HSBC has reaffirmed its ‘Buy’ rating on Maruti Suzuki with a target price of ₹14,000, implying a potential upside from the current market price of ₹11,953. The brokerage highlighted that while EBITDA margins remained resilient despite increased discounting in Q3 FY25, domestic demand is expected to stay muted in 2025.
However, HSBC sees Maruti’s export potential, particularly in the electric vehicle (EV) segment, as a key growth driver for FY26 and FY27. The firm also noted that commodity prices are slightly unfavorable, which could weigh on margins. Despite these challenges, Maruti’s strong global positioning and export opportunities keep it well-positioned for future growth.
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