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Last Updated on: 23 June, 2024|Author: Getaka | Social: X Twitter Profile
Stock Ticker - BSE: 532500 | NSE: MARUTI

Fundamental Analysis of Maruti Suzuki India Ltd

About the Company - Maruti Suzuki India Ltd

Maruti Suzuki India Ltd. is a Public Limited Listed company incorporated on 24/02/1981 and has its registered office in the State of Delhi, India. Company’s Corporate Identification Number(CIN) is L34103DL1981PLC011375 and registration number is 011375. Currently Company is involved in the business activities of Sale of motor vehicle parts and accessories. Company’s Total Operating Revenue is Rs. 88295.60 Cr. and Equity Capital is Rs. 151.00 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Auto - Cars & Jeeps1, Nelson Mandela Road, Vasant Kunj, New Delhi Delhi 110070investor@maruti.co.in
http://www.marutisuzuki.com
Management
NamePosition Held
Mr. R C BhargavaChairman
Mr. Kenichi AyukawaDirector
Mr. Hisashi TakeuchiManaging Director & CEO
Mr. D S BrarIndependent Director
Mr. R P SinghIndependent Director
Ms. Lira GoswamiIndependent Director
Mr. Maheswar SahuIndependent Director
Mr. O SuzukiDirector
Mr. T SuzukiDirector
Mr. Kenichiro ToyofukuDirector - Corporate
Mr. Kinji SaitoDirector

Basic Stock Data of Maruti Suzuki India Ltd

Last Updated: June 22, 2024, 10:35 pm

Market Cap 3,83,618 Cr.
Current Price 12,202
High / Low13,074/9,254
Stock P/E28.4
Book Value 2,724
Dividend Yield0.74 %
ROCE23.7 %
ROE18.3 %
Face Value 5.00
PEG Ratio1.75

Competitors of Maruti Suzuki India Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Mahindra & Mahindra Ltd 3,53,156 Cr. 2,8403,014/1,37031.3 5320.74 %13.7 %18.4 % 5.00
Industry Average353,156.00 Cr2,840.0031.30532.000.74%13.70%18.40%5.00

Maruti Suzuki India Ltd Quarterly Results

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales23,47124,03417,77620,55123,25326,74926,51229,94229,25132,06032,33837,33933,513
Expenses21,24422,04016,95819,69421,69124,32024,59727,17225,87828,70829,35332,02229,073
Operating Profit2,2281,9958198571,5622,4291,9152,7713,3733,3522,9855,3184,440
OPM %9%8%5%4%7%9%7%9%12%10%9%14%13%
Other Income1,0541635445323555141126628937911,0419521,053
Interest29332223255628313099463536
Depreciation7427427447576416486527231,2097407481,3421,302
Profit before tax2,5101,3845966101,2522,2391,3472,6793,0273,3043,2314,8924,156
Tax %20%10%20%20%17%16%23%21%21%19%22%23%23%
Net Profit1,9971,2414754871,0421,8761,0362,1122,4062,6712,5253,7863,207
EPS in Rs66.1041.0915.7216.1234.4962.1034.3069.9379.6588.4183.59125.33102.00

Last Updated: June 5, 2024, 11:01 am

Maruti Suzuki India Ltd Quarterly Chart

Maruti Suzuki India Ltd Profit & Loss

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales36,09044,30444,54250,80157,58968,08579,80986,06875,66070,37288,330117,571135,250
Expenses33,80739,94439,23243,90948,56557,66467,69275,01268,30564,96182,578106,542119,156
Operating Profit2,2834,3615,3106,8929,02410,42112,11811,0567,3555,4115,75211,02916,094
OPM %6%10%12%14%16%15%15%13%10%8%7%9%12%
Other Income1,0867977248171,4642,3992,1552,6643,4103,0461,8612,3073,836
Interest62198184218828934676134102127187217
Depreciation1,1621,8902,1162,5152,8222,6042,7603,0213,5283,0342,7892,8264,131
Profit before tax2,1453,0703,7344,9767,58510,12711,16710,6247,1035,3214,69710,32315,583
Tax %24%20%24%24%28%26%29%28%20%18%17%20%
Net Profit1,6812,4702,8543,8095,4977,5117,8817,6515,6784,3893,8808,21112,189
EPS in Rs58.1981.7494.44126.04181.98248.61260.86253.21187.90145.30128.43271.82399.33
Dividend Payout %13%10%13%20%19%30%31%32%32%31%47%33%

Maruti Suzuki India Ltd Profit & Loss Yearly Chart

Maruti Suzuki India Ltd Growth

Compounded Sales Growth
10 Years:12%
5 Years:11%
3 Years:26%
TTM:21%
Compounded Profit Growth
10 Years:18%
5 Years:18%
3 Years:45%
TTM:100%
Stock Price CAGR
10 Years:18%
5 Years:14%
3 Years:23%
1 Year:35%
Return on Equity
10 Years:13%
5 Years:11%
3 Years:12%
Last Year:18%

Last Updated: June 17, 2024, 2:53 pm

Maruti Suzuki India Ltd Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital144151151151151151151151151151151151151
Reserves15,53018,87721,34524,16730,46536,92442,40846,94149,26252,35055,18261,64065,642
Borrowings1,4211,5692,0046662314841211601845414261,247392
Other Liabilities6,0046,9207,9759,49211,87914,40217,56816,71714,03118,33518,89621,55824,291
Total Liabilities23,09927,51731,47634,47742,72651,96060,24863,96963,62871,37674,65684,59790,477
Fixed Assets7,74610,02211,03412,49012,53013,31113,38915,43715,74414,98913,74717,83018,838
CWIP9431,9662,6401,8901,0071,2522,1321,6071,4151,4972,9362,9042,632
Investments6,5457,42110,52713,29820,67629,15136,12337,50437,48842,94542,03549,18452,847
Other Assets7,8668,1077,2756,8008,5138,2478,6049,4218,98011,94615,93714,67816,159
Total Assets23,09927,51731,47634,47742,72651,96060,24863,96963,62871,37674,65684,59790,477

Maruti Suzuki India Ltd Reserves and Borrowings Chart

Maruti Suzuki India Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 2,6554,0594,9956,4498,48210,28211,7886,6013,4968,8561,8409,251
Cash from Investing Activity -3,181-3,119-4,997-4,491-7,230-9,173-8,302-3,540-557-7,291-239-8,036
Cash from Financing Activity 610-979-74-2,004-1,237-1,129-3,436-2,948-3,104-1,545-1,607-1,213
Net Cash Flow84-39-76-4516-2050113-16520-62

Maruti Suzuki India Ltd Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow1.003.003.00-660.00-222.00-474.00-109.00-149.00-177.00-536.00-421.0010.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Maruti Suzuki India Ltd Free Cash Flow Chart

Maruti Suzuki India Ltd Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days131288671010781012
Inventory Days212028302521202222201819
Days Payable475757706570595173545062
Cash Conversion Cycle-14-25-20-32-33-42-29-20-44-26-22-31
Working Capital Days-7-18-26-27-33-40-29-19-47-29-23-16
ROCE %15%16%19%23%24%24%19%9%11%6%14%

Maruti Suzuki India Ltd Financial Efficiency Indicators Chart

Maruti Suzuki India Ltd Share Holding Pattern

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Promoters56.37%56.37%56.37%56.37%56.37%56.37%56.37%56.48%56.48%56.48%58.19%58.19%
FIIs22.90%22.52%23.60%22.57%21.89%21.84%21.49%21.11%21.87%21.85%20.60%19.64%
DIIs15.76%15.98%15.29%16.25%18.01%18.10%18.19%18.57%18.07%18.15%17.64%18.86%
Government0.00%0.00%0.00%0.00%0.00%0.06%0.06%0.06%0.06%0.06%0.06%0.06%
Public4.97%5.13%4.74%4.81%3.73%3.62%3.89%3.78%3.51%3.45%3.50%3.24%
No. of Shareholders4,42,4824,63,7184,21,9124,31,8893,95,4413,92,5514,18,2884,15,1273,78,3233,68,6083,87,7673,64,375

Maruti Suzuki India Ltd Shareholding Pattern Chart

No. of Maruti Suzuki India Ltd Shareholders

Maruti Suzuki India Ltd Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Parag Parikh Flexi Cap Fund2,762,4795.112814.111,702,2482024-06-2162.28%
SBI Nifty 50 ETF2,390,8661.422435.551,702,2482024-06-2140.45%
ICICI Prudential Bluechip Fund2,103,6594.32142.981,702,2482024-06-2123.58%
ICICI Prudential Balanced Advantage Fund1,948,9803.671985.411,702,2482024-06-2114.49%
SBI S&P BSE Sensex ETF1,702,2481.651733.451,702,2482024-06-210%
Kotak Flexicap Fund - Regular Plan1,525,0003.51553.51,702,2482024-06-21-10.41%
ICICI Prudential Equity & Debt Fund1,280,1354.181304.061,702,2482024-06-21-24.8%
ICICI Prudential Multi Asset Fund1,180,6593.661202.731,702,2482024-06-21-30.64%
ICICI Prudential Flexicap Fund1,078,74281098.91,702,2482024-06-21-36.63%
HDFC Flexi Cap Fund - Regular Plan950,0002.03967.761,702,2482024-06-21-44.19%

Maruti Suzuki India Ltd ROCE Trend

Maruti Suzuki India Ltd EPS Trend

Maruti Suzuki India Ltd Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue5.005.005.005.005.00
Basic EPS (Rs.)429.01271.82128.43145.30187.95
Diluted EPS (Rs.)429.01271.82128.43145.30187.95
Cash EPS (Rs.)588.10359.58215.45240.21300.91
Book Value[Excl.RevalReserv]/Share (Rs.)2723.792046.071832.231738.431636.83
Book Value[Incl.RevalReserv]/Share (Rs.)2723.792046.071832.231738.431636.83
Revenue From Operations / Share (Rs.)4512.033893.092924.832330.202505.30
PBDIT / Share (Rs.)719.46435.71246.72274.43352.55
PBIT / Share (Rs.)552.29342.14154.37173.97235.72
PBT / Share (Rs.)546.13335.95150.18170.60231.27
Net Profit / Share (Rs.)420.93266.01123.10139.74184.08
NP After MI And SOA / Share (Rs.)429.01271.89128.46145.33187.95
PBDIT Margin (%)15.9411.198.4311.7714.07
PBIT Margin (%)12.248.785.277.469.40
PBT Margin (%)12.108.625.137.329.23
Net Profit Margin (%)9.326.834.205.997.34
NP After MI And SOA Margin (%)9.506.984.396.237.50
Return on Networth / Equity (%)15.7513.287.018.3611.48
Return on Capital Employeed (%)19.4216.028.089.5213.60
Return On Assets (%)11.699.705.196.158.92
Total Debt / Equity (X)0.000.010.010.010.00
Asset Turnover Ratio (%)1.421.491.221.051.20
Current Ratio (X)0.870.570.981.150.74
Quick Ratio (X)0.660.360.770.960.46
Inventory Turnover Ratio (X)16.4411.9412.0710.6310.60
Dividend Payout Ratio (NP) (%)0.0022.0735.0441.2942.57
Dividend Payout Ratio (CP) (%)0.0016.4220.3824.4126.25
Earning Retention Ratio (%)0.0077.9364.9658.7157.43
Cash Earning Retention Ratio (%)0.0083.5879.6275.5973.75
Interest Coverage Ratio (X)116.8470.3758.8581.4179.34
Interest Coverage Ratio (Post Tax) (X)69.3643.9630.3642.4542.42
Enterprise Value (Cr.)393761.56251612.23225648.68204608.95129591.95
EV / Net Operating Revenue (X)2.782.142.552.911.71
EV / EBITDA (X)17.4119.1230.2824.6912.17
MarketCap / Net Operating Revenue (X)2.802.132.582.941.71
Retention Ratios (%)0.0077.9264.9558.7057.42
Price / BV (X)4.634.054.133.952.62
Price / Net Operating Revenue (X)2.802.132.582.941.71
EarningsYield0.030.030.010.020.04

Maruti Suzuki India Ltd Profitability Ratios (%)

Maruti Suzuki India Ltd Liquidity Ratios

Maruti Suzuki India Ltd Liquidity Ratios (%)

Maruti Suzuki India Ltd Interest Coverage Ratios (%)

Maruti Suzuki India Ltd Valuation Ratios

Fair Value

Fair Value: 14,261.94

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

Undervalued: 16.88% compared to the current price 12202

Intrinsic Value: 16,582.86

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 35.90% compared to the current price ₹12202

Last 5 Year EPS CAGR: 16.27%

*Investments are subject to market risks

Strength and Weakness of Maruti Suzuki India Ltd Stock

StrengthWeakness
  1. The stock has a low average Working Capital Days of -26.17, which is a positive sign.
  2. The stock has a low average Cash Conversion Cycle of -28.17, which is a positive sign.
  3. The company has higher reserves (40,056.38 cr) compared to borrowings (726.62 cr), indicating strong financial stability.
  4. The company has shown consistent growth in sales (73.00 cr) and profit (7.00 cr) over the years.
  1. The stock has a low average ROCE of 15.00%, which may not be favorable.

Should I Buy Maruti Suzuki India Ltd Share Now?

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Maruti Suzuki India Ltd:
    1. Net Profit Margin: 9.32%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 19.42% (Industry Average ROCE: 23.7%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 15.75% (Industry Average ROE: 18.3%)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 69.36
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 0.66
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 28.4 (Industry average Stock P/E: 30)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 0.00
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

FAQ

What is the latest fair value of Maruti Suzuki India Ltd?

The latest fair value of Maruti Suzuki India Ltd is ₹14261.94.

What is the Market Cap of Maruti Suzuki India Ltd?

The Market Cap of Maruti Suzuki India Ltd is 3,83,618 Cr..

What is the current Stock Price of Maruti Suzuki India Ltd as on 23 June 2024?

The current stock price of Maruti Suzuki India Ltd as on 23 June 2024 is ₹12,202.

What is the High / Low of Maruti Suzuki India Ltd stocks in FY 2024?

In FY 2024, the High / Low of Maruti Suzuki India Ltd stocks is 13,074/9,254.

What is the Stock P/E of Maruti Suzuki India Ltd?

The Stock P/E of Maruti Suzuki India Ltd is 28.4.

What is the Book Value of Maruti Suzuki India Ltd?

The Book Value of Maruti Suzuki India Ltd is 2,724.

What is the Dividend Yield of Maruti Suzuki India Ltd?

The Dividend Yield of Maruti Suzuki India Ltd is 0.74 %.

What is the ROCE of Maruti Suzuki India Ltd?

The ROCE of Maruti Suzuki India Ltd is 23.7 %.

What is the ROE of Maruti Suzuki India Ltd?

The ROE of Maruti Suzuki India Ltd is 18.3 %.

What is the Face Value of Maruti Suzuki India Ltd?

The Face Value of Maruti Suzuki India Ltd is 5.00.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Maruti Suzuki India Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE