MARUTI · Auto & Truck Manufacturers · INE585B01010
Analyst mean 1.71 · 38 analysts · 89% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is 130% of trailing profit — the earnings are converting to cash, not just accruals.
Last operating cash flow ₹19,100 cr against trailing net profit ₹14,679 cr. A ratio at or above ~0.9 means reported profit is showing up as real cash.
Net margin has narrowed from 9.6% to 7% year-on-year — profitability per rupee of sales is shrinking.
Quarter net margin 7% vs 9.6% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Free cash flow is positive and consistent — the business funds itself after capex.
Latest free cash flow ₹8,754 cr. Negative in only 1 of 12 years. A self-funding business needs less external capital and dilutes less.
Borrowings have fallen 14% over two years — the balance sheet is getting lighter.
Borrowings down to ₹102 cr from ₹119 cr. Falling debt reduces finance cost and financial risk.
Capital work-in-progress has stayed high (27% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
CWIP ₹9,406 cr vs ₹7,735 cr two years earlier, against fixed assets ₹34,955 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.
| Metric | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 35,779 | 37,449 | 38,764 | 40,920 | 38,605 | 42,344 | 49,904 | 52,462 |
| Expenses | 30,673 | 32,450 | 33,688 | 36,076 | 33,983 | 37,258 | 44,331 | 46,304 |
| Other Income | 1,118 | 1,570 | 1,125 | 1,583 | 1,924 | 1,014 | 1,140 | 581 |
| Depreciation | 1,332 | 1,386 | 1,429 | 1,462 | 1,556 | 1,703 | 1,735 | 1,748 |
| Profit before tax | 4,836 | 5,141 | 4,726 | 4,918 | 4,944 | 4,339 | 4,917 | 4,918 |
| Net Profit | 3,760 | 3,102 | 3,727 | 3,911 | 3,792 | 3,349 | 3,879 | 3,659 |
| EPS | 119.58 | 98.68 | 118.54 | 124.40 | 120.62 | 106.52 | 123.38 | 116.38 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 151 | 151 | 151 | 157 | 157 | 157 |
| Reserves | 52,350 | 55,182 | 61,640 | 85,479 | 96,083 | 106,999 |
| Borrowings | 541 | 426 | 1,247 | 119 | 87 | 102 |
| Fixed Assets | 14,989 | 13,747 | 17,830 | 27,865 | 32,983 | 34,955 |
| CWIP | 1,497 | 2,936 | 2,904 | 7,735 | 7,929 | 9,406 |
| Investments | 42,945 | 42,035 | 49,184 | 57,296 | 66,265 | 76,838 |
| Total Assets | 71,376 | 74,656 | 84,597 | 115,304 | 131,971 | 148,881 |