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The GST rate cut has helped revive small car demand as vehicles are now much more affordable for price-conscious consumers. This, coupled with the launch of the new Victoris as well as the e-Vitara, is likely to help drive market share gains for Maruti Suzuki India Ltd. from here on. Market share recovery would, in turn, drive a re-rating for the stock.
Additionally, exports are likely to remain a key growth driver for Maruti Suzuki going forward. However, given the weaker-than-expected performance in Q3, Motilal Oswal have lowered our estimates by 4%/7% over FY26E/FY27E.
Overall, the brokerage expects Maruti Suzuki to deliver a 16% earnings CAGR over FY25-28, driven by new launches and strong export growth. Reiterates Buy with a target price of Rs 18,197, valued at 27x Dec’27E earnings per share.
Click on the attachment to read the full report:
Motilal Oswal Maruti Suzuki Q3fy26 Results Review.pdf
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