Shares of Maruti Suzuki India Ltd. edged up nearly 1% on Tuesday, September 24, trading at ₹16,254 after multiple global brokerages upgraded their outlook on the country’s largest passenger carmaker. Analysts now project up to 17.5% upside potential, citing robust demand recovery and new product launches.
The stock has already gained around 12% in the last one month, further strengthening investor sentiment.
Goldman Sachs upgrade
Goldman Sachs upgraded Maruti Suzuki to “buy” from “neutral” and raised its price target to ₹18,900 from ₹13,800 per share earlier — the highest on the street for the company. The brokerage highlighted:
-
A potential pickup in demand for entry-level cars post GST cuts and price changes.
-
The carmaker’s best-ever Navratri start in three decades with ~80,000 enquiries and ~30,000 deliveries on the first day.
-
75,000 new bookings in the past week, averaging ~15,000 per day, almost 50% higher than usual, driven by small car demand.
-
Resumption of model launches after two-and-a-half years, including the Victoris SUV and eVitara.
-
Favourable exposure to the 8th Pay Commission cycle and lower relative CO₂ risk ahead of CAFE 3 norms by FY28.
Goldman Sachs expects Maruti Suzuki’s volumes to grow 5%, 12% and 9% in FY26, FY27 and FY28, compared to the industry’s 4%, 8% and 9% in the same period.
Investec view
Investec has also reaffirmed its “buy” rating and raised its price target by 32.2% to ₹18,475 from ₹13,980 earlier, implying nearly 15% upside from current levels.
With demand momentum returning strongly, especially in entry-level cars, and new launches planned, analysts believe Maruti Suzuki is well-positioned to outperform the broader industry in the coming years.
