Maruti Suzuki India Limited

MARUTI.BO•auto-manufacturers

Current Price

15,361.40INR

per share

Fair Value

8,384.73INR

Overvalued

83.2%

Valuation Overview

Growth Story

Over the next few years, revenue is expected to grow by 11.14%, lower than industry average of 12.70%.

Growth Trajectory

Profitability

In the growth phase company makes 12.38% profit on every dollar of sales, higher than industry average of 6.71%.

Profitability Trajectory

Risk Profile

Investors expect at least 7.17% return to justify the risk of holding stock.

Risk vs Return

Required Return (Cost of Capital) (%)

Return on Invested Capital (%)

Financial Health Overview

Enterprise Value

2.51T INR

Equity Value

2.63T INR

FCF Yield

29.79%

Average ROIC

18.15%

Cost of Capital

7.78%

P/E Ratio

31.50x

Financial Metric	Most Recent 12 months (INR)	Previous Year (INR)
Revenues	1.48T INR	1.35T INR
Operating Income or EBIT	199.12B INR	177.18B INR
Interest Expense	1.84B INR	1.94B INR
Book Value Of Equity	962.40B INR	856.36B INR
Book Value Of Debt	870M INR	1.19B INR
Cash and Marketable Securities	122.39B INR	92B INR
Number of Shares Outstanding	314.40M	--
Minority interests	0 INR	0 INR
Current Stock Price	15361.40 INR	--
Effective Tax Rate	23.00%	--
Marginal Tax Rate	30.00%	--

Performance vs Industry

Revenue Growth

-3.11%

9.58%Company

12.69%Industry

Below Industry

Operating Margin

+6.76%

13.46%Company

6.70%Industry

Above Industry

Maruti Suzuki India Limited demonstrates superior operational efficiency with margins above industry average, indicating effective cost management.

Terminal Value Analysis

Growth Rate

4.65%

Cost of Capital

8.88%

Return on Capital

8.88%

Reinvestment Rate

52.36%

Terminal value represents 66% of total enterprise value, based on 4.65% perpetual growth and 8.88% discount rate.

Equity Value Breakdown

Component	Value	Type
Present Value (Terminal Value)	1.64T INR	Add
Present Value (Cash Flow Over Next 10 Years)	866.27B INR	Add
Value of Operating Assets	2.51T INR	Sub-total
Debt	870.00M INR	Subtract
Minority Interests	—	Subtract
Cash	122.39B INR	Add
Value of Equity	2.63T INR	Sub-total
Number of Shares	314.40M shares	Divisor
Estimated Value per Share (Fair Value)	8.38K INR	Total
Current Market Price	15.36K INR	Reference

Financial Projections

Total FCF Present Value

866.27B INR

Avg Revenue Growth

8.15%

Avg Operating Margin

12.13%

Avg ROIC

18.15%

Year	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal Year
REVENUE
Revenue	1.66T INR	1.84T INR	2.05T INR	2.28T INR	2.53T INR	2.78T INR	3.02T INR	3.24T INR	3.43T INR	3.59T INR	3.76T INR
Growth Rate	12.41%	11.13%	11.13%	11.13%	11.13%	9.83%	8.54%	7.24%	5.94%	4.65%	4.65%
PROFITABILITY
Operating Income	223.82B INR	235.31B INR	254.05B INR	274.05B INR	295.35B INR	324.41B INR	352.12B INR	377.63B INR	400.08B INR	418.69B INR	438.16B INR
Operating Margin	13.46%	12.73%	12.37%	12.01%	11.64%	11.64%	11.64%	11.64%	11.64%	11.64%	11.64%
EBIT (1-tax)	172.34B INR	181.19B INR	195.62B INR	211.02B INR	227.42B INR	245.25B INR	261.27B INR	274.91B INR	285.66B INR	293.08B INR	306.71B INR
CASH FLOW
Reinvestment	63.49B INR	70.56B INR	78.41B INR	87.15B INR	85.57B INR	163.20B INR	150.23B INR	132.27B INR	109.57B INR	114.66B INR	160.61B INR
Free Cash Flow	108.85B INR	110.63B INR	117.20B INR	123.87B INR	141.84B INR	82.05B INR	111.03B INR	142.64B INR	176.09B INR	178.41B INR	146.10B INR
Terminal Value	--	--	--	--	--	--	--	--	--	--	3.45T INR
Present Value	101.57B INR	96.33B INR	95.23B INR	93.91B INR	100.35B INR	54.00B INR	67.75B INR	80.44B INR	91.50B INR	85.14B INR	—
EFFICIENCY
ROIC	20.49%	20.03%	20.06%	20.03%	19.94%	20.00%	18.80%	17.85%	17.08%	16.45%	8.88%
Cost of Capital	7.16%	7.16%	7.16%	7.16%	7.16%	7.50%	7.85%	8.19%	8.53%	8.88%	8.88%
Sales/Capital	2.91x	2.91x	2.91x	2.91x	2.91x	1.45x	1.45x	1.45x	1.45x	1.45x	—

Profitability & Efficiency

Operating Margin (%)

ROIC (%)

Value Creation Analysis

ROIC (%)

Cost of Capital (%)

Operational Cash Flow Analysis

Free Cash Flow (₹B)

Reinvestment (₹B)