Maruti Suzuki Share Price: 8.3% CAGR in 3 Years as the Largest Car Maker Faces M&M and Hero MotoCorp

Maruti Suzuki previous close Rs 13,185. 3-year CAGR 8.3%. Up 1.3x since 10 Nov 2023. ROE 12.34%. Market cap Rs 4,14,351 crore.

The Maruti Suzuki share price has delivered a modest but steady return over three years, and the company carries almost no debt. Maruti Suzuki, a subsidiary of Japan's Suzuki Motor Corporation, is the largest passenger car maker in India and sells everything from compact hatchbacks to SUVs and multi-purpose vehicles.

This article compares that run with Mahindra & Mahindra and Hero MotoCorp, two other large automobile names. We calculate the three-year CAGR for all three and set the results beside market cap, valuation, return on equity and debt, using prices adjusted for corporate actions.

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How Much Has the Maruti Suzuki Share Price Returned in 3 Years?

The Maruti Suzuki stock closed at Rs 10,388.80 on 10 November 2023 and at Rs 13,185.00 on 11 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 1.27 lakh, which is a CAGR of 8.3%. This is a price return and leaves out dividends.

CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as Maruti Suzuki can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The Maruti Suzuki share price has also followed the steady demand for entry-level and mid-sized cars, the growing share of SUVs in its mix and the company's large dealer and service network across the country.

Maruti Suzuki vs Mahindra & Mahindra and Hero MotoCorp: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 10 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 11 November 2026.

Company	Close on 10 Nov 2023	Previous close (11 Nov 2026)	Price multiple	3-year CAGR
Mahindra & Mahindra	Rs 1,524.10	Rs 3,465.00	2.3x	31.5%
Hero MotoCorp	Rs 3,105.20	Rs 5,345.00	1.7x	19.8%
Maruti Suzuki	Rs 10,388.80	Rs 13,185.00	1.3x	8.3%

The Maruti Suzuki stock ranks third of the three at 8.3%. The companies ahead are Mahindra & Mahindra (31.5%) and Hero MotoCorp (19.8%). M&M leads the group, followed by Hero MotoCorp and then Maruti Suzuki. Maruti Suzuki is close to M&M in market cap and far larger than Hero MotoCorp, and it carries the highest P/E of the three.

Look at the Maruti Suzuki share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.

Valuation and Quality Compared

Company	Market cap	P/E	Industry P/E	ROE	Debt to equity
Mahindra & Mahindra	Rs 4,29,813 crore	20.04	25.73	19.80%	1.57
Maruti Suzuki	Rs 4,14,351 crore	30.80	25.73	12.34%	0.00
Hero MotoCorp	Rs 1,06,886 crore	17.73	25.73	25.64%	0.06

By market cap, Mahindra & Mahindra is the largest of the group at Rs 4,29,813 crore, while the Maruti Suzuki stock stands at Rs 4,14,351 crore, about 96% of that size. On earnings, Maruti Suzuki shares trade at a P/E of 30.80 against an industry P/E of 25.73, a premium of about 20%, which signals that the market expects faster earnings growth. Peer multiples are Mahindra & Mahindra at 20.04 and Hero MotoCorp at 17.73.

Return on equity is 12.34% for the Maruti Suzuki stock, which ranks third among the three, and debt to equity stands at 0.00. Trailing EPS is Rs 427.83. Large car makers are valued on volume growth and margins, so the P/E should be read together with return on equity and the amount of debt on the balance sheet.

What Is Driving the Maruti Suzuki Stock?

Maruti Suzuki sells compact cars, sedans, SUVs and vans through a very large network of showrooms and service centres. It has the biggest share of the Indian passenger car market, which gives it scale in buying parts and in running its plants.

The company has widened its range in SUVs and added CNG and hybrid choices, while it also exports cars to many countries. It carries almost no debt, so its capital spending on new plant capacity is funded from its own cash.

Followers of the Maruti Suzuki share price usually track monthly sales volumes, the share of SUVs in the mix, export numbers and operating margins.

How the Established Players Stack Up

Mahindra & Mahindra is a Mumbai-based maker of SUVs, tractors and commercial vehicles, and it also owns a financial services business. It compounded at 31.5% a year, on a market cap of Rs 4,29,813 crore and an ROE of 19.80%.

Hero MotoCorp is a Delhi-based maker of motorcycles and scooters and one of the largest two-wheeler companies in the world by volume. It compounded at 19.8% a year, on a market cap of Rs 1,06,886 crore and an ROE of 25.64%.

What Should Investors Track Next?

Three things are worth watching on the Maruti Suzuki share price. First, monthly sales volumes and the mix between small cars and SUVs. Second, export growth. Third, margins as input costs move.

At a P/E of 31, the stock trades above the industry P/E of 26, and its debt to equity of 0.00 is almost nil. Car demand can shift with interest rates and fuel prices, so follow monthly and quarterly numbers closely.

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How to Compare Auto Stocks Yourself

You can repeat this exercise for any pair of stocks, including the Maruti Suzuki stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.

A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the Maruti Suzuki share price, the same four checks give a more complete picture than price alone.

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The Largest Car Maker With Almost No Debt

The Maruti Suzuki share price compounded at 8.3% a year over three years, behind Hero MotoCorp at 19.8% and M&M at 31.5%. Its debt to equity of 0.00 is almost nil, while its ROE of 12.34% is the lowest of the three.

M&M brings the fastest return, while Hero MotoCorp brings the lowest P/E and the highest ROE. The choice depends on whether you prefer the car leader or a faster-growing mix of SUVs and tractors.

Frequently Asked Questions

What is the Maruti Suzuki share price today?

Ans. Maruti Suzuki closed at Rs 13,185 on 11 November 2026, according to NSE data. It has a market cap of Rs 4,14,351 crore and a P/E of 30.80. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the Maruti Suzuki stock?

Ans. Maruti Suzuki delivered a price CAGR of 8.3% over three years, moving from Rs 10,388.80 on 10 November 2023 to Rs 13,185.00 on 11 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is Maruti Suzuki better than M&M?

Ans. M&M delivered a higher three-year CAGR at 31.5% than Maruti Suzuki at 8.3%. M&M is slightly larger by market cap at Rs 4,29,813 crore against Rs 4,14,351 crore, trades at a lower P/E of 20.04 against 30.80 and has a higher ROE at 19.80% against 12.34%, while Maruti Suzuki carries almost no debt. The better choice depends on your view of each business.

What does Maruti Suzuki do?

Ans. Maruti Suzuki is the largest passenger car maker in India, a subsidiary of Suzuki Motor Corporation, with a range that spans compact cars, SUVs and vans.

Is the Maruti Suzuki stock debt free?

Ans. The debt to equity ratio of the Maruti Suzuki stock is 0.00 and its return on equity is 12.34%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.

Is Maruti Suzuki expensive compared with the industry?

Ans. Maruti Suzuki trades at a P/E of 30.80 against an industry P/E of 25.73. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.

Which auto stock gave the highest return in 3 years?

Ans. Among the companies compared here, Mahindra & Mahindra delivered the highest three-year CAGR at 31.5%, followed by Hero MotoCorp at 19.8%. Past returns do not guarantee future performance.

How do I calculate CAGR for a stock?

Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.