Goldman Sachs has reiterated its 'Buy' recommendation with a target price of ₹19,000, indicating an upside of 19% from Thursday's closing price.
The foreign brokerage said demand elasticity in the small car segment is improving and the company is entering a favourable product cycle.
It added that post-GST price actions in entry-level models and compact SUVs could draw some two-wheeler customers into the car market.
Goldman Sachs also pointed to upcoming launches such as the Victoris and eVitara, which it expects will lift volumes by around 6% in FY27 compared with FY25.
The brokerage further said that the next pay commission cycle in FY28 and Maruti's positioning on CO₂ efficiency will act as 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.
Out of the 48 analysts that have coverage on Maruti Suzuki India, 41 of them have a 'Buy' rating on the stock, five of them say 'Hold', while two have a 'Sell' rating on the stock.
Shares of Maruti Suzuki India Ltd. ended 0.64% lower on Thursday at ₹15,979. The stock has gained over 42% so far in 2025.
