Maruti Suzuki India Ltd shares slipped roughly 2% in Monday’s morning trade, making it one of the top losers on the Nifty 50. The stock traded at Rs 13,949, down from Friday’s close of Rs 14,233.45. Since the start of 2026, the share has fallen 16.4%, while the Nifty 50 is down 6.1% over the same period. The company’s market capitalisation stands at Rs 4.39 lakh crore.
For the quarter ended June 30, Maruti Suzuki reported a standalone net profit of Rs 3,352 crore, a 10.8% decline from Rs 3,758 crore a year earlier. The figure still beat the CNBC‑TV18 poll estimate of Rs 3,264 crore. Revenue rose 36% year‑on‑year to Rs 52,456 crore, but expenses climbed 40.5% to Rs 49,988 crore due to higher raw‑material costs. Even with price hikes, rising steel and other commodity prices, worsened by the Iran conflict, squeezed margins.
Brokerages largely stayed constructive. HSBC kept a Buy rating with a target of Rs 16,000, citing that the EBIT margin has bottomed and should improve as commodity pressures ease. HSBC also highlighted strong demand and the launch of the new Brezza as positive.
Kotak Institutional Equities kept an Add rating and a target of Rs 14,600. It noted that first‑quarter EBIT fell short of estimates because of weaker gross margins and a temporary shift to a monthly supplier cycle. Kotak believes demand will remain healthy, an improving order backlog will support volume growth, and margins should recover gradually.
Nomura maintained a Neutral rating with a target of Rs 14,071. It warned that margin risks persist due to higher commodity costs, adverse FX movements and fixed‑cost pressures. Nomura also pointed to the rising electric‑vehicle mix as a medium‑term challenge but expects domestic volume growth of 10% in FY27, backed by easing supply constraints. The company should reach full production capacity in the next four to five months.