On Tuesday, brokerage firm HSBC maintained its ‘buy’ rating on Maruti Suzuki with a revised target price of र18,500 per share.
The analyst said the automaker’s market share has normalized back to 40%, although the overall demand outlook remains optimistic.
With all the stars aligned, Maruti Suzuki’s third and fourth quarter margins are critical for the stock, HSBC said.
However, HSBC has warned that in case Maruti Suzuki’s earnings before interest and tax (EBIT) margins are below 10%, it could end up disappointing the market. Commodities also pose a short-term risk to stocks, HSBC added.
In a note published today, brokerage firm Bernstein maintained its ‘outperform’ rating on the stock and raised its price target to ₹19,000 from ₹17,800 earlier.
The automaker reported total sales of 2.17 lakh units in December compared to Street estimates of 2.12 lakh units. Sales were also 22.2% higher than the previous year’s 1.78 lakh units.
Of these, the total domestic sales of passenger vehicles increased by 37.5% to 1.78 lakh units from 1.3 lakh units in the year-ago period. Alto, S-Presso sales increased by 92% to 14,225 units from 7,418 units a year earlier.
Of the 49 analysts covering the stock, 38 have a “buy” rating, seven have a “hold” rating and four have a “sell” rating.
Maruti Suzuki India shares have dropped to the day’s low and are currently trading 4.2% lower at ₹16,567. The stock is up 43% in the last month.
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First published: January 7, 2026 1:25 p.m. IST