Citi gives Maruti Suzuki stock an INR 16,500 target

Published on 10/08/2026 at 11:07 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Citi rates Maruti Suzuki stock Buy at INR 16,500. In the September quarter, revenue may rise 28.50 percent and volume 26.50 percent.

Maruti Suzuki, INE585B01010, Illustration mit AI erstellt.

Maruti Suzuki stock received a fresh INR 16,500 target from Citi on October 8, 2026, alongside a Buy rating. As Financial Express reported, the target implied 42.00 percent upside in the brokerage's view, while commodity costs remained a margin risk.

Citi sees volume growth ahead

Citi projected Maruti Suzuki's September-quarter vehicle volumes to rise 26.50 percent year over year and revenue to increase 28.50 percent. The same assessment projected an 11.60 percent decline in earnings before interest, taxes, depreciation and amortization, highlighting the tension between stronger demand and higher input costs.

Citi also pointed to recent price increases and a richer product mix as possible support for profitability. For investors, the key comparison is clear: the sales outlook is expanding faster than the earnings outlook.

Four million unit ambition

Fortune India reported on October 8, 2026, that Maruti Suzuki was targeting capacity of four million vehicles by fiscal year 2031, compared with two million reached over the prior 40 years. The company also aims to regain a 50.00 percent share of India's car market by expanding its SUV range.

The strategy includes 10 to 11 new models by fiscal year 2031, including six electric vehicles. Maruti Suzuki also expects 15.00 to 20.00 percent of sales to come from electric vehicles and every fourth vehicle to be a hybrid by that period.

Clean energy adds an operating angle

Maruti Suzuki commissioned a 300 kW green hydrogen electrolyzer at Manesar on September 24, 2026. Its official Maruti Suzuki release said the pilot uses surplus solar power and blends the resulting hydrogen with natural gas as process fuel.

The company said the pilot could support wider adoption across its Haryana and Gujarat facilities. That operational investment complements the capacity and product expansion that underpins Citi's more constructive volume view.

Stock remains near its yearly low

Maruti Suzuki traded at INR 11,265 on the NSE at 2:36 p.m. IST on October 8, 2026, against a prior close of INR 11,450. The 52-week range was INR 11,225 to INR 17,370, placing the quote close to the lower boundary.