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Motilal Oswal Report
We anticipate that Maruti Suzuki India Ltd. will continue to outperform industry growth FY24-26. While the bulk of input cost benefits are likely to be over, we expect the company to post a 140 basis points margin improvement to ~13% by FY26, largely led by an improved mix. This would in turn drive a steady 15% earnings compound annual growth rate over FY24-26E.
Further, any GST cut or favorable policy for hybrids by the government may drive a re-rating, as Maruti Suzuki would be the key beneficiary. The stock trades at 25.5 times/21.9 times FY25E/FY26E consolidated EPS. Reiterate Buy with a target price of Rs 15,160 (premised on 26 times June-26E consolidated earnings per share).
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