Motilal Oswal sees up to 41% upside in Maruti Suzuki ahead of festive season
The brokerage’s comparison covers Maruti Suzuki, TVS Motor and Mahindra. Maruti’s August 2026 car volumes rose 20.4%, while its market share gained about 665 basis points to 72.9%.
The development
Motilal Oswal sees a maximum of 41% upside in Maruti Suzuki stock ahead of the festive season. Car volumes increased by 20.4% in August 2026, while Maruti's market share rose ~665bp to 72.9%.
The numbers
- 20.4%
- August 2026
- ~665bp
- 72.9%
- 41%
Why it matters to operators and investors
Motilal Oswal sees up to 41% upside in Maruti Suzuki, citing August volume growth and a roughly 665-basis-point market-share gain.
What to watch next
- Monthly retail registrations and market share, not just factory dispatches
- Festive bookings, cancellations, and delivery waiting periods
- Dealer inventory days and the direction of consumer discounts
- Production constraints, supplier disruptions, and capacity additions
- Competitor launches or incentives that challenge Maruti’s share
The counter-case
A 41% target-price upside is a brokerage scenario, not a forecast or guarantee. One month of volume growth may reflect discounts, inventory restocking, or a favorable base and does not establish durable demand or earnings growth.