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.
