WatchTalking point
Profit lagging revenue
Revenue grew 19.9% but profit grew 1.2%, so the company kept less of each rupee of revenue as profit.
Importance 68 / 95 · growth
Maruti Suzuki India · Research view
Maruti Suzuki India Ltd.
NSE: MARUTIBSE: 532500ISIN INE585B01010Face value ₹5standalone
₹11,400
−4.19% · 2026-10-01 · 52-wk ₹11,400–₹17,292
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Growing, but less profitably
Revenue grew 19.9% but EBITDA margin fell 2.4 percentage points to 14.1%, so the company kept less of each rupee of revenue as operating profit.
Importance 62 / 95 · growth
StrengthTalking point
Book value compounding
Net worth compounded at 12.5% a year over 7 years (₹47,110 → ₹1,07,156).
Importance 53 / 95 · financial health
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Automobile and Auto Components › Automobiles › Passenger Cars & Utility Vehicles.
- Market cap
- ₹3.58 L cr
- FY2026 revenue
- ₹1,83,266 cr
- FY2026 net profit
- ₹14,445 cr
- Net worth
- ₹1,05,110 cr
- Total debt
- ₹0 crnet cash
- EPS (basic)
- ₹459.46
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 4 passenger cars & utility vehicles.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue grew 19.9% but profit grew 1.2%, so the company kept less of each rupee of revenue as profit.
Rule PROFIT_SLOWER_THAN_REVENUE
- Revenue growth per year
- +11.4%over 7 years
- Revenue growth
- +20.6%vs last year
- Net profit growth
- +3.5%vs last year
- Change in net profit since FY19
- +93%
Revenue grew 19.9% but EBITDA margin fell 2.4 percentage points to 14.1%, so the company kept less of each rupee of revenue as operating profit.
Revenue grew 19.9% year on year (FY2025 → FY2026).
Revenue has compounded at 11.4% a year over 7 years (₹86,069 → ₹1,83,316) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹52,470 cr, up 35.9% from ₹38,605 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Concern
Q1 FY27 EBITDA margin was 11.8%, down 5.07 percentage points from 16.9% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
Strength
Q1 FY27 revenue of ₹52,470 cr is the highest of the 16 quarters on record for this company.
Rule QTR_REVENUE_AT_RECORD
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 37,449 | — | 3,103 | — | 8.3% |
| Q3 FY25 | 38,764 | +15.7% | 3,727 | +16.2% | 9.6% |
| Q4 FY25 | 40,920 | +6.4% | 3,911 | −1.0% | 9.6% |
| Q1 FY26 | 38,605 | +7.9% | 3,792 | +0.9% | 9.8% |
| Q2 FY26 | 42,344 | +13.1% | 3,349 | +7.9% | 7.9% |
| Q3 FY26 | 49,904 | +28.7% | 3,879 | +4.1% | 7.8% |
| Q4 FY26 | 52,463 | +28.2% | 3,659 | −6.4% | 7.0% |
| Q1 FY27 | 52,470 | +35.9% | 3,447 | −9.1% | 6.6% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹1,97,181 crTTM
- EBITDA
- ₹25,490 crTTM
- EBIT
- ₹18,524 crTTM
- PBT
- ₹18,269 crTTM
- Net profit
- ₹14,334 crTTM
C. Corporate actions
7 Aug 2026DividendFinal Dividend - Rs. - 140.0000 — ₹140.00/share
1 Aug 2025DividendFinal Dividend - Rs. - 135.0000 — ₹135.00/share
2 Aug 2024DividendFinal Dividend - Rs. - 125.0000 — ₹125.00/share
3 Aug 2023DividendFinal Dividend - Rs. - 90.0000 — ₹90.00/share
3 Aug 2022DividendFinal Dividend - Rs. - 60.0000 — ₹60.00/share
5 Aug 2021DividendFinal Dividend - Rs. - 45.0000 — ₹45.00/share
13 Aug 2020DividendFinal Dividend - Rs. - 60.0000 — ₹60.00/share
14 Aug 2019DividendFinal Dividend - Rs. - 80.0000 — ₹80.00/share
14 Aug 2018DividendFinal Dividend - Rs. - 80.0000 — ₹80.00/share
24 Aug 2017DividendDividend - Rs. - 75.0000 — ₹75.00/share
31 Aug 2016DividendFinal Dividend - Rs. - 35.0000 — ₹35.00/share
26 Aug 2015DividendFinal Dividend - Rs. - 25.0000 — ₹25.00/share
27 Aug 2014DividendDividend - Rs. - 12.0000 — ₹12.00/share
31 Jul 2014OtherE-Voting
13 Aug 2013DividendDividend - Rs. - 8.0000 — ₹8.00/share
14 Aug 2012DividendFinal Dividend - Rs. - 7.5000 — ₹7.50/share
24 Aug 2011DividendFinal Dividend - Rs. - 7.5000 — ₹7.50/share
24 Aug 2010DividendDividend - Rs. - 6.0000 — ₹6.00/share
18 Aug 2009DividendDividend - Rs. - 3.5000 — ₹3.50/share
14 Aug 2008DividendDividend - Rs. - 5.0000 — ₹5.00/share
22 Aug 2007DividendDividend - Rs. - 4.5000 — ₹4.50/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROE of 14.4% is below the passenger cars and utility vehicles median of 24.3%.
Rule ROE_BELOW_PEER_MEDIAN
- EBITDA margin now
- 14.1%
- 8-year range
- 8.5–15.8%
- ROE FY2026
- 14.5%
- ROCE FY2026
- 19.2%
EBITDA margin fell from 16.5% to 14.1% of revenue.
EBITDA margin has ranged from 8.4% to 16.5% over 7 years and sits at 14.1% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 12.5% a year over 7 years (₹47,110 → ₹1,07,156).
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹0 crnet cash
- Operating cash flow ÷ net profit
- 1.32×FY2026
- Free cash flow
- ₹8,994 cr
- Current ratio
- 1.07×
Operating cash flow has matched or exceeded reported profit in 5 of the last 6 profit-making years (latest 1.30×).
Free cash flow has been positive in 5 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 4 passenger cars & utility vehicles (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
MARUTI · 2nd of 4 · set median 11.1%
EBITDA margin
MARUTI · 2nd of 4 · set median 13.8%
Return on equity
MARUTI · 4th of 4 · set median 24.3%
P/E ratio
MARUTI · 2nd of 3 · set median 25.0×
- P / E
- 25.0×TTM to Jun 26
- P / B
- 3.3×latest book
- P / S
- 1.8×TTM sales
- Earnings yield
- 4.0%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 24.4× · P/S 1.9× · ROE 14.4%.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years profit compounded at 27.3% a year while the stock returned 9.7% a year — but FY2021 profit (₹4,389) was well below the through-cycle level (~₹7,931), so this rate is inflated by the recovery from a low base.
Rule STOCK_LAGGED_EARNINGS · recovery
- 1-year return
- −28.6%
- 3-year return
- +7.4%
- 5-year return
- +59.2%
- From 52-wk high
- −34.1%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹13,193
- vs 200-day avg
- Below₹14,000
- RSI (14)
- 18.3oversold
- MACD histogram
- -34.2
- From 52-wk high
- −34.1%
- From 52-wk low
- 0.0%
- 30-day volatility
- 21.2%ann.
- 6-month return
- −8.0%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit lagging revenueRevenue grew 19.9% but profit grew 1.2%, so the company kept less of each rupee of revenue as profit.PROFIT_SLOWER_THAN_REVENUE · conviction 68
- WatchGrowing, but less profitablyRevenue grew 19.9% but EBITDA margin fell 2.4 percentage points to 14.1%, so the company kept less of each rupee of revenue as operating profit.REVENUE_UP_MARGIN_DOWN · conviction 62
- ConcernLess profitable than peersROE of 14.4% is below the passenger cars and utility vehicles median of 24.3%.ROE_BELOW_PEER_MEDIAN · conviction 51
- ConcernMargins compressingEBITDA margin fell from 16.5% to 14.1% of revenue.MARGIN_COMPRESSED_YOY · conviction 40
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 86,020 | 75,611 | 70,333 | 88,296 | 1,17,523 | 1,40,933 | 1,51,900 | 1,83,266 |
| Total income | 88,581 | 79,031 | 73,279 | 90,089 | 1,19,684 | 1,44,787 | 1,56,651 | 1,87,658 |
| EBITDA | 13,560 | 10,723 | 8,292 | 7,495 | 13,169 | 20,256 | 22,536 | 25,842 |
| Profit before tax | 10,466 | 7,065 | 5,159 | 4,582 | 10,159 | 17,040 | 19,183 | 18,863 |
| Net profit | 7,501 | 5,651 | 4,230 | 3,766 | 8,049 | 13,209 | 13,955 | 14,445 |
| EPS (₹) | 248.4 | 187.1 | 140.0 | 124.7 | 266.5 | 431.1 | 443.9 | 459.5 |
| Net worth | 46,142 | 48,437 | 51,367 | 54,086 | 60,382 | 83,982 | 94,047 | 1,05,110 |
| Total debt | 150 | 106 | 489 | 382 | 1,216 | 33 | 0 | 0 |
| Operating cash flow | — | — | 8,839 | 1,791 | 9,228 | 15,167 | 14,012 | 19,063 |
| Free cash flow | — | — | 6,707 | −1,279 | 3,211 | 8,484 | 5,696 | 8,994 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -12.1 | -7.0 | 25.5 | 33.1 | 19.9 | 7.8 | 20.6 |
| Profit growth YoY | — | -24.7 | -25.1 | -11.0 | 113.7 | 64.1 | 5.6 | 3.5 |
| Profitability | ||||||||
| EBITDA margin % | 15.8 | 14.2 | 11.8 | 8.5 | 11.2 | 14.4 | 14.8 | 14.1 |
| Net margin % | 8.5 | 7.1 | 5.8 | 4.2 | 6.7 | 9.1 | 8.9 | 7.7 |
| Return on equity % | 16.3 | 11.9 | 8.5 | 7.1 | 14.1 | 18.3 | 15.7 | 14.5 |
| Return on capital % | 22.8 | 15.2 | 10.5 | 8.9 | 17.8 | 23.7 | 21.8 | 19.2 |
| Leverage & cash | ||||||||
| Debt to equity | 0.00 | 0.00 | 0.01 | 0.01 | 0.02 | 0.00 | 0.00 | 0.00 |
| Cash flow ÷ profit | — | — | 2.09 | 0.48 | 1.15 | 1.15 | 1.00 | 1.32 |
| Current ratio | 0.87 | 0.75 | 1.15 | 0.99 | 0.58 | 0.77 | 0.87 | 1.07 |