KR Choksey's research report on Maruti Suzuki India
MSIL’s sales volumes for Q4FY24 were 6.0% higher than our estimates, driven by better sales in both domestic and export markets. • The share of Utility Vehicles in MSIL’s domestic PV sales has remained strong in Q4FY24 (37.9% of domestic PV volumes) and may see further increase in FY25E due to the higher demand for this segment and MSIL’s strong product offerings. MSIL has gained market leadership in the SUV segment in FY24, owing to strong response for all its brands- Grand Vitara, Brezza, Jimny and Fronx.
Outlook
We apply a P/E multiple of 28.2x on FY26E EPS of INR 531 (earlier 24.4x on FY26E EPS of INR 507) to arrive at a target price of INR 14,975/ share (revised from INR 12,385/- earlier). The target price implies a potential upside of 16.4% from the CMP. Accordingly, we maintain our “BUY” rating on the shares of Maruti Suzuki India Ltd.
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