“Maintains a Neutral rating on Maruti Suzuki with a target price of ₹14,071. While positive on demand, margin risks persist after weaker-than-expected Q1 profitability. Expects lower commodity costs and 1-2% price hikes in FY27 to support margin recovery. Cautions that higher vehicle prices may hurt small car demand and faster EV adoption poses a medium-term market share risk.”

Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%