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ICICI Securities
ICICI Securities has initiated coverage on Hyundai Motor India Ltd. with a Buy rating and has set a target price of Rs 2,150, based on 25x FY28E EPS.
The brokerage highlighted Hyundai Motor's strong global parentage as a key strength, enabling early identification of emerging global trends, access to a wide product portfolio, and strong research and development support.
According to ICICI Securities, Hyundai Motor India has been an early beneficiary of the premiumisation trend in the domestic passenger vehicle market. However, the brokerage noted that the company has lost market share in the domestic utility vehicle segment in recent years due to intense competition and its over‑reliance on the Creta model.
To address these challenges, Hyundai Motor has outlined an ambitious product strategy, planning 26 product interventions, including seven new nameplates, over FY26–30. These launches are aimed at filling key whitespaces in its product portfolio, which ICICI Securities believes could help revive domestic market share over the medium term. The success and execution of these new launches remain a key monitorable, the brokerage added.
On the exports front, ICICI Securities expects overseas shipments to support near‑term growth, although it cautioned that long‑term export prospects may remain structurally capped. Overall, the brokerage believes Hyundai Motor's product pipeline and strong parent support position the company well for sustained growth, supporting its positive investment stance.
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