Marazzo is the first of the three utility vehicle launches lined up by Mahindra & Mahindra for FY19. From these models, management expects cumulative volumes of 8,000-10,000 units/month. Led by the new products, we expect domestic UVs to see a 23% CAGR in FY18-20E, and market share to improve from 25% in FY18 to 28% in FY20E. Marazzo's pricing stands above Maruti Ertiga, while undercutting the bigger, more powerful Toyota Innova by a significant margin. In our Marazzo test rides, we experienced smooth engine performance, all-terrain driving capability with handling closer to a monocoque chassis, upmarket design and spacious three-row seating....