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ICICI Securities Report
Hyundai Motor India Ltd.'s shares are likely to be in focus after ICICI Securities reiterated its ‘Buy' rating on the stock, while raising the target price to Rs 2,475 from Rs 2,250, implying an upside of around 25% from the current levels.
The brokerage believes that Hyundai Motor is getting product aggressive and its launch intensity is expected to gain momentum over the medium term.
Key whitespaces in its product portfolio (compact E-SUV, off-roader SUV, hybrids, MPV) are likely to be addressed over FY27–30; this, in ICICI Securities' view, augurs well for growth and market share gains.
For FY27, Hyundai Motor has announced its plans to launch an ICE-mid SUV (launch in a high volume, high-growth segment) and a compact E-SUV (foray to expand addressable market). With these launches possibly starting around the upcoming festive season, along with levers of margin recovery, the brokerage envisages a turnaround starting H2 FY27.
Further, basis the brokerage's product lifecycle mapping, it see san upside risk to guided FMCs during FY27–28E. Exports are expected to remain on a firm footing owing to a strong order backlog and introduction of new models.
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