Bullish on Maruti Suzuki for the medium to long term.

The company continues to dominate the Indian passenger vehicle market with unmatched distribution, strong brand trust, and industry-leading service infrastructure. Even after market share moderation, Maruti still delivered record FY26 sales of over 24 lakh vehicles and remains India’s largest car exporter. One of the biggest bullish factors is the recovery in small car demand after GST cuts and improving affordability. Maruti has historically owned this segment through models like Swift, Baleno, WagonR, Dzire, and Brezza. As first-time buyers return, Maruti is positioned to benefit more than premium-focused competitors. Exports are another major growth engine. The company recorded its highest-ever exports in FY26 with 4.48 lakh units and now contributes nearly half of India’s passenger vehicle exports. Its global manufacturing footprint and expansion into 44 countries through the e-Vitara EV strengthens long-term scalability. The EV transition also looks stronger than what the market was pricing earlier. Demand for the e-Vitara has reportedly been robust, especially higher-range variants. Maruti is gradually entering EVs without disrupting its profitable ICE and hybrid business, which could help protect margins better than aggressive EV-only strategies. Operationally, the company is expanding capacity aggressively through new plants and manufacturing lines, indicating management confidence in sustained demand growth. Analysts and brokerages continue to view Maruti as one of the strongest auto plays benefiting from India’s consumption growth cycle. From a business-quality perspective, Maruti enjoys: • Strong cash generation • Low debt stress • Massive dealer/service network • High resale value perception • Dominance in affordable mobility • Strong rural and semi-urban penetration