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Motilal Oswal Projects 29% Upside for Maruti Suzuki, Calls Underperformance Concerns Exaggerated
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Motilal Oswal: Maruti Suzuki Underperformance 'Overdone', Stock May Surge 29%
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CNBC TV18
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12-03-2026, 08:03
Motilal Oswal: Maruti Suzuki Underperformance 'Overdone', Stock May Surge 29%
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Motilal Oswal maintains 'buy' on Maruti Suzuki, setting a ₹17,406 price target, implying a 29% upside.
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Brokerage believes underperformance concerns are 'overdone' due to healthy retail demand and benefits from GST rate cut.
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New capacity from April 2026 and a strong launch pipeline, including Victoris, e-Vitara, and Brezza upgrade, are expected to revive market share.
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Exports are a key growth driver, with Suzuki Japan shifting production to India and India becoming a global hub for e-Vitara and Victoris.
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Maruti surpassed its FY26 export target in Feb 2026, aiming for 7.5-8 lakh vehicles by FY31, projecting 25% export volume CAGR.
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