Buy Maruti Suzuki India; target of Rs 18,400: Mirae Asset Sharekhan

Mirae Asset Sharekhan's research report on Maruti Suzuki India

MSIL boasts of one of the most extensive and diverse portfolios in the sub-1,200 cc segment capturing the lion’s share of the demand surge triggered by lower prices. SUVs, including EVs, would serve as the cornerstone of growth during the festive season and over the medium-term horizon. To strengthen its product portfolio further, Maruti has launched Victoris, a mid SUV and E Vitara powered by an ICE engine/ Electric drivetrains, respectively. Earnings are expected to post a 15% CAGR during FY2025-FY2028E, driven by a 14% revenue CAGR and a 90-bps improvement in EBITDA margin.

Outlook

We reiterate our Buy rating on Maruti Suzuki India Limited (MSIL), with a revised PT of Rs. 18,400, as demand would be spurred by GST rate cuts, festive demand and new launches. The stock trades at a P/E of 27.3x and EV/EBITDA of 18.0x on FY2027E earnings estimates.

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Maruti Suzuki India - 30 - 09 - 2025 - khan