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Hyundai Motor India said on Friday it expects exports to grow 7%–8% in the fiscal year to March 2026, after a 14% rise in fourth-quarter overseas shipments helped it beat profit estimates.

The carmaker posted a quarterly profit of 16.14 billion rupees, down 4% year-on-year but well above analysts' expectations of 13.17 billion rupees, according to LSEG data.

Exports for fiscal 2025 grew 0.1%, hurt by the Red Sea crisis.

The South Korean carmaker aims to make India its top export hub outside its home market and a base for emerging markets.

Hyundai said it is preparing to start production at its third plant in Maharashtra by the third-quarter, allocating 40% of this year’s 70 billion rupee ($818.5 million) capex to expand output from an initial 130,000 units.

The company joins market leader Maruti Suzuki in targeting higher exports to offset weak domestic demand, while aiming for a 1%–2% rise in domestic sales this fiscal amid rising competition.

It also plans to launch 20 new combustion engine models and six electric vehicles by fiscal 2030, with eight slated for release over the next two years.

For the current year, Hyundai's Indian arm expects earnings before interest, taxes, depreciation and amortisation (EBITDA margin to remain in double-digits. It reported a fourth-quarter EBITDA margin of 14.1%.

It also said it aims for its EVs to capture a higher market share than for those of its combustion engine vehicles by March 2026.

Shares of the company closed 1% higher on the day. Since listing in late October 2024 after India's biggest initial public offering, Hyundai India is down 5%.

($1 = 85.5200 Indian rupees)