Maruti Suzuki India Limited (MARUTI.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+358.6%

₹54,388.06

vs ₹11,860.00 price

Levered DCF

₹58,742.22

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

6.43

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	26.36×	24.89×	29.3×	31.55×	58.87×	47.21×	22.82×	27.02×
P/B	3.61×	3.75×	4.61×	3.36×	4.13×	3.95×	2.62×	4.39×
P/S	2.11×	2.36×	2.79×	2.12×	2.59×	2.94×	1.71×	2.4×
EV / EBITDA	14.77×	17.85×	20.95×	19.19×	39.78×	38.39×	17.64×	18.39×
Gross margin	19.2%	28.7%	28.8%	26.9%	24.5%	27.0%	29.1%	30.0%
Operating margin	8.0%	23.0%	23.2%	21.2%	16.8%	19.1%	21.7%	23.8%
Net margin	8.0%	9.5%	9.5%	7.0%	4.4%	6.2%	7.5%	8.9%
Current ratio	1.07×	0.97×	0.87×	0.69×	0.99×	1.12×	0.75×	0.87×
Debt / equity	0×	0×	0×	0.02×	0.01×	0.01×	0×	0×
Interest coverage	61.64×	279.3×	277.33×	134.37×	215.79×	312.58×	190.33×	834.77×
Dividend yield	1.1%	1.1%	0.7%	0.7%	0.6%	0.9%	2.2%	1.2%
Payout ratio	28.9%	27.1%	20.2%	21.9%	35.0%	41.3%	51.3%	31.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.7%	15.1%	15.8%	11.1%	7.0%	8.4%	11.5%	16.2%
Return on invested capital	10.0%	25.6%	28.5%	29.6%	21.2%	20.2%	25.0%	29.5%
Return on assets	9.9%	11.0%	11.7%	9.8%	5.2%	6.2%	8.9%	12.0%
Free cash flow yield	2.4%	1.5%	1.9%	1.2%	-0.7%	3.1%	0.0%	0.8%
Earnings yield	3.8%	4.0%	3.4%	3.3%	1.7%	2.1%	4.4%	3.7%
Enterprise value	₹3.9T	₹3.6T	₹3.9T	₹2.5T	₹2.3T	₹2.1T	₹1.3T	₹2.1T
Net debt / EBITDA	-0.06×	-0×	-0.14×	0.1×	0.07×	0.09×	0.03×	-0×
Cash conversion cycle (days)	-16	-30	-28	-21	-15	-37	-17	-26