Sharekhan's research report on Maruti Suzuki India
This was the third consecutive quarter when MSIL has registered a double-digit adjusted EBITDA margin. Management targets to outperform the PV industry in FY24 and aims for a 10% volume growth in FY24. Stock trades at P/E multiple of 21.5x and EV/EBITDA multiple of 12.5x its FY26estimates.
Outlook
We reiterate our Buy rating on Maruti Suzuki India Limited (MSIL), with a revised PT of Rs 12,257 in expectation of the success of new launches, improvement in operating performance and structural upward shift in its product mix.
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