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Nirmal Bang Report
Nirmal Bang maintains a 'Hold' rating on on Hyundai Motor India Ltd. with a target price of Rs 1,945, as export outlook remains tempered due to high exposure to Middle East markets, despite strong domestic momentum driven by recent launches.
While the company has historically relied on a limited SUV portfolio, product cadence is improving with multiple new launches planned over the next two years, which should support domestic growth and aid exports.
Near-term margins are likely to remain under pressure due to capacity stabilisation costs, commodity inflation, and a rising EV mix.
The brokerage builds in ~8% volume compound annual growth rate over FY26–28E, supported by steady exports and domestic recovery led by recent/upcoming launches (ICE and EV SUVs in FY27). However, near-term upside appears limited.
Over the medium term, improved utilisation at the Chennai plant—driven by 2 new models—should support margin expansion. Nirmal Bang values the stock at 23.5x Mar'28E EPS, reflecting strong parentage, premium positioning, and export potential.
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