External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Hyundai Motor India (HMI) held the Investor Day on 15 October 2025 to discuss its medium-term strategy for FY26-FY30</li><li>While we saw hints of aggression in the strategy, we were disappointed with key targets set by the company for FY30: market share target of 15%+ (vs 13.2% in FY25), EBITDA margin target of 11-14% (vs 12.9% in FY25), a revenue target of more than INR1mn (implying a revenue CAGR of at least 7.6%), and lack of aggression by the parent company in making HMI a bigger exports base.</li><li>We value the company at 25x Sep-27 EPS for a TP of INR2,212, maintain REDUCE.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Motor India (HMI) held the Investor Day on 15 October 2025 to discuss its medium-term strategy for FY26-FY30While we saw hints of aggression in the strategy, we were disappointed with key targets set by the company for FY30: market share target of 15%+ (vs 13.2% in FY25), EBITDA margin target of 11-14% (vs 12.9% in FY25), a revenue target of more than INR1mn (implying a revenue CAGR of at least 7.6%), and lack of aggression by the parent company in making HMI a bigger exports base.We value the company at 25x Sep-27 EPS for a TP of INR2,212, maintain REDUCE.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Motor India: Mild Market Share Target Disappoints. Maintain REDUCE

<ul><li>Hyundai Motor India (HMI) has stood out in the Indian market over the years, being perceived as a more premium brand vs most key competition</li><li>However, competition has caught up in terms of presence in the SUV space and advanced tech and features, leading to the company losing market share from 17.4% in FY16 to 13.9% in FY25</li><li>A key reason for this has been the lack of aggression shown by HMI and parent Hyundai Motor Corporation (HMC) in the Indian market, focusing instead on other core markets</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Motor India (HMI) has stood out in the Indian market over the years, being perceived as a more premium brand vs most key competitionHowever, competition has caught up in terms of presence in the SUV space and advanced tech and features, leading to the company losing market share from 17.4% in FY16 to 13.9% in FY25A key reason for this has been the lack of aggression shown by HMI and parent Hyundai Motor Corporation (HMC) in the Indian market, focusing instead on other core marketsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Motor India (Initiating Coverage): Lack of Aggression in the Indian Market. REDUCE

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HYUNDAI IN)</a> Q1FY26 results saw exports and rural markets as shining stars, offsetting weak domestic urban demand; rural penetration reached an all-time high of 22.6%.</li>
<li>
Gross margin improved QoQ driven by localization gains, better model mix, and increased export contribution despite higher discounting.</li>
<li>
Outlook positive for H2FY26 with festive demand, new product launches, and Pune plant ramp-up, though profitability may be impacted by higher depreciation.</li>
</ul>



Hyundai Motor India (HYUNDAI IN) Q1FY26 results saw exports and rural markets as shining stars, offsetting weak domestic urban demand; rural penetration reached an all-time high of 22.6%.

Gross margin improved QoQ driven by localization gains, better model mix, and increased export contribution despite higher discounting.

Outlook positive for H2FY26 with festive demand, new product launches, and Pune plant ramp-up, though profitability may be impacted by higher depreciation.


Hyundai Motor India: All Eyes on a Healthy Festive Sales

<ul>
<li>
Domestic Demand Sluggish:<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HYUNDAI IN)'s </a>Q4 FY25 profit declined 3.7% YoY as weak domestic sales persisted, partly offset by 14% YoY export growth and price hikes.</li>
<li>
SUV Focus Drives Mix Shift: SUVs formed 69% of domestic volumes in Q4, benefiting from rising first-time buyer interest and driving improved average selling prices.</li>
<li>
Valuation Fair; Profitability to Soften: Stock trades at ~27x EPS. Near-term margins may be pressured by depreciation from the underutilized new Pune plant ramping up in FY26.</li>
</ul>



Domestic Demand Sluggish:Hyundai Motor India (HYUNDAI IN)'s Q4 FY25 profit declined 3.7% YoY as weak domestic sales persisted, partly offset by 14% YoY export growth and price hikes.

SUV Focus Drives Mix Shift: SUVs formed 69% of domestic volumes in Q4, benefiting from rising first-time buyer interest and driving improved average selling prices.

Valuation Fair; Profitability to Soften: Stock trades at ~27x EPS. Near-term margins may be pressured by depreciation from the underutilized new Pune plant ramping up in FY26.


Hyundai Motor India – Navigating Domestic Industry Stress

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>India is set to witness INR 4.02 trillion worth of Pre-IPO shares becoming tradeable by June 2025, lead to huge selling pressure among various IPO stocks.</li>
<li>We identified 6 Companies where lock-in is about to expire and analyzed their current status in terms of their business and industry environment.</li>
<li>Some fundamentally good companies also provide opportunities at a good price due to a fall because of selling pressure in these companies after lock-in expiry.</li>
</ul>


India is set to witness INR 4.02 trillion worth of Pre-IPO shares becoming tradeable by June 2025, lead to huge selling pressure among various IPO stocks.
We identified 6 Companies where lock-in is about to expire and analyzed their current status in terms of their business and industry environment.
Some fundamentally good companies also provide opportunities at a good price due to a fall because of selling pressure in these companies after lock-in expiry.


IPO Lock-In Expiry: These 6 Companies Need Closer Look!

South Korea

Hyundai Motor India Limited (HMIL) designs and manufactures automobiles. The Company offers cars, vans, sedans, and sport utility vehicles along with financing, leasing, and maintenance services. HMIL serves customers globally.

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Hyundai Motor India (HYUNDAI IN)

Hyundai Motor India (Initiating Coverage): Lack of Aggression in the Indian Market. REDUCE

Hyundai Motor India (HMI) has stood out in the Indian market over the years, being perceived as a more premium brand vs most key competition

HDFC Securities

Hyundai Motor India: All Eyes on a Healthy Festive Sales

Hyundai Motor India's Q1FY26 results show strong exports and rural market performance, offsetting weak urban demand; All eyes on upcoming festive...

Sreemant Dudhoria,CFA

Hyundai Motor India – Navigating Domestic Industry Stress

As per ICRA ratings, one of the reason for low passenger vehicle growth in FY26 is a) high inventory levels at the dealers, b) Few champion models...

Sreemant Dudhoria,CFA

IPO Lock-In Expiry: These 6 Companies Need Closer Look!

India to see INR 4.02 trillion worth of Pre-IPO shares tradeable by June 2025, leading to selling pressure on various IPO stocks.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hyundai Motor India: Mild Market Share Target Disappoints. Maintain REDUCE

While we saw hints of aggression in the strategy, we were disappointed with key targets set by the company for FY30: market share target of 15%+...

HDFC Securities

Hyundai Motor India (Initiating Coverage): Lack of Aggression in the Indian Market. REDUCE

Hyundai Motor India (HMI) has stood out in the Indian market over the years, being perceived as a more premium brand vs most key competition

HDFC Securities

Hyundai Motor India: All Eyes on a Healthy Festive Sales

​Hyundai Motor India's Q1FY26 results show strong exports and rural market performance, offsetting weak urban demand; All eyes on upcoming festive...

Sreemant Dudhoria,CFA

Hyundai Motor India – Navigating Domestic Industry Stress

As per ICRA ratings, one of the reason for low passenger vehicle growth in FY26 is a) high inventory levels at the dealers, b) Few champion models...

Sreemant Dudhoria,CFA

IPO Lock-In Expiry: These 6 Companies Need Closer Look!

​India to see INR 4.02 trillion worth of Pre-IPO shares tradeable by June 2025, leading to selling pressure on various IPO stocks.

Nimish Maheshwari

Hyundai Motor India's Q1FY26 results show strong exports and rural market performance, offsetting weak urban demand; All eyes on upcoming festive...

India to see INR 4.02 trillion worth of Pre-IPO shares tradeable by June 2025, leading to selling pressure on various IPO stocks.