Hyundai Motor is likely to become a thriving export hub for Hyundai Motor Copr. Further, it has consistently launched/revamped models with recently launched Creta EV at aggressive price points.
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Hyundai Motor India Ltd.’s Q3 FY25 performance was impacted by ~2.3% YoY lower exports, weak gross margins and one-off in staff cost (~60bp), leading to a 160 bp YoY/150 bp QoQ Ebitda margin contraction to 11.3%. While the passenger vehicle industry’s demand remains moderate, we expect Hyundai Motor to post steady growth given its favorable SUV mix and strong export opportunities going forward.
Although Hyundai Motor is aligned well with PV segment trends, its growth has been capacity-constrained as reflected in lower domestic volume CAGR of ~9% (vs ~16% for industry) over FY21-24.
The GM plant acquisition will surely boost growth through vital capacity addition in phases. Besides leveraging the strong parentage of Hyundai Motor Corp, Hyundai Motor is fast evolving in line with a dynamically changing tech landscape, which will slash lead times for new product development, make India franchise definitively robust, and help strengthen exports (~21% volume share in FY24).
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