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Emkay Global Financial's research report on Maruti Suzuki India

MSIL reported ~9% YoY/5% QoQ lower EBITDA on Kharkhoda plant costs, higher advertising, and lumpy other expenses; margins declined by 113bps QoQ to 10.5%, with underlying margins adjusted for lumpy expenses at ~11.4% (~5% miss vs Consensus). MSIL highlighted that the industry outlook remains tepid (as seen in Q3; 1-2% growth expected) but that it would outperform, driven by launch of electric SUV E-Vitara (~70k production in FY26) and another SUV this year; MSIL also targets 20% exports growth. Against the backdrop of muted demand and thinning industry launch pipeline, we like MSIL’s new launch visibility; further, valuations at near 1SD below LTA provide comfort (refer to Upgrade to BUY; higher ICE visibility, favorable risk reward).

Outlook

We maintain BUY with unchanged TP of Rs 13,500 at 25x core Mar-27E EPS + ~Rs2,750 cash/sh.

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Maruti Suzuki India - 28042025 - emkay

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