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The Economic Times
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| 25 September, 2021, 09:55 AM IST | E-Paper
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Maruti Suzuki India Ltd.

  • 6,952.25105.55 (1.54%)
  • Volume: 16,49,962
  • Closed
  • Last Updated On: 24 Sep, 2021, 03:59 PM IST
OPEN TRADING A/C
STOCK SCORE
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  • Overview
  • News
  • Analysis
  • Recos
  • Financials
  • Forecast
  • Technicals
  • Peers
  • Shareholdings
  • MF
  • F&O
  • Corp Actions
  • About

Insights

View All
  • The sales numbers of coming festive season is an important factor to watch. While company hardly faces any serious challenge in entry level car segment. But given the changing consumer preference, sales numbers of UV segment would be crucial. If numbers of UV segment show an improvement, the threat to its overall market share will reduce for the time being.

  • A sharp increase in price of steel, which is a key raw material, had pushed the company to announce a price hike from April 2021. Subsequent lockdown probably prevented it in implementing the price hike in an aggressive manner . Once again a price hike is suppose to be effective from September 21. Will be Whenever price hikes take place, its quantum and whether it has any adverse impact on sales is sales needs to be watched.

  • The impact of rising raw material prices was visible even more on operating margins, which dipped sharply in Q1,FY22. Given the fact that steel and other metal prices are still raging high, it is very likely that margins will stay under pressure for some more time. What needs to be watched is what sort of sales numbers comes in months as the industry prepares for festive season inventory push.

  • While nationwide lockdown washed away one quarter of fiscal 21.Sales analysis shows that small car and utility segment are strong point of the company. For FY 21, utility vehicles segment volume declined by just 2.6 percent. Mini and compact segment volume dropped by just 8.7 and 8.6percent. The decline is less than what had being projected at the start of fiscal 21. The pain point for the company was the mid-sized car segment, where its main model ciaz saw a dip of 45.2 percent in FY 21. Till the time demand for personal mobility remains strong, mini and compact segment are likely to do well. 

InsightsMaruti Suzuki India Ltd.

  • Festive season holds the key

    The sales numbers of coming festive season is an important factor to watch. While company hardly faces any serious challenge in entry level car segment. But given the changing consumer preference, sales numbers of UV segment would be crucial. If numbers of UV segment show an improvement, the threat to its overall market share will reduce for the time being.

  • Price hikes- How real would they be ?

    A sharp increase in price of steel, which is a key raw material, had pushed the company to announce a price hike from April 2021. Subsequent lockdown probably prevented it in implementing the price hike in an aggressive manner . Once again a price hike is suppose to be effective from September 21. Will be Whenever price hikes take place, its quantum and whether it has any adverse impact on sales is sales needs to be watched.

  • Q1, FY22- Material headwinds

    The impact of rising raw material prices was visible even more on operating margins, which dipped sharply in Q1,FY22. Given the fact that steel and other metal prices are still raging high, it is very likely that margins will stay under pressure for some more time. What needs to be watched is what sort of sales numbers comes in months as the industry prepares for festive season inventory push.

  • FY 21 sales : Strength and Weakness

    While nationwide lockdown washed away one quarter of fiscal 21.Sales analysis shows that small car and utility segment are strong point of the company. For FY 21, utility vehicles segment volume declined by just 2.6 percent. Mini and compact segment volume dropped by just 8.7 and 8.6percent. The decline is less than what had being projected at the start of fiscal 21. The pain point for the company was the mid-sized car segment, where its main model ciaz saw a dip of 45.2 percent in FY 21. Till the time demand for personal mobility remains strong, mini and compact segment are likely to do well. 

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Key Metrics

  • PE Ratio

    PE Ratio

    This is a ratio arrived at by dividing the current market price of a stock by its latest (annual or annualized) earnings per share. Here we have taken the TTM (trailing twelve months) adjusted earnings per share.

    (x)
    40.92
  • EPS - TTM

    EPS - TTM

    Earnings per share (TTM) tells the profit after tax earned on a per share basis by a stock over the last twelve months or four quarters.

    (₹)
    169.90
  • MCap

    MCap

    MCap or Market capitalization of a stock is calculated by multiplying the total number of shares outstanding of that particular stock with its current market price.

    (₹ Cr.)
    2,10,014
  • Sectoral MCap Rank

    Sectoral MCap Rank

    This is the ranking of a company within its sector based on MCap or Market capitalization. Higher the market capitalization of a company, higher the rank it is assigned.

    1
  • PB Ratio

    PB Ratio

    Price to Book represents the ratio of current market price of a stock to its book value per share. The book value itself is arrived at by dividing the net worth of a company by the total number of shares outstanding of the company at that time.

    (x)
    3.94
  • Div Yield

    Dividend Yield

    Dividend Yield calculates the amount of full year dividend declared by a company as a percentage of the current market price of a stock. All other things being equal, higher the dividend yield of the stock, the better it is for investors.

    (%)
    0.65
  • Face Value

    Face Value

    Face value of a stock is the value ascribed to the stock as per the balance sheet of the company. The dividend declared by a company is usually declared as a percentage of face value.

    (₹)
    5.00
  • Beta

    Beta

    1 Month1.57
    3 Months1.57
    6 Months1.37
    1 Year1.35
    3 Years1.18

    1.57
  • VWAP

    VWAP

    Volume Weighted Average Price represents the average price of a security over a particular time period (example one trading day) weighted by the volume traded at each price point.

    (₹)
    6,914.88
  • 52W H/L

    52W H/L

    This represents the 52 week high and low price of the security. It is also the 1 year high and low of the security. This represents the highest and lowest price touched by the security during the past 52 weeks or 1 year including today.

    (₹)
    8,329.00 / 6,270.15

Returns

  • 1 Day1.54%
  • 1 Week-0.89%
  • 1 Month2.19%
  • 3 Months-7.64%
  • 1 Year10.39%
  • 3 Years-10.79%
  • 5 Years24.11%

Maruti Suzuki Stock Analysis

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Recommendations

Recent Recos

BUY

Current

Mean Recos by 45 Analysts

Strong
Sell
SellHoldBuyStrong
Buy
  • Target₹7650
  • OrganizationLKP Securities
  • BUY

Analyst Trends

RatingsCurrent1 Week Ago1 Month Ago3 Months Ago
Strong Buy12121115
Buy15151613
Hold8887
Sell5555
Strong Sell5566
# Analysts45454646

Financials

  • Income (P&L)

  • Balance Sheet

  • Cash Flow

  • Ratios

  • MD&A

  • Insights

    • Employee & Interest Expense

      Company has spent less than 1% of its operating revenues towards interest expenses and 4.88% towards employee cost in the year ending Mar 31, 2021. (Source: Consolidated Financials)
    Quarterly | AnnualJun 2021Mar 2021Dec 2020Sep 2020Jun 2020
    Total Income18,284.3024,124.2024,465.1019,347.905,429.00
    Total Income Growth (%)-24.21-1.3926.45256.38-71.56
    Total Expenses17,701.3022,781.4021,985.5017,585.705,759.80
    Total Expenses Growth (%)-22.303.6225.02205.32-67.06
    EBIT583.001,342.802,479.601,762.20-330.80
    EBIT Growth (%)-56.58-45.8540.71--120.62
    Profit after Tax (PAT)475.001,241.101,996.701,419.60-266.90
    PAT Growth (%)-61.73-37.8440.65--120.19
    EBIT Margin (%)3.195.5710.149.11-6.09
    Net Profit Margin (%)2.605.148.167.34-4.92
    Basic EPS (₹)15.7241.0966.1046.99-8.88
    Quarterly | AnnualJun 2021Mar 2021Dec 2020Sep 2020Jun 2020
    Total Income18,278.5024,113.5024,451.5019,347.005,424.80
    Total Income Growth (%)-24.20-1.3826.38256.64-71.57
    Total Expenses17,692.8022,773.6021,973.0017,576.805,753.20
    Total Expenses Growth (%)-22.313.6425.01205.51-67.08
    EBIT585.701,339.902,478.501,770.20-328.40
    EBIT Growth (%)-56.29-45.9440.01--120.48
    Profit after Tax (PAT)440.801,166.101,941.401,371.60-249.40
    PAT Growth (%)-62.20-39.9441.54--119.31
    EBIT Margin (%)3.205.5610.149.15-6.05
    Net Profit Margin (%)2.414.847.947.09-4.60
    Basic EPS (₹)14.5938.6064.2745.41-8.26
    Quarterly | Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Revenue73,308.3078,994.4088,630.1081,855.2070,374.60
    Total Revenue Growth (%)-7.20-10.878.2816.3119.14
    Total Expenses68,156.3072,010.0078,162.0070,851.6060,420.20
    Total Expenses Growth (%)-5.35-7.8710.3217.2617.08
    Profit after Tax (PAT)4,389.105,676.007,649.107,880.007,509.90
    PAT Growth (%)-22.67-25.80-2.934.9336.64
    Operating Profit Margin (%)7.469.4012.2514.2214.75
    Net Profit Margin (%)6.237.508.889.8711.03
    Basic EPS (₹)145.30187.95253.26260.88248.64
    Quarterly | Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Revenue73,278.9079,031.4088,581.3081,808.2070,334.90
    Total Revenue Growth (%)-7.28-10.788.2816.3119.21
    Total Expenses68,119.5071,966.6078,115.7070,804.8060,374.60
    Total Expenses Growth (%)-5.35-7.8710.3317.2817.11
    Profit after Tax (PAT)4,229.705,650.607,500.607,721.807,350.20
    PAT Growth (%)-25.15-24.66-2.865.0637.02
    Operating Profit Margin (%)7.479.5112.2514.2214.77
    Net Profit Margin (%)6.017.478.719.6810.80
    Basic EPS (₹)140.02187.06248.30255.62243.32

    All figures in Rs Cr, unless mentioned otherwise

  • Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Assets71,282.7063,627.7063,968.7060,248.4051,960.50
    Total Assets Growth (%)12.03-0.536.1715.9521.61
    Total Liabilities18,782.1014,195.5016,859.0017,672.9014,870.00
    Total Liabilities Growth (%)32.31-15.80-4.6118.8522.94
    Total Equity52,500.6049,432.2047,109.7042,575.5037,090.50
    Total Equity Growth (%)6.214.9310.6514.7921.09
    Current Ratio (x)1.150.750.870.510.66
    Total Debt to Equity (x)0.010.000.000.000.01
    Contingent Liabilities15,704.3011,232.8011,948.6010,455.209,828.00
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Assets70,067.4062,552.1062,931.8059,370.1051,250.60
    Total Assets Growth (%)12.01-0.606.0015.8422.20
    Total Liabilities18,700.6014,115.1016,790.3017,612.8014,819.50
    Total Liabilities Growth (%)32.49-15.93-4.6718.8522.92
    Total Equity51,366.8048,437.0046,141.5041,757.3036,431.10
    Total Equity Growth (%)6.054.9710.5014.6221.91
    Current Ratio (x)1.150.750.870.510.66
    Total Debt to Equity (x)0.010.000.000.000.01
    Contingent Liabilities15,502.2012,955.5012,090.3010,181.209,642.10

    All figures in Rs Cr, unless mentioned otherwise

  • Insights

    • Increase in Cash from Investing

      Company has used Rs 7291.3 cr for investing activities which is an YoY increase of 1209.97%. (Source: Consolidated Financials)
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Net Cash flow from Operating Activities8,856.203,495.806,600.9011,787.9010,282.00
    Net Cash used in Investing Activities-7,291.30-556.60-3,539.90-8,301.70-9,173.20
    Net Cash flow from Financing Activities-1,544.90-3,104.30-2,947.90-3,436.10-1,129.30
    Net Cash Flow20.00-165.10113.1050.10-20.50
    Closing Cash & Cash Equivalent40.8020.80185.9072.8022.70
    Closing Cash & Cash Equivalent Growth (%)96.15-88.81155.36220.70-47.45
    Total Debt/ CFO (x)0.060.030.020.010.05
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Net Cash flow from Operating Activities8,838.803,405.106,593.2011,785.0010,279.30
    Net Cash used in Investing Activities-7,283.90-463.90-3,538.30-8,282.10-9,177.90
    Net Cash flow from Financing Activities-1,540.80-3,100.00-2,947.80-3,446.00-1,129.30
    Net Cash Flow14.10-158.80107.1056.90-25.40
    Closing Cash & Cash Equivalent32.3018.20177.0069.9013.00
    Closing Cash & Cash Equivalent Growth (%)77.47-89.72153.22437.69-66.15
    Total Debt/ CFO (x)0.060.030.020.010.05

    All figures in Rs Cr, unless mentioned otherwise

  • Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Return on Equity (%)8.3611.4816.2418.5120.25
    Return on Capital Employed (%)9.5213.6021.1625.3325.93
    Return on Assets (%)6.158.9211.9513.0714.45
    Interest Coverage Ratio (x)51.6153.04138.9232.82112.35
    Asset Turnover Ratio (x)98.72118.91134.54132.46131.03
    Price to Earnings (x)47.3922.8326.3934.0124.27
    Price to Book (x)3.952.624.286.294.91
    EV/EBITDA (x)24.6912.1714.8518.9814.42
    EBITDA Margin (%)11.7714.0715.7617.6718.57
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Return on Equity (%)8.2311.6616.2518.4920.17
    Return on Capital Employed (%)9.7414.0421.6025.8326.42
    Return on Assets (%)6.039.0311.9113.0014.34
    Interest Coverage Ratio (x)52.1854.16139.0732.83112.41
    Asset Turnover Ratio (x)100.37120.87136.68134.34132.74
    Price to Earnings (x)49.0222.9426.8834.7224.75
    Price to Book (x)4.032.674.376.414.99
    EV/EBITDA (x)24.6812.0814.8618.9814.42
    EBITDA Margin (%)11.7814.1815.7617.6818.59
  • MANAGEMENT DISCUSSION AND ANALYSIS (FY 19-20)

    • Expanding service network

      One of the key success factors of the automobile industry is the ease and low cost of maintenance of vehicle. This includes service workshops in close proximity and quick availability of spare parts at affordable price. During the year, 250 service workshops were added to the network across Arena and NEXA Service channels. This is the highest ever addition in a single year, taking the total number of workshops to 3,864 covering 1,914 cities, towns and villages.

    • Headwind in export markets

      Exports to Latin American region, one of the major markets for the Company, were adversely affected due to socio-political unrest and huge currency depreciation in some of the countries. The Company?s exports were further impacted when a South East Asian country imposed model-wise quota restrictions on import of cars. Moreover, restrictions on vehicle financing and the prevalent used car market remained a challenge in SAARC countries.

    • Light commercial vehicle - Baby steps

      The Company sold 21,778 units of Super Carry during the year posting a degrowth of 8.8%. Going forward, the Super Carry CNG with industry-best fuel efficiency and attractive pricing is well placed to provide value to the customer.

Financial InsightsMaruti Suzuki India Ltd.

  • Income (P&L)
  • Cash Flow
    • Employee & Interest Expense

      Company has spent less than 1% of its operating revenues towards interest expenses and 4.88% towards employee cost in the year ending Mar 31, 2021. (Source: Consolidated Financials)

    • Increase in Cash from Investing

      Company has used Rs 7291.3 cr for investing activities which is an YoY increase of 1209.97%. (Source: Consolidated Financials)

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Forecast

  • PRICE

  • REVENUE

  • EARNINGS

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    • Details about company earnings
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    • Details about company earnings
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Technicals

  • Buy / Sell Signals

  • Price Analysis

  • Pivot Levels & ATR

  • Chart

  • Bullish / Bearish signals for Maruti Suzuki India Ltd. basis selected technical indicators and moving average crossovers.

    5 Day EMA Crossover

    Bullish signal on daily chart

    Appeared on: 24 Sep 2021

    5D EMA: 6890.84

    Last 4 Buy Signals:13 Sep 2021
    Date7 days Gain/Loss %
    13 Sep 20212.78%
    30 Aug 20212.37%
    6 Aug 20210.90%
    3 Aug 20210.68%

    Average price gain of 2.56% within 7 days of Bullish signal in last 5 years

    10 Day EMA Crossover

    Bullish signal on daily chart

    Appeared on: 24 Sep 2021

    10D EMA: 6882.31

    Last 4 Buy Signals:13 Sep 2021
    Date7 days Gain/Loss %
    13 Sep 20212.78%
    3 Sep 20211.32%
    30 Aug 20211.10%
    3 Aug 20210.68%

    Average price gain of 2.53% within 7 days of Bullish signal in last 5 years

    Show More
  • 47%
    Positive Movement since
    1st Jan 2005 on basis
    53%
    Negative Movement since
    1st Jan 2005 on basis
    Exclude
  • Pivot Levels

    R1R2R3PIVOTS1S2S3
    Classic7044.037135.827325.626946.026854.236756.226566.42

    Average True Range

    5 DAYS14 DAYS28 DAYS
    ATR121.01122.51129.21

Peer Comparison

  • Stock Performance

  • Ratio Performance

  • Insights

    • Stock Returns vs Nifty Auto

      Stock generated -10.79% return as compared to Nifty Auto which gave investors 3.72% return over 3 year time period. (as of last trading session)
    • 1D
    • 1W
    • 1M
    • 3M
    • 6M
    • 1Y
    • 5Y
  • Insights

    • Stock Returns vs Nifty Auto

      Stock generated -10.79% return as compared to Nifty Auto which gave investors 3.72% return over 3 year time period. (as of last trading session)

    Ratio Performance

    NAMEP/E (x)P/B (x)ROE %ROCE %ROA %Rev CAGR [3Yr]OPMNPMBasic EPSCurrent RatioTotal Debt/ Equity (x)Total Debt/ CFO (x)
    Maruti Suzuki40.924.008.369.526.15-3.577.465.99145.301.150.010.06
    Tata Motors-11.151.86-24.346.14-3.92-5.074.55-5.21-36.990.932.083.96
    M&M41.521.914.359.851.08-6.6315.250.3116.331.401.433.33
    Ashok Leyland-1,246.215.36-4.49-0.91-1.70-19.56-0.60-2.05-1.070.900.53175.88
    Force Motors-30.991.06-6.72-5.73-3.81-16.62-6.82-5.61-93.831.010.2871.36
    Add More
    Annual Ratios (%)

    Choose from Peers

      Choose from Stocks

      Peers InsightsMaruti Suzuki India Ltd.

      • Stock Returns vs Nifty Auto

        Stock generated -10.79% return as compared to Nifty Auto which gave investors 3.72% return over 3 year time period. (as of last trading session)

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      Shareholding Pattern

      • QOQ Change

      • Total Shareholdings

      • Showing Shareholding as on 30 Jun 2021
        Category30 Jun 202131 Mar 202131 Dec 202030 Sep 2020
        Promoters56.3756.3756.3756.37
        Pledge0.000.000.000.00
        FII22.9023.1123.0921.86
        DII15.7615.0815.6516.74
        Mutual Funds7.477.497.837.51
        Others4.975.444.895.03
      • Showing Shareholding as on 30 Jun 2021
        CategoryNo. of SharesPercentage% Change QoQ
        Promoters17,02,83,76256.37 %0.00
        Pledge00.00 %0.00
        FII6,91,65,69722.90 %-0.21
        DII4,76,08,04815.76 %0.68
        MF2,25,66,1797.47 %-0.02
        Others1,50,22,5534.97 %-0.47

      MF Ownership

      MF Ownership as on 31 August 2021

      F&O Quote

      • Futures

      • Options

        • Expiry

        Price

        6,965.00109.15 (1.59%)

        Open Interest

        30,55,600-5,100 (-0.17%)

        OpenHighLowPrev CloseContracts TradedTurnover (₹ Lakhs)
        6,877.557,056.106,860.156,855.8523,2061,20,963.53

        Open Interest as of 23 Sep 2021

      Corporate Actions

      • Board Meeting/AGM

      • Dividends

      • Others
      • Meeting DateAnnounced onPurposeDetails
        Aug 24, 2021May 31, 2021AGM-
        Jul 28, 2021Jul 09, 2021Board MeetingQuarterly Results
        Apr 27, 2021Apr 16, 2021Board MeetingAudited Results
        Jan 28, 2021Jan 15, 2021Board MeetingQuarterly Results
        Oct 29, 2020Oct 14, 2020Board MeetingQuarterly Results
      • TypeDividendDividend per ShareEx-Dividend DateAnnounced on
        Final900%45.0Aug 05, 2021Jun 28, 2021
        Final1200%60.0Aug 13, 2020May 13, 2020
        Final1600%80.0Aug 14, 2019Apr 25, 2019
        Final1600%80.0Aug 14, 2018Apr 27, 2018
        Final1500%75.0Aug 24, 2017Apr 27, 2017
      • All TypesEx-DateRecord DateAnnounced onDetails
        Rights-Jun 02, 1993Sep 30, 1993Rights ratio: 2 share for every 1 held at a price of Rs 10.0

      About Maruti Suzuki

      Maruti Suzuki India Ltd., incorporated in the year 1981, is a Large Cap company (having a market cap of Rs 210,013.61 Crore) operating in Auto sector. Maruti Suzuki India Ltd. key Products/Revenue Segments include Passenger Cars & Light Duty Utility Vehicles, Mould & Dies, Other Operating Revenue, Service Income, Scrap, Rental Income for the year ending 31-Mar-2021. Show More

      • Executives

      • Auditors

      • RC

        R C Bhargava

        Chairman
        KA

        Kenichi Ayukawa

        Managing Director & CEO
        HT

        Hisashi Takeuchi

        Joint Managing Director
        ST

        Shigetoshi Torii

        Joint Managing Director
        DS

        D S Brar

        Independent Director
        LG

        Lira Goswami

        Independent Director
        Show More
      • Deloitte Haskins & Sells LLP

      Maruti Suzuki Share Price Update

      Maruti Suzuki India Ltd. share price moved up by 1.54% from its previous close of Rs 6,846.70. Maruti Suzuki India Ltd. stock last traded price is 6,952.25

      Share PriceValue
      Today/Current/Last6,952.25
      Previous Day6,846.70

      Trending in Markets

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