Maruti Suzuki shares jump 2% to hit 52-week high after Goldman Sachs upgrade, 15% upside potential seen

Shares of Maruti Suzuki surged as much as 1.7% on Wednesday to hit a new 52-week high of Rs 16,373.60 on the BSE, extending recent gains in an otherwise volatile market. The stock’s rally followed a bullish call from global investment bank Goldman Sachs, which upgraded the stock to a 'Buy' and set a target price of Rs 18,900, implying a potential upside of over 15% from current levels.

According to CNBC-TV18, Goldman Sachs cited multiple positive triggers for the upgrade, including a potential pickup in entry-level car demand, resumption of new model launches, and a favourable position in the upcoming auto demand cycle.

The report pointed to post-GST price corrections and the re-entry into the compact SUV segment with models like the Victoris SUV and eVitara after a gap of over two years as key catalysts that could aid growth.


The global brokerage also highlighted Maruti’s lower CO2 risk compared to peers ahead of the upcoming CAFE 3 emission regime in FY28, which could translate into a strategic advantage. It forecasts volume growth of +5%, +12%, and +9% in FY26, FY27, and FY28, respectively, outperforming the broader industry expectations of +4%, +8%, and +9%.

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In addition, Goldman Sachs has raised its earnings estimates for FY26–FY28 by up to 12%, reflecting stronger operational performance and improving demand outlook. The upgrade follows a broader investor focus on passenger vehicle makers with a strong product pipeline and cost efficiencies in the face of evolving emission norms and consumer preferences.

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