Why Is Nomura Neutral On Maruti Suzuki Despite Victoris Launch?
Nomura has reiterated its Neutral rating on Maruti Suzuki with a target price of ₹15,031. The newly launched SUV Victoris is expected to lift margins and volumes, but competitive intensity and moderating growth outlook have led the brokerage to maintain a balanced stance.
What Does The Victoris Launch Mean?
Since Victoris is produced at Maruti’s own plant—unlike the Grand Vitara (produced at Toyota’s plant)—a higher Victoris mix could aid profitability, improving margins over the medium term.
What Gives Victoris A Competitive Edge?
Nomura also highlights the advantage of distribution through Maruti’s Arena network, giving Victoris access to Tier-2, Tier-3, and rural markets where Maruti’s dominance is unmatched.
How Are Volumes Trending?
This implies around 220,000 units/month for the remainder of FY26F, a 14% uplift supported by Victoris sales. While the SUV pipeline adds growth, Nomura’s Neutral call reflects expectations of moderated industry-wide volume expansion.
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