Hyundai Motor India Can Rally 26% Projects Nirmal Bang As It Initiates Coverage With 'Buy' Rating

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Nirmal Bang Report

We initiate coverage on Hyundai Motor India Ltd. with a 'Buy' rating and a Mar’27E target price of Rs 2,111, implying an upside of ~26% on the current market price. We believe that Hyundai Motor India is a strong franchise with a diverse portfolio addressing ~87% of the passenger vehicle market spread across the fuel types and segments.

Over the last three decades it has become a formidable player with a healthy market share across segments viz 34%/20%/18% share in the mid-size SUVs/compact SUVs/premium compact car segments. We remain constructive on Hyundai Motor India.

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