Financials Maruti Suzuki India Ltd

Equities

MARUTI

INE585B01010

Auto & Truck Manufacturers

Market Closed - NSE India S.E. 12:40:30 29/05/2024 BST 5-day change 1st Jan Change
12,789 INR -0.23% Intraday chart for Maruti Suzuki India Ltd +2.53% +24.13%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,015,644 1,295,410 2,072,028 2,284,118 2,504,893 4,020,784 - -
Enterprise Value (EV) 1 1,645,237 926,551 1,622,275 1,856,479 2,504,893 3,919,089 3,363,874 3,296,378
P/E ratio 26.9 x 22.9 x 49 x 60.6 x 31.1 x 29.2 x 26.9 x 24.1 x
Yield 1.2% 1.4% 0.66% 0.79% 1.09% 0.99% 1.14% 1.26%
Capitalization / Revenue 2.34 x 1.71 x 2.95 x 2.59 x 2.13 x 2.81 x 2.6 x 2.32 x
EV / Revenue 1.91 x 1.23 x 2.31 x 2.1 x 2.13 x 2.78 x 2.17 x 1.91 x
EV / EBITDA 15 x 12.7 x 30.3 x 32.6 x 22.8 x 28.6 x 17.7 x 15.3 x
EV / FCF 86.9 x 438 x 24.2 x -131 x 80.5 x 46.4 x 40.2 x 31.4 x
FCF Yield 1.15% 0.23% 4.13% -0.76% 1.24% 2.15% 2.49% 3.18%
Price to Book 4.37 x 2.67 x 4.03 x 4.22 x 4.15 x 5.38 x 4.24 x 3.81 x
Nbr of stocks (in thousands) 302,080 302,080 302,080 302,080 302,080 314,403 - -
Reference price 2 6,673 4,288 6,859 7,561 8,292 12,789 12,789 12,789
Announcement Date 25/04/19 13/05/20 27/04/21 30/04/22 26/04/23 26/04/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 860,203 756,106 703,325 882,956 1,175,229 1,409,326 1,547,137 1,729,624
EBITDA 1 109,993 73,026 53,453 57,012 110,077 136,810 190,027 215,797
EBIT 1 79,804 37,769 23,138 29,147 81,844 133,788 154,274 172,915
Operating Margin 9.28% 5% 3.29% 3.3% 6.96% 9.49% 9.97% 10%
Earnings before Tax (EBT) 1 104,656 70,648 51,594 45,823 101,591 170,404 192,284 215,029
Net income 1 75,006 56,506 42,297 37,663 80,492 132,094 148,897 165,933
Net margin 8.72% 7.47% 6.01% 4.27% 6.85% 9.37% 9.62% 9.59%
EPS 2 248.3 187.1 140.0 124.7 266.5 431.1 476.0 531.2
Free Cash Flow 1 18,932 2,115 67,072 -14,145 31,126 84,401 83,774 104,862
FCF margin 2.2% 0.28% 9.54% -1.6% 2.65% 5.99% 5.41% 6.06%
FCF Conversion (EBITDA) 17.21% 2.9% 125.48% - 28.28% 61.69% 44.09% 48.59%
FCF Conversion (Net income) 25.24% 3.74% 158.57% - 38.67% 63.89% 56.26% 63.2%
Dividend per Share 2 80.00 60.00 45.00 60.00 90.00 125.0 146.1 161.4
Announcement Date 25/04/19 13/05/20 27/04/21 30/04/22 26/04/23 26/04/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2019 S1 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 448,926 367,051 234,578 240,237 177,707 205,389 232,460 267,400 264,998 299,308 290,443 320,480 323,269 369,179 336,316 386,013 356,569
EBITDA 1 67,824 36,541 22,261 19,911 8,211 8,549 15,590 24,268 19,121 27,689 28,331 33,503 29,830 40,765 38,598 50,775 42,881
EBIT 1 - 18,094 14,848 12,501 779 988 9,190 17,796 12,607 20,463 21,230 26,111 22,355 34,087 31,776 40,457 36,013
Operating Margin - 4.93% 6.33% 5.2% 0.44% 0.48% 3.95% 6.66% 4.76% 6.84% 7.31% 8.15% 6.92% 9.23% 9.45% 10.48% 10.1%
Earnings before Tax (EBT) 1 - - 24,498 13,075 5,635 5,990 12,218 21,980 13,218 26,283 29,542 32,548 31,902 41,500 38,143 50,142 52,921
Net income 1 42,157 27,941 19,414 11,661 4,408 4,753 10,113 18,389 10,128 20,615 23,513 26,236 24,851 31,884 29,958 39,490 35,773
Net margin 9.39% 7.61% 8.28% 4.85% 2.48% 2.31% 4.35% 6.88% 3.82% 6.89% 8.1% 8.19% 7.69% 8.64% 8.91% 10.23% 10.03%
EPS 2 - 92.50 64.27 38.60 14.59 15.73 33.48 60.87 33.53 68.24 77.84 86.85 82.27 108.6 97.90 129.3 -
Dividend per Share 2 - - - 45.00 - - - 60.00 - - - 90.00 - - - - -
Announcement Date 25/10/18 24/10/19 28/01/21 27/04/21 28/07/21 27/10/21 25/01/22 30/04/22 27/07/22 28/10/22 24/01/23 26/04/23 31/07/23 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 370,407 368,859 449,753 427,639 - 42,493 656,910 724,407
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 18,932 2,115 67,072 -14,145 31,126 84,401 83,774 104,862
ROE (net income / shareholders' equity) 17.1% 11.9% 8.48% 7.14% 14.1% 18.3% 16.6% 16.6%
ROA (Net income/ Total Assets) 12.3% 9.01% 6.38% 5.25% 10.3% 13.7% 12% 13.3%
Assets 1 611,510 627,420 663,097 717,776 782,865 967,318 1,236,069 1,248,277
Book Value Per Share 2 1,528 1,604 1,701 1,793 1,999 2,376 3,017 3,358
Cash Flow per Share 2 218.0 113.0 293.0 59.30 305.0 352.0 614.0 680.0
Capex 1 47,447 31,936 21,316 32,057 61,154 67,269 90,956 83,297
Capex / Sales 5.52% 4.22% 3.03% 3.63% 5.2% 4.77% 5.88% 4.82%
Announcement Date 25/04/19 13/05/20 27/04/21 30/04/22 26/04/23 26/04/24 - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

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