Hyundai Motor India shares jump 5%: Nomura, BofA, other analysts share insights post Q4 performance

Hyundai Motor India shares rallied as much as 5% on Monday, May 11, to touch an intraday high of ₹1,944 apiece as analysts shared a positive outlook for the company post its March quarter earnings.

The analysts further expect the company to outperform the broader market, projecting a domestic volume CAGR of 13% over FY26–FY28, driven by the start of a new model cycle that includes 26 planned launches through FY30. They added that improved disclosures around the model pipeline and robust export guidance are likely to be positively received by the market.

Hyundai Motor India outlined its outlook for FY27, including plans to launch two completely new nameplates to expand its presence in the SUV segment. Of these new launches, one will strengthen the firm’s position in the mid-SUV segment, while the other will mark the debut of our localised dedicated EV in the compact-SUV space.

The company expects domestic volume growth of 8–10%, driven by product actions and network expansion, along with export volume growth of 8–10% supported by continued market diversification and product-led opportunities.

Hyundai also plans a capital expenditure of around ₹7,500 crore to support its growth in India and aims to deliver EBITDA margins within the guided range of 11–14%.

Here’s what other analysts said

CLSA

• Analysts at CLSA said Hyundai Motor India margins were impacted by a one-off 50–60 bps hit from vendor compensation and around 40 bps due to labour codes

• Additional pressures came from commodity inflation and an adverse mix, with the SUV mix impacting margins by 600 bps and export mix by 500 bps

• The impact was partly offset by lower discounts at 1.9% of ASP versus 2.6% in Q3, along with operating leverage, a 0.6% price hike, and state incentives of around 50 bps

HSBC

• Analysts at HSBC indicated that market share recovery is expected to be a key driver of growth for Hyundai Motor India

• The auto major has announced two launches for FY27—an ICE SUV and an electric SUV—both seen as important for its performance

• Hyundai Motor India is currently at a cyclical low, as per analysts while its margins and volume recovery are expected from H2FY27

• The new launches and stabilisation of production at the Pune plant are highlighted as important factors going forward

BofA

• Bank of America analysts noted a weak Q4 performance for Hyundai Motor India, while stating that model launch timelines provide some comfort

• The recent refreshes and new launches are expected to help the company gradually recoup part of its lost market share

• The analysts model a 10% volume CAGR for the company over the next two years, and export momentum is seen tapering due to exposure to the Middle East market

Following the earnings, Hyundai Motor India Managing Director and CEO Tarun Garg said, “Looking ahead to FY27, we have started the year on a strong footing, with April domestic volumes growing 17% YoY. We expect this positive momentum to continue, and backed by new product launches in high-demand segments and other strategic initiatives, we expect 8-10% volume growth in the domestic market.”

Further, Garg said that while the company remains watchful of geopolitical uncertainties in exports, it is confident of achieving 8–10% volume growth and reinforcing its position as a hub for emerging markets.

Hyundai Motor Q4 FY26 earnings

The carmaker reported a 22% decline in its consolidated net profit at ₹1,256 crore for the quarter ended March 31, 2026, as compared to ₹1,614 crore in the same quarter of the previous fiscal year.

Its revenue from operations stood at ₹18,916 crore for the quarter under review as against ₹17,940 crore seen in the corresponding quarter last year, marking a growth of 5.4% year-on-year (YoY).

Hyundai’s operating profit, also known as earnings before interest, taxes, depreciation, and amortisation (EBITDA) for Q4 FY26, slipped 22% to ₹1,966 crore in contrast to ₹2,532 crore seen in the corresponding quarter the previous year.

Its margin contracted to 10.4% in the reporting quarter as compared to 14.1% YoY.

Along with the earnings, Hyundai Motor India’s board of directors has recommended a final dividend of ₹21 per equity share (face value ₹10 each) for the financial year ended March 31, 2026, subject to shareholder approval at the upcoming 107th AGM.

The carmaker also announced the expansion of its Pune facility by an additional 70,000 units after Phase II, which will take its total production capacity to 1.14 million units by 2030.

Hyundai Motor India share price

At 12:35 PM, Hyundai Motor India shares were trading at ₹1,910.1 apiece on the National Stock Exchange, rising 3.09%.

Over a month’s time, the stock has gained 9%, while it has tumbled 19% in the last six months. From the beginning of the year, Hyundai Motor India shares have fallen 17%.

Shares of the firm had hit a 52-week high of ₹2,890 on September 22, 2025, and a 52-week low of ₹1,658 on April 6, 2026.

The company has a total market capitalisation of ₹1.55 lakh crore, according to data on the NSE.