We remain NEUTRAL as valuations are demanding at current stock levels (33.2/26x FY20/21E). We recommend buying the stock on corrections as Maruti enjoys a strong franchise with a dominant market share of ~50%. Also, Maruti will benefit from the transition to BSVI due to its gasoline led portfolio. 2QFY20 PAT at Rs 13.6bn was above estimates as improved realizations (+8% YoY), lower tax rates and higher other income partially offset the impact of the weak volumes. We are raising estimates by ~5% over FY21/22E to factor in the above. Maintain NEUTRAL with a revised TP of Rs 6,770 (22x Sep-21 EPS).