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Today's prices ask more of Maruti Suzuki than of Mahindra & Mahindra.
At current prices, buyers of Mahindra & Mahindra are assuming about 0% growth against 20% 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: Mahindra & Mahindra on estimate withheld; Maruti Suzuki on discounted cash flow.
- Size: the two are worth roughly the same on the stock market.
- Record: On revenue the two have grown at much the same pace: Mahindra & Mahindra compounded at about 10% a year (FY2018–FY2026) and Maruti Suzuki at about 11% (FY2019–FY2026).
- What to watch: suv volumes and margins at Mahindra & Mahindra; suv share at Maruti Suzuki.
| Mahindra & Mahindra | Maruti Suzuki | |
|---|---|---|
| Price | ₹3,333 | ₹12,854 |
| Market cap | ₹3.73L Cr | ₹4.04L Cr |
| P/E | 19.2 | 30.0 |
| P/B | 4.00 | 3.77 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Discounted cash flow |
01Two businesses
Tractors, SUVs and a group around them
Mahindra & Mahindra is India's largest tractor maker by volume and a leading maker of SUVs and light commercial vehicles — the Thar, Scorpio-N, XUV700 and XUV 3XO, and electric SUVs under the BE and XEV names. Its farm business also sells tractors abroad.
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: Mahindra & Mahindra compounded at about 10% a year (FY2018–FY2026) and Maruti Suzuki at about 11% (FY2019–FY2026). By revenue the two are of broadly similar size. Mahindra & Mahindra kept 9.4% of revenue as net profit in FY2026; Maruti Suzuki kept 8.0% of revenue as net profit in FY2026. Mahindra & Mahindra reported a net loss in FY2020; Maruti Suzuki was profitable in every year shown.
Full ten-year tables and charts are on each company's page: Mahindra & Mahindra · 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
- SUV volumes and marginsSUVs are where most of the recent profit growth has come from; holding waiting lists and pricing matters more than volume alone.
- The tractor cycleTractor demand follows the monsoon, crop prices and rural credit, so farm profits swing year to year.
- 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
- A weak monsoonPoor rains hit tractor sales and rural lending at the same time.
- SUV competitionEvery major carmaker is now targeting the segment Mahindra leads.
- 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 Mahindra & Mahindra 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, Mahindra & Mahindra trades at 19.2 times earnings and 4.00 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 Mahindra & Mahindra and Maruti Suzuki?
Mahindra & Mahindra is India's largest tractor maker by volume and a leading maker of SUVs and light commercial vehicles — the Thar, Scorpio-N, XUV700 and XUV 3XO, and electric SUVs under the BE and XEV names. Maruti Suzuki India is the country's largest carmaker and is majority-owned by Japan's Suzuki Motor Corporation.
Are Mahindra & Mahindra and Maruti Suzuki valued the same way?
No. Mahindra & Mahindra is valued on estimate withheld and Maruti Suzuki on discounted cash flow, because forcing one model onto both would misstate at least one of them.
What does today's price assume for Mahindra & Mahindra and Maruti Suzuki?
Worked backwards from the share price, Mahindra & Mahindra needs about 0% growth and Maruti Suzuki about 2% growth, against 20% and 19% in their own records.