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

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Sharekhan's research report on Maruti Suzuki India

This was the consecutive second quarter when MSIL has registered EBIDTA margin above 9% backed by favourable product mix and gross margin expansion. Management bets on launches of SUVs and CNG variants to regain its market share. The company continues to strengthen its distribution network through increasing presence penetration. Backed by a strong response to its SUVs, the management is looking for a leadership position in SUV segment in coming years.

Outlook

We reiterate our Buy rating on Maruti Suzuki India Limited (MSIL), with an unchanged PT of Rs. 10,965, factoring gains in market shares through refreshed and new launches. stock trades at P/E of 22.2x and EV/EBITDA of 16.3x on FY2025E earnings estimates.

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Maruti Suzuki India - 27 -01-2023 - khan