External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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><p><em>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.</em></p>

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