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Informist, Friday, Jan. 30, 2026

 

By Anand JC

 

MUMBAI – Hyundai Motor India Ltd. is expected to report a modest growth in its consolidated revenue for the December quarter as robust despatches from India helped mitigate soft demand in the domestic market, according to brokerages. The average selling prices of Hyundai Motor cars are expected to inch higher in the reporting quarter due to a higher mix of sports utility vehicles and diesel-powered cars.

 

The company's consolidated net profit for the December quarter is projected to grow 20% on year but fall 11% on quarter to INR 13.95 billion, according to the average of estimates from 10 brokerages. The highest estimate for the bottom line is INR 15.96 billion by HSBC Global Research and the lowest is INR 12.87 billion by Emkay Global Financial Services Ltd.

 

The company's top line for the latest quarter is expected to be INR 178.63 billion, a year-on-year growth of 7% and quarter-on-quarter growth of 2%, according to the average of 10 estimates. The highest estimate for the top line of Hyundai Motor is INR 182.91 billion by Nomura Equity Research and the lowest is INR 173.32 billion by Emkay Global.

 

Hyundai Motor sold 195,436 automobiles to dealerships in the December quarter, up almost 5% on year. Domestic sales during the quarter remained flat from the year-ago quarter despite the cut in goods and services tax, discounts, and the momentum created by the festival season. Demand for most of its models in the domestic market — except the Creta — remained weak through 2025, forcing the company to cede its position as India's second-largest passenger vehicle maker and slip to fourth place, behind market leaders Maruti Suzuki India Ltd., Tata Motors Passenger Vehicles Ltd., and Mahindra & Mahindra Ltd. late last year.

 

Exports, however, tell a different story. The company's exports grew 21% on year to 48,888 units. Export contribution to December quarter sales increased to 25% from 22% in the year-ago quarter, but moderated from 28% in the trailing quarter. Its car sales have done well in key markets such as West Asia, Africa, and Mexico recently, the company had said in an analyst call in October.

 

"We expect revenues to increase by 8% on a yoy (year-on-year) basis, led by 5% yoy increase in volumes, 2- 3% yoy increase in ASPs (average selling prices), led by a richer product mix (higher mix of SUV and diesel powertrain) and richer geographical mix," Kotak Securities said in a note. Hyundai Motor's product portfolio is extremely tilted towards SUVs, with these cars accounting for over 70% of total sales.

 

Analysts expect the average selling price of Hyundai Motor cars for the reporting quarter to rise 2-4% on year. Realisation per car sold in the December quarter is expected to rise to INR 918,101, up almost 3% from INR 893,094 in the year-ago quarter, Motilal Oswal said.

 

The automaker's earnings before interest, tax, depreciation, and amortisation for the December quarter are projected to grow 22% on year but contract 6% on quarter to INR 22.81 billion, based on the average of estimates from nine brokerages. The highest EBITDA estimate for Hyundai Motor is INR 25.04 billion from HSBC and the lowest is INR 21.62 billion from Nuvama.

 

Hyundai Motor operates two manufacturing plants in Chennai with an installed capacity of 824,000 units, and is adding a third facility at Pune, which will take total capacity to close to 1 million units over the next few years, according to the company's annual report for 2024-25 (Apr-Mar). Costs related to its Pune plant are expected to limit the company's margin growth, analysts said.

 

"We expect EBITDA margin to increase by 150 bps on a yoy basis to 12.8% in 3QFY26, mainly due to a richer product mix and cost-control measures, partly offset by higher costs pertaining to the new plant," Kotak Securities said. Hyundai Motor's EBITDA margin for the year-ago quarter was 11.3%.

 

Hyundai Motor will detail its December quarter earnings Monday. Investors will watch the company's outlook for passenger vehicle demand and the timelines for launching new products. Additionally, the market would track the company's commentary on why exports' contribution to overall sales fell sequentially.

 

Friday, shares of Hyundai Motor closed 2.2% higher at INR 2,196.20 on the National Stock Exchange. The stock is down 7% since the company reported its September-quarter results. 

 

Of the 10 research recommendations on Hyundai Motor available with Informist, seven have a 'buy' recommendation on the stock, while three have a 'sell' recommendation. The average target price of the 'buy' recommendations is INR 2,728 and that of the 'sell' calls is INR 2,198.

 

The following are the Oct-Dec earnings estimates for Hyundai Motor from 10 brokerages in descending order of the estimate of net profit in INR billion:

 

Brokerages	Net sales	Net profit	EBITDA
HSBC Global Research	181.64	15.96	25.04
JM Financial Institutional Securities Pvt Ltd	177.18	14.51	22.88
YES Securities (India) Ltd	179.56	14.31	23.28
Kotak Securities Ltd	180.48	14.17	23.05
Motilal Oswal Financial Services Ltd	179.43	13.88	22.98
HDFC Securities Ltd	176.56	13.59	N.A.
Nirmal Bang Equities Pvt Ltd	178.91	13.53	22.17
Nuvama Wealth Management Ltd	176.30	13.47	21.62
Nomura Equity Research	182.91	13.22	21.95
Emkay Global Financial Services Ltd	173.32	12.87	22.36
Average	178.63	13.95	22.81

End

 

Edited by Saji George Titus

 

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