Expect growth to outperform industry from 2HFY27F: 1Q margins in-line with consensus but ahead of our estimates; two new models in 2HFY27F to drive outperformance

研报英文原文证据摘录

Expect growth to outperform industry from 2HFY27F: 1Q margins in-line with consensus but ahead of our estimates; two new models in 2HFY27F to drive outperformance

Global Markets Research

Hyundai Motor India HYUN.NS HYUNDAI IN 30 July 2026

EQUITY: AUTOS & AUTO PARTS

RatingExpect growth to outperform industry from 2HFY27F Remains Buy

1Q margins in-line with consensus but ahead of our estimates; two new Target price

Increased from INR 2,498models in 2HFY27F to drive outperformance INR 2,407

1QFY27 EBITDA above our, but in line with Bloomberg consensus estimates Closing30 July 2026price INR 2,018

• 1QFY27 results (Fig.1): Revenue at INR163bn (flat y-y) was ~1-2% above our / Bloomberg

Implied upside consensus estimates. ASP grew +1% q-q to ~INR917k (Nomura: ~INR901k). EBITDA margin +23.8%

was ahead of our estimate at 9.3% (Nomura: 8.5% / consensus: 9.3%), leading to EBITDA of

Market Cap (USD mn) 17,140.5

INR15.1bn (-31% y-y). RM/sales was flat q-q at 72.7% (Nomura: 74%) partly offset by higher ADT (USD mn) 25.9

other expenses at 13.5% (+110bp q-q). PAT was INR8.9bn, -35% y-y.

• Management commentary: Demand: Maintains HMI volume growth guidance of 8-10 % y-y Relative performance chart

in FY27E across domestic and exports. Two new launches in 2HFY27E (mid-size ICE SUV

and compact EV) in high volume segments to drive growth. Impact on Creta production from

fire at supplier in June has normalised. Exports: Have good order backlog and ramp up of new

Venue, Exter, and expansion into new markets are key catalysts. Also, SUV mix will increase

from ~13-14% now (~70% in domestic). Margins: maintains 11-14% margin expectations

for FY27E. 1Q commodity cost impact was ~100bp, which was offset by price hikes, etc. Price

hike: ~100bp till July.