Suzuki Motor (7269) MSIL to raise prices by up to INR30,000 from June

Research evidence excerpt

Suzuki Motor (7269) MSIL to raise prices by up to INR30,000 from June

J P M O R G A N Asia Pacific Equity Research

22 May 2026

Suzuki Motor (7269) Overweight

7269.T, 7269 JP

MSIL to raise prices by up to INR30,000 from June Price (21 May 26):¥1,780

Price Target (Dec-26):¥3,000

• MSIL to raise prices from June: Suzuki's Indian subsidiary Maruti Suzuki Japan Equity Research

(MSIL, covered by Amyn Pirani) announced on May 21 local time that it will

Autos & Auto Parts

raise prices by up to INR30,000 per vehicle in India starting in June. In the

Indian market, with the lowering of the GST (goods and services tax) in Akira Kishimoto AC

September 2025, there has been a series of aggressive price cuts by OEMs, (81-3) 6736-8646

akira.x.kishimoto@jpmorgan.com

including MSIL. However, competitors have already announced price

Wencong Zhang

increases in response to the rise in raw material prices and subsequent margin (81-3) 6736-8627

compression. MSIL has a larger order backlog compared to competitors (about wencong.zhang@jpmorgan.com

190,000 units at end-March), and from the perspective of eliminating the sense JPMorgan Securities Japan Co., Ltd.

of unfairness among consumers, the company has foregone price revisions,

including the annual price increase in January. The company is apparently now

implementing a price increase based on the price strategy of competitors.

• Long-awaited price increase positive for earnings: The price increase this

time is equivalent to about 3-5% of the average unit price of major models sold

domestically by MSIL. Suzuki's consolidated earnings forecast for FY2026

puts the negative impact (on an operating profit basis) of raw material prices

at ¥130 billion (most of which would be related to MSIL in India). It says the