The shares of Maruti Suzuki India jumped around 5% on Tuesday after Jefferies upgraded its rating on India’s largest automaker to ‘Buy’ and raised its target price to Rs 16,500 from Rs 13,800, citing multiple tailwinds.
The latest target price implies an upside potential of more than 23% from the stock’s previous closing price of Rs 13,412 apiece on the NSE. Maruti Suzuki added nearly Rs 20,500 crore to its market capitalisation on Tuesday morning, taking its valuation to Rs 4.42 lakh crore.
Jefferies said that India’s PV demand has remained strong in the first half of the calendar year 2026, while easing Middle East tensions and a correction in crude oil prices have alleviated demand-side concerns. After hitting as high as $120 per barrel earlier this year, oil prices have sharply cooled down after Iran and the US agreed to an interim peace deal. Brent crude futures today dropped more than 1% to trade near $72 per barrel.
Also read: Oil Price Today (June 30) | Brent crude falls to $72/barrel as investors await US-Iran talks
The international brokerage added that softer metal prices are reducing margin risks too. It upgraded its FY27-29 EPS estimate by 2-4% and expects the company to post 16% EPS CAGR over FY26-29. Jefferies noted that the shares of Maruti Suzuki have lagged the Nifty 50 by 16% this year so far. It highlighted that the stock’s 24x FY27 PE seems reasonable.
Maruti Suzuki share price
Maruti Suzuki shares gained more than 4% in one week and around 7% in one month. The shares of the company have fallen around 16% in 2026 so far. In the longer term, the shares of the company have gained over 13% in one year, 43% in three years and 87% in five years.
After hitting a 52-week high of Rs 17,370 apiece in January this year, the stock tumbled around 30% in just two months to hit a 52-week low of Rs 12,201 apiece in March. The stock has so far recovered more than 15% since then.
Also read: Delayed monsoon may weigh on auto demand, but long-term outlook stays strong, says Aditya Shah
Maruti Suzuki earnings snapshot
Maruti Suzuki in April this year reported a 7% year-on-year (YoY) decline in standalone profit for the January-March quarter of FY26 at Rs 3,591 crore, compared to Rs 3,857 crore in the same period last year.
Revenue from operations for Q4 FY26 rose 28% to Rs 52,449 crore, up from Rs 40,910 crore in the corresponding quarter of the previous financial year. The company’s profit after tax came in below Street estimates of Rs 4,279 crore, while revenue exceeded analyst expectations of Rs 51,486 crore.
Maruti Suzuki posted its highest-ever quarterly sales at 6,76,209 units, marking an 11.8% increase from Q4 FY25. Domestic sales stood at 538,994 units, while exports reached a record 137,215 units. For the full financial year FY26, MSIL reported its highest-ever net profit of Rs 14,445 crore, compared with Rs 14,298 crore in the previous year.
Also read: Maruti Suzuki India Q4 Results
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