Nomura has retained its ‘Neutral’ rating on Maruti Suzuki, revising its target price to ₹13,290, indicating a 11.2% upside from the current market price of ₹11,953.
The brokerage noted that Maruti’s Q3 FY25 performance was steady, with EBITDA margins aligning with consensus at 11.6%, slightly above Nomura’s estimate of 11.3% but marginally below the street’s expectation of 11.7%.
One of the key positives highlighted in the report was Maruti’s improving export traction, which is expected to gain further momentum with the launch of the E-Vitara across 100+ countries. Based on this development, Nomura has raised its export volume estimates by 9-19% over FY25-27.
However, the brokerage cautioned that domestic demand weakness remains a key risk despite Maruti’s overall stable performance.
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