Maruti Suzuki India (MSIL) is currently in a sweet spot as it has multiple triggers in its favour-1) positive impact of Seventh Pay Commission is expected to lead to incremental growth of ~16% YoY for the PV segment in the next two years 2) implementation of GST will result in lower ASPs of <4 million (mn) cars thus benefiting MSIL (market share of ~56% in <4 mn cars), 3) its focus on adding more content per vehicle (CNG, automatic, smart hybrid, etc) with aggressive pricing is creating a pull-strategy favouring MSIL 4) Stronger product portfolio with presence in the fast growing segments like UV, premium hatchback, etc. 5) normal monsoon in 2016 is likely to drive rural sales. Further, MSIL’s capacity expansion plans, which we believe will take the company closer to its goal of manufacturing 2 million vehicles by 2020. We raise our target to | 6150 (from | 5095 earlier) based on 22x FY18E EPS.They value at 22x FY18E EPS of | 279/share, to arrive at TP of | 6150 with BUY on MSIL.