CITI ON MARUTI ; BUY | TP ₹14,500 (EARLIER ₹13,800)

• Q2 FY27 operating profit beat estimates, supported by better-than-expected gross margins. • Improved gross margins boosted operating profitability, but lower other income weighed on net profit (PAT). • Domestic automobile demand outlook remains robust, supporting future volume growth. • Margin trends remain encouraging, reflecting improved operational performance. • Elevated commodity costs could continue to pressure margins despite strong demand. • Citi raises its target price to ₹14,500 from ₹13,800, maintaining its BUY rating. • Strong demand prospects and healthy operating performance support Citi's positive outlook on Maruti.

MARUTI SUZUKI INDIA LTD.

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