Maruti Suzuki Receives ₹1,183 Crore Income Tax Notice

Maruti Suzuki has received a final assessment order from the Income Tax Authority for FY2021-22, raising a total demand of ₹1,182.5 crore including interest. The company said it will challenge the order before the Income Tax Appellate Tribunal.

Maruti Suzuki Receives Income Tax Notice of ₹1,182.5 Crore

Maruti Suzuki India has disclosed that it has received a final assessment order from the Income Tax Authority related to FY2021-22. The order raises a total tax demand of ₹1,182.5 crore, including interest.

The country’s largest carmaker said it will file an appeal before the Income Tax Appellate Tribunal against the demand. The company added that the notice will not have any impact on its financial health or business operations.

Potential Impact on Maruti Suzuki Shares

The tax notice could influence investor sentiment when markets reopen after the holiday. Indian stock markets were closed on Monday, January 26, and will reopen on Tuesday, January 27.

On the previous trading session (Thursday), Maruti Suzuki shares closed 1.87% lower at ₹15,469.60 on the BSE, amid weak market sentiment.

Investors will also closely watch trading on January 27 as it marks the derivatives expiry day for NSE indices and stock contracts, which could lead to heightened market volatility.

Maruti Suzuki Share Performance Over the Past Year

Maruti Suzuki shares hit a one-year low of ₹11,072.20 on April 7, 2025. From this level, the stock rallied 56.89% in nine months, reaching a record high of ₹17,371.60 on January 5, 2026.

According to data available on INDmoney:

• 41 analysts track the stock

• 32 recommend ‘Buy’

• 5 recommend ‘Hold’

• 4 recommend ‘Sell’

The stock’s:

• Highest target price: ₹20,200

• Lowest target price: ₹13,000

₹35,000 Crore Investment Planned in Gujarat

In a separate and positive development, Maruti Suzuki announced last week that it plans to invest ₹35,000 crore to develop a new manufacturing plant at Khoraj in Gujarat.

Key Details of the New Plant

• Annual capacity: 10 lakh vehicles

• Expected employment: Around 12,000 people

• Land allocation: 1,750 acres by Gujarat Industrial Development Corporation (GIDC)

At a ceremony in Gandhinagar, Maruti Suzuki MD Shriyut Hitachi Takeuchi received the investment letter from Gujarat Chief Minister Bhupendra Patel. The Chief Minister stated on X (formerly Twitter) that the investment would support the growth of ancillary units and MSMEs, helping create a strong auto manufacturing cluster.

Record Vehicle Production in Calendar Year 2025

Maruti Suzuki reported record annual production of 22.55 lakh units in calendar year 2025, marking a 9.3% year-on-year increase.

The company noted that this was the second consecutive year in which its annual production crossed the 20 lakh units milestone. In 2024, Maruti Suzuki produced 20.63 lakh units.

Top Five Models by Production in 2025

• Fronx

• Baleno

• Swift

• Dzire

• Ertiga