Hyundai Motor India: Model launches should drive market-share gains in 2HFY27

研报英文原文证据摘录

Hyundai Motor India: Model launches should drive market-share gains in 2HFY27

J P M O R G A N Asia Pacific Equity Research

31 July 2026

Hyundai Motor India Overweight

HYUN.NS, HYUNDAI IN

Model launches should drive market-share gains in Price (30 Jul 26):Rs2,018.20

2HFY27 ▲Price Target (Sep-27):Rs2,240.00 Prior (Mar-27):Rs2,135.00

Hyundai's 1QFY27 revenue/EBITDA were slightly ahead of JPMe and consensus

forecasts (see our First Take). Management maintained its FY27 volume growth India Automobiles, Auto parts,

Airlines and Leisureguidance of 8-10% (1Q at -1.3% YoY) driven by: 1) 2 new model launches - one

mid-size SUV for festive and one mass-market EV SUV post that (likely 4Q), 2) Amyn Pirani AC

recovery in Middle East exports as well as ramp up in Central/South America (91-22) 6157-3583

amyn.pirani@jpmorgan.com

markets, and 3) start of 3rd shift in Pune plant to ramp up production of Venue for

domestic and export markets. Harshit Mittal

(91-22) 6157-3152

harshit.mittal@jpmorgan.com

Our FY27-29 forecasts are broadly unchanged as we expect the company to start J.P. Morgan India Private Limited, J.P. Morgan

witnessing an acceleration in volume growth from 2HFY27. We also believe that Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

sequential prices hikes should offset commodity inflation and capacity related

fixed costs. We expect FY27 EBITDA margin at 10.8% (9.3% in 1QFY27) which

should improve to 12.5%/12.9% in FY28/29. Maintain OW with a price target of Style Exposure

Rs 2,240 (rolled forward to Sep-27).

Key takeaways from the conference call

• Most of the lost production due to the June fire incident at a supplier was

recovered within July and the remaining recovery is expected to be completed

within 2QFY27