Maruti Suzuki India Limited (MARUTI) fair value: what the stock is really worth
As of Oct 22, 2026: fair value (intrinsic value) of Maruti Suzuki India Limited stock ₹8,471, price ₹11,170, upside -24.2%, quality 58 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 22, 2026.
How to read this chart
60‑month range ₹6,311 – ₹17,120 · fair‑value band ₹4,489 – ₹10,577 · the ₹11,170 price screens above the ₹8,471 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 22, 2026.
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Maruti Suzuki India Limited manufactures, purchases, and sells motor vehicles, components, and spare parts in India. The company offers passenger vehicles, utility vehicles, and multi-purpose vehicles.
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It is also involved in the facilitation of pre-owned car sales, fleet management, and car financing activities. In addition, the company offers driving school, insurance, accessories, and financing products and services.
It also exports its products to South Africa, Saudi Arabia, Chile, Japan, Mexico, and internationally. The company was formerly known as Maruti Udyog Limited and changed its name to Maruti Suzuki India Limited in September 2007.
Maruti Suzuki India Limited was incorporated in 1981 and is headquartered in New Delhi, India. Maruti Suzuki India Limited is a subsidiary of Suzuki Motor Corporation.
Stock analysis
Maruti Suzuki India Limited (MARUTI) currently trades at ₹11,170, while our model-based Fair Value estimate is ₹8,471, 24.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹10,380 per share, and 3 of the 26 models we run sit above the ₹11,170 price.
Bear case: the Dividend Discount group reads lowest at ₹1,847, and 23 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹4,489 (bear) to ₹10,577 (bull), the price of ₹11,170 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 58/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Maruti Suzuki India Limited reported revenue of ₹1.8T in FY2026 versus ₹883B in FY2022, a compound +20.0%/yr. Reported net income was ₹147B in FY2026, compounding +39.5%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap ₹3.5T (≈ $37.0B) Large · P/E ratio 24.5 · P/S ratio 1.78 · EPS (TTM) ₹455.91 · Dividend yield 1.3% · Net margin 7.3% · Return on equity 14.4% · Return on assets (EBIT) 22.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 35% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 3% fair-value upside, at −24%, MARUTI screens richer than that median.
Fair Value models
Bear₹4,489Fair Value ₹8,471Bull₹10,577
Price ₹11,170 · Upside -24.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹178.29 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+19.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.1%
Start year 2021 (pandemic). Over 10 years: +12.3% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.6%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+27.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+26.3%
Dividend (yield on the price)1.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.26.3% vs 9.9%, picking up
Profit margin 2004 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 8%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+22.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +17.8% a year for the price and +5.6% for the forecasts.
AI conclusion: Distribution strength and a clean balance sheet form the core advantage, yet limited innovation differentiation and lost ground in the SUV segment remain the key constraints.
Main risk: Rising competitive intensity from new entrants could pressure pricing and hit margins in higher-margin vehicle segments.
Maruti Suzuki has posted strong sales growth in small cars after the GST cuts, yet its margins continue to face pressure from rising commodity costs linked to geopolitical tensions. The company has also ceded ground in the expanding SUV segment. Our models currently see the shares as overvalued amid these headwinds. Will the volume gains in its traditional segments more than compensate for the margin squeeze and lost market share in higher-margin vehicles, or will profitability remain constrained?
Compare Maruti Suzuki India Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Auto Manufacturers · 104 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Top 25%
Fair Value upside−24.2% · Below median
Profitability
Return on equity (12 months)14.4% · Top 25%
Return on assets9.9% · Top 25%
Net margin (12 months)7.3% · Top 25%
Operating margin (12 months)4.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)35.9% · Top 25%
Dividend yield (12 months)1.3% · Below median
Valuation Multiplesvs Auto Manufacturers median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Maruti Suzuki India Limited Fair Value". https://www.fairvalue-calculator.com/stock/MARUTI
Frequently asked questions
Is Maruti Suzuki India Limited (MARUTI) overvalued or undervalued?
As of Oct 22, 2026, our model estimates a fair value of ₹8,471 versus a price of ₹11,170, about −24% upside (overvalued).
What is the fair value of MARUTI?
Our model-based fair value for Maruti Suzuki India Limited is ₹8,471 (as of Oct 22, 2026), built from audited fundamentals. The current price: ₹11,170.
What is the quality score of MARUTI?
Maruti Suzuki India Limited has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Maruti Suzuki India Limited (MARUTI)?
Our model-based price target is the fair value of ₹8,471 (as of Oct 22, 2026) from 26 valuation models. Cautious scenario ₹4,489, optimistic scenario ₹10,577. It is a calculation from audited fundamentals, not an analyst target.
What is the Maruti Suzuki India Limited stock forecast for 2026?
Our models put fair value at ₹8,471, about −24% upside versus a price of ₹11,170 (overvalued). Cautious scenario ₹4,489, optimistic scenario ₹10,577. The calculation is refreshed regularly with new filings.
What is the revenue of Maruti Suzuki India Limited (MARUTI)?
Maruti Suzuki India Limited reported trailing-twelve-month revenue of about ₹2.0T (latest available figure, as of Oct 22, 2026).
Does Maruti Suzuki India Limited pay a dividend?
Maruti Suzuki India Limited currently shows a dividend yield of 1.25% relative to its recent price (as of Oct 22, 2026).
What growth is priced into Maruti Suzuki India Limited (MARUTI)?
For today's price to be fair in a discounted-cash-flow model, Maruti Suzuki India Limited would have to grow free cash flow by +22.7 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.1 % per year. As of Oct 22, 2026.
What discount rate (WACC) does the fair value of MARUTI use?
Our models discount Maruti Suzuki India Limited at 10.4 %: a base by market capitalisation (large), damped by beta 0.26, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Maruti Suzuki India Limited that is +22.7 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Maruti Suzuki India Limited (MARUTI) delivered so far?
Over the past 5 years revenue at Maruti Suzuki India Limited grew +21.1 % a year. The price currently implies +22.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Maruti Suzuki India Limited (MARUTI) growing?
The median revenue growth in the sector is +4.3 % a year. That is the yardstick for the growth priced into Maruti Suzuki India Limited (+22.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Maruti Suzuki India Limited (MARUTI)?
The free-cash-flow yield on the price is 2.60 %: that much free cash flow Maruti Suzuki India Limited produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Maruti Suzuki India Limited (MARUTI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Maruti Suzuki India Limited it is ₹8,471 per share (as of Oct 22, 2026), against a price of ₹11,170. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Maruti Suzuki India Limited stock overvalued or undervalued in 2026?
As of Oct 22, 2026, MARUTI trades above its calculated fair value: price ₹11,170, fair value ₹8,471, a gap of about −24% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MARUTI?
No. The price is what the market pays today (₹11,170); the fair value is what the company's own numbers justify (₹8,471). For Maruti Suzuki India Limited the two are ₹2,699 per share apart. That gap is exactly why we show both numbers side by side.
How much is Maruti Suzuki India Limited worth?
The market values Maruti Suzuki India Limited at about ₹3.5T (market capitalisation, as of Oct 22, 2026). Per share that is ₹11,170; our models calculate a fair value of ₹8,471 per share.
What do the bullish and bearish scenarios say about MARUTI?
Our models span a range for Maruti Suzuki India Limited: cautious scenario ₹4,489, base ₹8,471, optimistic ₹10,577 per share (as of Oct 22, 2026, price ₹11,170). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MARUTI?
Maruti Suzuki India Limited trades at a price-to-earnings ratio of 24.5 (as of Oct 22, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹8,471 is built from several models across several years. Other multiples: PEG 0.8, P/B 3.3, P/S 1.8, EV/EBITDA 16.5.
What is the PEG ratio of MARUTI?
The PEG ratio of Maruti Suzuki India Limited is 0.77 (P/E divided by earnings growth, as of Oct 22, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Maruti Suzuki India Limited (MARUTI)?
Balance-sheet figures for Maruti Suzuki India Limited (as of Oct 22, 2026): return on equity 14.4%. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is MARUTI from its 52-week high?
Maruti Suzuki India Limited trades at ₹11,170, about 35% below its 52-week high of ₹17,120 and at the low of ₹11,170 (as of Oct 22, 2026). Distance from the high says nothing about value: that is what the fair value of ₹8,471 is for.
Which stocks are comparable to Maruti Suzuki India Limited?
From the same area (Consumer Cyclical) we also value Tesla, Inc, Toyota Motor Corporation, BYD Company, Ferrari N.V, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Maruti Suzuki India Limited stock attractive at the current price?
The data as of Oct 22, 2026: price ₹11,170, calculated fair value ₹8,471 (−24%), Quality Score 58/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MARUTI calculated?
We run Maruti Suzuki India Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹8,471, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. Maruti Suzuki India Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Maruti Suzuki India Limited (MARUTI)?
The closing price on Oct 22, 2026 was ₹11,170. Our model-based fair value is ₹8,471, about −24% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Maruti Suzuki India Limited right now?
The price sits above even our optimistic bull case (₹10,577). The favourable scenario is already priced in. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (₹4,489 to ₹10,577) leaves room in how you read the outcome.
Where does the earnings growth of Maruti Suzuki India Limited (MARUTI) come from?
Earnings per share at Maruti Suzuki India Limited grew +10.4 % a year from 2015 to 2026. Broken into its drivers: revenue per share +11.3 %, EBIT margin −3.9 %, tax rate +0.3 %, residual (interest, one-offs) +3.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Maruti Suzuki India Limited
How large is the market capitalisation of Maruti Suzuki India Limited (MARUTI)?
The market capitalisation of Maruti Suzuki India Limited is ₹3.5T (≈ $37.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Maruti Suzuki India Limited (MARUTI)?
The price-to-sales ratio of Maruti Suzuki India Limited is 1.78 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Maruti Suzuki India Limited (MARUTI)?
Earnings per share at Maruti Suzuki India Limited are ₹455.91 (price ÷ EPS = P/E 24.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Maruti Suzuki India Limited (MARUTI)?
The dividend yield of Maruti Suzuki India Limited is 1.3% (payout 30.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Maruti Suzuki India Limited (MARUTI)?
The net margin of Maruti Suzuki India Limited is 7.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Maruti Suzuki India Limited (MARUTI)?
The return on equity (ROE) of Maruti Suzuki India Limited is 14.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Maruti Suzuki India Limited (MARUTI)?
On an EBIT basis the return on assets of Maruti Suzuki India Limited is 22.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Maruti Suzuki India Limited (MARUTI)?
The operating margin of Maruti Suzuki India Limited is 4.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Maruti Suzuki India Limited (MARUTI)?
Revenue at Maruti Suzuki India Limited is growing +35.9% versus a year earlier (3y avg +15.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Maruti Suzuki India Limited (MARUTI)?
Earnings per share at Maruti Suzuki India Limited are growing −9.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Maruti Suzuki India Limited (MARUTI) hold?
Maruti Suzuki India Limited holds more cash than debt, ₹14.8B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Oct 22, 2026