Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post
Last Updated on: 24 February, 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

Maruti Suzuki India Ltd. Share Price Update

Share PriceValue
Today₹10,689.55
Previous Day₹10,749.60

Basic Stock Data of Maruti Suzuki India Ltd

Market Cap 3,62,086 Cr.
Current Price 11,517
High / Low11,714/8,127
Stock P/E29.7
Book Value 2,093
Dividend Yield0.77 %
ROCE14.5 %
ROE11.5 %
Face Value 5.00

Data Source: screener.in

Competitors of Maruti Suzuki India Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Mahindra & Mahindra Ltd 2,39,995 Cr. 1,9301,948/1,12321.6 4860.84 %12.7 %18.1 % 5.00
Industry Average2 Cr121.64860.84%12.7%18.1%5

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

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
Sales36,09044,30444,54250,80157,58968,08579,80986,06875,66070,37288,330117,571130,528
Expenses33,80739,94439,23243,90948,56557,66467,69275,01268,30564,96182,578106,542116,564
Operating Profit2,2834,3615,3106,8929,02410,42112,11811,0567,3555,4115,75211,02913,964
OPM %6%10%12%14%16%15%15%13%10%8%7%9%11%
Other Income1,0867977248171,4642,3992,1552,6643,4103,0461,8612,3073,616
Interest62198184218828934676134102127187210
Depreciation1,1621,8902,1162,5152,8222,6042,7603,0213,5283,0342,7892,8262,993
Profit before tax2,1453,0703,7344,9767,58510,12711,16710,6247,1035,3214,69710,32314,377
Tax %24%20%24%24%28%26%29%28%20%18%17%20%
Net Profit1,6812,4702,8543,8095,4977,5117,8817,6515,6784,3893,8808,21111,352
EPS in Rs58.1981.7494.44126.04181.98248.61260.86253.21187.90145.30128.43271.82375.78
Dividend Payout %13%10%13%20%19%30%31%32%32%31%47%33%

Maruti Suzuki India Ltd Profit & Loss Yearly Chart

YoY Net Profit Growth
Year2012-20132013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)46.94%15.55%33.46%44.32%36.64%4.93%-2.92%-25.79%-22.70%-11.60%111.62%
Change in YoY Net Profit Growth (%)0.00%-31.39%17.92%10.85%-7.68%-31.71%-7.84%-22.87%3.09%11.10%123.22%

Maruti Suzuki India Ltd Growth

Compounded Sales Growth
10 Years:10%
5 Years:8%
3 Years:16%
TTM:20%
Compounded Profit Growth
10 Years:12%
5 Years:1%
3 Years:27%
TTM:64%
Stock Price CAGR
10 Years:21%
5 Years:11%
3 Years:18%
1 Year:35%
Return on Equity
10 Years:12%
5 Years:9%
3 Years:9%
Last Year:12%

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 Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days101312886710107810
Inventory Days242120283025212022222018
Days Payable444757577065705951735450
Cash Conversion Cycle-11-14-25-20-32-33-42-29-20-44-26-22
Working Capital Days-16-7-18-26-27-33-40-29-19-47-29-23
ROCE %12%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

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Nov 2023
Promoters56.37%56.37%56.37%56.37%56.37%56.37%56.37%56.37%56.48%56.48%56.48%58.19%
FIIs23.11%22.90%22.52%23.60%22.57%21.89%21.84%21.49%21.11%21.87%21.85%20.93%
DIIs15.08%15.76%15.98%15.29%16.25%18.01%18.10%18.19%18.57%18.07%18.15%17.48%
Government0.00%0.00%0.00%0.00%0.00%0.00%0.06%0.06%0.06%0.06%0.06%0.06%
Public5.44%4.97%5.13%4.74%4.81%3.73%3.62%3.89%3.78%3.51%3.45%3.32%
No. of Shareholders4,61,3794,42,4824,63,7184,21,9124,31,8893,95,4413,92,5514,18,2884,15,1273,78,3233,68,6083,74,814

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)
Parag Parikh Flexi Cap Fund27624795.112814.11
SBI Nifty 50 ETF23908661.422435.55
ICICI Prudential Bluechip Fund21036594.32142.98
ICICI Prudential Balanced Advantage Fund19489803.671985.41
SBI S&P BSE Sensex ETF17022481.651733.45
Kotak Flexicap Fund - Regular Plan15250003.51553.5
ICICI Prudential Equity & Debt Fund12801354.181304.06
ICICI Prudential Multi Asset Fund11806593.661202.73
ICICI Prudential Flexicap Fund107874281098.9
HDFC Flexi Cap Fund - Regular Plan9500002.03967.76

Maruti Suzuki India Ltd ROCE Trend

Maruti Suzuki India Ltd EPS Trend

Maruti Suzuki India Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue5.005.005.005.005.00
Basic EPS (Rs.)271.82128.43145.30187.95253.26
Diluted EPS (Rs.)271.82128.43145.30187.95253.26
Cash EPS (Rs.)359.58215.45240.21300.91348.20
Book Value[Excl.RevalReserv]/Share (Rs.)2046.071832.231738.431636.831559.92
Book Value[Incl.RevalReserv]/Share (Rs.)2046.071832.231738.431636.831559.92
Revenue From Operations / Share (Rs.)3893.092924.832330.202505.302849.95
PBDIT / Share (Rs.)435.71246.72274.43352.55449.17
PBIT / Share (Rs.)342.14154.37173.97235.72349.14
PBT / Share (Rs.)335.95150.18170.60231.27346.63
Net Profit / Share (Rs.)266.01123.10139.74184.08248.18
NP After MI And SOA / Share (Rs.)271.89128.46145.33187.95253.28
PBDIT Margin (%)11.198.4311.7714.0715.76
PBIT Margin (%)8.785.277.469.4012.25
PBT Margin (%)8.625.137.329.2312.16
Net Profit Margin (%)6.834.205.997.348.70
NP After MI And SOA Margin (%)6.984.396.237.508.88
Return on Networth / Equity (%)13.287.018.3611.4816.24
Return on Capital Employeed (%)16.028.089.5213.6021.16
Return On Assets (%)9.705.196.158.9211.95
Total Debt / Equity (X)0.010.010.010.000.00
Asset Turnover Ratio (%)1.491.221.051.201.40
Current Ratio (X)0.570.981.150.740.87
Quick Ratio (X)0.360.770.960.460.63
Inventory Turnover Ratio (X)11.9412.0710.6310.6013.88
Dividend Payout Ratio (NP) (%)22.0735.0441.2942.5731.59
Dividend Payout Ratio (CP) (%)16.4220.3824.4126.2522.64
Earning Retention Ratio (%)77.9364.9658.7157.4368.41
Cash Earning Retention Ratio (%)83.5879.6275.5973.7577.36
Interest Coverage Ratio (X)70.3758.8581.4179.34178.72
Interest Coverage Ratio (Post Tax) (X)43.9630.3642.4542.4299.75
Enterprise Value (Cr.)251612.23225648.68204608.95129591.95201472.74
EV / Net Operating Revenue (X)2.142.552.911.712.34
EV / EBITDA (X)19.1230.2824.6912.1714.85
MarketCap / Net Operating Revenue (X)2.132.582.941.712.34
Retention Ratios (%)77.9264.9558.7057.4268.40
Price / BV (X)4.054.133.952.624.28
Price / Net Operating Revenue (X)2.132.582.941.712.34
EarningsYield0.030.010.020.040.03

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 (X)

Maruti Suzuki India Ltd Valuation Ratios

Fair Value / Intrinsic Value of Maruti Suzuki India Ltd

Fair Value: ₹7203.69

The stock is overvalued by 37.45% compared to the current price ₹11517

*Investments are subject to market risks

Strength and Weakness of Maruti Suzuki India Ltd

StrengthWeakness
  1. The stock has a high average ROCE of 16.00%, which is a positive sign.
  2. The stock has a low average Working Capital Days of -26.17, which is a positive sign.
  3. The stock has a low average Cash Conversion Cycle of -26.50, which is a positive sign.
  4. The company has higher reserves (40,056.38 cr) compared to borrowings (726.62 cr), indicating strong financial stability.
  5. The company has shown consistent growth in sales (73.00 cr) and profit (7.00 cr) over the years.
  1. The stock is trading at a high valuation with an average P/B ratio of 251.07 and average Dividend Yield of 8.63%.

Should I Buy Maruti Suzuki India Ltd Share Now?

  • Considering various financial indicators, investors might exercise caution regarding investment in Maruti Suzuki India Ltd:
    1. Net Profit Margin: 6.83%
      • 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: 16.02% (Industry Average ROCE: 12.7%)
      • 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. Interest Coverage Ratio (Post Tax): 43.96
      • 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.
    4. Quick Ratio: 0.36
      • 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.
    5. ✗ Stock P/E: 29.7 (Industry average Stock P/E: 20.5)
      • 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.
    6. ✓ Total Debt / Equity: 0.01
      • 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 suggests exercising caution. It's advisable to conduct further research or consult with financial experts before considering any investment.

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