Motilal Oswal's research report on Maruti Suzuki
MSIL’s 1QFY26 PAT of INR37.1b was ahead of our estimate of INR29.5b, led by higher-than-expected other income, even as EBITDA margin was largely in line with estimates. Revenue growth was ahead of estimates, led by higher blended ASP, which was, in turn, driven by an improved mix. For FY26, we see multiple launch tailwinds for MSIL, such as the e-Vitara, one new SUV and hybrid variants. Further, MSIL anticipates that exports will sustain the growth momentum and grow by at least 20% in FY26. Overall, we expect MSIL to deliver a 10% earnings CAGR over FY25-27E, driven by new launches and strong export growth. At 25.9x FY26E/23.4x FY27E EPS, MSIL’s valuations appear attractive. Reiterate BUY with a TP of INR14,476, valued at 26x Jun’27E EPS.
Outlook
At 25.9x FY26E/23.4x FY27E EPS, MSIL’s valuations appear attractive. Reiterate BUY with a TP of INR14,476, valued at 26x Jun’27E EPS.
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