Maruti, India’s largest passenger vehicle company is a great play on rising domestic consumption and urbanization. Company’s premiumization strategy and success of new models has paid rich dividends. A plethora of factors such as shift to BSVI, high interest costs, pandemic and now semiconductor shortage has resulted in flat / declining volume growth for the past 5 years. This is now expected to change as these headwinds recede. Maruti, with its market leadership, is best positioned to take full advantage of major revival in the passenger vehicle industry . It is for this reason that we have an over weight rating despite disappointing near term performance. Threat from new generation EVs is real but will be more pronounced in the two wheeler space. Maruti is yet to unveil its EV strategy and that could be a positive trigger
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