Maruti Suzuki Share Price Target Raised To Rs 13,500 By Emkay - Here's Why

Maruti Suzuki share price target: Brokerage house Emkay Global has shared its outlook on Maruti Suzuki India, maintaining a ‘BUY’ rating while keeping its  share price target upward to Rs 13500 for March 2026. The revision comes after a strong performance in Q4FY24 driven by the launch of electric SUV-Vitara (~70k production in FY26) and another SUV this year; MSIL also targets 20% exports growth. 
 

Maruti Suzuki Share Price Target

Though short-term margin pressures are expected, the strategic thrust in new products and export growth for MSIL keeps the company in a good position for long-term success. The analysts have a "Buy" recommendation with a target price of Rs 13,500, on a 25x multiple of core Mar-27E earnings per share, along with around Rs 2,750 per share in cash hoard.

“we like MSIL’s new launch visibility; further, valuations at near 1SD below LTA provide comfort (refer to Upgrade to BUY; higher ICE visibility, favorable risk reward). We maintain BUY with unchanged TP of Rs13,500 at 25x core Mar-27E EPS + ~Rs2,750 cash/sh. Â" as per the report. 
 

Maruti Suzuki Q4 Results 

Maruti Suzuki India (MSIL) posted a 6% year-on-year (YoY) growth in revenue for Q4FY25 at Rs 40,670 crore. Meanwhile, the EBITDA of the company declined by 9% YoY to Rs 4,260 crore, falling short of the expectations of the analysts. The EBITDA margin fell 113 basis points (bps) sequentially to 10.5%, while the underlying margins on an adjusted basis for one-offs stood at about 11.4%, being short of the consensus estimates by about 5%.

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Maruti Suzuki: Factors Influencing Profitability

The firm shared some factors that impacted the margin decline of the company which is as follows: 

Kharkhoda Plant Expenses: New Kharkhoda facility costs weighed on margins by 30 bps.

Increased Advertising Costs: Higher marketing costs added another 30 bps to the margin fall.

Other One-Off Costs: Lumpy expenses such as corporate social responsibility (CSR) projects and maintenance weighed on margins by about 90 bps.

Adverse Product Mix: A product mix shift had a 40 bps negative effect on margins.

Commodity Costs: Rising raw material prices added 20 bps to the margin squeeze. (Maruti Q4 preview: New launches, easing raw material costs to boost margin | Stock Market News)

MSIL's net profit after tax (PAT) in Q4FY25 was Rs 3,710 crore, down 4% YoY.

Maruti Suzuki: Strategic Initiatives

Going forward, MSIL is cautiously optimistic about the industry scenario, anticipating 1-2% growth in FY26. The company aims to beat the market with strategic efforts with the new Launch of the electric SUV, E-Vitara, with a production target of 70,000 units in FY26, and another SUV model in the later part of this year. it has targeted 20% growth in exports in FY26. It has also Increased hybrid vehicle offerings due to increasing customer demand.

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