FINANCIAL MODEL

A Financial Model Analysis of

Maruti Suzuki India Limited

Shaik Omer | omershaik722@gmail.com

 MARUTI SUZUKI INDIA LIMITED - COMPANY PROFILE

Maruti Suzuki is a prominent Indian automobile manufacturer and the largest car maker in India. It is a
subsidiary of the Japanese company Suzuki Motor Corporation. Maruti Suzuki has a significant market share
in India and is known for producing reliable, fuel-efficient, and affordable vehicles that cater to the needs of
the Indian market. The company offers a wide range of vehicles including hatchbacks, sedans, multi-purpose
vehicles (MPVs), and sport utility vehicles (SUVs). They operate through various channels such as ARENA and
NEXA for passenger vehicles, TRUE VALUE for certified pre-owned cars, and Maruti Suzuki Commercial for

Key Financial Metrics Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Share - Price 5Y
14000
Total Sales 75660 70372 88330 117571 141858
12000
Sales Growth (y-o-y) -12.09% -6.99% 25.52% 33.10% 20.66%
Gross Profit Margins (%) 23.79% 21.25% 18.96% 21.07% 25.25% 10000

EBITDA Margins (%) 12.62% 9.99% 8.64% 11.13% 25.25% 8000

EBT Marginss (%) 7.95% 5.68% 5.48% 8.72% 21.54% 6000
Net Profit Margins (%) 5.89% 4.21% 4.41% 6.77% 18.63%
4000
Earnings Per Share (in Rs) 147.59 98.13 129.05 263.34 840.65
2000
EPS Growth (y-o-y) -39.96% -33.51% 31.51% 104.06% 219.23%
Dividend Per Share (in Rs) 59.98 44.99 59.98 89.97 125.00 0
DPS Growth (y-o-y) 40.64% 45.84% 46.48% 34.17% 14.87% 2019 2020 2021 2022 2023 2024

Key Financial Ratios Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Volume - Price 5Y

Price to Earnings 22.82X 47.21X 58.88X 30.51X 29.37X

EV/EBITDA 17.63X 37.84X 39.26X 22.82X 21.24X
EV/Sales 1.71X 2.91X 2.56X 2.14X 2.77X
Price to Book Value 36.72X 68.30X 81.90X 88.65X 75.37X
Return on Equity (%) 9.02% 5.65% 7.05% 12.87% 30.86%
Return on Capital Employed (%) 12.13% 7.54% 8.69% 16.27% 35.64%

Top Shareholders N.of Share (Cr) (%) Holding M.Value Shareholding - Patern

Suzuki Motor Corporation 18,29,515 58.19% 10,64,594.64 PRO

ICICI PRUDENTIAL CONSUMPTION ETF 1,18,782 3.78% 4,489.97
LIFE INSURANCE CORPORATION 81,369 2.59% 2,107.46 FII
SBI DIVIDEND YIELD FUND 63,092 2.01% 1,268.16
DII
KOTAK ESG OPPORTUNITIES FUND 43,260 1.38% 596.99
EUROPACIFIC GROWTH FUND 36,590 1.16% 424.45 G&P
NPS TRUST - A/C LIC PENSION 35,766 1.14% 407.73
UTI TRANSPORTATION AND LOGISTICS 31,822 1.01% 321.40 0.00 20.00 40.00 60.00 80.00

Managerial Remunaration Designation Remunaration X of Median Salary Capital - Structure

MR Rc Bhargava Chairman 15,350.00 0.00x Share Price 12,800.00

Mr Hisahi Takeuchi Indipendent 46,451.00 0.00x Number of Shares 31.00
Mr Sigetoshi torri Indipendent 42,684.00 0.00x Market Capitalization 3,96,800.00
Mr osamu suzuki Indipendent 500.00 0.00x
Mr kinji saito Indipendent 500.00 0.00x

Recent Updates
Maruti Suzuki India Limited has been at the forefront of innovation and sustainability in the automotive industry. Recently, they have taken a
significant step towards environmental responsibility by initiating a pilot biogas plant at their Manesar facility, which uti lizes food waste and
Napier grass to generate energy. Financially, the company has achieved remarkable success, reporting its highest -ever annual sales volume,
exports, net sales, and net profit for the fiscal year 2023-24. This financial prosperity is further reflected in their record dividend of Rs 125 per
share. Production and sales figures for May 2024 have continued to show a positive trend, indicating a strong market presence . To support
their dealers, Maruti Suzuki has partnered with DBS Bank India to provide enhanced financing solutions. The company’s commitm ent to
customer satisfaction is evident with the opening of their 5,000th service touchpoint. Additionally, Maruti Suzuki’s cultural initiatives were
highlighted through NEXA Music Season 3, celebrating the vibrant indie music scene in India.
Disclaimer : This report is made as part of educational assignment and is meant for educational purpose only. The author of the report is not liable for any losses due to actions
taken basis this report. It is advisable to consult SEBI registered reasearch analyst before making any investments
 MARUTI SUZUKI INDIA LTD
NSE: MARUTI | BSE: 532500
Historical Financial Statements
Income Statement Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Sales ₹ 50,801 ₹ 57,589 ₹ 68,085 ₹ 79,809 ₹ 86,069 ₹ 75,660 ₹ 70,372 ₹ 88,330 ₹ 1,17,571 ₹ 1,41,858
Growth % 13.36% 18.23% 17.22% 7.84% -12.09% -6.99% 25.52% 33.10% 20.66%

COGS ₹ 38,304 ₹ 41,828 ₹ 50,004 ₹ 58,985 ₹ 64,182 ₹ 57,657 ₹ 55,416 ₹ 71,579 ₹ 92,796 ₹ 1,06,043
Sales % 75.40% 72.63% 73.44% 73.91% 74.57% 76.21% 78.75% 81.04% 78.93% 74.75%

Gross Profit ₹ 1 , 98 ₹ 1 ,761 ₹ 18, 81 ₹ ,8 ₹ 1,886 ₹ 18, ₹ 1 ,9 6 ₹ 16,7 1 ₹ ,77 ₹ ,816

Grosss Margin 24.60% 27.37% 26.56% 26.09% 25.43% 23.79% 21.25% 18.96% 21.07% 25.25%

S & G Expenses ₹ 4,318 ₹ 5,367 ₹ 6,111 ₹ 6,755 ₹ 8,390 ₹ 8,456 ₹ 7,924 ₹ 9,119 ₹ 11,695 -
Sales % 8.50% 9.32% 8.98% 8.46% 9.75% 11.18% 11.26% 10.32% 9.95% 0.00%

EBITDA ₹ 8,18 ₹1 , 9 ₹ 11,97 ₹ 1 , 69 ₹ 1 , 96 ₹ 9, 7 ₹ 7, ₹ 7,6 ₹1 , 8 ₹ ,816

Sales % 16.10% 18.05% 17.58% 17.63% 15.68% 12.62% 9.99% 8.64% 11.13% 25.25%

Depreciation ₹ 2,515 ₹ 2,822 ₹ 2,604 ₹ 2,760 ₹ 3,021 ₹ 3,528 ₹ 3,034 ₹ 2,789 ₹ 2,826 ₹ 5,256
Sales % 4.95% 4.90% 3.82% 3.46% 3.51% 4.66% 4.31% 3.16% 2.40% 3.70%

EBIT ₹ ,66 ₹ 7, 7 ₹ 9, 66 ₹ 11, 9 ₹1 , 7 ₹ 6, 18 ₹ ,998 ₹ ,8 ₹1 , ₹ , 6

Sales % 11.15% 13.15% 13.76% 14.17% 12.17% 7.95% 5.68% 5.48% 8.72% 21.54%

Interest ₹ 218 ₹ 82 ₹ 89 ₹ 346 ₹ 76 ₹ 134 ₹ 102 ₹ 127 ₹ 187 ₹ 194

Sales % 0.43% 0.14% 0.13% 0.43% 0.09% 0.18% 0.14% 0.14% 0.16% 0.14%

EBT ₹ , 6 ₹ 7, 9 ₹ 9, 76 ₹ 1 ,96 ₹ 1 , 99 ₹ ,88 ₹ ,897 ₹ ,716 ₹ 1 , 68 ₹ , 66

Sales % 10.72% 13.01% 13.62% 13.74% 12.08% 7.78% 5.54% 5.34% 8.56% 21.41%

Tax ₹ 1,185 ₹ 2,088 ₹ 2,616 ₹ 3,286 ₹ 2,973 ₹ 1,425 ₹ 932 ₹ 818 ₹ 2,112 ₹ 3,936
Tax Effective Rate 21.76% 27.87% 28.20% 29.97% 28.59% 24.22% 23.92% 17.34% 20.98% 12.96%

Net Profit ₹ , 61 ₹ , ₹ 6,66 ₹ 7,677 ₹ 7, 6 ₹ , 9 ₹ ,96 ₹ ,899 ₹ 7,9 ₹ 6,

Net Margin 8.39% 9.38% 9.78% 9.62% 8.63% 5.89% 4.21% 4.41% 6.77% 18.63%

No of Equity Share ₹ 30 ₹ 30 ₹ 30 ₹ 30 ₹ 30 ₹ 30 ₹ 30 ₹ 30 ₹ 30 ₹ 31

Earning Per Share ₹ 141 ₹ 179 ₹ 220 ₹ 254 ₹ 246 ₹ 148 ₹ 98 ₹ 129 ₹ 263 ₹ 841
EPS Growth 26.79% 23.28% 15.27% -3.27% -39.96% -33.51% 31.51% 104.06% 219.23%

Dividend Amount ₹ 25 ₹ 35 ₹ 75 ₹ 80 ₹ 80 ₹ 60 ₹ 45 ₹ 60 ₹ 90 ₹ 125

Dividend Payout Ratio 17.72% 19.57% 34.01% 31.47% 32.53% 40.64% 45.84% 46.48% 34.17% 14.87%

Retained Earnings 82% 80% 66% 69% 67% 59% 54% 54% 66% 85%

Balance Sheet Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Equity Share Capital ₹ 151 ₹ 151 ₹ 151 ₹ 151 ₹ 151 ₹ 151 ₹ 151 ₹ 151 ₹ 151 ₹ 157
Reserves ₹ 24,167 ₹ 30,465 ₹ 36,924 ₹ 42,408 ₹ 46,941 ₹ 49,262 ₹ 52,350 ₹ 55,183 ₹ 61,640 ₹ 85,479
Borrowings ₹ 666 ₹ 231 ₹ 484 ₹ 121 ₹ 160 ₹ 184 ₹ 541 ₹ 426 ₹ 1,247 ₹ 119
Other Liabilities ₹ 9,492 ₹ 11,879 ₹ 14,402 ₹ 17,568 ₹ 16,717 ₹ 14,031 ₹ 18,335 ₹ 18,897 ₹ 21,558 ₹ 29,598
Total Liablities ₹ , 77 ₹ ,7 6 ₹ 1,961 ₹6 , 8 ₹ 6 ,969 ₹ 6 ,6 8 ₹ 71, 76 ₹ 7 ,6 6 ₹ 8 , 97 ₹ 1,1 ,

Fisex Net Block ₹ 12,490 ₹ 12,530 ₹ 13,311 ₹ 13,389 ₹ 15,437 ₹ 15,744 ₹ 14,989 ₹ 13,747 ₹ 17,830 ₹ 28,095
Capital WP ₹ 1,890 ₹ 1,007 ₹ 1,252 ₹ 2,132 ₹ 1,607 ₹ 1,415 ₹ 1,497 ₹ 2,937 ₹ 2,904 ₹ 7,504
Investments ₹ 13,298 ₹ 20,676 ₹ 29,151 ₹ 36,123 ₹ 37,504 ₹ 37,488 ₹ 42,945 ₹ 42,035 ₹ 49,184 ₹ 57,296
Other Assets ₹ 2,867 ₹ 4,007 ₹ 3,757 ₹ 3,905 ₹ 3,598 ₹ 3,760 ₹ 4,570 ₹ 7,328 ₹ 7,052 ₹ 9,715
Total Non Current Assets ₹ , ₹ 8, 19 ₹ 7, 71 ₹ , 9 ₹ 8,1 6 ₹ 8, 7 ₹6 , ₹ 66, 7 ₹ 76,97 ₹ 1, ,611

Receivables ₹ 1,144 ₹ 1,323 ₹ 1,203 ₹ 1,465 ₹ 2,313 ₹ 1,978 ₹ 1,280 ₹ 2,035 ₹ 3,301 ₹ 4,597
Inventory ₹ 2,745 ₹ 3,133 ₹ 3,264 ₹ 3,160 ₹ 3,323 ₹ 3,214 ₹ 3,049 ₹ 3,532 ₹ 4,284 ₹ 5,318
Cash & Bank ₹ 43 ₹ 51 ₹ 24 ₹ 74 ₹ 188 ₹ 29 ₹ 3,047 ₹ 3,042 ₹ 42 ₹ 2,827
Total Current Assets ₹ ,9 ₹ , 7 ₹ , 9 ₹ ,7 ₹ ,8 ₹ , 1 ₹ 7, 76 ₹ 8,6 9 ₹ 7,6 7 ₹ 1 ,7

Total Assets ₹ , 77 ₹ ,7 6 ₹ 1,961 ₹6 , 8 ₹ 6 ,969 ₹ 6 ,6 8 ₹ 71, 76 ₹ 7 ,6 6 ₹ 8 , 97 ₹ 1,1 ,

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE
 MARUTI SUZUKI INDIA LTD
NSE: MARUTI | BSE: 532500
Cash Flow Statement
Particular Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Operating Activities
Profit from operations ₹ 6,779 ₹ 8,935 ₹ 10,413 ₹ 12,036 ₹ 11,060 ₹ 7,503 ₹ 5,531 ₹ 5,832 ₹ 11,112 ₹ 18,676
Receivables ₹ 345 (₹ 204) ₹ 122 (₹ 262) (₹ 851) ₹ 340 ₹ 696 (₹ 764) (₹ 1,258) (₹ 1,316)
Inventory (₹ 982) (₹ 450) (₹ 131) ₹ 104 (₹ 162) ₹ 109 ₹ 165 (₹ 483) (₹ 751) ₹ 125
Payables ₹ 712 ₹ 1,789 ₹ 979 ₹ 2,128 (₹ 858) (₹ 2,155) ₹ 2,680 (₹ 396) ₹ 2,008 ₹ 3,321
Loans Advances ₹ 23 (₹ 1) ₹1 - (₹ 13) (₹ 1) (₹ 6) (₹ 8) ₹1 (₹ 3)
Operating investments - - - - - - - - - ₹ 176
Other WC items ₹ 648 ₹ 325 ₹ 1,222 ₹ 839 ₹ 569 (₹ 863) ₹ 801 (₹ 1,162) ₹ 374 (₹ 582)
Working capital changes ₹ 745 ₹ 1,460 ₹ 2,192 ₹ 2,808 (₹ 1,315) (₹ 2,570) ₹ 4,336 (₹ 2,813) ₹ 373 ₹ 1,722
Direct taxes (₹ 1,075) (₹ 1,912) (₹ 2,323) (₹ 3,056) (₹ 3,144) (₹ 1,438) (₹ 1,011) (₹ 1,178) (₹ 2,233) (₹ 3,597)
Cash From Operating Activites ₹ 7,195 ₹ 9,942 ₹ 12,475 ₹ 14,597 ₹ 5,286 ₹ 925 ₹ 13,192 (₹ 972) ₹ 9,626 ₹ 18,522

Investing Activities
Fixed assets purchased (₹ 3,058) (₹ 2,469) (₹ 3,391) (₹ 3,912) (₹ 4,872) (₹ 3,437) (₹ 2,370) (₹ 3,459) (₹ 6,347) (₹ 9,200)
Fixed assets sold ₹ 16 ₹ 12 ₹ 16 ₹ 26 ₹ 170 ₹ 37 ₹ 42 ₹ 136 ₹ 100 ₹ 45
Investments purchased (₹ 17,354) (₹ 12,044) (₹ 17,716) (₹ 47,069) (₹ 52,957) (₹ 44,205) (₹ 44,869) (₹ 60,525) (₹ 66,597) (₹ 65,759)
Investments sold ₹ 15,270 ₹ 7,378 ₹ 11,839 ₹ 42,564 ₹ 53,986 ₹ 46,969 ₹ 42,920 ₹ 63,579 ₹ 61,605 ₹ 61,933
Interest received ₹ 152 ₹ 67 ₹ 36 ₹ 68 ₹ 124 ₹ 96 ₹ 67 ₹ 174 ₹ 194 ₹ 372
Dividends received ₹ 54 ₹ 11 ₹ 13 ₹ 20 ₹9 ₹4 ₹3 ₹3 ₹6 ₹6
Redemp n Canc of Shares - - ₹ 22 - - - - - - -
Acquisition of companies - - - - - (₹ 15) (₹ 65) (₹ 146) - -
Other investing items ₹ 428 (₹ 186) ₹7 - - (₹ 5) (₹ 3,019) (₹ 1) ₹ 3,003 ₹ 738
Cash From Investing Activities (₹ 4,492) (₹ 7,231) (₹ 9,174) (₹ 8,303) (₹ 3,540) (₹ 556) (₹ 7,291) (₹ 239) (₹ 8,036) (₹ 11,865)

Financing Activities
Proceeds from borrowings ₹ 92 ₹ 77 ₹ 484 ₹ 10 ₹ 39 - ₹ 380 - ₹ 831 -
Repayment of borrowings (₹ 1,449) (₹ 313) (₹ 231) (₹ 373) - (₹ 46) - (₹ 110) - (₹ 1,183)
Interest paid fin (₹ 222) (₹ 92) (₹ 110) (₹ 346) (₹ 73) (₹ 136) (₹ 102) (₹ 130) (₹ 186) (₹ 147)
Dividends paid (₹ 362) (₹ 755) (₹ 1,057) (₹ 2,266) (₹ 2,417) (₹ 2,417) (₹ 1,812) (₹ 1,359) (₹ 1,812) (₹ 2,719)
Financial liabilities - - - - - (₹ 10) (₹ 11) (₹ 8) (₹ 46) (₹ 27)
Cash From Financing Activities (₹ 1,941) (₹ 1,083) (₹ 914) (₹ 2,975) (₹ 2,451) (₹ 2,609) (₹ 1,545) (₹ 1,607) (₹ 1,213) (₹ 4,076)

Net Cash Flow ₹ 762 ₹ 1,628 ₹ 2,387 ₹ 3,319 (₹ 705) (₹ 2,240) ₹ 4,356 (₹ 2,818) ₹ 377 ₹ 2,581
 MARUTI SUZUKI INDIA LTD
NSE: MARUTI | BSE: 532500
Ratio Analysis
Particular Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trend Mean Median

Sales Growth 13.36% 18.23% 17.22% 7.84% -12.09% -6.99% 25.52% 33.10% 20.66% 12.98% 17.22%
EBITDA Growth 27.07% 15.17% 17.54% -4.07% -29.26% -26.34% 8.52% 71.39% 173.82% 28.20% 15.17%
EBIT Growth 33.68% 23.69% 20.75% -7.38% -42.55% -33.56% 21.12% 111.74% 198.01% 36.17% 21.12%
Net Profit Growth 26.79% 23.28% 15.27% -3.27% -39.96% -33.51% 31.51% 104.06% 232.23% 39.60% 23.28%
Dividend Growth 40.00% 114.29% 6.67% 0.00% -25.00% -25.00% 33.33% 50.00% 38.93% 25.91% 33.33%

Gross Margin 24.60% 27.37% 26.56% 26.09% 25.43% 23.79% 21.25% 18.96% 21.07% 25.25% 24.04% 24.92%
EBITDA Margin 16.10% 18.05% 17.58% 17.63% 15.68% 12.62% 9.99% 8.64% 11.13% 25.25% 15.27% 15.89%
EBIT Margin 11.15% 13.15% 13.76% 14.17% 12.17% 7.95% 5.68% 5.48% 8.72% 21.54% 11.38% 11.66%
EBT Margin 11.15% 13.15% 13.76% 14.17% 12.17% 7.95% 5.68% 5.48% 8.72% 21.54% 11.38% 11.66%
Net Profit Margin 8.39% 9.38% 9.78% 9.62% 8.63% 5.89% 4.21% 4.41% 6.77% 18.63% 8.57% 8.51%

S & G Expenses%Sales 8.50% 9.32% 8.98% 8.46% 9.75% 11.18% 11.26% 10.32% 9.95% 0.00% 8.77% 9.53%
Depreciation%Sales 4.95% 4.90% 3.82% 3.46% 3.51% 4.66% 4.31% 3.16% 2.40% 3.70% 3.89% 3.76%
Operating Income%Sales 11.15% 13.15% 13.76% 14.17% 12.17% 7.95% 5.68% 5.48% 8.72% 21.54% 11.38% 11.66%

Return on Capital Employed 22.67% 24.55% 24.94% 26.50% 22.17% 12.13% 7.54% 8.69% 16.27% 35.64% 20.11% 22.42%
Retained Earnings% 82.28% 80.43% 65.99% 68.53% 67.47% 59.36% 54.16% 53.52% 65.83% 85.13% 68.27% 66.73%
Return on Equity% 17.52% 17.65% 17.96% 18.04% 15.77% 9.02% 5.65% 7.05% 12.87% 30.86% 15.24% 16.65%
Self Sustained Growth Rate 14.42% 14.19% 11.85% 12.36% 10.64% 5.36% 3.06% 3.77% 8.48% 26.27% 11.04% 11.25%
Interest Coverage Ratio 26x 93x 105x 33x 138x 45x 39x 38x 55x 158x 73x 50x

Debtor Turnover Ratio 44x 44x 57x 54x 37x 38x 55x 43x 36x 31x 44x 43x
Creditor Turnover Ratio 5x 5x 5x 5x 5x 5x 4x 5x 5x 5x 5x 5x
Inventory Turnover 19x 18x 21x 25x 26x 24x 23x 25x 27x 27x 23x 24x
Fixed Asset Turnover 4x 5x 5x 6x 6x 5x 5x 6x 7x 5x 5x 5x
Capital Turnover Ratio 2x 2x 2x 2x 2x 2x 1x 2x 2x 2x 2x 2x

Debtor Days 8 8 6 7 10 10 7 8 10 12 9 8
Payable Days 68 75 77 80 71 68 95 78 67 76 76 76
Inventory Days 20 20 17 14 14 16 16 15 13 14 16 15
Cash (in days) -40x -47x -53x -59x -47x -43x -73x -55x -43x -51x -51 -49

CFO/Sales 14.16% 17.26% 18.32% 18.29% 6.14% 1.22% 18.75% -1.10% 8.19% 13.06% 11.43% 13.61%
CFO/Total Assets 20.87% 23.27% 24.01% 24.23% 8.26% 1.45% 18.48% -1.30% 11.38% 16.06% 14.67% 17.27%
CFO/Total Debt 1080.01% 4305.76% 2579.61% 12083.61% 3312.03% 502.44% 2438.90% -228.44% 771.75% 15617.20% 4246.29% 2509.25%
 MARUTI SUZUKI INDIA LTD
NSE: MARUTI | BSE: 532500
Commen - Size Income Statement
Particular Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 71.01% 67.20% 69.21% 68.85% 68.95% 70.58% 71.83% 74.88% 73.70% 70.58%
Change in Inventory 0.91% -0.01% 0.56% -0.05% -0.25% 0.32% -0.39% 0.11% 0.34% 0.27%
Power and Fuel 1.41% 1.21% 0.76% 0.84% 1.00% 0.92% 0.68% 0.71% 0.67% 0.00%
Other Mfr. Exp 0.60% 0.74% 0.56% 0.58% 0.55% 0.50% 0.97% 0.97% 0.95% 0.00%
Employee Cost 3.29% 3.47% 3.47% 3.59% 3.82% 4.52% 4.88% 4.59% 3.94% 4.44%
Selling and admin 8.50% 9.32% 8.98% 8.46% 9.75% 11.18% 11.26% 10.32% 9.95% 0.00%
Other Expenses 2.53% 2.38% 2.27% 2.44% 2.83% 2.90% 2.30% 2.13% 1.74% 12.19%
Other Income 1.61% 2.54% 3.52% 2.70% 3.10% 4.51% 4.33% 2.11% 1.96% 3.06%
Depreciation 4.95% 4.90% 3.82% 3.46% 3.51% 4.66% 4.31% 3.16% 2.40% 3.70%
Interest 0.43% 0.14% 0.13% 0.43% 0.09% 0.18% 0.14% 0.14% 0.16% 0.14%
Profit before tax 9.80% 13.17% 14.87% 13.99% 12.34% 9.39% 7.56% 5.32% 8.78% 12.28%
Tax 2.33% 3.62% 3.84% 4.12% 3.45% 1.88% 1.32% 0.93% 1.80% 2.77%
Net profit 7.49% 9.55% 11.03% 9.87% 8.89% 7.50% 6.24% 4.39% 6.98% 9.51%
Dividend Amount 1.49% 1.84% 3.33% 3.03% 2.81% 2.39% 1.93% 2.05% 2.31% 2.77%
EBITDA 15.21% 18.21% 18.83% 17.88% 15.94% 14.23% 12.02% 8.62% 11.34% 16.12%

Commen - Size Balance Sheet Statement

Particular Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Total Liablities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 0.44% 0.35% 0.29% 0.25% 0.24% 0.24% 0.21% 0.20% 0.18% 0.14%
Reserves 70.10% 71.30% 71.06% 70.39% 73.38% 77.42% 73.34% 73.92% 72.86% 74.10%
Borrowings 1.93% 0.54% 0.93% 0.20% 0.25% 0.29% 0.76% 0.57% 1.47% 0.10%
Other Liabilities 27.53% 27.80% 27.72% 29.16% 26.13% 22.05% 25.69% 25.31% 25.48% 25.66%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 36.23% 29.33% 25.62% 22.22% 24.13% 24.74% 21.00% 18.41% 21.08% 24.36%
Capital WP 5.48% 2.36% 2.41% 3.54% 2.51% 2.22% 2.10% 3.93% 3.43% 6.51%
Investments 38.57% 48.39% 56.10% 59.96% 58.63% 58.92% 60.17% 56.30% 58.14% 49.67%
Other Assets 8.32% 9.38% 7.23% 6.48% 5.62% 5.91% 6.40% 9.82% 8.34% 8.42%
Receivables 3.32% 3.10% 2.31% 2.43% 3.62% 3.11% 1.79% 2.73% 3.90% 3.98%
Inventory 7.96% 7.33% 6.28% 5.25% 5.19% 5.05% 4.27% 4.73% 5.06% 4.61%
Cash & Bank 0.13% 0.12% 0.05% 0.12% 0.29% 0.05% 4.27% 4.07% 0.05% 2.45%
 MARUTI SUZUKI INDIA LTD
NSE: MARUTI | BSE: 532500
Forecasting - Analysis

Sales - MARUTI SUZUKI LTD EBITDA - MARUTI SUZUKI LTD

Year Weight Year Sales Sales Growth Year Weight Year Sales Sales Growth
1 2015A 50,801 1 2015A 8,180
2 2016A 57,589 13.36% 2 2016A 10,394 27.07%
3 2017A 68,085 18.23% 3 2017A 11,970 15.17%
4 2018A 79,809 17.22% 4 2018A 14,069 17.54%
5 2019A 86,069 7.84% 5 2019A 13,496 -4.07%
6 2020A 75,660 -12.09% 6 2020A 9,547 -29.26%
7 2021A 70,372 -6.99% 7 2021A 7,032 -26.34%
8 2022A 88,330 25.52% 8 2022A 7,632 8.52%
9 2023A 1,17,571 33.10% 9 2023A 13,080 71.39%
10 2024A 1,41,858 20.66% 10 2024A 35,816 173.82%
11 2025E 1,27,011 -10.47% 11 2025E 20,481 -42.82%
12 2026E 1,34,901 6.21% 12 2026E 21,819 6.53%
13 2027E 1,42,791 5.85% 13 2027E 23,157 6.13%
14 2028E 1,50,682 5.53% 14 2028E 24,495 5.78%
15 2029E 1,58,572 5.24% 15 2029E 25,833 5.46%

1,80,000 0.4 40,000 0.4

1,60,000 0.35 35,000 0.35
1,40,000 0.3 0.3
0.25 30,000 0.25
1,20,000 0.2 25,000 0.2
1,00,000 0.15 0.15
20,000
80,000 0.1 0.1
60,000 0.05 15,000 0.05
0 10,000 0
40,000 -0.05 -0.05
20,000 -0.1 5,000 -0.1
- -0.15 - -0.15
2025E
2026E
2027E
2028E
2029E

2025E
2026E
2027E
2028E
2029E
2015A
2016A

2022A
2023A
2024A

2018A
2019A
2020A
2021A
2017A
2018A
2019A
2020A
2021A

2015A
2016A
2017A

2022A
2023A
2024A

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Sales - MARUTI SUZUKI LTD EBITDA - MARUTI SUZUKI LTD

Year Weight Year Sales Sales Growth Year Weight Year Sales Sales Growth
1 2015A 50,801 1 2015A 8,180
2 2016A 57,589 13.36% 2 2016A 10,394 27.07%
3 2017A 68,085 18.23% 3 2017A 11,970 15.17%
4 2018A 79,809 17.22% 4 2018A 14,069 17.54%
5 2019A 86,069 7.84% 5 2019A 13,496 -4.07%
6 2020A 75,660 -12.09% 6 2020A 9,547 -29.26%
7 2021A 70,372 -6.99% 7 2021A 7,032 -26.34%
8 2022A 88,330 25.52% 8 2022A 7,632 8.52%
9 2023A 1,17,571 33.10% 9 2023A 13,080 71.39%
10 2024A 1,41,858 20.66% 10 2024A 35,816 173.82%
11 2025E 1,27,011 -10.47% 11 2025E 20,481 -42.82%
12 2026E 1,34,901 6.21% 12 2026E 21,819 6.53%
13 2027E 1,42,791 5.85% 13 2027E 23,157 6.13%
14 2028E 1,50,682 5.53% 14 2028E 24,495 5.78%
15 2029E 1,58,572 5.24% 15 2029E 25,833 5.46%

1,80,000 0.4 40,000 2

1,60,000 0.35
35,000 1.5
1,40,000 0.3
0.25 30,000
1,20,000 0.2 1
25,000
1,00,000 0.15
0.1 20,000 0.5
80,000
60,000 0.05 15,000 0
0 10,000
40,000 -0.05
5,000 -0.5
20,000 -0.1
- -0.15 - -1
2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024A
2025E
2026E
2027E
2028E
2029E

2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024A
2025E
2026E
2027E
2028E
2029E

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
 MARUTI SUZUKI INDIA LTD
NSE: MARUTI | BSE: 532500
Weighted Average Cost of Capital

All figures in INR unless stated otherwise.

Peer Comps
Debt/ Debt/ Levered Unleverd
1
Name of the Company Country Total Debt Total Equity Tax Rate Equity Capital Beta 2 Beta 3

Maruti Suzuki LTD Indian 118.60 39,98,431 30.00% 0.00% 0.00% 0.95 0.95
Mahindra & Mahindra Indian 1,06,625.52 33,63,356 30.00% 3.17% 3.07% 1.31 1.28
Mercury EV - Tech Indian 55.40 12,18,299 30.00% 0.00% 0.00% 2.72 2.72
Hindustan Motors Indian - 7,59,103 30.00% 0.00% 0.00% 1.32 1.32

Average 30.00% 0.79% 0.77% 157.50% 156.79%

Median 30.00% 0.00% 0.00% 131.50% 130.08%

Cost of Debt Cost of Equity

Pre-Tax cost of Debt 58.18% Rist Free Rate 7.36%

Tax Rate 30.00% Equity Risk Premium 15.80%
Post Tax Cost of Debt 40.73% Levered Beta 4 1.31
Cost of Equity 28.02%

Capital Structure Levered Beta

Current Target Comps M Unlevered Beta 130.08%

Total Debt 118.6 0.00% 0.77% Target Debt/Equity 0.78%
Market Capitalization 39,98,431 100.00% 99.23% Tax Rate 30.00%
Total Capital 39,98,550 100.00% 100.00% Levered Beta 1.31

Debt / Equity 0.00% 0.78% Weighted Average Cost of Capital

1. Tax Rate considered as Marginal Tax Rate for the country Total Cost
Total Weight
2. Levered Beta is based on 5 year monthly data Debt Capital 40.73% 0.77%
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate) x Debt/Equity) Equity Capital 28.02% 99.23%
4. Levered Beta = Unlevered Beta*(1+(1-Tax Rate) x Debt/Equity)
WACC 28.12%
 MARUTI SUZUKI INDIA LTD
NSE: MARUTI | BSE: 532500

Calculation of ROIC Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Current Assets
Trade receivables ₹ 1,978 ₹ 1,280 ₹ 2,034 ₹ 3,301 ₹ 4,597
Cash Equivalents ₹ 29 ₹ 3,047 ₹ 3,042 ₹ 42 ₹ 2,827
Short term loans ₹ 766 ₹ 1,293 ₹ 2,753 ₹ 2,651 ₹ 33
Other asset items ₹ 2,994 ₹ 3,276 ₹ 4,575 ₹ 4,401 ₹ 9,682
Total Current Assets ₹ ,767 ₹ 8,896 ₹1 , ₹1 , 9 ₹ 17,1 9

Current Liablities
Advance from Customers ₹ 468 ₹ 1,019 ₹ 1,124 ₹ 1,456 -
Other liability items ₹ 6,045 ₹ 7,148 ₹ 8,007 ₹ 8,317 ₹ 12,610
Trade Payables ₹ 7,499 ₹ 10,168 ₹ 9,765 ₹ 11,786 ₹ 16,988
Total Current Lliablities ₹1 , 1 ₹ 18, ₹ 18,896 ₹ 1, 9 ₹ 9, 98

Networking Capital ₹ 8, ₹ 9, 9 ₹ 6, 9 ₹ 11,16 ₹1 , 9

Non Current Assets

Building ₹ 2,697 ₹ 2,831 ₹ 2,955 ₹ 3,206 -
Plant Machinery ₹ 20,775 ₹ 22,262 ₹ 22,712 ₹ 26,174 -
Equipments ₹ 238 ₹ 292 ₹ 324 ₹ 368 -
Furniture n fittings ₹ 347 ₹ 403 ₹ 445 ₹ 485 -
Railway sidings - - - ₹ 73 -
Vehicles ₹ 206 ₹ 174 ₹ 248 ₹ 282 -
Intangible Assets - - - - ₹ 684
Other fixed assets ₹ 937 ₹ 967 ₹ 1,254 ₹ 1,660 -
Gross Block ₹ , ₹ 6,9 9 ₹ 7,9 8 ₹ , 8 ₹ 68
Accumulated Depreciation ₹ 14,024 ₹ 16,508 ₹ 18,783 ₹ 21,174 -
Net Non Current Assets ₹ 9, ₹ , 7 ₹ 6,7 1 ₹ , ₹ 68

Invested Capital ₹ ,979 ₹ ,998 ₹ , 9 ₹ , 8 ₹ 11,77

EBIT ₹ 6, 18 ₹ ,998 ₹ ,8 ₹1 , ₹ , 6
ROIC 19.43% 11.76% 12.04% 24.27% 259.53%

Calculation of Reinvestment Rate

Net Capex ₹ 3,400 ₹ 2,328 ₹ 3,323 ₹ 6,247

Change in Working Capital (₹ 1,194) ₹ 2,947 (₹ 4,672) (₹ 1,295)

EBIT ₹ 6,018 ₹ 3,998 ₹ 4,843 ₹ 10,255 ₹ 30,560

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT (1-T) ₹ 4,513.65 ₹ 2,998.73 ₹ 3,632.18 ₹ 7,690.88 ₹ 22,919.93
Reinvestment ₹ , 6 ₹ , 7 ₹ 1, 9 ₹ ,9
Reinvestment Rate 73.56% 145.23% -17.54% 21.61%

4 Years Average 55.71%

4 Years Median 47.59%

Calculation of Growth Rate

Reinvestment Rate 73.56% 145.23% -17.54% 21.61%

ROIC 11.76% 12.04% 24.27% 259.53%
Intrinsic Growth 8.65% 17.48% 4.26% 56.07%

4 Years Average 21.62%

4 Years Median 13.07%

Source, Shaik Omer, Screener.in

 MARUTI SUZUKI INDIA LTD
NSE: MARUTI | BSE: 532500

Calculation of FCFF Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29 Mar-30

EBIT 30,560 37,166 45,200 54,970 66,852 81,303 98,878

Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIIT(1-T) 22,920 27,874 33,900 41,228 50,139 60,978 74,159
Less: Reinvestment Rate 50.21% 50.21% 51.59% 52.96% 53.99% 54.68% 55.71%
Free Cash Flow to Firm (FCFF) 10,150 12,344 15,013 18,258 22,204 27,004 32,841
Mid Year Convention 0.50 1.50 2.50 3.50 4.50 5.50
Discounting Factor 0.97 0.91 0.85 0.80 0.75 0.71

PV OF FCFF 11,962 13,659 15,598 17,812 20,340 23,227

Expected Growth 21.62%

Terminal Value 6.50%
Wacc 28.12%

Calculation of Terminal Value Sesitivity Analysis - Operating Assets

2,87,320 27.50% 28.12% 28.50% 30.00%
FCFF (1+n) 39,940 6.50% 2,92,789 2,92,789 2,84,144 2,72,556
WACC 28.12% 5.90% 2,87,506 2,87,506 2,79,325 2,68,325
Terminal Growth Rate 6.50% 6.50% 2,87,506 2,87,506 2,79,325 2,68,325
5.50% 2,84,144 2,84,144 2,76,251 2,65,619
Terminal Value 1,84,722 Growth

Calculation of Equity Value Per Share Sesitivity Analysis - Equity Value

9,225 27.50% 28.12% 28.50% 30.00%
PV of FCFF 1,02,598 6.50% 9,399 9,399 9,124 8,755
PV of Terminal Value 1,84,722 5.90% 9,231 9,231 8,970 8,621
Value of Operating Assets 2,87,320 6.50% 9,231 9,231 8,970 8,621
5.50% 9,124 9,124 8,873 8,535
Add: Cash 2,827 Growth
Less: Debt 119
Value of Equity 2,90,029
No. of Share 31
Equity Value of Per Share 9,225

Share Price 12811

Discount/Premium 72%
No. of Times 1x
 MARUTI SUZUKI INDIA LTD
NSE: MARUTI | BSE: 532500

Amount in Crores
Comparable Company Valuation

Market Data Market Data Valuation

Share Share Equity Enterprise

Company Ticker Price Outstanding Value Net Debt Value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E

Maruti Suzuki LTD MARUTI 12840 31.44 403689.6 -2,708.8 4,00,981 1,41,858 24,868 13,488.20 2.8x 16.1x 29.9X
Mahindra & Mahindra 500520 2795.9 124.35 347670.2 94,612.8 4,42,283 1,39,078 21,821 12,269.82 3.2x 20.3x 28.3X
Mercury EV - Tech 531357 69.59 17.55 1221.305 54.6 1,276 22 82 1.99 57.9x 15.5x 613.7X
Hindustan Motors 500500 36.92 20.87 770.5204 -21.7 749 3 1 25.42 230.4x 792.1x 30.3X

High 230.4x 792.1x 613.7x

75th Percentile 101.1x 213.2x 176.2x
Average 73.6x 211.0x 175.6x
Median 30.6x 18.2x 30.1x
25th Percentile 3.1x 16.0x 29.5x
Low 2.8x 15.5x 28.3x

Maaruti Suzuki Ltd Comparable Valuation EV/Revenue EV/EBITDA P/E

Implied Enterprise Vale 1,04,39,781 52,47,218 4,03,560

Net Debt -2,709 -2,709 -2,709
Implied Market Value 1,04,37,072 52,44,509 4,06,269
Share Outstanding 31 31 31
Implied Value per Share 3,31,967.9 1,66,810.1 12,922.0
Source: Shaik Omer, Screener.in
MARUTI SUZUKI INDIA LTD
NSE: MARUTI | BSE: 532500

Football Field Analysis

Open/Low Low Open/High High

Comps 12,922.00 12,922.00 3,31,967.00 3,31,967.00
DCF Bear 9399.00 9399.00 9,124.00 9,124.00
DCF Base 9,124.00 9,124.00 8,873.00 8,873.00
DCF Bull 8,755.00 8,755.00 8,535.00 8,535.00
52W H/L 13,074.00 13,074.00 9,254.00 9,254.00

Football Field Analysis

3,31,967
3,50,000

3,00,000

2,50,000

2,00,000

1,50,000

1,00,000

50,000 9,124 8,873 8,535 9,254

0
Comps DCF Bear DCF Base DCF Bull 52W H/L

Open/Low Open/High High Low

MARUTI SUZUKI LTD
NSE: MARUTI | BSE: 532500
INR 12,800.00
52 Week ( High - INR 13074 & Low 9254 )

The Company was established in 1981. A joint venture agreement was signed between the
Government of India and Suzuki Motor Corporation (SMC), Japan in 1982. The Company
became a subsidiary of SMC in 2002.It is the market leader in passenger vehicle segment in
India. In terms of production volume and sales, the Company is now SMC’s largest
subsidiary. Purchase and sale of motor vehicles, components and spare parts.
Summary
Net Profit Revenue Total Asset
26,430 1,41,858
99975
1,17,571
79626
73016
88,330 67502
70,372
7,955
2,965 3,899

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Return Equity Return Assets Fin Leverage

35.78% 26.44% 1.5x 1.4x
1.2x
1.0x

13.55% 9.99%

5.80% 7.21% 4.39% 5.34%

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Recent Updates
• Maruti Suzuki launches pilot biogas plant at Indian facility
• India's Maruti Suzuki recalls over 16,000 cars
• India's Maruti Suzuki hikes prices across models
• India's Maruti Suzuki facing some challenges due to Red Sea crisis -exec
• Maruti Suzuki shares see moderate rise amid increased trading volume
• Maruti Suzuki shares rise amid increased target prices by global brokerages
• India's Maruti to recall over 87,000 cars on likely steering system defect
• New Maruti Suzuki Swift Launched In India,Price Starts At Rs 6.49 L updated 9 days ago
• Maruti Suzuki WagonR Becomes India’s Best-Selling Car For Third Consecutive Year ...
• Maruti Suzuki Teases All-New Swift Ahead Of May 9 Launch, Bookings Open Now
Published 17 days ago
 Dupont Analysis Report

Return on Equity

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Net Profit ₹ 4,459 ₹ 2,965 ₹ 3,899 ₹ 7,955 ₹ 26,430
Share holder Equity ₹ 48404 ₹ 51108 ₹ 54068 ₹ 58713 ₹ 73868
Return on Equity 9.21% 5.80% 7.21% 13.55% 35.78%

Return on Dupont Equation

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Net Profit ₹ 4,459 ₹ 2,965 ₹ 3,899 ₹ 7,955 ₹ 26,430
Revenue ₹ 75660 ₹ 70372 ₹ 88330 ₹ 117571 ₹ 141858
Net Profit Margin (A) 5.89% 4.21% 4.41% 6.77% 18.63%

Revenue ₹ 75,660 ₹ 70,372 ₹ 88,330 ₹ 1,17,571 ₹ 1,41,858

Average Total Asset ₹ 63798 ₹ 67502 ₹ 73016 ₹ 79626 ₹ 99975
Asset Turnover Ratio (B) 118.59% 104.25% 120.97% 147.65% 141.89%

Average Total Asset ₹ 63798 ₹ 67502 ₹ 73016 ₹ 79626 ₹ 99975

Share holder Equity ₹ 48404 ₹ 51108 ₹ 54068 ₹ 58713 ₹ 73868
Equity Multiplier (C) 1x 1x 1x 1x 1x

Return Equity (A*B*C) 9.21% 5.80% 7.21% 13.55% 35.78%

Return on Assets

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Net Profit ₹ 4,459 ₹ 2,965 ₹ 3,899 ₹ 7,955 ₹ 26,430
Average Total Assets ₹ 63798 ₹ 67502 ₹ 73016 ₹ 79626 ₹ 99975
Return on Assets 6.99% 4.39% 5.34% 9.99% 26.44%

ROA Dupont Equation

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Net Profit ₹ 4,459 ₹ 2,965 ₹ 3,899 ₹ 7,955 ₹ 26,430
Revenue ₹ 75660 ₹ 70372 ₹ 88330 ₹ 117571 ₹ 141858
Net Profit Margin (A) 5.89% 4.21% 4.41% 6.77% 18.63%

Revenue ₹ 75,660 ₹ 70,372 ₹ 88,330 ₹ 1,17,571 ₹ 1,41,858

Average Total Asset ₹ 63798 ₹ 67502 ₹ 73016 ₹ 79626 ₹ 99975
Asset Turnover Ratio (B) 1.2x 1.0x 1.2x 1.5x 1.4x

Return on Asset (A*B) 6.99% 4.39% 5.34% 9.99% 26.44%

Disclaimer : This report is made as partof educational assignment and is meant for educational
purpose only. The author of the report is not liable for any losses due to actions taken basis this
report. It is advisable to consult SEBI registered reasearch analyst before making any investments
 MARUTI SUZUKI INDIA LTD
NSE: MARUTI | BSE: 532500

Date Adj Close Returns S Returns Calculation of Value at Risk

10-06-2024 12846.85 0.00281 0.00000
03-06-2024 12810.90 0.03320 -0.00280 Mean -0.00
27-05-2024 12399.30 -0.04624 -0.03213 Std Deviation 4%
20-05-2024 13000.45 0.03177 0.04848 Min -0.25
13-05-2024 12600.15 -0.00594 -0.03079 Max 0.16
06-05-2024 12675.50 0.01468 0.00598 CMP 12,811
29-04-2024 12492.15 -0.01663 -0.01446
22-04-2024 12703.35 -0.00060 0.01691 Percentile Confidence VAR% Stock Price VAR (INR)
15-04-2024 12710.95 0.03623 0.00060 7.00% -93.00% -5.83% 13,557.32 -746.42
08-04-2024 12266.55 -0.01248 -0.03496 2.00% -98.00% -8.30% 13,874.61 -1,063.71
01-04-2024 12421.60 -0.01419 0.01264 0.50% -99.50% -9.58% 14,038.76 -1,227.86
25-03-2024 12600.35 0.02129 0.01439 10.00% -90.00% -4.48% 13,384.46 -573.56
18-03-2024 12337.70 0.07503 -0.02084
11-03-2024 11476.65 -0.00290 -0.06979
04-03-2024 11510.05 -0.00954 0.00291
26-02-2024 11620.95 0.00740 0.00964
19-02-2024 11535.60 0.01364 -0.00734
12-02-2024 11380.40 0.06033 -0.01345
05-02-2024 10732.85 0.00726 -0.05690
29-01-2024 10655.45 0.07838 -0.00721
22-01-2024 9881.00 -0.01561 -0.07268
15-01-2024 10037.70 0.00723 0.01586
08-01-2024 9965.65 -0.00513 -0.00718
01-01-2024 10017.00 -0.02770 0.00515
25-12-2023 10302.35 0.00834 0.02849
18-12-2023 10217.15 -0.00673 -0.00827
11-12-2023 10286.40 -0.03128 0.00678
04-12-2023 10618.55 0.00310 0.03229
27-11-2023 10585.70 0.00666 -0.00309
20-11-2023 10515.65 -0.00075 -0.00662
13-11-2023 10523.50 0.01297 0.00075
06-11-2023 10388.80 0.01095 -0.01280
30-10-2023 10276.30 -0.02693 -0.01083
23-10-2023 10560.70 -0.01538 0.02768
16-10-2023 10725.65 -0.00018 0.01562
09-10-2023 10727.55 0.04130 0.00018
02-10-2023 10302.05 -0.02908 -0.03966
25-09-2023 10610.60 0.00716 0.02995
18-09-2023 10535.15 0.00094 -0.00711
11-09-2023 10525.25 0.01870 -0.00094
04-09-2023 10332.00 0.00007 -0.01836
28-08-2023 10331.25 0.08685 -0.00007
21-08-2023 9505.70 0.00525 -0.07991
14-08-2023 9456.05 0.01060 -0.00522
07-08-2023 9356.85 -0.00269 -0.01049
31-07-2023 9382.11 -0.02067 0.00270
24-07-2023 9580.15 -0.01021 0.02111
17-07-2023 9678.97 0.01733 0.01032
10-07-2023 9514.12 -0.02503 -0.01703
03-07-2023 9758.42 0.00625 0.02568
 MARUTI SUZUKI INDIA LTD
NSE: MARUTI | BSE: 532500

Date Adj Close Returns Sorted ReturnsRepication Simulated R Calculation of Value at Risk
10-06-2024 12846.85 0.00281 0.00000 1 -0.00179
03-06-2024 12810.90 0.03320 -0.00280 2 -0.02184 Historical Approach
27-05-2024 12399.30 -0.04624 -0.03213 3 -0.00633 Mean -0.00
20-05-2024 13000.45 0.03177 0.04848 4 -0.00049 Std Deviation 4%
13-05-2024 12600.15 -0.00594 -0.03079 5 0.00286 Min -0.25
06-05-2024 12675.50 0.01468 0.00598 6 -0.05493 Max 0.16
29-04-2024 12492.15 -0.01663 -0.01446 7 -0.02019 CMP 12,811
22-04-2024 12703.35 -0.00060 0.01691 8 0.00284
15-04-2024 12710.95 0.03623 0.00060 9 0.01127 Monte Carlo Simulation
08-04-2024 12266.55 -0.01248 -0.03496 10 0.01319 Mean -0.00
01-04-2024 12421.60 -0.01419 0.01264 11 -0.06598 Std Deviation 4%
25-03-2024 12600.35 0.02129 0.01439 12 -0.02403 Min -0.14
18-03-2024 12337.70 0.07503 -0.02084 13 -0.01661 Max 0.11
11-03-2024 11476.65 -0.00290 -0.06979 14 -0.05534 CMP 12,811
04-03-2024 11510.05 -0.00954 0.00291 15 0.00797
26-02-2024 11620.95 0.00740 0.00964 16 -0.09011 Percentile Confidence VAR% Stock Price VAR (INR)
19-02-2024 11535.60 0.01364 -0.00734 17 -0.00468 7.00% -93.00% -6.27% 13,613.70 -802.80
12-02-2024 11380.40 0.06033 -0.01345 18 -0.01641 2.00% -98.00% -10.81% 14,195.12 -1,384.22
05-02-2024 10732.85 0.00726 -0.05690 19 0.04064 0.50% -99.50% -13.37% 14,523.67 -1,712.77
29-01-2024 10655.45 0.07838 -0.00721 20 -0.02095 10.00% -90.00% -5.80% 13,554.10 -743.20
22-01-2024 9881.00 -0.01561 -0.07268 21 -0.01771
15-01-2024 10037.70 0.00723 0.01586 22 0.06919
08-01-2024 9965.65 -0.00513 -0.00718 23 -0.01936
01-01-2024 10017.00 -0.02770 0.00515 24 -0.02190
25-12-2023 10302.35 0.00834 0.02849 25 0.01923
18-12-2023 10217.15 -0.00673 -0.00827 26 -0.00965
11-12-2023 10286.40 -0.03128 0.00678 27 0.03210
04-12-2023 10618.55 0.00310 0.03229 28 0.02275
27-11-2023 10585.70 0.00666 -0.00309 29 -0.02803
20-11-2023 10515.65 -0.00075 -0.00662 30 -0.06248
13-11-2023 10523.50 0.01297 0.00075 31 0.01619
06-11-2023 10388.80 0.01095 -0.01280 32 -0.00045
30-10-2023 10276.30 -0.02693 -0.01083 33 0.03949
23-10-2023 10560.70 -0.01538 0.02768 34 0.00779
16-10-2023 10725.65 -0.00018 0.01562 35 0.00899
09-10-2023 10727.55 0.04130 0.00018 36 0.01557
02-10-2023 10302.05 -0.02908 -0.03966 37 -0.03238
25-09-2023 10610.60 0.00716 0.02995 38 -0.01604
18-09-2023 10535.15 0.00094 -0.00711 39 -0.01753
11-09-2023 10525.25 0.01870 -0.00094 40 0.03761
04-09-2023 10332.00 0.00007 -0.01836 41 0.02424
28-08-2023 10331.25 0.08685 -0.00007 42 -0.02081
21-08-2023 9505.70 0.00525 -0.07991 43 0.05836
14-08-2023 9456.05 0.01060 -0.00522 44 -0.00449
07-08-2023 9356.85 -0.00269 -0.01049 45 -0.02295
31-07-2023 9382.11 -0.02067 0.00270 46 -0.05034
24-07-2023 9580.15 -0.01021 0.02111 47 -0.01605
17-07-2023 9678.97 0.01733 0.01032 48 -0.06700
10-07-2023 9514.12 -0.02503 -0.01703 49 0.01956
03-07-2023 9758.42 0.00625 0.02568 50 -0.05990
26-06-2023 9697.79 0.04951 -0.00621 51 0.01420
19-06-2023 9240.34 -0.02878 -0.04717 52 0.00665
12-06-2023 9514.17 -0.00250 0.02963 53 -0.04230
05-06-2023 9538.04 0.01502 0.00251 54 -0.05899
29-05-2023 9396.92 0.00909 -0.01480 55 -0.00963
22-05-2023 9312.32 0.03229 -0.00900 56 0.02829
15-05-2023 9021.06 -0.02038 -0.03128 57 0.00854
08-05-2023 9208.74 0.03875 0.02081 58 0.06858
01-05-2023 8865.22 0.04181 -0.03730 59 -0.00505
24-04-2023 8509.47 0.00363 -0.04013 60 0.02386
17-04-2023 8478.66 -0.01296 -0.00362 61 -0.00359
10-04-2023 8589.96 0.01810 0.01313 62 -0.00549
03-04-2023 8437.25 0.02707 -0.01778 63 0.01850
27-03-2023 8214.84 0.00597 -0.02636 64 0.00362
20-03-2023 8166.05 -0.00889 -0.00594 65 -0.02225
13-03-2023 8239.31 -0.03310 0.00897 66 0.04179
06-03-2023 8521.36 0.00003 0.03423 67 -0.02715
27-02-2023 8521.06 -0.00684 -0.00003 68 0.01034
20-02-2023 8579.76 -0.01672 0.00689 69 0.01510
13-02-2023 8725.64 -0.00041 0.01700 70 0.02190
06-02-2023 8729.20 -0.01464 0.00041 71 0.04429
30-01-2023 8858.93 0.02344 0.01486 72 0.00557
23-01-2023 8656.04 0.03527 -0.02290 73 0.03200
16-01-2023 8361.12 -0.00161 -0.03407 74 0.01077
MARUTI SUZUKI LTD
NSE: MARUTI | BSE: 532500
INR 12,800.00
52 Week ( High - INR 13074 & Low 9254 )

The Company was established in 1981. A joint venture agreement was signed between the
Government of India and Suzuki Motor Corporation (SMC), Japan in 1982. The Company
became a subsidiary of SMC in 2002.It is the market leader in passenger vehicle segment in
India. In terms of production volume and sales, the Company is now SMC’s largest
subsidiary. Purchase and sale of motor vehicles, components and spare parts.
Summary
Working Capital Retained Earnings Earning B Tax
12,459 211 30560
11,164
9,439

6,492
88
66 65 10255
3998 4843

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Market Capital Revenue Altman Z Score

1,41,858
3,96,155 2,006
1,17,571

88,330
2,50,506
2,07,2162,28,427 70,372

231 324
122

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Recent Updates
• Maruti Suzuki launches pilot biogas plant at Indian facility
• India's Maruti Suzuki recalls over 16,000 cars
• India's Maruti Suzuki hikes prices across models
• India's Maruti Suzuki facing some challenges due to Red Sea crisis -exec
• Maruti Suzuki shares see moderate rise amid increased trading volume
• Maruti Suzuki shares rise amid increased target prices by global brokerages
• India's Maruti to recall over 87,000 cars on likely steering system defect
• New Maruti Suzuki Swift Launched In India,Price Starts At Rs 6.49 L updated 9 days ago
• Maruti Suzuki WagonR Becomes India’s Best-Selling Car For Third Consecutive Year ...
• Maruti Suzuki Teases All-New Swift Ahead Of May 9 Launch, Bookings Open Now
Published 17 days ago
 Altman Z Score Calculation

Workign Captial / Total Assets

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Working Capital ₹ 8,245 ₹ 9,439 ₹ 6,492 ₹ 11,164 ₹ 12,459
Total Asset ₹ 63628 ₹ 71376 ₹ 74656 ₹ 84597 ₹ 115353
Working Capital / Total Asset (A) 12.96% 13.22% 8.70% 13.20% 10.80%

Retained Earnings / Total Asset

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Retained Earnings ₹ 74 ₹ 66 ₹ 65 ₹ 88 ₹ 211
Total Asset ₹ 63628 ₹ 71376 ₹ 74656 ₹ 84597 ₹ 115353
Retained Earnings / Total Asset (B) 0.12% 0.09% 0.09% 0.10% 0.18%

EBIT / Total Asset

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
EBIT ₹ 6018 ₹ 3998 ₹ 4843 ₹ 10255 ₹ 30560
Total Asset ₹ 63628 ₹ 71376 ₹ 74656 ₹ 84597 ₹ 115353
EBIT / Total Asset (C) 9.46% 5.60% 6.49% 12.12% 26.49%

Market Capital / Long Term Liablity

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Market Capital ₹ 129550 ₹ 207216 ₹ 228427 ₹ 250506 ₹ 396155
Long Term Liablity ₹ 184 ₹ 541 ₹ 426 ₹ 1247 ₹ 119
Market Cap / Long Term Liablity (D) 70369% 38310% 53684% 20084% 334026%

Revenue / Total Asset

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Revenue ₹ 75660 ₹ 70372 ₹ 88330 ₹ 117571 ₹ 141858
Total Asset ₹ 63628 ₹ 71376 ₹ 74656 ₹ 84597 ₹ 115353
Revenue / Total Asset 118.91% 98.59% 118.32% 138.98% 122.98%

Altman Z Score Calculation

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Final Score 423.87 231.19 323.61 122.45 2,006.39
Financial Stability Strong Strong Strong Strong Strong
Description:-
Maruti Suzuki India Limited is the Indian subsidiary of Japanese automaker Suzuki Motor
Corporation1. As of September 2022, the company had a leading market share of 42 percent in
the Indian passenger car market1. The company is known for making highly reliable, low-
maintenance cars for the Indian market1. Maruti Suzuki is credited with having ushered in the
automobile revolution in the country2. The company is engaged in the business of
manufacturing and sale of passenger vehicles in India2. The company has a vast portfolio of 16

Disclaimer : This report is made as partof educational assignment and is meant for educational
purpose only. The author of the report is not liable for any losses due to actions taken basis this
report. It is advisable to consult SEBI registered reasearch analyst before making any investments