Jefferies has maintained its ‘Hold’ rating on Maruti Suzuki while setting a target price of ₹11,300, implying a 5.5% downside from the current market price of ₹11,953. The brokerage flagged concerns over subdued PV demand, which is expected to persist into Q4FY25, posing a challenge for the automaker.
Maruti Suzuki’s passenger vehicle (PV) market share has slipped to a 12-year low, reflecting increased competition and shifting consumer preferences. Additionally, Jefferies cut its FY25-27 EPS estimates by 2%, citing demand weakness in the domestic market.
On the positive side, exports have shown strong momentum, and the company is expected to achieve volume and EPS growth of 6% and 11%, respectively, over FY24-27. Despite this, the subdued retail demand in India remains a key risk, and Jefferies remains cautious on the stock.
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