Kotak downgrades Maruti as positive earnings surprise unlikely

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26 Aug, 2025 12:21

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Kotak has downgraded Maruti Suzuki, the country's largest car maker, to add from buy earlier and maintained target price at Rs 4,300, citing fair valuations.

The brokerage believes positive earnings surprise is unlikely, given the sharp appreciation of Japanese yen against Indian rupee and capacity constraints.

It also believes pricing power of the company will improve once industry recovers to double digit growth which is likely once the Seventh Pay Commission is implemented. The full impact is likely in FY2018, says the brokerage.

At 14:47 hours IST, the scrip of Maruti Suzuki India was quoting at Rs 4,033.00, down Rs 36.15, or 0.89 percent on Bombay Stock Exchange.