Maruti Suzuki: 1Q margins disappoint but we expect upside risk to volume guidance

Research evidence excerpt

Maruti Suzuki: 1Q margins disappoint but we expect upside risk to volume guidance

Amyn Pirani AC Asia Pacific Equity Research

(91-22) 6157-3583 02 August 2026 J P M O R G A N

amyn.pirani@jpmorgan.com

All research material made available to clients are simultaneously available on our client website, J.P. Morgan Markets, unless specifically

permitted by relevant laws. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research

material available on a particular stock, please contact your sales representative.

Any long form nomenclature for references to China; Hong Kong; Taiwan; and Macau within this research material are Mainland China; Hong

Kong SAR (China); Taiwan (China); and Macau SAR (China).

J.P. Morgan Research may, from time to time, write on issuers or securities targeted by economic or financial sanctions imposed or administered

by the governmental authorities of the U.S., EU, UK or other relevant jurisdictions (Sanctioned Securities). Nothing in this report is intended to

be read or construed as encouraging, facilitating, promoting or otherwise approving investment or dealing in such Sanctioned Securities. Clients

should be aware of their own legal and compliance obligations when making investment decisions.

Any digital or crypto assets discussed in this research report are subject to a rapidly changing regulatory landscape. For relevant regulatory

advisories on crypto assets, including bitcoin and ether, please see https://www.jpmorgan.com/disclosures/cryptoasset-disclosure.

The author(s) of this research report may not be licensed to carry on regulated activities in your jurisdiction and, if not licensed, do not hold

themselves out as being able to do so.

Exchange-Traded Funds (ETFs): J.P.