Hyundai, M&M, Maruti Share Price Target Hiked As Citi Sees Triple Benefits — Check Sector Outlook And More

Citi Research has hiked earnings per share and EBIT estimates by 1–8% and 2–10% for Maruti Suzuki India Ltd. It has also opened a '90-day +ve Citi Watch on the stock.

Maruti Suzuki India's small cars will likely see an uptick. The company is a leader in small cars in the area where the benefit of a rate cut will be the most. Maruti Suzuki India is about to launch two new models.

The brokerage has hiked the target price to Rs 17,500 from Rs 14,400 apiece. The current target price is suggesting 16% upside from Thursday's close.

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The EPS and EBIT estimates were raised to 1-6% and 0-5%, to reflect the boost to utility vehicle demand post GST cuts, Citi Research said. It has also increased the EBIT for electric vehicles to 24 times from 22 times.

The brokerage has increased the target price to Rs 2,900 from Rs 2,400 apiece. The current target price implied 16% upside from Thursday's close.

Citi Research is looking forward to digging up more information about the automobile manufacturer in the investors' meet, scheduled for Oct 15.

GST rate cuts will ensure the success of Mahindra & Mahindra Ltd's utility vehicle portfolio. The brokerage also noted that tractors are reaping a rich harvest as well. Mahindra & Mahindra's tractors are performing better than the broking's high expectations.

Citi Research has increased utility vehicle volumes by 2–6% over financial years 2026 and 2028 to price in the strong positive response to existing internal-combustion-engine models as well as recently launched BEVs.

Citi Research hiked the target price to Rs 4,170 apiece from Rs 3,700 apiece. The current target price implied a 16% upside from Thursday's close.