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

Equity Bottom-Up

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

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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>
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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>
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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!

Forensic Accounting

Hyundai Motor India  / Forensic Accounting

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<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> has proposed seven related-party transactions worth over INR 31,500 crore, just months after its record-breaking IPO.</li>
<li>Proxy advisors are sharply divided, with concerns around valuation, transparency, and fairness, raising governance red flags for a newly listed company.</li>
<li>Despite likely approval due to promoter holding, investor trust hinges on how Hyundai communicates and ensures accountability post-IPO.</li>
</ul>



Hyundai Motor India (HYUNDAI IN) has proposed seven related-party transactions worth over INR 31,500 crore, just months after its record-breaking IPO.
Proxy advisors are sharply divided, with concerns around valuation, transparency, and fairness, raising governance red flags for a newly listed company.
Despite likely approval due to promoter holding, investor trust hinges on how Hyundai communicates and ensures accountability post-IPO.


Hyundai India’s ₹31,500 Cr Related-Party Deal Sparks Governance Debate

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<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</a> was added to MSCI Global Standard Index. The changes will take effect at the close of February 28, with an effective date of March 3, 2025</li>
<li>Despite being India's second-largest passenger vehicle brand with over 13% market share, Hyundai Motor India Ltd (HMIL) faces stiff competition and sluggish industry growth.</li>
<li>In 2025, HMIL has potential to drive sales and market share gains by capitalising on the high-growth EV and CNG segments with model launches; exports recovery too will be critical.</li>
</ul>



Hyundai Motor India was added to MSCI Global Standard Index. The changes will take effect at the close of February 28, with an effective date of March 3, 2025
Despite being India's second-largest passenger vehicle brand with over 13% market share, Hyundai Motor India Ltd (HMIL) faces stiff competition and sluggish industry growth.
In 2025, HMIL has potential to drive sales and market share gains by capitalising on the high-growth EV and CNG segments with model launches; exports recovery too will be critical.


Hyundai Motor India: MSCI Index Inclusion. Is It Enough to Fast-Track HMIL?

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: 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: MSCI Index Inclusion. Is It Enough to Fast-Track HMIL?

Index inclusion could attract wider investor interest. HMIL’s 2025 EV and CNG new/facelift model launches target high-growth niches to drive sales...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 India’s ₹31,500 Cr Related-Party Deal Sparks Governance Debate

​Hyundai Motor India proposes INR 31,500 crore in related-party transactions post-IPO, raising governance concerns among proxy advisors and investors.

Nimish Maheshwari

Hyundai Motor India: MSCI Index Inclusion. Is It Enough to Fast-Track HMIL?

Index inclusion could attract wider investor interest. HMIL’s 2025 EV and CNG new/facelift model launches target high-growth niches to drive sales...

Devi Subhakesan

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.

Hyundai Motor India proposes INR 31,500 crore in related-party transactions post-IPO, raising governance concerns among proxy advisors and investors.