Hyundai Motor India vs Maruti Suzuki Q4 FY26

Hyundai Motor India reported Q4 FY26 revenue of ₹18,916 crore, up 5.4% YoY, driven by record domestic volumes (166,578 units, +8.5% YoY) and export growth of 9.4%. However, EBITDA margin contracted 370 bps YoY to 10.4% due to elevated commodity costs, capacity addition expenses, and unfavorable mix. PAT fell 22% to ₹1,256 crore. Management guided for FY27 domestic and export volume growth of 8-10% each, supported by two new SUV launches (one EV, one ICE) and a record capex of ₹7,500 crore. Margins are expected to remain within the 11-14% range, aided by price hikes, cost optimization, and improved Chennai plant utilization. Key risk: sustained geopolitical disruptions in the Middle East could pressure export volumes.

Guidance read

Domestic volume growth of 8-10% in FY27: Management expects domestic sales to grow 8-10% year-on-year, outpacing industry growth of 4-6%. Export volume growth of 8-10% in FY27: Despite geopolitical uncertainties, export volumes are guided to grow 8-10% in FY27. EBITDA margin within 11-14% range in FY27: Management reiterated its margin guidance of 11-14% for FY27, supported by volume growth, price hikes, and cost optimization. Capex of ₹7,500 crore in FY27: Record capital expenditure planned, with 45-50% for new products and ~30% for plant expansion and upgrades.

Risk read

Key risks include Geopolitical disruptions in Middle East — Export volumes to the Middle East have been impacted by the ongoing war, and further escalation could hinder export growth targets.; Commodity price inflation — Elevated commodity prices caused a 120 bps sequential margin impact in Q4, and near-term headwinds are expected to persist.; EV profitability and adoption risk — The upcoming dedicated EV may have lower margins than ICE models, and its success in a high-volume segment is unproven.; Capacity utilization at Pune plant — The Pune plant is currently operating at two shifts; adding a third shift or ramping up volumes may be needed to absorb fixed costs..

Promise ledger

Scorecard data is being built as historical quarters are processed.

MA

Maruti Suzuki

Q4 FY26 · Diversified

Maruti Suzuki reported a record Q4 with net sales of ₹50,010 crore (+28.5% YoY) and EBITDA of ₹4,400 crore (+30.4% YoY), driven by a sharp recovery in small car demand post-GST reform and strong export growth. PAT declined 6.9% to ₹3,600 crore due to a ₹750 crore mark-to-market hit on bond yields. The company guided for ~10% volume growth in FY27, supported by capacity additions of 500,000 units (Koda phase 2 commissioned, Gujarat line 4 coming). Management expressed confidence in margin trajectory despite commodity headwinds, citing multiple levers. Key risk: sustained geopolitical tensions could keep commodity/energy costs elevated, delaying margin expansion.

Guidance read

Volume growth of ~10% in FY27: Management expects Maruti's domestic sales volume to grow by about 10% in FY27, driven by new capacity and strong demand. Additional 250,000 units capacity in FY27: Koda phase 2 (April 2026) and Gujarat line 4 (within FY27) each add 250,000 units annual capacity, totaling 500,000 units. Capex of ₹14,000 crore for FY27: Capital expenditure for FY27 is planned at ₹14,000 crore, primarily for the two new plants. Medium-term capacity target of 4 million units: The company has plans to increase total production capacity to 4 million units per annum in the medium term.

Risk read

Key risks include Geopolitical tensions impacting commodity/energy costs — West Asia conflict and supply chain disruptions could keep commodity and energy prices elevated, pressuring margins.; Mark-to-market volatility on investment portfolio — Hardening bond yields caused a ₹750 crore MTM hit in Q4; further interest rate changes could impact other income.; Startup costs from new capacity additions — While management expects no significant startup costs, ramp-up of 500,000 units could temporarily impact margins if demand softens.; Export uncertainty due to global macro — Management declined to give export guidance due to geopolitical uncertainty, indicating potential downside risk..

Promise ledger

Scorecard data is being built as historical quarters are processed.