Maruti Suzuki India
Maruti Suzuki is India's largest passenger car maker, majority owned by Japan's Suzuki Motor Corporation, making small cars, SUVs and CNG vehicles for the domestic market and export.
- P/E ~25x
- Stock at 52-wk low
- Margin ~8% vs ~12%
- Debt-free, net cash
- No promoter pledge
Updated on 14 Oct 2026 · Data as of 13 Oct 2026
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Snapshot
- Share price
- ₹11,245.00
- 13 Oct 2026
- 52-week range
- ₹11,228.00 – ₹17,120.06
- All-time peak
- ₹17,120.06
- 6 Jan 2026 · −34.3% from peak
- Dividend yield
- 1.24%
- Price history since
- 2003
- About 23 years of prices
What's happening
Maruti reports its July-September 2026 quarter on 27 October 2026, about two weeks from now. The stock hit an 18-month low of around ₹11,126 on 13 October 2026, down roughly 33% for calendar 2026, on worries about margin pressure and commodity-price risk from West Asia tensions. The last reported quarter (April-June 2026, declared 31 July 2026) showed profit falling even as revenue jumped, which is the backdrop to the current sell-off.
In plain terms
This is the company most Indians think of when they think "car," now building more cars than ever (a new plant at Kharkhoda helped volumes grow strongly), and exporting more than ever too. But each car is earning less: raw material costs have risen faster than prices, so profit per rupee of sales has shrunk even as total sales grew. The stock has fallen hard from its January 2026 peak, and that fall is a real drawdown, not a statistical quirk from a stock split or demerger - there are none in this period.
Quarters
Q1 FY27 (Apr-Jun 2026, reported 31 Jul 2026): revenue +36% YoY to ₹52,456 crore, driven by 29.3% volume growth (helped by the new Kharkhoda plant and post-GST-cut demand), but EBITDA fell 7% YoY to ₹4,312 crore and the EBITDA margin contracted sharply to 8.22% from 11.97% a year earlier, management citing higher raw material costs; net profit fell 11% to ₹3,352 crore despite the revenue jump. The prior quarter (Jul-Sep 2025) had flagged GST transition noise - domestic wholesales fell 5.1% YoY as buyers waited for the rate cut, offset by record exports (+42.2% YoY to 110,487 units) - with management reiterating a company-wide 10% EBIT margin aspiration rather than giving forward guidance. The revenue jump is largely volume- and GST-pass-through-driven rather than an accounting artifact, but the margin collapse is the number that matters, not the headline revenue growth.
Performance
Share price
−30.4% over 1 year
Returns by period
| Period | Maruti Suzuki India | Nifty 50 | Mahindra & Mahindra |
|---|---|---|---|
| 3 months | −15.8% | −5.5% | −7.4% |
| 1 year | −30.4% | −9.9% | −16.3% |
| 3 years | +8.3% | +15.2% | +86.7% |
| 5 years | +57.4% | +25.1% | +220.8% |
₹100 invested on 13 Oct 2021 became…
- Maruti Suzuki India₹157
- Nifty 50₹125
- Mahindra & Mahindra₹321
No stock split or demerger sits behind this fall - it is a genuine price decline. The stock is down 34.3% from its 6 January 2026 peak of ₹17,120 to ₹11,245, and sits at a 52-week low. Over 1 year it is down 30.4% versus Nifty's -9.9% and peer M&M's -16.3% - this is stock-specific underperformance, not just a sector-wide move. Over 3 and 5 years the gap widens further: Maruti is up only 8.3%/57.4% against Nifty's 15.2%/25.1% and M&M's much stronger 86.7%/220.8%, meaning Maruti has structurally lagged its closest listed peer for years, well before the current drawdown began.
Dividend
Paid in the last 12 months
₹140.00 per share
Dividend yield
1.24%
Dividend yield is the last 12 months of dividends divided by today's share price. A 1.2% yield means every ₹100 of Maruti Suzuki India shares paid about ₹1.2 in dividends over the past year. Past payouts can change.
Recent dividends
| Date | Per share |
|---|---|
| 7 Aug 2026 | ₹140.00 |
| 1 Aug 2025 | ₹135.00 |
| 2 Aug 2024 | ₹125.00 |
| 3 Aug 2023 | ₹90.00 |
| 3 Aug 2022 | ₹60.00 |
| 5 Aug 2021 | ₹45.00 |
| 13 Aug 2020 | ₹60.00 |
| 14 Aug 2019 | ₹80.00 |
Valuation
At a P/E of roughly 25-26x and P/B of about 3.4x, Maruti is not statistically cheap - it trades close to the auto sector's median P/E (~27x). The stock looks cheap only relative to its own January 2026 peak; it is not cheap in absolute or peer-relative terms, because the drop in price has been matched by a drop in near-term earnings quality (margin compression), not a re-rating gift. Whether it is actually cheap depends on whether the margin hit proves temporary.
Growth
Growth right now is volume-led, not margin-led: unit sales rose strongly on new capacity (Kharkhoda plant) and GST-cut-driven demand, but EBITDA margin nearly halved from ~12% to ~8.2% YoY in the most recent quarter. Rising volumes paired with falling margins is the weaker combination for a business with real input-cost exposure - durable growth would need both legs moving together.
Health
Maruti's reported financial risk is minimal - multiple sources describe it as effectively debt-free with a large net cash position, though the exact cash figure varies by source and units are unclear across searches (Not verified - check on Screener). Promoter pledging is zero. The real risk here is business risk, not balance-sheet risk: raw material cost inflation and competitive intensity in SUVs are compressing margins even as the top line grows.
Ownership
Promoter Suzuki Motor Corporation holds 58.65% as of June 2026, a small increase from 58.53%, with zero pledged shares - no governance red flag there. Foreign institutional investors have been trimming their stake through the stock's decline, reportedly down to around 12.8% by June 2026 from closer to 14% two years earlier. No widely tracked individual marquee investor appears on the register based on available sources - Not verified, check on Screener for the current list.
The View
The one thing to watch
The 27 October 2026 results (Jul-Sep 2026 quarter) - specifically whether EBITDA margin recovers toward management's stated 10% aspiration now that GST-cut demand has fully played through, or stays stuck near 8%, will show whether the margin hit is a temporary cost-and-transition shock or a more durable reset.
Strengths
- +Zero promoter pledge and a rising promoter stake (58.53% to 58.65%) through a falling stock price
- +Record quarterly exports of 110,487 units (+42.2% YoY) in the Jul-Sep 2025 quarter
- +ROCE of roughly 19%, above the auto industry median of ~17.7%, on an effectively debt-free balance sheet
- +Volume growth of 29.3% YoY in Apr-Jun 2026, aided by new Kharkhoda capacity and GST-cut demand revival
Watchpoints
- !EBITDA margin nearly halved YoY (11.97% to 8.22%) in the latest reported quarter on raw material cost pressure
- !Stock down 34.3% from its January 2026 peak and at a 52-week low, underperforming both Nifty and peer M&M over 1, 3 and 5 years
- !FII holding has been trimmed through the decline (from ~14% toward ~12.8%), suggesting foreign investors are reducing exposure, not buying the dip
- !Domestic wholesales fell YoY in the Jul-Sep 2025 quarter as buyers deferred purchases ahead of the GST cut - needs confirming that deferred demand, not lost demand, shows up in subsequent quarters
How sure are we about the data? · Moderate
Profit, revenue and margin figures for Q1 FY27 and the Jul-Sep 2025 quarter were cross-checked across Business Standard, Upstox, ScanX and AngelOne and were consistent. Promoter holding and pledge data (Trendlyne/Upstox) agreed; FII trend figure is directionally consistent across sources but exact quarterly percentages varied slightly. Exact cash and debt figures in crore could not be reconciled across sources (unit inconsistencies) and should be checked on Screener before use. No famous-investor shareholding was independently verified.
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Ticker Tales is not a SEBI-registered investment adviser or research analyst. This report is for learning only and is not investment advice. Data as of 13 Oct 2026.