Maruti Suzuki India Limited

NSEI:MARUTI Stock Report

Market Cap: ₹3.4t

Maruti Suzuki India Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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.

Below Fair Value: MARUTI (₹10861.5) is trading above our estimate of fair value (₹1614.71)

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 Ratio24.4x
Earnings₹140.21b
Market Cap₹3.45t

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 Average24.2x
M&M Mahindra & Mahindra
27.6x11.0%₹3.3t
500570 Tata Motors
8.5x1.0%₹2.9t
HYUNDAI Hyundai Motor India
24.9x9.9%₹1.5t
BAJAJ-AUTO Bajaj Auto
36x16.5%₹2.7t
MARUTI Maruti Suzuki India
24.4x10.5%₹3.4t

Price-To-Earnings vs Peers: MARUTI is expensive based on its Price-To-Earnings Ratio (24.4x) compared to the peer average (24.2x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
MARUTI 24.4xIndustry Avg. 17.8xNo. of Companies9PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MARUTI is expensive based on its Price-To-Earnings Ratio (24.4x) 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 Ratio24.4x
Fair PE Ratio31.9x

Price-To-Earnings vs Fair Ratio: MARUTI is good value based on its Price-To-Earnings Ratio (24.4x) compared to the estimated Fair Price-To-Earnings Ratio (31.9x).

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₹10,861.50
₹13,342.28
+22.8%
9.7%₹16,600.00₹10,800.00n/a43
Nov ’25₹11,110.00
₹13,402.33
+20.6%
9.7%₹16,600.00₹10,800.00n/a43
Oct ’25₹13,166.00
₹14,137.21
+7.4%
9.1%₹17,200.00₹11,200.00n/a42
Sep ’25₹12,403.00
₹14,099.60
+13.7%
9.3%₹17,200.00₹11,200.00n/a43
Aug ’25₹13,359.05
₹14,092.21
+5.5%
9.3%₹17,200.00₹11,200.00n/a43
Jul ’25₹12,108.65
₹13,563.40
+12.0%
10.3%₹15,800.00₹9,600.00n/a43
Jun ’25₹12,399.30
₹13,602.14
+9.7%
10.1%₹15,800.00₹9,600.00n/a42
May ’25₹12,817.50
₹13,461.17
+5.0%
10.3%₹15,533.00₹9,600.00n/a42
Apr ’25₹12,569.60
₹12,032.43
-4.3%
10.1%₹15,082.00₹8,900.00n/a42
Mar ’25₹11,620.95
₹11,967.37
+3.0%
10.1%₹15,082.00₹8,900.00n/a41
Feb ’25₹10,637.95
₹11,898.13
+11.8%
10.2%₹15,082.00₹8,900.00n/a40
Jan ’25₹10,283.30
₹11,879.75
+15.5%
10.6%₹15,082.00₹8,250.00n/a40
Dec ’24₹10,585.70
₹11,812.51
+11.6%
9.9%₹14,500.00₹8,250.00n/a39
Nov ’24₹10,227.75
₹11,699.73
+14.4%
10.6%₹14,500.00₹8,250.00₹11,110.0041
Oct ’24₹10,610.60
₹10,942.03
+3.1%
10.6%₹13,600.00₹8,250.00₹13,166.0039
Sep ’24₹10,331.25
₹10,707.54
+3.6%
10.0%₹13,200.00₹8,250.00₹12,403.0039
Aug ’24₹9,716.75
₹10,604.33
+9.1%
11.5%₹13,200.00₹6,750.00₹13,359.0542
Jul ’24₹9,789.05
₹10,235.39
+4.6%
13.1%₹13,700.00₹6,750.00₹12,108.6541
Jun ’24₹9,328.30
₹10,229.59
+9.7%
13.1%₹13,700.00₹6,750.00₹12,399.3041
May ’24₹8,589.55
₹10,244.19
+19.3%
13.0%₹13,700.00₹6,750.00₹12,817.5042
Apr ’24₹8,292.15
₹10,439.76
+25.9%
12.2%₹12,600.00₹6,750.00₹12,569.6041
Mar ’24₹8,764.15
₹10,447.20
+19.2%
12.4%₹13,100.00₹6,750.00₹11,620.9541
Feb ’24₹8,768.85
₹10,423.79
+18.9%
12.4%₹13,100.00₹6,750.00₹10,637.9542
Jan ’24₹8,394.60
₹10,453.40
+24.5%
12.6%₹12,500.00₹6,550.00₹10,283.3042
Dec ’23₹8,958.15
₹10,453.56
+16.7%
12.5%₹12,500.00₹6,550.00₹10,585.7041
Nov ’23₹9,454.60
₹10,368.27
+9.7%
15.1%₹12,500.00₹4,750.00₹10,227.7541

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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