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Motilal Oswal Report
Maruti Suzuki India Ltd.'s Q4 FY24 operating performance was below our estimates as benefits from operating leverage (140 basis points) and lower discounts (80 bp) were partially offset by one-off costs (60 bp).
Considering a healthy order backlog, a steady launch pipeline and an improving mix, we expect Maruti Suzuki to post a steady 13% earnings compound annual growth rate over FY24-26.
The stock trades at 25 times/22.5 times FY25E/FY26E consolidated earnings per share. Any favorable tax on hybrids may drive incremental re-rating.
Reiterate Buy with a target price of Rs 14,700 (premised on 26 times March-26E consolidated EPS).
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