Hyundai Motor India (HMIL) plans to invest a total of INR450b over FY26-30, with 60% to be invested in R&D and 40% in capacity expansion and modernization. It has guided for revenue of INR1t, margin of 11-14% and a dividend payout range of 20-40% during the same period. HMIL targets to launch 26 new models by 2030 (including five EVs), with 52% of its mix featuring eco-friendly powertrains. Of these, seven are expected to be new nameplates, with two of them to be launched over FY27-28 and the remaining five in the next two years.
OutlookWe factor in HMIL to post a CAGR of 10%/15%/16% in volume/EBITDA/PAT over FY25-28E. Reiterate BUY with a TP of INR2,979, valued at 30x Sep’27E EPS.
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