Financials Maruti Suzuki India Ltd

Equities

MARUTI

INE585B01010

Auto & Truck Manufacturers

Market Closed - NSE India S.E. Other stock markets 12:49:40 20/06/2025 BST			5-day change	1st Jan Change
12,791.00 ^INR	-0.12%		+3.09%	+17.80%

06-20	Indian Equities Rise as RBI Eases Project Finance Norms	MT
06-17	Maruti Suzuki India Launches 2025 Grand Vitara S-CNG	MT

Projected Income Statement: Maruti Suzuki India Ltd

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	756,106	703,325	882,956	1,175,229	1,409,326	1,519,001	1,673,398	1,858,510
Change	-	-6.98%	25.54%	33.1%	19.92%	7.78%	10.16%	11.06%
EBITDA ¹	73,026	53,453	57,012	110,077	164,011	177,852	195,317	221,359
Change	-	-26.8%	6.66%	93.08%	49%	8.44%	9.82%	13.33%
EBIT ¹	37,769	23,138	29,147	81,844	133,788	146,259	154,881	176,302
Change	-	-38.74%	25.97%	180.8%	63.47%	9.32%	5.89%	13.83%
Interest Paid ¹	-1,329	-1,008	-1,259	-1,870	-1,932	-1,931	-2,037	-2,016
Earnings before Tax (EBT) ¹	70,648	51,594	45,823	101,591	170,404	191,832	205,461	231,191
Change	-	-26.97%	-11.19%	121.7%	67.74%	12.57%	7.1%	12.52%
Net income ¹	56,506	42,297	37,663	80,492	132,094	139,552	157,164	176,702
Change	-	-25.15%	-10.96%	113.72%	64.11%	5.65%	12.62%	12.43%
Announcement Date	13/05/20	27/04/21	30/04/22	26/04/23	26/04/24	25/04/25	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	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	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	197,198	169,853	207,068	181,987	41,065	187,445	234,578	240,237	177,707	205,389	232,460	267,400	264,998	299,308	290,443	320,480	323,269	370,621	333,087	382,349	355,314	370,897	386,855	410,935	377,892	402,330	437,966	465,303
Change	-	-13.87%	21.91%	-12.11%	-77.44%	356.46%	25.14%	2.41%	-26.03%	15.58%	13.18%	15.03%	-0.9%	12.95%	-2.96%	10.34%	0.87%	14.65%	-10.13%	14.79%	-7.07%	4.39%	4.3%	6.22%	-8.04%	6.47%	8.86%	6.24%
EBITDA ¹	20,478	16,063	21,021	15,464	-8,634	19,336	22,261	19,911	8,211	8,549	15,590	24,268	19,121	27,689	28,331	33,503	29,830	47,842	39,079	46,850	45,023	47,047	45,520	49,397	39,404	43,143	49,592	54,076
Change	-	-21.56%	30.87%	-26.44%	-155.83%	323.95%	15.13%	-10.56%	-58.76%	4.12%	82.36%	55.66%	-21.21%	44.81%	2.32%	18.26%	-10.96%	60.38%	-18.32%	19.89%	-3.9%	4.5%	-3.25%	8.52%	-20.23%	9.49%	14.95%	9.04%
EBIT ¹	11,292	6,802	12,441	7,234	-16,467	11,677	14,848	12,501	779	988	9,190	17,796	12,607	20,463	21,230	26,111	22,355	39,901	31,562	39,560	37,713	39,975	37,371	39,584	32,968	37,548	41,834	44,195
Change	-	-39.76%	82.9%	-41.85%	-327.63%	170.91%	27.16%	-15.81%	-93.77%	26.83%	830.16%	93.65%	-29.16%	62.31%	3.75%	22.99%	-14.38%	78.49%	-20.9%	25.34%	-4.67%	6%	-6.51%	5.92%	-16.72%	13.89%	11.41%	5.64%
Charge d'intérêts ¹	-547	-282	-	-283	-173	-224	-287	-324	-222	-225	-	-	-	-305	-296	-992	-465	-351	-354	-762	-573	-503	-501.5	-451.5	-400	-400	-400	-400
Earnings before Tax (EBT) ¹	19,109	15,720	20,064	15,755	-3,457	17,478	24,498	13,075	5,635	5,990	12,218	21,980	13,218	26,283	29,542	32,548	31,902	47,986	40,538	49,978	46,891	48,750	48,527	49,990	43,311	45,364	51,011	55,473
Change	-	-17.74%	27.63%	-21.48%	-121.94%	605.58%	40.16%	-46.63%	-56.9%	6.3%	103.97%	79.9%	-39.86%	98.84%	12.4%	10.18%	-1.98%	50.42%	-15.52%	23.29%	-6.18%	3.96%	-0.46%	3.01%	-13.36%	4.74%	12.45%	8.75%
Net income ¹	14,355	13,586	15,648	12,917	-2,494	13,716	19,414	11,661	4,408	4,753	10,113	18,389	10,128	20,615	23,513	26,236	24,851	37,165	31,300	38,778	36,499	37,339	36,478	38,598	35,408	36,204	38,392	40,121
Change	-	-5.36%	15.18%	-17.45%	-119.31%	649.96%	41.54%	-39.94%	-62.2%	7.83%	112.77%	81.84%	-44.92%	103.54%	14.06%	11.58%	-5.28%	49.55%	-15.78%	23.89%	-5.88%	2.3%	-2.31%	5.81%	-8.26%	2.25%	6.04%	4.5%
Announcement Date	26/07/19	24/10/19	28/01/20	13/05/20	29/07/20	29/10/20	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	27/10/23	31/01/24	26/04/24	31/07/24	-	-	-	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Maruti Suzuki India Ltd

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-368,859	-449,753	-427,639	-	-42,493	-59,304	-759,827	-833,271
Change	-	-21.93%	4.92%	-	-	-39.56%	-9.83%	-9.67%
Announcement Date	13/05/20	27/04/21	30/04/22	26/04/23	26/04/24	25/04/25	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Maruti Suzuki India Ltd

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	31,936	21,316	32,057	61,154	67,269	83,486	89,651	90,895
Change	-	-33.25%	50.39%	90.77%	10%	24.11%	2.15%	1.39%
Free Cash Flow (FCF) ¹	2,115	67,072	-14,145	31,126	84,401	56,638	90,416	110,895
Change	-	3,071.25%	-121.09%	320.05%	171.16%	-32.89%	39.1%	22.65%
Announcement Date	13/05/20	27/04/21	30/04/22	26/04/23	26/04/24	25/04/25	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Maruti Suzuki India Ltd

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	9.66%	7.6%	6.46%	9.37%	11.64%	11.71%	11.67%	11.91%
EBIT Margin (%)	5%	3.29%	3.3%	6.96%	9.49%	9.63%	9.26%	9.49%
EBT Margin (%)	9.34%	7.34%	5.19%	8.64%	12.09%	12.63%	12.28%	12.44%
Net margin (%)	7.47%	6.01%	4.27%	6.85%	9.37%	9.19%	9.39%	9.51%
FCF margin (%)	0.28%	9.54%	-1.6%	2.65%	5.99%	3.73%	5.4%	5.97%
FCF / Net Income (%)	3.74%	158.57%	-37.56%	38.67%	63.89%	40.59%	57.53%	62.76%
Profitability
ROA	9.01%	6.38%	5.25%	10.28%	13.66%	11.83%	10.43%	10.98%
ROE	11.95%	8.48%	7.14%	14.06%	18.3%	15.68%	15.65%	15.76%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.22%	3.03%	3.63%	5.2%	4.77%	5.5%	5.36%	4.89%
CAPEX / EBITDA (%)	43.73%	39.88%	56.23%	55.56%	41.01%	46.94%	45.9%	41.06%
CAPEX / FCF (%)	1,509.98%	31.78%	-226.63%	196.47%	79.7%	147.4%	99.15%	81.96%
Items per share
Cash flow per share ¹	112.7	292.6	59.3	305.5	351.8	445.7	590	675.9
Change	-	159.57%	-79.73%	415.18%	15.17%	26.67%	12.36%	14.56%
Dividend per Share ¹	60	45	60	90	125	135	154.3	175.8
Change	-	-25%	33.33%	50%	38.89%	8%	6.77%	13.92%
Book Value Per Share ¹	1,604	1,701	1,793	1,999	2,671	2,991	3,319	3,706
Change	-	6.05%	5.42%	11.51%	33.59%	11.99%	10.69%	11.64%
EPS ¹	187.1	140	124.7	266.5	431.1	443.9	500.4	562.6
Change	-	-25.15%	-10.96%	113.72%	61.78%	2.96%	8.77%	12.44%
Nbr of stocks (in thousands)	302,080	302,080	302,080	302,080	314,403	314,403	314,403	314,403
Announcement Date	13/05/20	27/04/21	30/04/22	26/04/23	26/04/24	25/04/25	-	-