2025-10-15 04:51:04 pm | Source: Motilal Oswal Financial Services Ltd
Buy Hyundai Motor Ltd for the Target Rs. 2,979 by Motilal Oswal Financial Services Ltd
* Hyundai posted 0.5% YoY decline in volumes in 2Q. Exports were the key growth driver with mix improving to 27% from 22% YoY. Product mix was also favorable as Hyundai sold more SUVs than cars in 2Q.
* Amid weak demand, marketing spends to remain high QoQ. TN incentives expected to flow in from mid-2Q.
* We expect EBITDA margin to improve 70bp YoY to 13.5%, led by improved mix.
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