Hyundai Motor India vs Tata Motors 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.

TA

Tata Motors

Q4 FY26 · Automobile

Tata Motors delivered a strong Q4 FY26, with standalone revenue of ₹24,500 crore (+22% YoY) and EBITDA margin of 13.9% (+130 bps YoY), marking the 11th consecutive quarter of double-digit margins. Full-year revenue reached ₹77,000 crore (+11% YoY) and EBITDA margin expanded to 13.2% from 7.8% three years ago. The CV business saw wholesale volumes of 131,800 units (+25% YoY) in Q4, driven by new product launches and market share gains, including the highest HCV market share in a decade. International business grew 17% YoY in Q4, supported by a landmark 70,000-unit order from Indonesia. Management highlighted commodity cost pressures (100 bps impact in Q4, more in Q1 FY27) and a cautious near-term outlook due to diesel price sensitivity and Middle East disruptions. They guided for single-digit volume growth in Q1 FY27 and maintained capex guidance of 2-4% of revenue. Key risk: sustained commodity inflation and inability to pass through costs could pressure margins.

Guidance read

Q1 FY27 volume growth expected to be single-digit: Management expects single-digit volume growth in Q1 FY27 despite commodity headwinds and diesel price uncertainty. Capex guidance of 2-4% of revenue for FY27: Capital expenditure expected to remain in the 2-4% of revenue range, consistent with prior years. EV penetration in SCV pickup expected in high single digits: EV penetration in SCV pickup rose to ~7% in recent months; management expects it to stay in high single-digit zone.

Risk read

Key risks include Commodity cost inflation and rupee devaluation — Commodity headwinds caused ~100 bps margin impact in Q4 and are expected to be more severe in Q1 FY27. Management has only partially passed on costs via a 2% price hike.; Diesel price sensitivity and demand impact — Diesel is 30-50% of TCO for transporters; rising diesel prices could delay purchase decisions, especially in HCVs. Management noted customers postponing decisions.; Middle East and North Africa disruption — No shipments to Middle East in last two months due to geopolitical tensions; exports to the region have been recalibrated.; EV bus market participation and pricing sustainability — Management described current tender pricing as 'unsustainable' and is bidding prudently, which may limit volume growth in electric buses..

Promise ledger

Scorecard data is being built as historical quarters are processed.