Maruti Suzuki share price: CNG, hybrids and electric vehicles are rapidly gaining ground in India’s passenger vehicle market. According to Federation of Automobile Dealers Associations (FADA) data, CNG, hybrids and electric vehicles together accounted for 40.59 per cent of passenger vehicle retail sales in July 2026. This was just 1.09 percentage points below petrol’s 41.68 per cent share. A year ago, the gap between alternative fuels and petrol was much wider at 13.21 percentage points.
“Concerns over engine life, long-term reliability and mileage are prompting some buyers to delay petrol purchases or consider alternative-fuel vehicles,” said market expert Avinash Gorakshakar.
The alternative-fuel market is currently led by CNG and hybrids. Data showed that CNG alone accounted for 24.67 per cent of PV sales, supported by lower running costs and a wider fuel network. CNG more convenient for consumers
Analysts said the expansion of CNG infrastructure, particularly in Tier-2 and Tier-3 cities, along with twin-cylinder CNG technology and automatic CNG models, is making the fuel more convenient for consumers.
Ahol Prajapati, equity research analyst at SAMCO Securities, said uncertainty around the transition to E20 petrol has also nudged some buyers towards CNG, hybrids and EVs.
“Maruti Suzuki is structurally positioned to capture the highest sheer volume of alternative fuel buyers over the next 2-3 years,” Gorakshakar said.
Prajapati also sees Maruti Suzuki as the best-placed listed player in the near term. The company has a 38.86 per cent share of PV retail sales and has a presence across CNG, hybrids and EVs, including its S-CNG range, Toyota-sourced strong hybrids and the e-Vitara.
Ajit Mishra, SVP – research, Religare Broking, said that with more than 70 per cent of the CNG market and a broad factory-fitted S-CNG portfolio, Maruti Suzuki remains the biggest beneficiary of CNG adoption. Tata Motors is another key beneficiary, led by its strong EV presence and twin-cylinder CNG portfolio. Mahindra & Mahindra could benefit from its expanding electric SUV range and INGLO platform.
“Maruti Suzuki is the biggest volume beneficiary, while Tata has the strongest positioning in EVs and M&M offers a compelling opportunity in electric SUVs,” Mishra said. Maruti Suzuki shares closed at ₹13,834 on the NSE on Friday and the company’s market capitalisation stood at ₹4.3 trillion. According to exchange data, the stock has declined 17 per cent so far in 2026, while it has gained a modest 7 per cent in one year. In comparison, the benchmark Nifty 50 has declined 7 per cent and 1 per cent in the same period. ====================================================
Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers’ discretion is advised.
