“Maintains an Overweight rating on Maruti Suzuki, lowering its target price to ₹16,381, implying a 15% upside. Believes FY27 domestic volume growth guidance of 10% is conservative, expecting mid-teens growth driven by low dealer inventory, strong order book, and new capacity. Margins are seen bottoming out, with August price hikes and easing commodity costs as catalysts, despite lowered FY27-28 earnings estimates due to near-term margin assumptions.”