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Today's prices ask more of IndiGo than of Maruti Suzuki.
At current prices, buyers of IndiGo are assuming about 17% growth against 24% 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 1.9 times IndiGo on the stock market.
- Record: IndiGo has grown revenue faster: IndiGo compounded at about 18% a year (FY2018–FY2026) and Maruti Suzuki at about 11% (FY2019–FY2026).
- What to watch: passenger growth at IndiGo; suv share at Maruti Suzuki.
| IndiGo | Maruti Suzuki | |
|---|---|---|
| Price | ₹5,587 | ₹12,854 |
| Market cap | ₹2.16L Cr | ₹4.04L Cr |
| P/E | — | 30.0 |
| P/B | 30.99 | 3.77 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
A low-cost airline that took over the market
InterGlobe Aviation runs IndiGo, India's largest airline by far, with a majority share of domestic passengers. Founded by Rahul Bhatia and Rakesh Gangwal, it began flying in 2006 with a simple low-cost model: one aircraft family, quick turnarounds and high utilisation.
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
IndiGo has grown revenue faster: IndiGo compounded at about 18% a year (FY2018–FY2026) and Maruti Suzuki at about 11% (FY2019–FY2026). By revenue, Maruti Suzuki is about 2.2 times the size of IndiGo. IndiGo lost the equivalent of 2.8% of revenue in FY2026; Maruti Suzuki kept 8.0% of revenue as net profit in FY2026 — a sign of very different business models. IndiGo reported a net loss in FY2020, FY2021, FY2022, FY2023 and FY2026; Maruti Suzuki was profitable in every year shown.
Full ten-year tables and charts are on each company's page: IndiGo · 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
- Passenger growthIndia's air travel is growing fast from a low base.
- Yields and fuelFares minus fuel costs drive profit.
- 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
- Fuel pricesJet fuel is the biggest cost.
- CurrencyA weaker rupee raises dollar costs and lease liabilities.
- 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 IndiGo 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, IndiGo trades at 30.99 times book value, and Maruti Suzuki at 30.0 times earnings and 3.77 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 IndiGo and Maruti Suzuki?
InterGlobe Aviation runs IndiGo, India's largest airline by far, with a majority share of domestic passengers. Maruti Suzuki India is the country's largest carmaker and is majority-owned by Japan's Suzuki Motor Corporation.
Are IndiGo 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 IndiGo and Maruti Suzuki?
Worked backwards from the share price, IndiGo needs about 17% growth and Maruti Suzuki about 2% growth, against 24% and 19% in their own records.