Stock to buy in short-term: Auto major Maruti Suzuki continues its impressive run in the equity markets, with the auto stock rallying 45% over the past one year. The counter has added 31% in the last six months and gained 5% in the past three months, extending its outperformance among large-cap auto names.
Axis Securities has reiterated its bullish stance on the automaker, maintaining a Buy rating with a target price of ₹18,170, signalling a potential 10% upside over the next 6–9 months. The brokerage said Maruti Suzuki has reinforced its long-term ambition of reclaiming a 50% domestic market share while sustaining a 10% EBIT margin, in line with Suzuki Motor Corporation’s global profitability focus. “Customer-centricity remains the centrepiece of Maruti’s strategy as it aligns both market share and margin ambitions,” Axis Securities said.
Maruti Suzuki shares are currently trading at ₹16,403.15 apiece, placing the stock within touching distance of its 52-week high of ₹16,673.90, hit in October 2025. The stock’s 52-week low stands at ₹10,725, recorded in December 2024. In the last 5 years, the scrip has given multibagger returns, rallying 10%.
With momentum on its side, strong domestic positioning and a clearly articulated profitability roadmap, Maruti Suzuki remains one of the top auto picks for the near term, according to Axis Securities.
Axis Securities’ Pick of the Week
Buy Maruti Suzuki | Target Price: ₹18,170 | Upside: 10% | Time Horizon: 6-9 months
Axis Securities noted that new product launches are strengthening Maruti’s UV positioning. The Victorius SUV has already received over 30,000 bookings and features Level 2 ADAS, six airbags, a 360-degree camera and a five-star Bharat NCAP rating. “Victorius enhances Maruti’s presence in a high-growth segment with modern, safety-led features,” Axis Securities said.
Exports played a pivotal role in offsetting subdued domestic momentum in Q2FY26, rising 42% YoY to 110,000 units. Axis Securities said Maruti held a 45.4% share of India’s passenger vehicle exports in the quarter and is confident of surpassing its FY26 guidance of 400,000 units after achieving an all-time high 207,459 exports in H1FY26. The company began production of its first BEV, the EV Vitara, for India and for shipping to over 100 countries, including Europe and Japan. The Fronx became the fastest SUV from India to reach 100,000-unit exports, while the Jimny 5-door also crossed 100,000 cumulative exports.
Axis Securities said Maruti Suzuki will be a major beneficiary of GST 2.0, which cuts GST on small passenger vehicles from 28% to 18%, helping revive a stagnant segment. Upcoming launches such as the eVitara and Victorius, alongside Maruti’s presence across ICE petrol, hybrid, CNG and EV powertrains, are strategically important for progressing toward its 50% market share target. Axis Securities expects volumes to grow at a 6% CAGR over FY25–28, with ASPs rising slightly due to a richer mix. Revenue, EBITDA and PAT are projected to grow at CAGRs of 10%, 12% and 11%, respectively, over the same period.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
