“Reiterates a Buy rating on Maruti Suzuki with a target price of ₹17,064, implying a 20% upside. Expects the company to outperform in FY27, supported by new product launches, recovering passenger vehicle demand, lean dealer inventories, and new manufacturing facilities. Believes sustained market share gains could trigger a re-rating, with easing raw material costs and steady volume growth normalizing margins. Forecasts a 20% earnings CAGR over FY26–FY28.”

Motilal Oswal Analysis’s track record: 6 graded calls · 95% CI 19–81%