Name: Latest research reports of Maruti Suzuki India Ltd. authored by ICICI Direct and published by - Trendlyne research reports.
Item: Maruti Suzuki India Ltd.
Rating: 5
Author: ICICI Direct

Summary	Date	Stock	Author	LTP	Target	Price at reco (Change since reco%)	Upside(%)	Type	Report	Discuss
	19 Sep 2025	Maruti Suzuki	Consensus Share Price Target	15864.00	15442.90	-	-2.65	buy	pdf Detailed Estimates
	27 Apr 2023	Maruti Suzuki	ICICI Direct Target	15864.00	11000.00	8542.95 (85.70%)	Target met	Buy	pdf post cache	Broker Report Maruti Suzuki India ICICI Direct pdf Copy Link Share on Share on Share on Share on Alert
	26 Apr 2023	Maruti Suzuki	Prabhudas Lilladhar Target	15864.00	10300.00	8506.90 (86.48%)	Target met	Buy	pdf post cache	Broker Report MARUTI SUZUKI INDIA Prabhudas Lilladhar pdf Copy Link Share on Share on Share on Share on Alert
	26 Apr 2023	Maruti Suzuki	ICICI Securities Limited Target	15864.00	10091.00	8506.90 (86.48%)	Target met	Buy	pdf post cache	Broker Report In-line profitability; limited catalysts for upgrades ICICI Securities Limited Maruti Suzuki’s (MSIL) Q4FY23 EBITDA margin at 10.5% was in line with consensus estimate at 10.6%, up 138bps YoY, up 70bps QoQ. Despite volume increasing 11% QoQ, unfavourable mix (higher mix of Toyota and SMG) impacted GM by 60bps QoQ, partly negating the 130bps QoQ benefit from operating leverage. pdf Copy Link Share on Share on Share on Share on Alert
	10 Apr 2023	Maruti Suzuki	Motilal Oswal Target	15864.00	10400.00	8535.15 (85.87%)	Target met	Buy	pdf post cache	Broker Report Product launches to drive volume outperformance Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	16 Feb 2023	Maruti Suzuki	BOB Capital Markets Ltd. Target	15864.00	9989.00	8805.10 (80.17%)	Target met	Hold	pdf post cache	Broker Report Maruti Suzuki (HOLD): Focus shifts to high-margin segment BOB Capital Markets Ltd. Q3 gross margin stays healthy at 27% (25% in Q3FY22) due to softer raw material cost and better synergies; realisations drive sales pdf Copy Link Share on Share on Share on Share on Alert
	25 Jan 2023	Maruti Suzuki	Axis Direct Target	15864.00	9750.00	8784.10 (80.60%)	Target met	Buy	pdf post cache	Broker Report Result Update:Maruti Suzuki Axis Direct Strong order book, focus on SUVs, and expected increase in sales realisation to drive growth. We maintain our BUY rating on the stock. pdf Copy Link Share on Share on Share on Share on Alert
	25 Jan 2023	Maruti Suzuki	SMC online	15864.00		8784.10 (80.60%)		Results Update	pdf post cache	Broker Report Maruti Suzuki India Limited SMC online pdf Copy Link Share on Share on Share on Share on Alert
	25 Jan 2023	Maruti Suzuki	ICICI Securities Limited Reco Target	15864.00	10455.00	8698.80 (82.37%)	Target met	Buy	pdf post cache	Broker Report Better mix drives positive earnings surprise ICICI Securities Limited Maruti Suzuki’s (MSIL) Q3FY23 EBITDA margin at 9.8%, up 50bps QoQ, was largely in line our estimate, driven by RM cost benefit and favourable currency movement. pdf Copy Link Share on Share on Share on Share on Alert
	25 Jan 2023	Maruti Suzuki	ICICI Direct	15864.00	11200.00	8784.10 (80.60%)		Buy	pdf post cache	Broker Report Maruti Suzuki India ICICI Direct pdf Copy Link Share on Share on Share on Share on Alert
	24 Jan 2023	Maruti Suzuki	Motilal Oswal Target	15864.00	10500.00	8698.80 (82.37%)	Target met	Buy	pdf post cache	Broker Report Strong beat, led by better mix and higher 'other income ' Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
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Maruti Suzuki India Ltd. share price target

Maruti Suzuki India Ltd. has an average share price target of 14714.08. The consensus estimate represents a downside of -7.25% from the last price of 15864. View 24 reports from 14 analysts offering long-term price targets for Maruti Suzuki India Ltd..

Maruti Suzuki India

MARUTI SUZUKI INDIA

In-line profitability; limited catalysts for upgrades

Product launches to drive volume outperformance

Maruti Suzuki (HOLD): Focus shifts to high-margin segment

Result Update:Maruti Suzuki

Maruti Suzuki India Limited

Better mix drives positive earnings surprise

Maruti Suzuki India

Strong beat, led by better mix and higher 'other income '

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