MARUTI

Maruti Suzuki is benefiting from strong demand in SUVs, which now form ~28% of its sales mix. The launch of hybrid and CNG models is helping it capture shifting consumer preferences. Rising raw material costs could impact margins, though operating leverage provides a cushion. Export growth, particularly to Africa and Latin America, is another positive. Valuations at ~25x FY26 EPS look reasonable given growth prospects. With EV models in the pipeline, Maruti is positioning itself for long-term market leadership. Investors should hold with a medium to long-term view.