Maruti Suzuki delivers 1.65 lakh vehicles in Navratri, eyes 2 lakh sales this festive season

Maruti Suzuki India has delivered 1.65 lakh vehicles in the first eight days of Navratri and expects total deliveries during the festive season to touch 2 lakh units, according to Partho Banerjee, Senior Executive Officer of Marketing and Sales at the company. Speaking with CNBC TV18, Banerjee said this is the first time in a decade that Navratri deliveries have crossed the one-lakh mark, reflecting strong demand momentum.

The surge builds on a 27.5 percent rise in retail sales in September, though Banerjee cautioned that part of this was due to deferred purchases from August following the GST 2.0 reform. The company entered October with pending bookings of nearly 2.5 lakh vehicles. To meet demand, Maruti has stepped up operations, with supply chain and production teams working through Sundays and holidays this month. Banerjee warned that customers delaying bookings may have to wait until after the festive period for delivery.

Exports have also been robust, growing nearly 50 percent last month. Electric vehicle exports touched around 3,000 units, with shipments going not only to Japan and the Middle East but also to European markets including Norway, Denmark, Belgium, and Switzerland. Banerjee said Maruti will revisit its export target of 4 lakh units for the year, balancing overseas shipments with strong domestic demand.

On the demand side, Maruti is seeing clear upgradation trends, with two-wheeler owners moving to entry-level cars and existing customers shifting from models like the Alto and WagonR to the Baleno, Fronx, and Brezza. Rural markets contributed 51 percent of sales in September, slightly ahead of urban markets at 49 percent.

Expert view

Market expert Mayuresh Joshi of William O’Neil and Company told CNBC TV18 that he remains bullish on Maruti Suzuki and advised buying the stock on declines. He said volume expectations have improved from earlier projections of contraction to growth in the “higher single digits,” supported by recent tax and GST rationalisation.

Joshi added that Maruti’s entry into the utility vehicle segment with models such as the Brezza, Fronx, Grand Vitara, and Invicto strengthens its portfolio. He projected that volume growth will translate into 12-13 percent revenue growth and 14-15 percent bottom-line growth, making the stock “very attractive” at current levels.

Stock performance

Maruti Suzuki shares were trading at Rs 15,842 on Friday, falling 0.77 percent from the previous close. The stock has gained 6.1 percent over the past month. Maruti Suzuki shares are  up 41.3 percent year-to-date, significantly outperforming the Nifty 50 index's 4.5 percent rise in the same period. The stock has traded between Rs 10,725 and Rs 16,435 over the past year.

---

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.