---
endpoint: analytics
pattern: Autos
status: done
latency_ms: 195117
conversation_id: 75e73f0c-e217-4d36-8def-5d03b6061a90
citations: 3
created: 2026-05-31 19:16:14Z
---

# Who are the key customers and suppliers of Maruti Suzuki?

# Maruti Suzuki — Key Customers and Suppliers

Maruti Suzuki India Limited (MSIL) is the dominant passenger-vehicle OEM in India (~40%+ PV market share). Its "customers" are best read at two levels — end-consumers via its dealer/distribution network, and a secondary tier of B2B/OEM offtake — while its "suppliers" span a large vendor ecosystem ranging from in-house Suzuki entities to listed Indian auto-component houses and upstream commodity / rare-earth dependencies.

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## 1. Customers

### A. End-consumer base — domestic Indian PV market (the core)
The overwhelming majority of MSIL volume is sold into the Indian domestic passenger-vehicle market through its dealership/distribution network (Arena, Nexa, Commercial, True Value used-cars). Quarterly PV volumes were **485k units in 4QFY25 (1.8m FY25)**, with the product mix shifting from hatchbacks (43.8%) toward SUVs (27.8% share in 4QFY25, up from low 20s a year earlier). Marquee end-customer-facing brands include Alto, Swift, Wagon R, Baleno, Dzire, Brezza, Fronx, Grand Vitara, Ertiga, and Eeco.[2]

### B. OEM customer — Toyota Motor Corporation (contract manufacturing / cross-supply)
MSIL has a long-standing partnership with **Toyota** under which Maruti manufactures and supplies vehicles to Toyota for rebadged sale in India (e.g., Toyota Glanza = Maruti Baleno; Toyota Urban Cruiser HyRyder/Taisor = Maruti Grand Vitara/Fronx). CLSA explicitly reports MSIL's "sale to other OEMs" as a separate line item in its volume mix, which rose from ~2.5% in 1QFY24 to **4.2% of total volumes in 4QFY25** — i.e., roughly one in twenty Maruti units now ships to a third-party OEM, principally Toyota.[2] CLSA's coverage list confirms MSIL and Toyota Motor (7203 JP) as the two named companies in its valuation universe alongside this report.[3]

### C. Export customers — Maruti as Suzuki's global small-car hub
MSIL has become Suzuki Motor Corp.'s global export base for compact cars. Export volumes have grown from ~71k units in 1QFY25 to **85k in 4QFY25 (~14% of total mix)**, and management guides to **~20% YoY export growth in FY26**, with the e-Vitara EV launch expected to ship 70k units in FY26 "with the majority coming from exports."[1] Export destinations span Latin America, Africa, the Middle East, ASEAN, Japan and Europe (Suzuki badge).

### D. Parent/affiliate customer — Suzuki Motor Corporation (Japan, 7269)
Suzuki Motor Corp. is both MSIL's controlling shareholder (~58% stake) AND a customer for export-destined units that Suzuki distributes globally through its dealer network. Suzuki's own corporate reporting lists Maruti Suzuki India Ltd. as a key overseas manufacturing & sales subsidiary, alongside Magyar Suzuki (Hungary), Pak Suzuki, PT Suzuki Indomobil, etc.

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## 2. Suppliers

MSIL's supplier base is segmented into (a) Suzuki-affiliated entities, (b) associate/JV component makers, (c) Indian-listed Tier-1 auto-ancillaries, and (d) upstream commodity exposure.

### A. Suzuki-affiliated suppliers (intra-group)
- **Suzuki Motor Gujarat Private Ltd. (SMG)** — MSIL's wholly-owned subsidiary (consolidated as part of Maruti) which manufactures vehicles at the Gujarat plant. SMG buys components from associate firms; the FY25 related-party schedule earmarks **up to INR 2,500 crore (~1.76% of MSIL FY24 consolidated turnover)** of component purchases by SMG from Krishna Maruti.[9]
- **TDS Lithium-Ion Battery Gujarat Pvt Ltd.** — Suzuki-affiliated battery pack supplier (joint with Toshiba/Denso) for hybrid/EV applications.
- **Suzuki Motor Corporation (Japan)** — supplier of key technology, engine/transmission designs, CKD kits and high-value imports.

### B. Associate-company component suppliers
- **Krishna Maruti Ltd. (KML)** — associate company of MSIL, a major supplier of seats and components. Hisashi Takeuchi sits on both boards.[9]
- **Other equity-method affiliates** include Bharat Seats, Caparo Maruti, Mark Exhaust, Jay Bharat Maruti, etc. (long-standing Maruti vendor JV cluster from the 1980s/90s).

### C. The vendor ecosystem (Tier-1 listed ancillaries)
MSIL formalises supplier engagement through the **Maruti Suzuki Suppliers Welfare Association (MSSWA)** and runs the Maruti Suzuki Training Academy (MSTA) for vendor capability building.[8] Major listed Tier-1 suppliers to MSIL (per CLSA's auto coverage and industry mapping) include:
- **Samvardhana Motherson International (MOTHERSO)** — wiring harnesses, rear-view mirrors, polymer/plastic modules.
- **Sona BLW Precision Forgings (SONACOMS)** — differential gears, BLDC motors for EVs (36% of FY25 revenue from BEVs).
- **Bharat Forge (532477)**, **Bosch India**, **Endurance Technologies** — forgings, fuel/electrical systems, suspension/braking.
- **Apollo Tyres / MRF / CEAT** — tyres.
- **Jay Bharat Maruti, Sona Comstar, Suprajit, Lumax, Subros** — body parts, control cables, lamps, HVAC.

### D. Upstream commodity & strategic-input dependence
MSIL's FY19 annual report explicitly states: *"MSIL for producing cars needs to purchase large volumes of basic commodities like steel, aluminium directly and indirectly and consume high quantities of copper and lead being used by its vendors for supplying components. Apart from these basic metals, significant quantities of Precious Group Metals like Platinum, Palladium and Rhodium as well as other commodities like plastics, High speed diesel etc., are consumed."*[7] Steel suppliers include Tata Steel, JSW Steel, Nippon Steel-affiliates; precious metals are sourced for catalytic converters; aluminium for engine castings/wheels.

### E. Geopolitical / rare-earth supply-chain dependency (China)
CLSA's June 2025 sector note flags that **China produces ~70% of global rare earths and processes ~90%**, including dysprosium/terbium critical for heat-resistant magnets used in EV motors, power steering, braking, seat adjustments, audio, HVAC, wiper, sunroof and door-lock actuators across BOTH ICE and EV vehicles.[5] Since April 2025, China's export licence regime has restricted shipments of these seven heavy rare earths, with the practical effect that "each purchase order must secure a separate license, meaning suppliers need individual approvals for each shipment to specific OEMs… To date, no licenses for Indian companies have been approved."[4] MSIL is one of the named impacted Indian OEMs (alongside M&M, Tata Motors, Hyundai India, Bajaj Auto, TVS); CLSA argues ICE impact is manageable but EV motor production (e-Vitara) is the more exposed node.

### F. EV-specific competitive landscape note
MSIL was a 2025 entrant in the Indian BEV market with the e-Vitara, joining Tata Motors (51.7% YTD share), MG (28.1%), M&M (9.5%) and Hyundai (2.6%)[6] — relevant because EV penetration changes the supplier mix (motor magnets, batteries, power electronics) versus traditional ICE supply.

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## Summary Table

| Category | Key Names |
|---|---|
| **Domestic end-customers** | Indian retail PV buyers via Arena / Nexa / Commercial / True Value dealerships |
| **OEM customer (rebadge)** | Toyota Motor Corp. (~4.2% of FY25 volumes — Glanza, HyRyder, Urban Cruiser, Taisor)[2][3] |
| **Export customer (parent network)** | Suzuki Motor Corp. — distributes to LATAM, Africa, ME, ASEAN, Japan, Europe; FY26 export growth guided at ~20% YoY[1] |
| **Suzuki-affiliated suppliers** | Suzuki Motor Corp. (Japan), Suzuki Motor Gujarat (SMG), TDS Lithium-Ion Battery Gujarat[9] |
| **Associate-company suppliers** | Krishna Maruti, Bharat Seats, Caparo Maruti, Jay Bharat Maruti, Mark Exhaust[9] |
| **Listed Tier-1 vendors** | Samvardhana Motherson, Sona BLW, Bharat Forge, Bosch India, Endurance, Subros, Suprajit, Apollo Tyres, MRF |
| **Commodity inputs** | Steel, aluminium, copper, lead, platinum/palladium/rhodium (catalysts), plastics, HSD[7] |
| **Rare-earth magnets** | China-sourced (Nd/Pr ok; Dy/Tb/Sm export-restricted since Apr-25) — IREL flagged as future domestic source[4][5] |
| **Vendor governance** | Maruti Suzuki Suppliers Welfare Association (MSSWA), Maruti Suzuki Training Academy (MSTA)[8] |

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**Caveat**: A current company-disclosed "top-10 supplier" or "customer concentration" table is not exhaustively reproduced in indexed filings beyond the related-party / MSSWA framework — MSIL does not publish a Toyota-style published list of named Tier-1s, so the ancillary names above are sourced from CLSA's India autos coverage and well-known Indian auto-supply-chain mapping rather than from MSIL's own 10-K-equivalent. For a precise supplier list with shares, the BRSR section of the MSIL Integrated Annual Report and the related-party transactions schedule are the authoritative reads.

---
**Sources**
[1] CLSA — Maruti Suzuki — O-PF (Drive ahead & supportive valuation), 27 Apr 2025 — 607957045LinqAlpha.PDF (export guidance)
[2] CLSA — Maruti Suzuki — O-PF (Drive ahead & supportive valuation), 27 Apr 2025 — 607957045LinqAlpha.PDF (PV/Toyota/Export mix table)
[3] CLSA — Maruti Suzuki — O-PF (Drive ahead & supportive valuation), 27 Apr 2025 — 607957045LinqAlpha.PDF (Companies mentioned: MSIL + Toyota Motor)
[4] CLSA — India Autos (Rarity of rare earth magnets), 25 Jun 2025 — 607962767LinqAlpha.PDF (China rare-earth export-licence regime)
[5] CLSA — India Autos (Rarity of rare earth magnets), 25 Jun 2025 — 607962767LinqAlpha.PDF (use of rare-earth magnets across car parts/systems)
[6] CLSA — India Autos (Electric vehicles Insights #3), 20 May 2025 — 607959939LinqAlpha.PDF (India BEV market share Apr-25)
[7] Maruti Suzuki India Annual Report (FY2019) — Commodities Price Risk Management & Hedge Policy (Annexure-1)
[8] Maruti Suzuki India Annual Report (FY2019) — Glossary of Abbreviations (MSSWA / MSTA)
[9] Maruti Suzuki India Annual Report (FY2024) — Material Related Party Transactions — SMG ↔ Krishna Maruti

## Citations

- [7] **2019 Q4 Maruti Suzuki India Limited Annual Report** · external
- [8] **2019 Q4 Maruti Suzuki India Limited Annual Report** · external
- [9] **2024 Q4 Maruti Suzuki India Limited Annual Report** · external

