Maruti posted a 6% year-on-year increase in revenue at ₹40,674 crore, broadly in line with Street estimates. However, EBITDA fell short, down 9% to ₹4,264.5 crore versus estimate of ₹4,980 crore, led by costs incurred on new greenfield, R&D and digitisation.
Analysts tracking Maruti Suzuki have maintained their bullish stance on the stock, with consensus estimate implying a potential upside of 16% from current levels.
Of the 46 analysts that have coverage on the stock, 37 of them have a ‘Buy’ recommendation, six have a ‘Hold’ rating, while three others have a ‘Sell’ rating.
What brokerages recommend
Global brokerage firm BoFA Securities has a ‘Buy’ rating on Maruti Suzuki, with a price target of ₹14,000.
The brokerage cited startup costs from the new plant (30bps), year-end spending (90bps), and a weak model mix as reasons for the margin miss.
It expects the drag from the new plant to persist into Q1 until utilisation ramps up. Beyond that, it sees two positives:
– A new SUV launch in FY26 to boost market share.
– Strong export guidance of over 20% from FY26, driven by EV model exports.
BofA remains positive on the stock, citing reasonable valuation, a healthy product cycle, and export growth potential.
Nomura has a ‘Neutral’ rating on Maruti Suzuki, with a price target of ₹12,886.
The brokerage said margin pressure remains a key risk to watch. Q4 margins were below expectations due to higher other expenses. While the domestic growth outlook is tepid, exports are expected to grow 20% year-on-year.
Management expects 1–2% industry growth in FY26E, with Maruti Suzuki likely to outperform.
JPMorgan also has a ‘Neutral’ rating on Maruti Suzuki, with a price target of ₹12,800.
Q4 was a miss, with EBIT 14% below JPMorgan’s estimates, despite lower discounts (-40bps QoQ) and operating leverage from 7% QoQ volume growth.
The key reasons for the miss were:
New plant ramp-up
Weaker model mix and commodity headwinds
Higher advertising expenses
Some lumpy and seasonally higher costs
While EBIT margins could improve from Q4 levels (8.3%), JPMorgan expects FY26 to be weaker than FY25, as the company continues ramping up its new plant in a soft volume growth environment.
Goldman Sachs has also assigned a ‘Neutral’ rating to Maruti Suzuki, with a price target of ₹12,000.
Management indicated that domestic car industry growth is likely to slow to 1–2% in FY26 from 2.5% in FY25, but remains optimistic that Maruti Suzuki will outperform the industry.
According to Goldman Sachs, export volumes are expected to grow over 20% year-on-year in FY26, helped by the e-Vitara, where the majority of the expected 70,000 units will be for export markets.
Goldman Sachs has cut its FY26–FY28 earnings per share (EPS) estimates by 2% to 8%.
Shares of Maruti Suzuki India Ltd. closed 2.05% lower at ₹11,650. The stock is up 4% in 2025 so far.
