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Nirmal Bang Report
Nirmal Bang maintains its Buy rating on Maruti Suzuki India Ltd. with a target price of Rs 16,580, based on 25.5x Jun-28E EPS.
While near-term headwinds from West Asia-related freight and commodity inflation persist, the brokerage believes these are outweighed by Maruti Suzuki's strong structural drivers, including its leadership in the domestic PV market, an expected recovery in the entry segment following GST rationalization, and a robust SUV launch pipeline.
Backed by a multi-powertrain strategy (ICE/CNG/Hybrid/EV), expanding export footprint across 100+ markets, and ongoing capacity expansion, Nirmal Bang expects Maruti Suzuki to outpace industry volume growth in FY27E.
Margin headwinds should gradually ease, supported by pricing actions, lower discounts, and an improving product mix.
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