Shares of Maruti Suzuki India were in strong demand on Wednesday and rose 5 per cent to touch an intraday high of ₹13,537 apiece on the NSE, after the company reported its financial results for the quarter and year ended March 31, 2026. The automaker also declared a final dividend of ₹140 per share for FY26.
The sentiment was further supported by bullish commentary from brokerages, which have broadly retained their ‘Buy’ calls while expecting sustained demand momentum and strong growth visibility ahead.
At 10:17 AM, the Maruti Suzuki stock was trading at ₹13,494 per share, up 4.67 per cent from its previous close of ₹12,892 on the NSE.
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Maruti Suzuki Q4FY26 results
During Q4FY26, revenue from operations rose 28.9 per cent year-on-year (Y-o-Y) to ₹50,078.7 crore from ₹38,839.1 crore in Q4FY25. Total sales increased 11.8 per cent Y-o-Y to 676,209 units from 604,635 units a year ago.
The automaker's earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 27.1 per cent Y-o-Y to ₹6,156.9 crore from ₹4,842.6 crore. Profit after tax (PAT), however, declined 6.9 per cent Y-o-Y to ₹3,590.5 crore from ₹3,857.3 crore. For the full year FY26, PAT rose 1 per cent Y-o-Y to ₹14,445.4 crore from ₹14,297.6 crore in FY25.
Here's what brokerages said about Maruti Suzuki Stock post Q4 results:
JM Financial: Buy | Target price: ₹16,570
JM Financial remains bullish on Maruti Suzuki, retaining its ‘Buy’ rating with a revised target price of ₹16,570 (earlier ₹16,350), implying a 22.40 per cent upside from the current market price.
The brokerage said operating margins benefited from lower employee costs (one-off costs in Q3FY26 due to the new labour code), lower discounts (50 bps), favourable forex (30 bps), and fixed cost absorption due to inventory accretion (50 bps). However, these gains were offset by higher commodity costs (80 bps), model launch costs (60 bps), and other expenses due to lumpiness and seasonality (20 bps).
According to Saksham Kaushal, Nitin Agrawal, and Sahil Malik of JM Financial, domestic demand remained robust, particularly in the entry-level segment, reflected in low network inventory of 12 days, lower discounts, and a healthy order book of 190,000 vehicles. Management expects 10 per cent domestic volume growth for FY27E.
Export growth, they added, is likely to be driven by e-Vitara and continued traction in Jimny and Fronx.
“We are factoring in FY27E/28E volume growth of 10 per cent/7.8 per cent Y-o-Y (versus 7.2 per cent/7.7 per cent earlier) and Ebitda margin of 11.6 per cent/12.5 per cent (versus 11.5 per cent/12.4 per cent earlier). Consequently, our FY27E/28E EPS edges up 1.2 per cent/1.3 per cent. This, coupled with a target P/E of 25x (unchanged), yields a revised target price of ₹16,570 (earlier ₹16,350),” said the brokerage.
MOFSL: Buy | Target price: ₹15,529
Analysts at MOFSL have also retained their ‘Buy’ rating with a target price of ₹15,529, valuing the stock at 25x FY28E EPS. The target implies a 14.71 per cent upside from the current market price.
Aniket Mhatre, Jeemit Shah, and Uday Nair expect Maruti Suzuki to deliver a 16 per cent earnings CAGR over FY26-28.
“The GST rate cut has helped revive small car demand as vehicles are now much more affordable for price-conscious consumers. MSIL now enjoys a strong order backlog of 190,000 units,” they said.
Given the strong backlog and a healthy launch pipeline, management expects 10 per cent domestic volume growth in FY27E, which is likely to support market share recovery and drive stock re-rating, the brokerage said. It also expects healthy demand to offset near-term cost headwinds.
Choice: Add | Target price: ₹14,600
Choice Institutional Equities has reaffirmed its ‘Add’ rating with a revised target price of ₹14,600 per share (earlier ₹16,200), valuing the stock at 25x FY28E P/E. The revised target still implies a 7.85 per cent upside from the current market price.
Subhash Gate and Heet Chheda said Maruti Suzuki is expected to deliver steady growth driven by GST benefits, new launches, and exports, supporting volume and revenue visibility.
“However, due to weaker Q4FY26 earnings, commodity pressures, and geopolitical risks, we cut our EPS estimates by ~5 per cent/6 per cent for FY27/FY28E,” they said.
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(Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers' discretion is advised.)