Initiate Outperform with target price of Rs 2,155
Aspirational yet affordable
Going through a period of low growth amidst elevated utilisation
With few major launches in FY26, capacity addition from the newly added Talegaon plant should be key to growth from FY27
Expect loss of market share is set to end with the new plant coming online
e-Creta launch in coming months could be just the first step towards creating an affordable EV portfolio
Hyundai is superior in terms of unit economics and incremental RoCE to Maruti
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