Maruti Suzuki shares decline as Nomura says eVitara competitively priced but may not be profitable

Shares of Maruti Suzuki India Ltd. declined on Wednesday, February 18, as brokerage firm Nomura said the automaker’s eVitara pricing is competitively priced but may not be profitable.Nomura has a ‘buy’ rating on Maruti Suzuki with a target price of ₹16,118 apiece, an upside of 6.1% from its previous close of ₹15,192 apiece.

The analyst said the automaker’s eVitara launched at an attractive battery as a service (BaaS) pricing.
Maruti Suzuki on Tuesday, February 17, announced the introductory price of the battery electric vehicle — starting from ₹10.99 lakh (ex-showroom) under a BaaS model, with a battery EMI of ₹3.99 per km. Customers can book the EV with an initial payment of ₹21,000 at NEXA showrooms or on the NEXA website.Nomura said the vehicle is competitively priced to boost EV penetration. However, it may not be profitable, it added.

The analyst assumes 12,000/24,000 unit domestic volumes for the eVitara and its Toyota variant, combined over FY26 and FY27.This could imply some upside if the outright purchase is 16 lakh onwards. However, it might drag margins, Nomura said.

Maruti Suzuki had first unveiled the eVitara at the Bharat Mobility Auto Expo 2025, which marked the automaker’s entry into the mid-size EV segment, where several new models are arriving.

Of the 48 analysts that have coverage on the stock, 41 have a ‘buy’ rating, five have a ‘hold’ rating and two have a ‘sell’ rating.

Shares of Maruti Suzuki were down 0.3% up at ₹15,138 apiece around 9.25 am on Wednesday. The stock has gained 18.4% in the past year.

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