Sushil Kedia warns of a 20% fall in Maruti if futures slip below this level

Maruti Suzuki India has avoided the sharper correction seen in the broader auto space, largely because it was the first stock in the pack to rally ahead of its peers.

Veteran investor Sushil Kedia, founder and CEO of Kedianomics, a SEBI-registered trading and advisory firm, believes the stock could eventually slip towards ₹13,000. He said this downside zone would be confirmed if Maruti's futures fall below ₹16,000.

Meanwhile, brokerage Goldman Sachs recently added the country's largest passenger vehicle maker to its Asia Pacific conviction list. The firm has reiterated its 'Buy' call on Maruti with a target price of ₹19,000.

Goldman Sachs said demand elasticity in the small car segment is improving and the company is entering a favourable product cycle. It said that post-GST price adjustments in entry-level models and compact SUVs could help convert some two-wheeler buyers into car customers.

The brokerage also mentioned upcoming launches such as the Victori­s and the eVitara, which it expects will boost volumes by about 6% in FY27 compared with FY25. It further said the next pay commission cycle in FY28 and Maruti's strong CO₂ efficiency positioning could be additional tailwinds.

The automaker reported total sales of 2.29 lakh units in November, above a CNBC-TV18 poll of 2.13 lakh units. This was also 26% more than its total sales of 1.82 lakh units in November last year.

Of this, the company's domestic sales of 1.83 lakh units were up 19.7% from 1.53 lakh units in the year-ago period.

Maruti Suzuki's total exports witnessed a 61% increase at 46,057 units from 28,633 units last year.

Of the 48 analysts covering Maruti Suzuki India, 41 have a 'Buy' rating, five recommend 'Hold' and two suggest 'Sell'.

Shares of Maruti Suzuki India Ltd

. are trading 0.44% lower today at ₹16,134. The stock is up 44% so far in 2025.