 YoY and QoQ comparisons, which are crucial for understanding recent trends and sequential momentum. Annual (FY) YoY comparison is also provided, essential for assessing full-year performance.
Sector KPIs management disclosed
Volume Growth (Q4 YoY)
Total Sales Volume increased by 11.8% to 676,209 units in Q4 FY26 compared to Q4 FY25.
Volume Growth (FY YoY)
Total Sales Volume increased by 8.4% to 2,422,713 units in FY26 compared to FY25.
Realization (Q4 YoY)
Net Sales increased by 28.9% in Q4 FY26, significantly outpacing 11.8% volume growth, indicating improved realization.
Op. EBITDA Margin (FY YoY)
Operating EBITDA margin for FY26 was 12.3%, down 160 bps from 13.9% in FY25.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Commodity Price Trend | Adverse commodity prices | Movement in key raw material costs and their impact on gross margins. |
| Non-Operating Income | Lower non-operating income | Stability and growth of non-operating income sources. |
| UV Segment Growth | UVs grew 14.9% YoY in Q4 FY26 | Sustained growth rate and market share in the UV segment. |
| Export Momentum | Exports surged 61.3% YoY in Q4 FY26 | Continued strong performance in export markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
79Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 76th percentile within Auto. Main check: financial discipline is weak at 58/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
55 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
88th percentile
overall median 67 · Auto: 76th pctile, median 74 · Large: 74th pctile, median 73
Evidence depth
Financial-only
55 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
75
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 58.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.2%.
- ▸12 years of positive FCF.
Trust risks
- ▸ROCE trend is -2.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Maruti Suzuki India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Oct
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Oct - Maruti Suzuki September 2026 sales rose to 236,013 units; domestic 185,252 and exports 44,219.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 30 Sep - Kazunari Yamaguchi resigns as Whole-time Director from 30 Sep 2026; Sarada Prasana Nayak appointed Head (Production).
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 18 Sep - Maruti launches automatic S-CNG Swift, Dzire and Baleno on 18 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 24 Sep - Maruti Suzuki commissions 300 kW green hydrogen pilot plant at Manesar on 24 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Maruti Suzuki schedules an investor meeting on 22 September 2026, subject to change.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Sep - Maruti Suzuki launches new Baleno with Level 2 ADAS, bookings open at ₹11,000, price starts ₹6,09,900.
Source: Bse
Annual reportAug 2026
Aug 2026 · Notice Of 45Th Annual General Meeting And Annual Report For The Financial Year 2025-26 8 Aug - 45th AGM on 31 Aug 2026; annual report issued, including proposed ₹140 per share dividend.
Source: Bse
Annual reportAug 2026
Aug 2026 · Issuance Of Letter Providing Web-Link Of The Annual Report For The Financial Year 2025-26 8 Aug - Maruti Suzuki shares 2025-26 annual report web link; 45th AGM on 31 August 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug - Copy of notice published in newspaper
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.