Hyundai Motor India
Hyundai Motor India
Automobiles F&OKey Fundamentals
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Key Insights
Strengths
3- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 36.4%
- Company has been maintaining a healthy dividend payout of 26.5%
Weaknesses
2- Stock is trading at 8.22 times its book value
- The company has delivered a poor sales growth of 11.6% over past five years.
Growth Rate
AI Analysis — Bull vs Bear
Hyundai Motor India Ltd has a market capitalisation of about ₹1,71,527 crore and trades at 33.8x earnings and 8.37x book value, with a dividend yield of 1.02%. It is almost debt-free and has averaged a 36% ROE over three years (30% last year). Growth has slowed, however: TTM sales are up 4% and TTM profit is down 10%, and the stock has fallen 20% over the past year.
- Capital efficiency is high. Three-year average ROE is 36% (36.4%), five-year ROE is 30%, and last year's ROE is 30%, which is well above the cost of equity for an Indian large-cap.
- The company is almost debt-free. That lowers financial risk in a cyclical, capex-heavy sector and leaves room to fund expansion or keep paying dividends without leverage.
- Profit grew at a 24% CAGR over five years, roughly double the 12% sales CAGR over the same period. That points to margin expansion and operating leverage over the longer cycle.
- It pays out a steady 26.5% of profit as dividends, for a 1.02% yield. That is a cash return while holding the stock, and the payout is modest enough to leave earnings for reinvestment.
- The stock is down 20% over one year. The P/E has come down to 33.8x as a result, which lowers the valuation starting point compared with a year ago.
- At a market cap of about ₹1,71,527 crore, it is one of the largest listed passenger-vehicle makers in India. Its scale and parent-company backing support its distribution, product pipeline and export reach.
- Sales and profit have both compounded at 5% over three years. The business kept growing even through a period of normalising post-pandemic demand.
- Earnings are falling: TTM profit is down 10% while TTM sales are up only 4%. That suggests margin compression or rising costs, and it is hard to reconcile with a premium valuation.
- The price-to-book ratio of 8.37x (8.59x on another basis) is high for an auto maker. Even a small drop in ROE from the current 30% could hurt the stock's valuation more than proportionally.
- A P/E of 33.8x means an earnings yield of about 3.0%. That is below Indian government bond yields, so the valuation relies on growth returning, which the recent -10% profit trend does not yet show.
- The three-year sales CAGR of 5% trails the five-year CAGR of 12% (11.6%). Top-line momentum is slowing in a competitive passenger-vehicle market.
- ROE has eased from a three-year average of 36% to 30% last year. That fits the trend of weaker profits and may reflect growing competitive pressure.
- The stock has lost 20% over one year, and there is no three- or five-year return history because it listed recently. That leaves little track record for judging how it behaves across market cycles.
- The dividend yield of 1.02% is modest. At the current valuation, dividends offer little downside cushion if earnings keep falling.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- West Asia hits export shipments Sep 3
Shortages of shipping vessels, tied to the West Asia conflict and wider geopolitical tensions, cut August export volumes. Management says underlying international demand is unchanged, but logistics remain a near-term drag.
- MarketsMOJO downgrade to Hold Sep 25
MarketsMOJO cut the stock from Buy to Hold on Sep 18 with a Mojo Score of 64.0. It cited mixed signals from derivatives activity and delivery volumes.
- Short-term technical resistance Sep 25
The stock is stuck in a ₹2,020–₹2,130 range, and sellers are building short positions near the ₹2,130 resistance. It trades below its 5-, 20- and 50-day moving averages after a four-day losing streak.
- Emkay Buy, ₹2,600 target Sep 25
Emkay Global rates the stock Buy with a ₹2,600 target and expects market share to recover from Sep 2026 on the Bayon launch. It projects volume, revenue and EPS CAGR of 11%, 15% and 16% over FY26-29E.
- Bayon SUV bookings open Sep 25
The BAYON name was revealed on Sep 14, and bookings opened at ₹11,000 for the 4.2-metre SUV slotted between Venue and Creta. Launch is set for the 2026 festive season.
- 3.5% rally, OI up 22.55% Sep 25
The stock hit an intraday high of ₹2,134.05, up 3.5%, ending a four-day losing streak and beating the auto index's 0.24% gain. Open interest rose 22.55% to 32,765 contracts, from 26,735, on volume of 82,934 contracts.
- Medium-term technical support holds Sep 25
Buyers stepped in at the ₹2,020–₹2,060 gap-support zone, where the 6-month and 1-year EMAs meet, and the stock stays above its 100- and 200-day averages. AT Research sees a move above ₹2,300 and suggests a ₹1,880 stop loss.
- Festive demand, price-hike expectations Sep 25
Value buying after the recent decline, along with expected price hikes and healthy festive-season sales, lifted sentiment. Peers M&M, Hero MotorCorp and TVS Motor saw similar buying.
- Q2FY27 trading window closed Sep 25
The trading window closes from Oct 1, 2026 ahead of Q2FY27 results. It reopens 48 hours after the results are declared.
- JP Morgan analyst meet rescheduled Sep 18
The investor meet organised by JP Morgan moved from Sep 23 to Sep 24, 2026, at 10:00 am IST at company headquarters.
- 20% women executives by 2030 Sep 7
HMIL aims to raise women's share of its 4,000+ executive workforce from just over 8% to 20% by 2030. About 45% of 2026 young-talent hires were women, and women had a 23% promotion rate in FY26.
TL;DR: Hyundai Motor India is bouncing back from a four-day decline, helped by bookings for the Bayon SUV, festive-season demand hopes and Emkay's Buy call with a ₹2,600 target. Risks include West Asia shipping disruptions hurting exports, the MarketsMOJO downgrade to Hold, and resistance near ₹2,130 with the stock still below its short-term averages. The medium-term trend looks better as support holds at ₹2,020–₹2,060, and the Bayon launch, festive sales and Q2FY27 results after the Oct 1 trading-window closure will show whether market share is really recovering.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 16,624 | 18,660 | 16,875 | 17,671 | 17,344 | 17,260 | 16,648 | 17,940 | 16,413 | 17,461 | 17,973 | 18,916 | 16,335 |
| Expenses | 14,626 | 16,220 | 14,701 | 15,149 | 15,004 | 15,055 | 14,772 | 15,408 | 14,228 | 15,032 | 15,955 | 16,950 | 14,823 |
| Operating Profit | 1,997 | 2,440 | 2,173 | 2,522 | 2,340 | 2,205 | 1,876 | 2,533 | 2,185 | 2,429 | 2,018 | 1,966 | 1,512 |
| OPM % | 12% | 13% | 13% | 14% | 13% | 13% | 11% | 14% | 13% | 14% | 11% | 10% | 9% |
| Other Income | 388 | 383 | 369 | 333 | 224 | 192 | 244 | 210 | 215 | 231 | 244 | 259 | 274 |
| Interest | 37 | 35 | 49 | 37 | 32 | 29 | 30 | 36 | 25 | 17 | 27 | 38 | 27 |
| Depreciation | 560 | 557 | 534 | 558 | 529 | 519 | 527 | 530 | 528 | 518 | 569 | 584 | 557 |
| PBT | 1,788 | 2,232 | 1,960 | 2,260 | 2,003 | 1,850 | 1,563 | 2,175 | 1,847 | 2,126 | 1,666 | 1,604 | 1,202 |
| Tax % | 26% | 27% | 27% | 26% | 26% | 26% | 26% | 26% | 26% | 26% | 26% | 22% | 26% |
| Net Profit | 1,329 | 1,628 | 1,425 | 1,677 | 1,490 | 1,375 | 1,161 | 1,614 | 1,369 | 1,572 | 1,234 | 1,256 | 889 |
| EPS in Rs | — | — | — | — | 18.33 | 16.93 | 14.29 | 19.87 | 16.85 | 19.35 | 15.19 | 15.45 | 10.94 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 40,972 | 47,378 | 60,308 | 69,829 | 69,193 | 70,763 | 70,685 |
| Expenses | 36,724 | 41,887 | 52,753 | 60,750 | 60,277 | 62,202 | 62,760 |
| Operating Profit | 4,249 | 5,491 | 7,554 | 9,079 | 8,915 | 8,561 | 7,925 |
| OPM % | 10% | 12% | 13% | 13% | 13% | 12% | 11% |
| Other Income | 430 | 582 | 1,124 | 1,527 | 908 | 986 | 1,009 |
| Interest | 165 | 132 | 142 | 158 | 127 | 106 | 109 |
| Depreciation | 1,973 | 2,170 | 2,190 | 2,208 | 2,105 | 2,198 | 2,227 |
| PBT | 2,540 | 3,772 | 6,346 | 8,240 | 7,591 | 7,243 | 6,598 |
| Tax % | 26% | 23% | 26% | 26% | 26% | 25% | — |
| Net Profit | 1,881 | 2,902 | 4,709 | 6,060 | 5,640 | 5,432 | 4,951 |
| EPS in Rs | — | — | — | — | 69.41 | 66.85 | 60.93 |
| Div. Payout % | 72% | 51% | 99% | 18% | 30% | 31% | — |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 813 | 813 | 813 | 813 | 813 | 813 |
| Reserves | 14,499 | 16,044 | 19,242 | 9,853 | 15,484 | 19,202 |
| Borrowings | 1,354 | 1,178 | 1,189 | 833 | 850 | 1,098 |
| Other Liabilities | 10,065 | 10,324 | 13,329 | 14,850 | 12,951 | 13,292 |
| Total Liabilities | 26,731 | 28,358 | 34,573 | 26,349 | 30,097 | 34,404 |
| Fixed Assets | 7,288 | 6,671 | 6,150 | 7,614 | 7,105 | 13,070 |
| CWIP | 818 | 529 | 1,337 | 653 | 4,718 | 725 |
| Investments | 0 | 0 | 0 | 0 | 0 | 7 |
| Other Assets | 18,625 | 21,158 | 27,086 | 18,082 | 18,274 | 20,602 |
| Total Assets | 26,731 | 28,358 | 34,573 | 26,349 | 30,097 | 34,404 |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | 5,423 | 5,138 | 6,564 | 9,252 | 4,345 | 7,321 |
| Investing | -2,224 | -910 | -1,383 | -10,090 | -410 | -1,864 |
| Financing | 143 | -1,662 | -1,579 | -15,930 | -63 | -1,591 |
| Net Cash Flow | 3,342 | 2,566 | 3,602 | -16,768 | 3,872 | 3,866 |
| Free Cash Flow | 2,844 | 3,885 | 4,315 | 6,020 | -948 | 3,070 |
| CFO/OP | 149 | 108 | 115 | 127 | 71 | 103 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 22 | 17 | 18 | 13 | 13 | 11 |
| Inventory Days | 30 | 29 | 28 | 23 | 25 | 26 |
| Days Payable | 71 | 55 | 60 | 53 | 52 | 52 |
| Cash Conversion Cycle | -19 | -9 | -15 | -16 | -14 | -15 |
| Working Capital Days | -29 | -25 | -27 | -31 | -20 | -20 |
| ROCE % | — | 23% | 33% | 51% | 54% | 38% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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58 extracted metrics + investor summaries across FY21–FY27.
Documents
Frequently Asked Questions about Hyundai Motor India
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Company Information
Incorporated in May 1996, Hyundai Motor India Limited is a part of the Hyundai Motor Group, which is the third largest auto original equipment manufacturer in the world based on passenger vehicle sales.[1]
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