Nirmal Bang retains Buy on Maruti Suzuki after Q1 revenue beat
Nirmal Bang maintained its Buy rating and Rs 16,580 target on Maruti Suzuki, citing a Q1 revenue beat. The brokerage expects freight and commodity-led margin pressure to ease through pricing, lower discounts, a richer mix, SUV launches and capacity expansion.
Nirmal Bang retained a Buy on Maruti Suzuki with a Rs 16,580 target after a Q1 revenue beat. It expects freight and commodity-driven margin pressure to ease through pricing, lower discounts, product mix improvement, SUV launches and capacity expansion.
Why this matters
The Buy reaffirmation follows Maruti Suzuki's 35.9% Q1 revenue growth despite a 490-bps margin drop, plus record July output of 248,845 vehicles as capacity reached 2.9 million units.
Retail-company signals are accelerating, up 224800% QoQ.