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Today's prices ask more of Bajaj Auto than of Maruti Suzuki.
At current prices, buyers of Bajaj Auto are assuming about 7% growth against 19% in its own record; for Maruti Suzuki it is 2% against 19%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: both on discounted cash flow.
- Size: Maruti Suzuki is worth about 1.4 times Bajaj Auto on the stock market.
- Record: On revenue the two have grown at much the same pace: Bajaj Auto compounded at about 12% a year (FY2018–FY2026) and Maruti Suzuki at about 11% (FY2019–FY2026).
- What to watch: export demand at Bajaj Auto; suv share at Maruti Suzuki.
| Bajaj Auto | Maruti Suzuki | |
|---|---|---|
| Price | ₹10,945 | ₹13,024 |
| Market cap | ₹3.01L Cr | ₹4.09L Cr |
| P/E | 23.0 | 30.4 |
| P/B | 7.75 | 3.82 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
Motorcycles, three-wheelers and exports
Bajaj Auto makes motorcycles such as the Pulsar, Platina and Dominar, the Chetak electric scooter and India's best-selling three-wheelers. It also builds and sells motorcycles in partnership with KTM and Triumph.
India's carmaker
Maruti Suzuki India is the country's largest carmaker and is majority-owned by Japan's Suzuki Motor Corporation. Its range runs from hatchbacks such as the Alto, Wagon R and Swift to SUVs such as the Brezza, Grand Vitara and Fronx, sold through India's largest dealer and service network.
02The records side by side
On revenue the two have grown at much the same pace: Bajaj Auto compounded at about 12% a year (FY2018–FY2026) and Maruti Suzuki at about 11% (FY2019–FY2026). By revenue, Maruti Suzuki is about 2.9 times the size of Bajaj Auto. Bajaj Auto kept 16.8% of revenue as net profit in FY2026; Maruti Suzuki kept 8.0% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Bajaj Auto · Maruti Suzuki.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Export demandExports are a big share of volumes, and currencies in markets such as Nigeria can swing them sharply.
- Premium motorcyclesHigher-priced models carry better margins than commuter bikes.
- SUV shareMaruti was late to SUVs and lost share as the market shifted to them; its newer SUVs decide how much of that it wins back.
- Small-car demandThe September 2025 GST cut on small cars lowered prices for Maruti's core buyers — a test of how much demand was held back by price.
05What could go wrong
- Emerging-market currenciesDevaluations hit export volumes and margins.
- EV competitionStart-ups and incumbents are crowding the electric scooter market.
- The EV transitionRivals moved into electric cars earlier; a fast shift could cost Maruti share.
- CompetitionTata, Mahindra and Hyundai are all fighting for the same SUV buyers.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Bajaj Auto or Maruti Suzuki better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Bajaj Auto trades at 23.0 times earnings and 7.75 times book value, and Maruti Suzuki at 30.4 times earnings and 3.82 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Bajaj Auto and Maruti Suzuki?
Bajaj Auto makes motorcycles such as the Pulsar, Platina and Dominar, the Chetak electric scooter and India's best-selling three-wheelers. Maruti Suzuki India is the country's largest carmaker and is majority-owned by Japan's Suzuki Motor Corporation.
Are Bajaj Auto and Maruti Suzuki valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for Bajaj Auto and Maruti Suzuki?
Worked backwards from the share price, Bajaj Auto needs about 7% growth and Maruti Suzuki about 2% growth, against 19% and 19% in their own records.