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Motilal Oswal Report
Maruti Suzuki India Ltd.’s Q1 FY25 operating performance beat our estimates as margins improved QoQ despite lower volumes and higher discounts.
Margin improvement was driven by lower input costs, favorable currency benefits and higher other operating income.
The stock trades at 26 times /22 times FY25E/FY26E consolidated earnings per share.
Any favorable tax on hybrids may drive incremental re-rating. Reiterate Buy with a target price of Rs 15,160 (premised on 26 times June-26E consolidated EPS).
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