GOLDMAN SACHS ON MARUTI SUZUKI ; BUY | TP ₹14,600

• Q2 performance was in line with expectations; domestic vehicle volumes expected to grow 10% in H2 FY27. • Profit margins remain volatile amid changing cost and pricing dynamics. • Management is avoiding short-term pricing decisions, focusing instead on sustainable long-term growth. • Maruti aims to support structurally faster passenger vehicle demand growth in India through a long-term strategy. • Management expects to launch a new electric vehicle (EV) at the Bharat Mobility Show in February 2027. • Goldman Sachs maintains its BUY rating, supported by expectations of stronger domestic volumes and long-term growth opportunities.

MARUTI SUZUKI INDIA LTD.

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