Maruti Suzuki shares: Owning a Maruti 800 was a milestone for the Indian middle class in early 2000s. Priced around ₹2.5 lakh, the small hatchback redefined personal mobility and became a symbol of aspiration.
Two decades later, the same brand has also delivered one of the most remarkable wealth-creation stories in Indian equities.
Maruti Suzuki India made its stock market debut in 2003 at ₹125 per share. From that level, the stock has generated returns of about 12,230% to ₹15,412.75 (as of Feb 10 close).
To put this into perspective, an investment of ₹2.5 lakh in the stock instead of the iconic car in 2003 would be worth over ₹3 crore today (excluding corporate actions).
Had you bought its shares in 2003, instead of a Maruti 800, you could have now owned a Ferrari! Ferrari Portofino costs ₹3.31 crore in India.
What began as a household car brand quietly evolved into a long-term compounding machine for patient investors.
Maruti Suzuki: Recent Share Performance
The auto stock has risen 21% in the past 1 year, while it has advanced 22% in past 6 months. However, it has lost around 7% in the past 1 month.
The scrip hit its record high of ₹17,371.60 last month (Jan 5, 2026) while it touched its 52-week low of ₹11,072 in April 2025. Furthermore, the scrip has doubled investor wealth in the last 5 years, rising 101%.
Maruti Q3 results
During the December quarter, the country’s largest passenger vehicle maker posted a robust revenue performance, supported by healthy volumes and improved realizations. Revenue from operations climbed 28.7% year-on-year to ₹49,892 crore, compared with ₹38,752 crore in the corresponding quarter last year. Net profit rose 3.7% YoY to ₹3,794 crore, up from ₹3,659 crore a year earlier.
Operating performance improved in absolute terms, with EBITDA increasing 10% YoY to ₹5,572 crore from ₹Rs 5,064 crore. That said, EBITDA margin slipped to 11.2% from 13%, impacted by higher input costs and operating expenses.
Moreover, sales momentum stayed firm during the quarter. Total volumes grew 17.9% YoY to 667,769 units. Domestic sales rose 20.9% to 564,669 units, accounting for 84.6% of overall volumes, while exports increased 3.9% to 103,100 units.
Maruti Suzuki – Should you still buy?
Brokerages remained positive on Maruti Suzuki, citing a revival in entry-level demand, steady capacity expansion and an improving product mix, even as near-term margins stayed under pressure.
Choice Institutional Equities said the auto major continued to benefit from the GST-led recovery in the passenger vehicle market, particularly in the small car segment. The brokerage highlighted a structural pickup in demand, with the share of first-time buyers rising by around 7% to nearly 47%.
“Maruti Suzuki remains well positioned to capture demand recovery, supported by sustained capex and upcoming capacity additions,” Choice Institutional Equities said.
Choice also pointed to capacity expansion at Kharkhoda and Gujarat, which together are expected to add nearly 5 lakh units annually. While it marginally cut FY26E–FY27E EPS by 1–1.3% due to higher depreciation, it upgraded the stock to ADD with a target price of ₹16,200.
Meanwhile, Motilal Oswal said improved affordability after the GST cut had revived small-car demand, while upcoming launches and exports could drive medium-term growth.
“New model launches and export growth could aid market share gains and support a re-rating over the next 30–40 months,” Motilal Oswal said.
Motilal Oswal maintained a Buy rating with a target price of ₹18,197, despite trimming earnings estimates.
Maruti – Technical View
Aakash Shah, technical research analyst, Choice Equity Broking believes MARUTI is showing signs of short-term trend stabilization after a sharp corrective phase from recent highs. The stock has witnessed a strong bounce from the lower support zone near 14,000, indicating renewed demand emerging at lower levels. The recent bullish candles suggest a shift from aggressive selling pressure to a more balanced-to-bullish short-term structure.
“Price has reclaimed the 20 EMA and is now trading near the 50 EMA zone. The 20 EMA has started to turn upward, reflecting improving short-term momentum. However, the stock is still trading below the 100 EMA, which is positioned near the 15,650 area and may act as immediate overhead resistance.
A sustained move above this level would further strengthen the bullish reversal case. Importantly, the 14,700 zone coincides with the 200-day EMA, making it a strong confluence demand and long-term support area. Volume expansion during the rebound indicates short-covering and fresh buying interest. The RSI has recovered from oversold territory and is now near neutral, suggesting improving momentum.
A decisive close above 15,650 could open the door for further upside towards the 16,400 target zone, confirming a stronger bullish reversal. Holding above the 14,700 (200-DMA) support remains critical to maintain the positive bias,” he suggested.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
