MARUTI
Large CapMaruti Suzuki India Limited
Auto
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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 2/100PAT -6% YoY · margin compression · Rev +28% YoY · +5% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹52,462 Cr | +28.2% | +5.1% |
| EBITDA | ₹6,158 Cr | +27.1% | +10.5% |
| Operating margin | 12.0% | +0 bps | +100 bps |
| PAT | ₹3,659 Cr | -6.4% | -5.7% |
| PAT margin | 7.0% | -259 bps | -80 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
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.
Domestic Sales Volume by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 6 reported categories.
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.
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.
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.
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.
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.
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.
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.
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.
Trend score and candlestick chart
46NeutralSMA20 -12.8% / mo
Technical chart
MARUTIweekly · 3Y+16.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 45. Wait for confirmation.
- SMA20 falling (~14.7% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 24% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 14.8%.
- Growth contributes 20/25 to the score.
Main drags
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Quality is weaker at 8/20; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 91st percentile of the scored universe and 82nd percentile within Auto. Main check: financial discipline is weak at 58/100.
High Trust Lite: Promoter holding is 58.5%. Key concern: ROCE trend is -2.7%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 82nd pctile, median 71 · Large: 77th pctile, median 74
89 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 58.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸12 years of positive FCF.
Trust risks
- ▸ROCE trend is -2.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 27.70
- P/B
- 3.79
- EV/EBITDA
- 14.40
- Market Cap
- 406000.00Cr
Profitability
- ROE
- 14.40%
- ROCE
- 19.00%
- ROA
- 9.86%
- Dividend Y
- 1.05%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 27.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 30.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 89.77×
- Altman Z
- 8.81
- Book Value
- 3408.00
Cash Flow
- FCF Yield
- 1.08%
- FCF Positive Y
- 12/5
- OCF
- 19100.00 Cr
- EPS TTM
- 466.90
Shareholding
- Promoter Hold
- 58.53%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 15%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.