The Maruti share price is in focus today after the recently launched Victoris earned a 5-star rating from Global NCAP. One of the key movers amongst the list of automobile sector stocks, brokerage houses have called this a turning point for the Maruti brand. Once seen as lagging in safety, Maruti Suzuki is now seen as making a decisive move in that direction.
The Maruti Victoris has become the second model from India’s top passenger vehicle maker to bag five-star results for both adult and child occupant protection. Richard Woods, Chief Executive Officer, Global NCAP, said, “The five-star Victoris clearly demonstrates Maruti Suzuki’s commitment to improved safety for its new models. It continues the trend set by the Dzire launched last year, which also achieved five stars.”
JM Financial On Maruti Suzuki: Maintain Buy
JM Financial has maintained Buy on Maruti Suzuki with a target price of Rs 18,050 per share. This implies over 18% upside for the Maruti Suzuki share price. According to them, “the launch of the Victoris marks a significant shift in Maruti Suzuki’s strategy – moving decisively toward safety-first engineering and premium feature offerings, all while maintaining a competitive price point.”
The brokerage house believes that the Victoris is well-positioned to gain strong traction in the mid-size SUV segment. Additionally, with the commencement of MSIL’s battery plant, they “expect a series of new hybrid launches. The integration of in-house battery production is also likely to support higher margins.”
Furthermore, “India is expected to become a key export hub for Maruti Suzuki, reinforcing its global ambitions,” they added.
Nomura On Maruti Suzuki: Betting on strong volume growth
Nomura has a Neutral rating on Maruti Suzuki with a target price of Rs 15,031 per share. This indicates limited upside for the stock from current levels. The company expects the “Victoris to capture share from competitors which have a diesel-heavy portfolio, aided by its segment-first underbody CNG tank and a strong feature package, Nomura added.
According to Nomura. Maruti Suzuki’s plans to launch the Victoris through the Arena network, “leveraging its broader presence across Tier-2/3 markets (3,200 sales outlets in Arena vs 630 in Nexa), is likely to attract value-conscious and rural buyers.”
Nomura’s estimates indicate that the Grand Vitara volumes, which averaged 10,000 units/month in FY24 and FY25, have come down to 7,000–8,000 units/month over the past six months. Going ahead, they expect “15,000 units per month combined for the Victoris and Grand Vitara. A higher mix of the Victoris should help support Maruti Suzuki’s margins, as the Grand Vitara is manufactured at Toyota’s plant.”
Nomura is currently factoring in 9% YoY growth for Maruti Suzuki this fiscal year. This implies sales of about 2,20,000 units per month for the remaining seven months of FY26, up 14% YoY (Vs 1,78,000 units per month until August 2025).
Maruti Victoris Vs Competition
JM Financial highlighted that the newly launched “Victoris stands out in the mid-size SUV segment with a compelling mix of pricing, powertrain diversity, safety, and premium features.”
It is priced between Rs 10.5 – 20 lakh and is seen as “competitively positioned” against rivals like the Grand Vitara from Maruti Suzuki, Hyundai Creta, and Kia Seltos.While all four offer similar petrol engine capacities, the Victoris and Grand Vitara are the only ones to feature strong hybrid and factory-fitted CNG options.
The Victoris also leads on safety with a 5-star Global NCAP rating, compared to the 3-star ratings of Creta and Seltos. Victoris also offers Level-2 ADAS.