Jimny, priced at Rs 12.74 lakh, to fetch bigger slice of market pie for Maruti: Analysts

The auto major Maruti Suzuki India Ltd revealed the pricing details of its new offering, Jimny. The SUV, which is available in two trims – Zeta and Alpha, has been priced in the Rs 1,274,000-Rs 1,505,000 range, ex-showroom Delhi price

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Auto major Maruti Suzuki India Ltd revealed the pricing details of its new offering, Jimny.

The SUV, available in Zeta and Alpha variants, has been priced in the Rs 12,74,000-Rs 15,05,000 range, ex-showroom Delhi. It is expected to strengthen Maruti’s product portfolio in the SUV space. However, analysts predict that the scope for volume upside at this price point is limited and the SUV may face more competition next year with the launch of the 5-door Thar in Q4FY24.

Despite this, Nomura expects limited demand impact on Thar as most of its demand is for the 2×2 RWD variant, which is priced lower than the Jimny. Overall, the launch of Jimny is a promising move for Maruti Suzuki in the SUV market.

While the pricing was slightly higher than what analysts had anticipated, they noted that Maruti Suzuki has a much higher launch success rate of 70 percent in the past decade, compared to its competition’s 14 percent, which could aid market share recoupment. Analysts anticipate sales of 3,000-5,000 units per month going forward.

“Given that it has strong off-roading capabilities and is the only vehicle with five doors in this segment, we believe it can command some premium from the niche segment of the buyers it will appeal to,” Nomura said in its latest report. The brokerage firm has maintained its neutral rating and kept the price target at Rs 9659 a share. The stock currently trades at 23x FY25 core EPS. The brokerage house prefers M&M in the sector.

The Jimny has completed a significant phase of the company’s new model cycle, which includes launches of popular models like the Celerio, Baleno, Brezza, Alto, Grand Vitara, and Fronx. The company also plans to launch a Maruti variant of the Toyota Hycross in FY24E, though it may be a low-volume product. While analysts believe that MSIL may maintain its market share of around 42 percent, gains in SUVs may be offset by weakness in the small-car segment, where discounts are on the rise. Moreover, new launches like the Honda Elevate, Hyundai Exter, Tata Curvv, and the 5-door Thar will increase competition in the SUV market over the next year, the Nomura report added.

The new Maruti SUV has received 30,000 units bookings split evenly between manual and automatic variants (as per Autocar media article of May 27). “Expect this to accelerate going forward, as pricing has been announced and vehicles may be available for test rides. We project an incremental domestic monthly volume addition of 4,000-5,000 units for Jimny in FY24,” said Elara Capital in a note.

Analysts expect Maruti’s market share to improve to 45 percent/46 percent in FY24/25 from 41.3 percent in FY23, led by launches in the SUV space. “Higher-priced new model launches will continue to boost ASP in FY24-25, thus propping EBIT/vehicle. Maintain Buy with an unchanged TP of Rs11,775 as we roll forward, on 26x (unchanged) Jun-25E EPS,” the Elara report said.