The highest exported models during the period were Fronx, Jimny, Baleno, Swift and Dzire, with the top five export markets being South Africa, Saudi Arabia, Chile, Japan and Mexico.

Maruti Suzuki India Ltd, a subsidiary of Suzuki Motor Corporation, Japan, is one of the leading automobile companies and India’s largest passenger car maker. The company is credited with ushering in the automobile revolution in India with the launch of the iconic Maruti 800 car in 1983. Today, the company offers a vast portfolio of 16 car models with over 150 variants. The company has a diverse product range – from entry level small cars like Alto 800, Alto K10 to the luxury sedan Ciaz.

In addition, the company is engaged in facilitation of pre-owned car sales fleet management and car financing business. Maruti Suzuki produces vehicles from its manufacturing facilities in Gurgaon and Manesar in Haryana and has got a state-of-the-art R&D center in Rohtak, Haryana. Domestic sales contributed 83% of the total sales volumes in Q3 25, and exports made up the remaining 17%.

Unveiling of first electric SUV

With a focus on creating Electric Eco-Solutions for customers, the company has come up with ‘“e for me” initiative. Accordingly, it plans to offer smart home chargers along with installation support, provide fast charging support in the top 100 cities in the first phase and prepare 1,500 EV enabled service workshops covering over 1,000 cities.

Increased interest and demand for EVs resulted in Maruti Suzuki unveiling its first electric SUV ‘e Vitara’ at the Bharat Mobility Global Expo 2025. Based on the new HEARTECT-e platform, the e VITARA offers robust performance and excellent range, driven by efficient battery pack options that deliver over 500km for 61kWh on a single charge. In addition, the model is equipped with advanced technology and safety features including 7 airbags as standard across the range, Level 2 ADAS, Next-Gen Suzuki Connect with over 60 features and advance structural design with energy absorbing battery pack mounting structure for enhanced safety.

The company anticipates solid export potential to over 100 countries, with Maruti Suzuki being the exclusive manufacturer of the strategic EV.

Sales volume growth in Q3 25

Maruti Suzuki’s sales volume rose 13% y/y to 566,213 units in Q3 25, driving net sales by 15.5% to INR368bn. Operating income increased by 16.1% to INR36.7bn, with margins remaining broadly flat at around 10%, supported by favorable operating leverage and offset by higher sales promotion expenses. Net profit increased by 12.6% to INR35.3bn.

Domestic sales accounted for 466,993 vehicle units, reflecting an increase of 8.7%; exports jumped 38.2% to 99,220 units, driven by high demand for select models. Domestic sales increased on the back of a surge in sales of UVs and mid-sized vehicles by 20.2% and 17.6% respectively.

Rise in cash position

Maruti Suzuki posted a decent revenue CAGR of 10.5% over FY 19-24, reaching INR1,419bn. Operating income grew in sync at a CAGR of 10.2% to INR134bn, with margins remaining broadly flat at 9.4% in FY 24, compared to 9.5% in FY 19. As a result, net income rose at a CAGR of 12% to INR135bn in FY 24.

The group reported a big increase in its cash reserves over the same time, reaching over 14x to INR26.6bn as of end-FY 24 from INR1.9bn as of end-FY 19, helped by robust cash inflow from operations.

In comparison, Mahindra & Mahindra, a local peer, posted a modest revenue CAGR of 5.9% over the same period, reaching INR1,409bn in FY 24. However, operating income rose at a CAGR of 12.9% to INR222bn in FY 24.

Comfortable valuation levels

Over the past 12 months, the company's stock has reported muted performance, falling approximately 6%. In comparison, Mahindra & Mahindra outperformed with returns of 38%. In addition, the company paid an annual dividend of INR125 in FY 24, resulting in a dividend yield of 1%. Moreover, analysts expect an average dividend yield of 1.4% over the next three years.

The company is trading lower compared to its historical average and Mahindra & Mahindra. Maruti Suzuki is currently trading at a P/E of 25.6x, based on FY 25 estimated EPS of INR459.2, which is lower than its 3-year historical average of 40.3x and that of Mahindra & Mahindra (27.9x).

Likewise, the company is currently trading at an EV/EBITDA of 16.3x, based on the FY 25 estimated EBITDA of INR183.5bn, which is lower than its 3-year historical average of 26.4x and Mahindra & Mahindra’s 17.9x.

Analysts anticipate an EBITDA CAGR of 12.2% over the period FY 24-27, reaching INR232.3bn, with margins of 12.3% in FY 27. In addition, analysts estimate net profit CAGR of 11.7%, reaching INR184.2bn with margins of 9.8% in FY 27, with EPS expected to increase to INR586.4 in FY 27 from INR431.1 in FY 24. Likewise, analysts estimate an EBITDA CAGR of 18.2% and net profit CAGR of 13.3% for Mahindra & Mahindra.

Maruti Suzuki appears poised to continue with its leadership position in the Indian automobile landscape, supported by rising exports, positive fundamental trajectory, and strong balance sheet position. Moreover, the expected introduction of ‘e Vitara’ into the market is expected to segment sales in the future. However, the company is prone to few risks including intense competition, change in consumer preferences, inflation and input cost risks.