Maruti Suzuki India Ltd(MARUTI)

NSE: MARUTIBSE: 532500

₹ 11,258.95+0.54%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 3.54 L crNext results: 27 Oct 2026Website: www.marutisuzuki.comUpdated: 24 Oct 2026

About

Maruti Suzuki India Ltd is India's largest passenger vehicle manufacturer, selling cars and utility vehicles across the Mini, Compact, UV and LCV segments. It held a 40.7% passenger vehicle market share in Q3 FY26 and a 70% share of India's passenger CNG vehicle market in Apr - Dec 2025. It reported revenue of Rs 183,316 crore in FY26.^[1][2]

Vehicle segment mix

UV segment: 218,885 domestic units in Q1 FY27 (+35.2% YoY), representing 39.2% of domestic sales.^[3]
UV segment reached 40.8% share of domestic sales in Q4 FY26 (219,721 units, +14.9% YoY) and 38.5% for full-year FY26 (760,987 units, +5.7% YoY).^[1]
Mini segment domestic volumes were 43,757 units in Q1 FY27 (+124.1% YoY), 7.8% of domestic sales, after falling 10.7% YoY in FY26.^[3]
LCV segment: 38,575 domestic units in FY26 (+11.8% YoY), about 2.0% of domestic volumes.^[1]

Products and brands

The company offered 18 models with over 650 variants as of FY25.^[4]
SUV portfolio spans Brezza, Grand Vitara, Fronx, Jimny, Victoris (launched Sep 2025) and e Vitara (BEV, launched Feb 2026); SUV market share rose from 16.8% in FY19-20 to 19.6% in FY25-26 (Apr - Feb26).^[5]
As of FY25 the company held second place in SUVs by a narrow margin to the top spot.^[4]
CNG options available across 15 of 19 models, including commercial vehicles, as of end-December 2025.^[5]
Strong hybrid technology is offered in the Grand Vitara and Invicto (FY25).^[4]
Multi-pathway approach to carbon neutrality covering BEV, HEV, CNG, biofuel and green hydrogen.^[5]
Victoris won the Indian Car of the Year (ICOTY) 2026 award.^[5]

Manufacturing operations

Three manufacturing facilities in Haryana and one in Gujarat (FY25).^[4]
Installed capacity of 1,650,000 passenger and light commercial vehicles in FY25, with production of 1,309,493 units.^[4]
Kharkhoda (Haryana) greenfield plant with 250,000 units a year was commissioned in February 2025; higher depreciation from its ramp-up was cited as a cost factor in Q1 FY27.^[4][3]
Suzuki Motor Gujarat, the wholly owned Gujarat manufacturing subsidiary, amalgamated with the company effective December 1, 2025 (appointed date April 1, 2025).^[3]
MSTI, a joint venture with Toyota Tsusho, runs a vehicle scrapping facility able to process 24,000 vehicles annually (FY25).^[4]
Key raw materials in FY25: steel coils (223,132 MT), non-ferrous castings (41,039 MT) and paints (12,575 KL).^[4]

Key operating numbers

Production of 242,011 units in September 2026 vs 201,915 in September 2025; passenger vehicles 238,091 vs 198,316, LCVs 3,920 vs 3,599.^[6]
Total sales: 682,724 units in Q1 FY27 (+29.3% YoY vs 527,861 in Q1 FY26); FY26 volumes were 2,422,713 units (+8.4% YoY).^[3]
Domestic sales 557,988 units in Q1 FY27 (+29.5% YoY); exports 124,736 units (+28.6% YoY), 18.3% of total Q1 FY27 sales.^[3]
Exports in FY26: 447,774 units (+34.6% YoY), 18.5% of FY26 sales; Q4 FY26 export share 20.3%.^[1]
Passenger vehicle market share: 40.7% in Oct - Dec 2025 (Q3 FY26), vs 39.1% for Apr - Dec 2025.^[5]
CNG vehicles were 39% of own sales in 9M FY26; 70% share of India's passenger CNG market in Apr - Dec 2025.^[5]

Customers and distribution

Customers include individuals, government and corporate employees, fleet operators and defence agencies (FY25).^[4]
372 sales outlets and 450 service touchpoints were added in FY25.^[4]
After the GST revision of September 22, 2025, first-time buyers' share of sales rose from 41% (Apr - Aug 2025) to 48% (Sep - Dec 2025).^[5]
Leading exporter of passenger vehicles from India, shipping to 100+ countries; exports FRONX and Jimny to Japan (FY25).^[4]
Japan export shipments in FY2025 reached 44,000 units, up 480% YoY; e Vitara exports to Europe and Japan began in FY26.^[5]
NEXA-Studio compact outlets are being expanded into small and medium cities and non-urban regions.^[5]

Expansion and capex

Target of 4 million units annual capacity by FY2030-31, with planned investment over INR 700 billion in capacity, new models and carbon neutrality.^[4]
Second Kharkhoda plant under construction and a third of 250,000 units approved; 4th line of 250,000 units at Gujarat under construction (FY25).^[4][7]
New Gujarat greenfield plant planned to start operations from FY2028.^[5]
Plans up to 4 BEV models by FY2030-31 and seven new SUVs over the next 5 - 6 years.^[4][5]
Committed over INR 925 crore to raise solar capacity to 319 MWp by FY2030-31.^[4]
EV charging network targeted at 100,000 chargers by 2030 via CPO partners and dealers.^[5]

Recent developments

Kazunari Yamaguchi resigned as Whole-time Director (Production) effective September 30, 2026; Sarada Prasana Nayak appointed Head (Production and Production Engineering) from October 1, 2026.^[8]
Income Tax Authority imposed a Rs 149.64 million penalty on SMG for FY2022-23; the company said there is no major impact and will appeal (Sep 2026).^[9]
e Vitara BEV launched in February 2026; Victoris SUV launched September 2025.^[5]

Market Cap

₹3,53,984 Cr

High / Low

₹17,372 / 10,984

Stock P/E

24.7

Price / Book

3.3

Book Value

₹3,408

EPS

₹466.9

No. of Shares

31.44 Cr

ROCE

19.0%

ROE

14.4%

OPM

10.2%

Debt / Equity

0.00

Sales

₹1,83,316 Cr

Net Profit

₹14,680 Cr

Promoter holding

58.7%

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