Equity Snap: Maruti Suzuki India (MSIL IN): Brezza enters 18% GST slab with new 1.0L engine

研报英文原文证据摘录

Equity Snap: Maruti Suzuki India (MSIL IN): Brezza enters 18% GST slab with new 1.0L engine

27 July 2026

Equity Snap: Maruti Suzuki India Equities Automobiles

(MSIL IN)

Brezza enters 18% GST slab with new 1.0L engine India

◆ Maruti introduced Brezza with a new 1.0L turbo-petrol engine, Yogesh Aggarwal*

alongside a 2026 facelift of its existing 1.5L petrol and CNG HeadHSBCofSecuritiesResearch,andIndiaCapital Markets (India) Private

engine lineup Limited yogeshaggarwal@hsbc.co.in

+91 22 2268 1246

◆ The new 1.0L engine falls under the 18% GST bracket, while

Vipul Agrawal*, CFA

the existing 1.5L engine portfolio remains in the 40% bracket. Analyst, India Automotive HSBC Securities and Capital Markets (India) Private

Limited

vipul.agrawal@hsbc.co.in

Maruti Suzuki India (MSIL IN, INR13442.00, Buy, TP INR16000.00) +91 97690 51842

(Priced as of 24 Jul 2026) Ayush Jhunjhunwala*

Analyst, Autos and Auto Ancillary

◆ Maruti launched the Brezza 2026 facelift on 24 July 2026. Alongside the HSBC Securities and Capital Markets (India) Private

existing 1.5L petrol engine, Brezza will be offered in a new 1.0L turbo-petrol Limited

ayush.jhunjhunwala@hsbc.co.in

engine at a lower price point. The Brezza CNG, available only in 1.5L category, +91 22 40891378

has also been updated with a new underbody-mounted CNG tank, similar to

Grand Vitara, providing better boot space. Please see exhibit 1 for details. * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

◆ Pricing: The Brezza 1.0L turbo-petrol engine is offered at a price starting from

INR740k, comparatively, the Fronx 1.0L turbo-petrol engine is priced at INR890k.

key competitor Tata Nexon’s entry level model is priced at INR740k and Hyundai

Venue at INR800k.