Domestic Sales Volume
166,578 units
+8.5% YoY
Highest ever quarterly domestic sales for the company.
HYUNDAIMOTORINDIA
Manufacturing
15 May 2026
Hyundai Motor India Ltd — 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%.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Export Volume Growth (FY26)
16.4%
+16.4% YoY
Full-year export growth significantly outperformed initial guidance of 7-8%.
Rural Penetration
24.7%
+2.1pp YoY
All-time high rural penetration, up from 22.6% in Q1 FY26.
CNG Penetration
18%
+5pp YoY
Steady increase from 13% in Q4 FY25, reflecting shift to eco-friendly powertrains.
Management Guidance
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%.
growthExport volume growth of 8-10% in FY27
Despite geopolitical uncertainties, export volumes are guided to grow 8-10% in FY27.
growthEBITDA 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.
marginsCapex of ₹7,500 crore in FY27
Record capital expenditure planned, with 45-50% for new products and ~30% for plant expansion and upgrades.
capexKey Risks
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.
high · management_commentaryCommodity price inflation
Elevated commodity prices caused a 120 bps sequential margin impact in Q4, and near-term headwinds are expected to persist.
medium · management_commentaryEV 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.
medium · analyst_questionCapacity 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.
low · data_observationNotable Quotes
We are very confident that we will be able to outpace the industry in this fiscal and gain market share.
The upcoming EV will mark our entry into a new segment while the ICE SUV will further reinforce our position in the mid SUV category.
We have been taking some calibrated price increases... broadly this should take care of the whole profitability.