Hyundai Motor India Limited
Hyundai Motor India Limited (HMIL), launched in 1996 by South Korea’s Hyundai Motor Company, is India’s second-largest carmaker. Based in Chennai, it manufactures 13 models including SUVs like CRETA and VENUE, plus EVs such as IONIQ 5. With 1,366 sales points across India, HMIL emphasizes innovation, quality, and sustainability. Growth plans focus on EV expansion, new launches, and strengthening market position through advanced technology and customer-centric strategies.
Key Business Segments
Hyundai Motor India’s sales are dominated by SUVs, which comprised 68.5% of total domestic sales in FY25 (410,086 units out of 598,666), up from prior year.
- SegmentFY25 Share (%)
- SUVs: 68.5%
- Hatchbacks/Sedans: 31.5%
Shareholding Pattern (Dec-25)
Financial Summary
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 |
| Sales – | 59,761 | 68,539 | 67,654 |
| Sales Growth | 27.04% | 14.69% | -1.29% |
| Expenses + | 52,308 | 59,623 | 58,943 |
| Operating Profit | 7,454 | 8,915 | 8,710 |
| OPM % | 12% | 13% | 13% |
| Tax % | 26% | 26% | 26% |
| Net Profit + | 4,654 | 5,954 | 5,492 |
| EPS in Rs | – | 67.59 | 69.96 |
Final Outlook
Hyundai Motor India Limited (HMIL) stands at an inflection point with premiumisation, EV transition, and export momentum converging to drive superior growth. The company’s Q3 FY26 results demonstrate strong execution across segments, with 8% YoY revenue growth to ₹17,974 Cr and 6.3% PAT growth to ₹1,234 Cr significantly ahead of consensus, fueled by SUV mix at 70%+. Lending portfolio equivalent in auto financing expands alongside 25% export volumes (+21% YoY), highlighting HMIL’s market leadership in passenger vehicles.
The Union Budget 2026’s infrastructure push (₹12.2 lakh Cr capex), EV incentives, and PLI schemes create a highly favorable environment for HMIL’s diversified growth model. The PV sector’s projected 8-10% volume growth in FY26 and 12% CAGR over FY26-28 provides robust industry tailwinds, with SUVs outpacing at 15%+.
HMIL’s competitive advantages include:
- Diversified portfolio across SUVs (70% mix), EVs (Inster launch), and exports (25%+)
- Largest capacity expansion with ₹45,000 Cr capex targeting 15% market share by FY30
- Digital platforms and manufacturing excellence enabling cost leadership
- Strong parentage from Hyundai Motor Group with global tech transfer
- Pristine balance sheet (zero debt, ₹12,000 Cr cash) and improving margins to 13-14%
At the current market price of ₹2,180, the stock trades at 28x FY26E P/E and 18x EV/EBITDA, offering an attractive entry considering 8-10% volume growth and 12-14%.
EBITDA margins. We assign a BUY rating with a 12-month target price of ₹2,650, implying 22% upside potential.
For long-term investors seeking exposure to India’s auto supercycle with premium EV leadership and debt-free execution, HMIL presents a compelling investment opportunity.
