JEFFERIES ON MARUTI ; BUY | TP CUT TO ₹13,500 FROM ₹16,500

• Weak Q2 FY27 performance leads to another earnings estimate cut. • Jefferies retains BUY rating but ranks Maruti below TVS Motor, Eicher Motors and M&M in its preference list. • Passenger vehicle industry registration growth has slowed in recent weeks. • Management remains optimistic and expects 10% domestic volume growth in H2 FY27. • Margin outlook remains uncertain despite signs of stabilisation in market share. • Jefferies maintains BUY but lowers its target price by 18.2%, reflecting weaker earnings expectations and margin concerns.

MARUTI SUZUKI INDIA LTD.

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