HSBC held its bullish call on Maruti Suzuki despite weak personal vehicle growth across the overall industry.

What The Brokerage Said: HSBC maintained a "buy" call on Maruti with a target price of  ₹14,500, indicating a 15% upside from the previous session's closing price. The personal vehicle (PV) industry demand remained weak in the Navaratri period with 3% year-on-year growth, the brokerage said.

On the other hand, the two-wheeler industry grew by 12% which was in line with the expectations. The research firm expects weak Q3 dispatches from Maruti due to high inventory and believes a significant pick-up in demand is unlikely. 

Despite this, the brokerage kept the buy call reasoning the relatively undemanding valuations and product launches in 2025. 

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In September, Maruti Suzuki reduced the prices of some of its models citing a 4% year-on-year decline in sales to 1.81 lakh units during August. 

In September, sales increased 2% from the previous year to 1.84 lakh units. 

Maruti Suzuki will declare its Q2 results on October 29. 

Price Action: Shares of Maruti Suzuki fell 0.25% to ₹12,506.30 on Tuesday morning. 

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