Buy Maruti Suzuki India; target of Rs 10,965: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Maruti Suzuki India

Maruti Suzuki India Limited (MSIL) reported a strong set of numbers for Q2FY2023, led by volume growth, operating leverage benefits, and softening of raw-material prices. MSIL’s market share in the SUV segment is set to improve, given the initial success of Brezza and Grand Vitara. The company plans more launches in the SUV segment going forward. Earnings are expected to post a 64.3% CAGR during FY2022-FY2024E, driven by a 21.2% revenue CAGR and a 470-bps improvement in EBITDA margin.

Outlook

The stock trades at P/E of 28.2x and EV/EBITDA of 20.6x on FY2024E earnings estimates. We reiterate our Buy rating on the stock with a revised PT of Rs. 10,965, factoring gains in market shares through refreshed and new launches.

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Maruti Suzuki India - 31-10-2022 - khan