Hyundai Motor India Share Price: Elara initiates coverage with ‘Buy’; expects Talegaon unit to lift total capacity by FY30 – Check target – Markets

The brokerage has initiated coverage on Hyundai Motor India with a Buy call, with a target price of Rs 2,390.

Elara cited that the automaker’s Talegaon facility capacity expansion will lift its total capacity to 1.14 million units by FY30 from around 1 million currently.

– Market share declined 210 basis points to 12.5% in FY26 due to lack of new launches and tougher competition; expected to bottom in FY27 and recover to 12.9% in FY28

– Two new model launches planned in FY27 and 26 launches including seven new nameplates by FY30

– Talegaon facility capacity expansion to lift total capacity to 1.14mn units by FY30 from around 1mn currently

– Exports targeted to grow 8-10% in FY27 despite Middle East headwinds; exports targeted at 30% of production by FY30 from 21% in FY26

– Eighth pay commission seen as incremental demand tailwind given 16% revenue contribution from government employees

– PV industry growth estimated at 7% in FY27 and 6% in FY28; Hyundai domestic volume growth at 6.5% in FY27 and 10.5% in FY28

– Valued at 26x June 2028 estimated EPS

Hyundai Motor India Q4 results

The company’s revenue from operations reported a growth of 5.2 per cent YoY to Rs 18,452 crore against Rs 17,562 crore in the same quarter of the last financial year.

EBITDA for Q4 FY26 came in at Rs 1,966 crore, down 22 per cent YoY from Rs 2,533 crore in the year-ago period. Sequentially, it was down 3 per cent from Rs 2,018 crore in the previous quarter.

EBITDA margin contracted sharply to 10.4 per cent in QFY26, compared with 14.1 per cent in Q4FY25 and 11.2 per cent in Q3 FY26.

Commodity headwinds and capacity stabilisation costs dragged margins, the company said in an investor presentation.

– Profit at Rs 1,221.5 crore vs Rs 1,582.5 cr in Q3 FY26, down 22.8% QoQ

– Revenue at Rs 18,452 cr in Q4 FY26 vs Rs 17,562 cr in Q3 FY26, up 5.2% QoQ

– EBITDA at Rs 1,914.8 cr in Q4 FY26 vs Rs 2,488.9 cr in Q3 FY26, down 23% QoQ

– EBITDA margin at 10.4% in Q4 FY26 vs 14.2% in Q3 FY26

Total expenses were higher at Rs 17,571.66 crore as compared to Rs 15,974.46 crore in the corresponding period of the previous fiscal year, HMIL said.

Overall vehicle sales in Q4 stood at 2,08,275 units as compared to 1,91,650 units in the year-ago period, up 8.7 per cent, HMIL said in an investor presentation.

Domestic sales were up 8.5 per cent at 1,66,578 units in the fourth quarter as against 1,53,550 units in the same period a year ago. Exports were also up 9.4 per cent at 41,697 units, as compared to 38,100 units in the same period a year ago, the company said.

Also Read: https://www.etnownews.com/auto/gadkari-greenlights-100-ethanol-vehicles-toyota-suzuki-mg-hyundai-to-launch-soon-know-more-article-154610642

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