Accumulate Maruti Suzuki India Ltd; target of Rs 14250: Asit C Mehta

Asit C Mehta recommended Accumulate rating on Maruti Suzuki India Ltd with a target price of Rs 14250 in its research report dated November 19 2024.

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November 26, 2024 / 09:45 IST

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Asit C Mehta report on Maruti Suzuki India Ltd

Maruti Suzuki India Limited (MARUTI), a subsidiary of the Japanese automaker Suzuki Motor Corporation, is the leading automobile manufacturer in India. Established in 1981, the company revolutionized the Indian car market with the launch of its first car, the Maruti 800, in 1983, which became one of the most iconic vehicles in the country. Over the decades, They have maintained their dominant position in the passenger vehicle segment, offering a wide range of cars including hatchbacks, sedans, SUVs, and vans. Known for its focus on affordability, fuel efficiency, and widespread service network, Maruti Suzuki has consistently been the market leader, with a significant share of the Indian automotive market. The company has a vast production capacity with multiple manufacturing plants in India, and it has a robust distribution and after-sales service network. They have been at the forefront of adopting new technologies, including CNG and hybrid options, and is expected to enter the electric vehicle (EV) segment in the coming years.

Outlook

As the market leader in the passenger segment, with visible entry into the EV market by FY25, we recommend an ACCUMULATE rating with an expected revenue CAGR of 7.2% for FY24-FY27E. We estimate a forward P/E multiple of 25x based on FY27E EPS of Rs 570, resulting in a target price of Rs 14,250 per share.

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