Maruti Suzuki India Limited

NSEI:MARUTI Stock Report

Market Cap: ₹3.9t

Maruti Suzuki India Valuation

Is MARUTI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MARUTI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
₹1.38k
Fair Value
802.6% overvalued intrinsic discount
40
Number of Analysts

Below Fair Value: MARUTI (₹12453) is trading above our estimate of fair value (₹1379.72)

Significantly Below Fair Value: MARUTI is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MARUTI?

Key metric: As MARUTI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MARUTI. This is calculated by dividing MARUTI's market cap by their current earnings.
What is MARUTI's PE Ratio?
PE Ratio27x
Earnings₹145.00b
Market Cap₹3.92t

Price to Earnings Ratio vs Peers

How does MARUTI's PE Ratio compare to its peers?

The above table shows the PE ratio for MARUTI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average24.3x
M&M Mahindra & Mahindra
26x8.71%₹3.4t
500570 Tata Motors
11.5x9.48%₹2.6t
HYUNDAI Hyundai Motor India
27.1x11.00%₹1.5t
BAJAJ-AUTO Bajaj Auto
32.4x14.92%₹2.4t
MARUTI Maruti Suzuki India
27x9.52%₹3.9t

Price-To-Earnings vs Peers: MARUTI is expensive based on its Price-To-Earnings Ratio (27x) compared to the peer average (24.3x).

Price to Earnings Ratio vs Industry

How does MARUTI's PE Ratio compare vs other companies in the Asian Auto Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MARUTI 27.0xIndustry Avg. 17.8xNo. of Companies13PE01632486480+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MARUTI is expensive based on its Price-To-Earnings Ratio (27x) compared to the Asian Auto industry average (17.8x).

Price to Earnings Ratio vs Fair Ratio

What is MARUTI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MARUTI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio27x
Fair PE Ratio27.6x

Price-To-Earnings vs Fair Ratio: MARUTI is good value based on its Price-To-Earnings Ratio (27x) compared to the estimated Fair Price-To-Earnings Ratio (27.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MARUTI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹12,453.00
₹13,578.78
+9.04%
7.29%₹15,775.00₹11,100.00n/a40
May ’26₹12,257.00
₹13,626.23
+11.17%
7.24%₹15,775.00₹11,100.00n/a39
Apr ’26₹11,481.10
₹14,029.67
+22.20%
7.59%₹17,900.00₹11,900.00n/a39
Mar ’26₹11,945.85
₹13,972.45
+16.96%
7.72%₹17,900.00₹11,900.00n/a40
Feb ’26₹12,916.50
₹13,672.30
+5.85%
9.12%₹17,900.00₹11,300.00n/a40
Jan ’26₹11,208.30
₹13,347.48
+19.09%
9.82%₹16,600.00₹10,800.00n/a42
Dec ’25₹11,074.20
₹13,347.48
+20.53%
9.82%₹16,600.00₹10,800.00n/a42
Nov ’25₹11,110.00
₹13,402.33
+20.63%
9.73%₹16,600.00₹10,800.00n/a43
Oct ’25₹13,166.00
₹14,137.21
+7.38%
9.08%₹17,200.00₹11,200.00n/a42
Sep ’25₹12,403.00
₹14,099.60
+13.68%
9.34%₹17,200.00₹11,200.00n/a43
Aug ’25₹13,359.05
₹14,092.21
+5.49%
9.32%₹17,200.00₹11,200.00n/a43
Jul ’25₹12,108.65
₹13,563.40
+12.01%
10.27%₹15,800.00₹9,600.00n/a43
Jun ’25₹12,399.30
₹13,602.14
+9.70%
10.12%₹15,800.00₹9,600.00n/a42
May ’25₹12,817.50
₹13,461.17
+5.02%
10.29%₹15,533.00₹9,600.00₹12,257.0042
Apr ’25₹12,569.60
₹12,032.43
-4.27%
10.08%₹15,082.00₹8,900.00₹11,481.1042
Mar ’25₹11,620.95
₹11,967.37
+2.98%
10.12%₹15,082.00₹8,900.00₹11,945.8541
Feb ’25₹10,637.95
₹11,898.13
+11.85%
10.19%₹15,082.00₹8,900.00₹12,916.5040
Jan ’25₹10,283.30
₹11,879.75
+15.52%
10.61%₹15,082.00₹8,250.00₹11,208.3040
Dec ’24₹10,585.70
₹11,812.51
+11.59%
9.87%₹14,500.00₹8,250.00₹11,074.2039
Nov ’24₹10,227.75
₹11,699.73
+14.39%
10.62%₹14,500.00₹8,250.00₹11,110.0041
Oct ’24₹10,610.60
₹10,942.03
+3.12%
10.57%₹13,600.00₹8,250.00₹13,166.0039
Sep ’24₹10,331.25
₹10,707.54
+3.64%
9.97%₹13,200.00₹8,250.00₹12,403.0039
Aug ’24₹9,716.75
₹10,604.33
+9.13%
11.53%₹13,200.00₹6,750.00₹13,359.0542
Jul ’24₹9,789.05
₹10,235.39
+4.56%
13.14%₹13,700.00₹6,750.00₹12,108.6541
Jun ’24₹9,328.30
₹10,229.59
+9.66%
13.14%₹13,700.00₹6,750.00₹12,399.3041
May ’24₹8,589.55
₹10,244.19
+19.26%
13.00%₹13,700.00₹6,750.00₹12,817.5042
AnalystConsensusTarget
Consensus Narrative from 40 Analysts
₹13.58k
Fair Value
8.3% undervalued intrinsic discount
40
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/23 18:28
End of Day Share Price 2025/05/23 00:00
Earnings2025/03/31
Annual Earnings2025/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Maruti Suzuki India Limited is covered by 90 analysts. 40 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Piyush ParagAlmondz Global Securities Ltd
Nitin BhasinAmbit Capital
Jinesh GandhiAmbit Capital