$Maruti Suzuki India Ltd (MSIL) new SUV launches (2 new models in FY23) may fall short of market expectations, as we believe it has lower powertrain offerings compared to peers. We believe, that MSIL’s absence in turbocharged petrol engines (Suzuki Japan has 1.0/1.4 ltr turbo engine) and delay in launching EVs could hurt its competitive positioning, despite its wide distribution network. We have cut our target multiple to 13x vs. 15x earlier and downgrade the stock to SELL with a target price of Rs 6,550 (vs. Rs 7,740).
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