Samvardhana Motherson share price has surged 63% over the last year, demonstrating strong outperformance against the equity benchmark Sensex, which is down 8%, and the BSE Auto index, which is up just 1% for the same period. Still, brokerage firm Emkay Global Financial Services believes the stock can rise further from the current level. Emaky has not only retained its buy recommendation on the stock but also raised the target price.
Emkay Global has retained its FY26-29E revenue, EBITDA, and EPS CAGR of nearly 15%, 20%, and 28%, respectively, for Samvardhana Motherson International, while maintaining a ‘buy’ call and raising a target price to ₹190 from ₹180, earlier, at 23 times September 2028E PER (price-to-earnings ratio).
Samvardhana Motherson share price trend
The stock hit a 52-week high of ₹173.25 on 19 August this year and a 52-week low of ₹100.17 on 11 September last year.
On Friday, 11 September 2026, the stock closed 0.18% higher at ₹164.30 on the BSE, extending gains for the second consecutive session. However, on a monthly scale, the stock is down 1.3% so far in September, after clocking gains for the last five consecutive months.
Emkay sees ‘multiple growth engines’ for Samvardhana Motherson
Emaky remains positive about the stock after meeting with the company’s management to understand its growth trajectory.
In a report on 10 September, Emkay said Samvardhana Motherson International has multiple growth engines.
According to the brokerage firm, Samvardhana’s growth rests on its core design, engineering, manufacturing, assembly, and logistics capabilities through three pillars: (1) organic wallet-share gains, (2) inorganic M&A, and (3) non-auto expansion, mainly into consumer electronics (CE) and aerospace.
Emaky underscored that Samvardhana’s management reiterated its focus on each pillar, with calibrated China exposure, scaling non-auto businesses, and disciplined capital allocation in the meeting with it.
“China exposure is being managed deliberately (nearly 10% of total revenue, including from JVs, avoiding low-margin terms); tariffs and localisation rules are reshaping supply chains, with Chinese OEMs (original equipment manufacturers) expected to manufacture in Europe, which could create opportunities for Samvardhana,” said Emkay.
“CE and aerospace are scaling into meaningful growth engines, and Honda-ecosystem acquisitions are widening the auto franchise, while India’s revenue share continues to rise (nearly 22% of total revenue, including from JVs versus 19-20% 2 years ago; nearly 26% of total order book), all within a disciplined capital structure. New businesses (particularly CE) and renewed India focus (all new plants are in India/emerging markets) are expected to drive the next leg of growth,” said Emkay.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of the brokerage firm, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
