🧠 At a Glance
India’s biggest carmaker just wrapped up a stellar FY25 with ₹14,500 Cr in profit, almost4x jumpfrom FY21 lows. Despite EV buzz and Tata’s PR overdrive,Maruti holds 45%market share in the passenger vehicle segment and remains Suzuki’s crown jewel globally. But can this ICE legend keep firing?
📈 1. Financial Track Record: 5-Year Growth Engine
| Metric | FY21 | FY25 | % Change |
|---|---|---|---|
| Sales Revenue | ₹70,372 Cr | ₹1,52,913 Cr | 🔼 117% |
| Net Profit | ₹4,389 Cr | ₹14,500 Cr | 🔼 230% |
| EBITDA Margin | 8% | 13% | 🔼 500 bps |
| ROCE | 11% | 22% | 🔼 Doubled |
| EPS | ₹145.3 | ₹461.2 | 🔼 217% |
| Dividend Payout | 31% | 29% | ➖ Stable |
👉CAGR (5-Year):
- Revenue: 15%
- Profit: 35%
- Stock Price: 17%
💪 2. What’s Driving the Surge?
- 🚘Volume
- Growth: Steady demand recovery post-COVID with consistent launches across SUV + CNG categories.
- 💸Operating Leverage: Fixed cost absorption + raw material price stability = higher margins.
- 🌱Debt-Free: Almost no borrowings since FY22.
- 💰Strong Free Cash Flow: ~₹16,000 Cr from operations in FY25, reinvested into expansion and R&D.
⚔️ 3. Competition Check: Tata & Mahindra Enter the Arena
| Company | P/E | ROE % | OPM % | FY25 PAT (₹ Cr) |
|---|---|---|---|---|
| Maruti | 27.7 | 16.0 | 13.2 | 14,500 |
| Tata Motors | 8.8 | 28.1 | 12.6 | 28,226 (JLR heavy) |
| Mahindra | 30.9 | 18.1 | 19.2 | 12,929 |
🧠 Maruti’s
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