Deven Choksey's research report on Maruti Suzuki India
Consolidated revenue from operations grew by 7.9% YoY (-5.7% QoQ) to INR 3,86,052 Mn., above our estimates, led by sharp improvement in realizations (+6.9% YoY) and a stronger momentum in exports. Total dispatches grew at a moderate pace of 1.1% YoY to 527,861 units (-12.7% QoQ) majorly driven by stronger growth in exports volumes which grew by 37.4% YoY, partially offset by decline in domestic volumes by 4.5% YoY, impacted by lingering overhang in the entry-level volume offtake and softer consumer demand. Realizations stood strong primarily driven by a richer product mix (higher SUV share), calibrated price hikes, and favourable FX-led realizations.
Outlook
We have roll-forwarded our valuation basis to Jun’27 estimates. We value Maruti Suzuki at 26.0x Jun’27 EPS, implying a target price of INR 14,312. We reiterate our “BUY” rating on the stock, led by expected recovery in volumes and margin by H2FY26E.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
