Maruti Suzuki India has unveiled the pricing details of the Jimny, and analysts are upbeat about the new SUV’s potential for the business.
How Much Does It Cost? Priced between ₹12.74 lakh and ₹15.05 lakh (ex-showroom Delhi), the Jimny is available in Zeta and Alpha variants. This launch aims to strengthen Maruti’s SUV lineup, although it may face increased competition with the upcoming launch of Mahindra’s 5-door Thar next year.
What Do Analysts Think? Analysts expect minimal impact from Jimny’s launch on the demand for Thar, as the majority of buyers prefer the more affordable 2×2 rear-wheel drive variant. That said, Jimny’s rollout is seen as a positive move for Maruti in the SUV market, with analysts anticipating monthly sales of 3,000 to 5,000 units for the Jimny.
The Jimny’s standout features include impressive off-roading capabilities and being the only five-door vehicle in its segment, analysts at brokerage firm Nomura said in a note. They added that these unique qualities are expected to attract specific buyers, allowing Maruti to command a premium price. Nomura maintains a “neutral” rating on Maruti with a price target of ₹9,659 per share.
While Maruti Suzuki is likely to maintain its market share at around 42%, analysts say there may be challenges in the small-car segment due to increased discounts, while the SUV market will see intensified competition with upcoming launches.
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The Jimny has already generated substantial interest, with 30,000 units having already been booked. Elara Capital projects additional monthly sales of 4,000 to 5,000 units for the Jimny in FY24.
Industry experts expect Maruti’s market share to grow to 45% in FY24 and 46% in FY25. The introduction of higher-priced new models is expected to increase the average selling price and positively impact earnings. Elara maintains a “buy” rating with an unchanged target price of ₹11,775.
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