Maruti Suzuki: Brokerages Mostly Bullish on Q2 Performance, Outlook Despite Stock Dip

Maruti Suzuki India Ltd reported its Q2FY26 results, which were largely in line with expectations. Revenue grew by 13 per cent year-on-year to ₹42,100 crore, driven by better realisations from an improved model mix, increased CNG sales, and strong spare-part revenue. EBITDA remained flat at ₹4,430 crore but beat estimates due to the revenue beat.

Most leading brokerages, including Nuvama Institutional Equities, Motilal Oswal, and HDFC Securities, reaffirmed their positive stance on the stock. They have maintained 'Buy' ratings, citing strong domestic demand recovery, particularly in the small-car segment due to GST rate cuts, robust export growth, and a promising pipeline of new vehicle launches such as Victoris and e-Vitara. These firms have also raised their target prices to the ₹18,600-₹18,700 range and expect double-digit earnings growth over FY25-28. They anticipate margin improvements as capacity utilisation rises.

However, Choice Institutional Equities presented a more cautious view, maintaining a 'Reduce' rating. The firm cited concerns over potential margin pressures and a slower recovery in entry-level car sales. Despite this, they remain cautiously optimistic about long-term prospects driven by new models and export expansion.

On Monday, November 3, 2025, Maruti Suzuki shares experienced a decline, falling as much as 3.11 per cent to an intraday low of ₹15,688.00, trading lower than the flat-moving BSE Sensex.

Impact This news provides investors with insights into analyst sentiment regarding Maruti Suzuki's future earnings potential, driven by product launches and market demand. The differing brokerage views highlight potential risks and opportunities, influencing investment decisions. The stock's daily movement also reflects immediate market reaction to these reports and company performance. Rating: 8/10

Difficult Terms Q2FY26: Refers to the second quarter of the financial year 2025-2026, typically from July to September. EPS: Earnings Per Share, a company's net profit divided by the number of outstanding shares. Ebitda: Earnings Before Interest, Taxes, Depreciation, and Amortization, a measure of a company's operating performance. CAGR: Compound Annual Growth Rate, the mean annual growth rate of an investment over a specified period longer than one year. Y-o-Y: Year-on-Year, comparing data from one period to the same period in the previous year. PV: Passenger Vehicle, refers to cars and other vehicles designed for transporting people. GST: Goods and Services Tax, a consumption tax levied on the supply of goods and services.