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Prabhudas Lilladher's research report on Maruti Suzuki

MSIL reported muted Q4FY25 performance with lower than anticipated realizations and high other expenses weighed in on overall profitability. Its standalone revenue grew by 6.4% YoY, marginally lower than PLe while it was in-line with consensus estimates. Realization increased by 2.8% YoY, however, UV mix declined sequentially leading realization to decline by 1% QoQ. Gross profit increased by 4.5% YoY while margin contracted by 50bps YoY to 28.1%. Higher other expenses due to the new SMG plant dragged EBITDA lower by 9% YoY and margin contracted by 177bps YoY to 10.5%. Consequently, PAT declined by 4.3% YoY.

Outlook

Factoring this, we assume its volume grow at a CAGR of 5.3% over FY25-27E translating to a revenue expansion of 10.4% while EBITDA/EPS is assumed to grow at a CAGR of 11.3%/14.6% over the same period. We retain “BUY” rating with a TP of Rs 14,001 (previous Rs 14,194) valuing it at 24x on its Mar’27 earnings.

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Maruti Suzuki - 28042025 - prabhu

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