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Hyundai Motor India Ltd.
NSE: HYUNDAIConsumer CyclicalAuto Manufacturers
- Last close
- ₹1,911.00
- Day change
- −₹11.00 (−0.57%)vs
- Market cap
- ₹1.60 lakh crIndian rupees
- Research updated
- 3 reports
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About Hyundai Motor India
Hyundai Motor India Ltd. is a prominent automobile manufacturer serving the Indian market, recognized for its diverse range of passenger vehicles. As a subsidiary of the South Korean Hyundai Motor Company, it plays a pivotal role in catering to the dynamic demands of the Indian automotive sector. The company's lineup includes compact cars, sedans, SUVs, and hybrid models, reflecting a commitment to innovation and quality. Key models include the Hyundai Creta, i20, and Verna, which are popular among urban and suburban consumers alike. Hyundai Motor India Ltd. focuses on integrating cutting-edge technology and sustainability in vehicle design, aligning with global environmental standards. It operates a notable manufacturing facility in Tamil Nadu, contributing significantly to local employment and economic growth. Hyundai's dominance in the Indian market underscores its ability to adapt to consumer preferences and capitalize on the expanding demand for efficient and reliable transportation solutions. The brand is synonymous with reliability and modernity, marking its significance in shaping India's automotive landscape.
- Sector
- Consumer Cyclical
- Industry
- Auto Manufacturers
- Listing
- NSE: HYUNDAI
- Chief executive
- Mr. Tarun Garg
- Employees
- 6,262
- Headquarters
- Gurugram, India
- ISIN
- INE0V6F01027
- Website
- hyundai.com/in
Public research · Report of
Business model & financial foundation
Hyundai Motor India (NSE: HYUNDAI), Passenger vehicle OEM; related engineering and insurance broking: revenue of ₹70,763 crore in FY26 (+2.3% on FY25), an EBITDA margin of 12.2%, net profit of ₹5,432 crore and net cash of ₹9,454 crore.
- Revenue, FY26 (₹ crore)
- 70,763
- consolidated
- Revenue growth, FY26
- +2.3%
- on FY25
- Net profit, FY26 (₹ crore)
- 5,432
- to owners
- Return on equity, FY26
- 29.9%
- on average equity
- Net debt, FY26 (₹ crore)
- -9,454
- Net Debt
- Market capitalisation (₹ crore)
- 1,59,656
- at the close of 14 Oct 2026
Company profile
Hyundai Motor India manufactures and sells passenger vehicles, engines, transmissions and parts for domestic dealers and export markets, with after-sales services. Its consolidated group includes automotive engineering and insurance-broking subsidiaries and reports one operating segment. Manufacturing operations are in Tamil Nadu and Pune; registered office is H-1 SIPCOT Industrial Park, Irrungattukottai, Sriperumbudur, Tamil Nadu, and corporate headquarters is Sector 29, Gurugram. The industrial profile reflects vehicle manufacturing and capital-intensive plant/product investment rather than the ancillary services businesses.
| Item | Value |
|---|---|
| Legal name | Hyundai Motor India Limited |
| Exchange and ticker | NSE: HYUNDAI; BSE: 544274 |
| ISIN | INE0V6F01027 |
| CIN | L29309TN1996PLC035377 |
| Sector | Automobiles |
| Industry | Passenger vehicle OEM; related engineering and insurance broking |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2022 reappointment) |
| Market capitalisation | ₹1,59,656 crore (14 Oct 2026) |
| Shares outstanding | 81.25 crore shares (FY26) |
| Price | ₹1,965 (close, 14 Oct 2026) |
| 52-week range | ₹1,658 - ₹2,480 (to 14 Oct 2026) |
| Website | https://www.hyundai.com/in/en |
Corporate structure and shareholding
Parent: Hyundai Motor Company, South Korea.
| Entity | Holding | Business |
|---|---|---|
| Hyundai Motor India Engineering Private Limited | 100% | Consulting engineering and automotive research/design support services |
| Hyundai India Insurance Broking Private Limited | 100% | Insurance brokerage, principally motor insurance placement and related services |
FY26 scope: two wholly owned Indian subsidiaries; no additions/disposals. FPEL TN Wind Farm Pvt Ltd 26.49% (Board report) is called an associate legally, but AOC-1 says no significant influence under Ind AS 28; excluded from consolidation. Renewable captive power investment. See S15:p372 and S2:p158.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 82.50% | 82.50% | 82.50% | 82.50% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 7.35% | 6.43% | 5.42% | 3.28% |
| Domestic institutions | 7.74% | 8.59% | 9.70% | 11.69% |
| of which mutual funds | 6.00% | 5.80% | 6.23% | 7.99% |
| Retail | 2.08% | 2.14% | 2.04% | 2.14% |
| Other | 0.34% | 0.33% | 0.33% | 0.39% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Hyundai Motor India is a consolidated, single-segment passenger-vehicle OEM listed as NSE: HYUNDAI. It sells domestic vehicles through dealers and exports to group distributors; wholly owned engineering and insurance-broking subsidiaries are immaterial to the manufacturing driver set. Revenue includes parts and services, so revenue per vehicle is not pure vehicle ASP. Hyundai Motor Company supplies technology, brand and components, which gives scale but creates royalty and supplier dependence.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Automotive (single reportable segment) | 70,763 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Maruti Suzuki India Limited (MARUTI) | Direct Indian passenger-car/SUV OEM comparator: domestic distribution, localisation, exports and Japanese-parent royalty model. |
| Mahindra & Mahindra Limited (M&M) | |
| Tata Motors Passenger Vehicles Limited (TMPV) | |
| Bajaj Auto Limited (BAJAJ-AUTO) | Contextual only: two/three-wheeler export OEM; capital efficiency, cash distribution and export/FX exposure, not direct PV market competition. |
| TVS Motor Company Limited (TVSMOTOR) | |
| Eicher Motors Limited (EICHERMOT) | Contextual only: Royal Enfield premium motorcycles plus VECV JV; brand/mix and capital allocation comparator with different cycle and accounting. |
| Ashok Leyland Limited (ASHOKLEY) | Contextual only: truck/bus OEM; Indian manufacturing capex, working capital and cyclicality; different commercial-vehicle demand cycle. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 69,829 | 69,193 | 70,763 | ||
| Materials plus purchases plus inventory change | 51,593 | 49,970 | 50,521 | ||
| Employee Cost | 1,975 | 2,311 | 2,747 | ||
| Other Expenses | 7,182 | 7,999 | 8,937 | ||
| Operating EBITDA excluding other income | 9,133 | 8,954 | 8,598 | ||
| Other Income | 1,473 | 870.0 | 949.0 | ||
| Depreciation | 2,208 | 2,105 | 2,198 | ||
| Finance Cost | 131.9 | 142.4 | 158.1 | 127.2 | 106.5 |
| Exceptional | n.d. | n.d. | n.d. | ||
| Profit before tax | 3,772 | 6,346 | 8,240 | 7,591 | 7,243 |
| Tax | 870.6 | 1,636 | 2,180 | 1,951 | 1,812 |
| Profit after tax (consolidated total) | 2,902 | 4,709 | 6,060 | 5,640 | 5,432 |
| Minority Interest | 0.00 | 0.00 | 0.00 | ||
| Associates | n.a. | n.a. | n.a. | ||
| Profit attributable to owners | 6,060 | 5,640 | 5,432 | ||
| Diluted EPS (₹) | 35.71 | 57.96 | 74.58 | 69.41 | 66.85 |
| Cost of materials consumed for own use (signed credit) | -54.0 | -41.5 | -39.8 | ||
| EBIT | 6,925 | 6,849 | 6,400 | ||
| Cost of revenue (vendor classification) * | 35,907 | 45,098 | 51,539 | 49,929 | 50,634 |
| Other operating costs (vendor classification) * | 4,301 | 5,854 | 10,281 | 12,076 | 8,722 |
| EBITDA (vendor classification) * | 6,079 | 8,683 | 10,606 | 9,824 | 9,544 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash | 14,139 | 17,741 | 973.2 | 4,846 | 8,712 |
| Receivables | 2,182 | 2,897 | 2,510 | 2,389 | 2,194 |
| Inventory | 2,881 | 3,422 | 3,316 | 3,404 | 3,594 |
| Equity | 16,856 | 20,055 | 10,666 | 16,296 | 20,015 |
| Total Assets | 28,358 | 34,573 | 26,349 | 30,097 | 34,404 |
| Net Block | 6,714 | 6,291 | 12,291 | ||
| Cwip | 652.8 | 4,718 | 725.3 | ||
| Borrowings | 767.9 | 791.8 | 996.5 | ||
| Lease Liabilities | 65.3 | 58.4 | 101.1 | ||
| Payables | 5,405 | 7,441 | 7,493 | 7,086 | 7,201 |
| Bank Deposits | 8,044 | 3,733 | 1,840 | ||
| Liquidity | 9,017 | 8,579 | 10,552 | ||
| Net Debt | -8,184 | -7,729 | -9,454 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations after income taxes | 3,531 | 2,838 | 9,252 | 4,345 | 7,321 |
| Cash capex (positive outflow) | 1,254 | 2,249 | 3,246 | 5,307 | 4,266 |
| Free cash flow (vendor definition) * | 3,873 | 4,303 | 6,006 | -961.9 | 3,055 |
| Dividends paid (the provider's sign: an outflow is negative) * | -1,359 | -1,493 | -15,436 | -1,706 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Split-adjusted issued and outstanding shares | 81.25 | 81.25 | 81.25 | 81.25 | 81.25 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17,260 | 16,648 | 17,940 | 16,413 | 17,461 | 17,973 | 18,916 | 16,335 |
| Materials plus purchases plus inventory change | 12,523 | 12,184 | 12,786 | 11,608 | 12,254 | 12,851 | 13,807 | 11,876 |
| Employee Cost | 549.3 | 607.1 | 602.0 | 624.2 | 618.1 | 699.1 | 805.9 | 749.0 |
| Other Expenses | 1,989 | 1,997 | 2,027 | 2,002 | 2,165 | 2,425 | 2,345 | 2,214 |
| Operating EBITDA excluding other income | 2,205 | 1,876 | 2,533 | 2,185 | 2,429 | 2,018 | 1,966 | 1,512 |
| Other Income | 192.3 | 244.5 | 209.6 | 214.8 | 231.2 | 243.7 | 259.4 | 274.4 |
| Depreciation | 518.5 | 527.4 | 530.4 | 528.1 | 517.5 | 568.8 | 583.6 | 557.1 |
| Finance Cost | 29.2 | 29.9 | 36.5 | 24.7 | 16.7 | 27.2 | 37.9 | 27.3 |
| Exceptional | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Profit before tax | 1,850 | 1,563 | 2,175 | 1,847 | 2,126 | 1,666 | 1,604 | 1,202 |
| Tax | 474.4 | 402.0 | 561.0 | 478.0 | 553.7 | 431.6 | 348.2 | 313.0 |
| Profit after tax (consolidated total) | 1,375 | 1,161 | 1,614 | 1,369 | 1,572 | 1,234 | 1,256 | 888.6 |
| Minority Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Associates | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Profit attributable to owners | 1,375 | 1,161 | 1,614 | 1,369 | 1,572 | 1,234 | 1,256 | 888.6 |
| Diluted EPS (₹) | 16.93 | 14.29 | 19.87 | 16.85 | 19.35 | 15.19 | 15.45 | 10.94 |
| Cost of materials consumed for own use (signed credit) | -5.94 | -15.2 | -6.97 | -6.60 | -5.02 | -20.2 | -7.95 | -15.7 |
| EBIT | 1,687 | 1,348 | 2,002 | 1,657 | 1,911 | 1,450 | 1,382 | 954.6 |
| Cost of revenue (vendor classification) * | 12,169 | 12,779 | 11,602 | 12,831 | 13,799 | 11,860 | ||
| Other operating costs (vendor classification) * | 1,997 | 2,027 | 2,002 | 2,425 | 2,345 | 2,214 | ||
| EBITDA (vendor classification) * | 2,120 | 2,742 | 2,400 | 2,262 | 2,225 | 1,786 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -0.9% | 2.3% | |||
| EBITDA margin | 13.1% | 12.9% | 12.2% | ||
| Net margin | 8.7% | 8.2% | 7.7% | ||
| Return on equity | 39.5% | 41.8% | 29.9% | ||
| Return on capital employed | 60.6% | 48.0% | 33.6% | ||
| Return on assets | 19.9% | 20.0% | 16.8% | ||
| Net debt (₹ crore) | -8,184 | -7,729 | -9,454 | ||
| Net debt / EBITDA | -0.90x | -0.86x | -1.10x | ||
| Interest cover | 43.8x | 53.8x | 60.1x | ||
| Asset turnover | 2.29x | 2.45x | 2.19x | ||
| Receivable days | 13 | 13 | 11 | ||
| Inventory days (on revenue) | 17 | 18 | 19 | ||
| Payable days (on revenue) | 39 | 37 | 37 | ||
| Cash conversion | 1.53x | 0.77x | 1.35x | ||
| Capex intensity | 4.6% | 7.7% | 6.0% | ||
| Free cash flow (₹ crore) | 2,278 | 588.6 | 6,006 | -961.9 | 3,055 |
| Dividend payout | 254.7% | 31.4% | |||
| EPS, diluted (₹) | 35.71 | 57.96 | 74.58 | 69.41 | 66.85 |
| Book value per share (₹) | 207.5 | 246.8 | 131.3 | 200.6 | 246.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net Debt; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Hyundai Motor India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 2 Nov 2026.
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