Maruti Suzuki, Hyundai Motor India shares rise up to 4% after strong start to post-GST cut sales on Navratri

Shares of Maruti Suzuki India Ltd. and Hyundai Motor India gained up to 4% on Tuesday, September 23, after the automakers reported a surge in inquiries and deliveries on the first day of Navratri, which also coincided with the implementation of the GST 2.0 regulations.

Maruti Suzuki

Maruti Suzuki said it received around 80,000 inquiries and delivered nearly 30,000 passenger vehicles on Sunday, calling it its strongest start to Navratri in the last 35 years.

The automaker said ever since September 18, when it announced additional price reduction, over and above the GST revision, it has received 75,000 bookings, with nearly 15,000 coming in every day, which is 50% higher than the usual.

Maruti Suzuki added that the demand for small cars has been especially strong, with bookings growing by nearly 50%. It said that the inquiries continue to remain high, and it may even run out of stock for certain variants. Dealers are staying open late into the night to deliver the cars to customers. In comparison to the previous year, the overall response has been exceptionally strong, it said.

Hyundai Motor

Hyundai Motor said the auspicious start of Navratri, amplified by the momentum from GST 2.0 reforms, infused strong positivity in the market. "One Day 1 alone, Hyundai Motor India recorded around 11,000 dealer billings, which is our highest single-day performance in the last five years," Tarun Garg, the company's whole-time director and COO, said.

Garg added that looking ahead, the company anticipates sustained festive demand and remains committed to delivering value and excitement to its customers.

Last week, Maruti Suzuki reduced the prices of its vehicles, passing on the entire benefit of the revised GST rates. It also added temporary cuts, especially on entry-level cars, to attract two-wheeler owners. Earlier this month, Hyundai Motor

reduced prices across its passenger vehicle range by up to ₹2.4 lakh, entirely passing on the benefit of the Centre's GST rate cut to customers.

Other auto companies such as Tata Motors, Mahindra and Mahindra, Toyota, Renault too have cut their prices in light of the new GST norms.

Meanwhile, brokerage firm Nomura has a "buy" rating on Hyundai Motor India, with a target price of ₹2,846 apiece, an upside of nearly 5% from its previous close of ₹2,722 apiece.

The brokerage highlighted takeaways from the automaker's investor day, saying the company is looking at a Compounded Annual Growth Rate (CAGR) of 9% for its volumes over calendar year 2025-2030, adding that it may need to raise its capacity to cater to demand.

Hyundai Motor said it has a strong model pipeline with multiple launches ahead, and it is advancing hybrid and electric vehicle tech along with software.

It estimates that its export margins to be stronger than domestic margins and thus a rising export mix should support its overall margins. This should drive a 27% earnings per share (EPS) CAGR for the company over the financial years 2026 to 2028, Nomura said.

Shares of Maruti Suzuki and Hyundai Motor ended the previous session 0.5% and 3.1% lower, each. Meanwhile, the Nifty Auto index declined 0.2%. Barring MRF, Bajaj Auto, Samvardhana Motherson, Tube Investments and Hero MotoCorp, the remaining 10 stocks in the index ended lower.

Also Read: GST 2.0: Cars and bikes get cheaper across India with revised prices – full lists