---
endpoint: analytics
pattern: Autos
status: done
latency_ms: 109325
conversation_id: f8e9c2dd-0757-4551-b973-09aa32a3adc0
citations: 3
created: 2026-05-31 18:15:52Z
---

# Who are the key shareholders of Maruti Suzuki?

## Maruti Suzuki India Limited — Key Shareholders

Maruti Suzuki India Limited (NSE/BSE: MARUTI; Bloomberg: MSIL IB) is majority-owned by its Japanese parent, with insurance and mutual fund institutions holding the bulk of the public float. Maruti Suzuki is itself the Indian listed entity, while CLSA (internal coverage) tracks it under ticker MARUTI/MSIL IB [4].

### Promoter (Controlling Shareholder)

| Shareholder | Stake | Shares | Notes |
|---|---|---|---|
| **Suzuki Motor Corporation (SMC), Japan** | **~56.28%** | 169,999,440 | Sole promoter / holding company. Stake rose from 56.21% (169,788,440 shares) to 56.28% (169,999,440 shares) via a market purchase on 06.03.2020 [1]. |

Suzuki Motor Corporation (Tokyo: 7203 is Toyota; SMC's own ticker is 7269) has been Maruti's controlling shareholder since the joint venture was formed with the Government of India in 1982. SMC's stake has been remarkably stable at ~56% for over a decade, with the only material move being the 0.07pp open-market top-up in March 2020 [1].

### Largest Non-Promoter (Public) Shareholder

| Shareholder | Stake (historical >5% disclosures) |
|---|---|
| **Life Insurance Corporation of India (LIC)** | 6.63% (FY14) → 5.94% (FY15) → 5.75% (FY16) [2] |

LIC has historically been the only non-promoter shareholder with a >5% disclosable holding under Indian listing rules. Its stake has gradually trimmed over the years but it remains one of the single largest institutional shareholders [2].

### Remaining Free Float (~43.7%)

The balance ~43.7% sits with public shareholders, broadly composed of:
- **Foreign Portfolio Investors (FPIs)** — large institutional holders given Maruti's status as the dominant India passenger-vehicle franchise (CLSA notes Maruti's PV market share is supported by leadership in CNG and hybrid segments [4]).
- **Domestic Mutual Funds** — large positions across Indian equity funds tracking the Nifty/Sensex (Maruti is a large-cap constituent).
- **Insurance companies other than LIC**, banks, AIFs.
- **Retail / Individual investors**.

Individual non-promoter holdings other than LIC have historically been below the 5% disclosure threshold.

### Structural Note — Suzuki Motor Gujarat (SMG)

While not a "shareholder" of MSIL, the related-party structure around Gujarat is important for understanding SMC's economic interest in India:
- In 2014, SMC (not MSIL) financed and built the Gujarat production plant via a wholly owned subsidiary, **Suzuki Motor Gujarat (SMG)** [3].
- SMG operates on a "no profit-no loss" contract manufacturing agreement (CMA) with MSIL, supplying its entire production to MSIL [3].
- The CMA was a related-party transaction approved by the **majority of minority shareholders** in 2015 (i.e., MSIL's public shareholders, ex-SMC) [3]. The initial CMA term was 15 years; on termination, MSIL has the first right to acquire 100% of SMG's equity at net book value [3].

This means SMC's economic exposure to Maruti's India business runs both through (a) its 56.28% MSIL equity stake and (b) 100% ownership of the SMG manufacturing subsidiary.

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### Summary

- **Promoter**: Suzuki Motor Corporation (Japan) — **~56.28%** (single largest, controlling) [1]
- **Largest public shareholder historically**: **LIC of India** (~5–7% range over the past decade) [2]
- **Free float**: ~43.7% across FPIs, domestic mutual funds, other insurers, and retail
- **Latest disclosed shareholding-pattern data points** in indexed annual reports run through FY2020 [1]; for the latest BSE/NSE quarterly shareholding pattern (Mar-2026 / Jun-2026), investors should check the live exchange filings — the indexed corpus is not current to today.

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**Sources**
[1] Maruti Suzuki India Limited — Annual Report FY2020 (Annexure A, Shareholding of Promoters — Suzuki Motor Corporation 56.28% post-market purchase on 06.03.2020)
[2] Maruti Suzuki India Limited — Annual Report FY2016 (Notes to Consolidated Financial Statements, >5% shareholders — SMC 56.21%, LIC 5.75%)
[3] Maruti Suzuki India Limited — Investor Slides (2024) — Background on Suzuki Motor Gujarat structure and the CMA approved by majority of minority shareholders
[4] CLSA — Maruti Suzuki India: O-PF (Drive ahead & supportive valuation), 27 April 2025 — Companies mentioned section

## Citations

- [1] **2020 Q4 Maruti Suzuki India Limited Annual Report** · external
- [2] **2016 Q4 Maruti Suzuki India Limited Annual Report** · external
- [3] **2024 Q2 Maruti Suzuki India Limited Slides** · external

