We met with Hyundai's (HMI) management to understand the current industry landscape and the company’s strategic direction. The overall demand environment remains muted, with the PV segment expected to grow modestly at 1-4% in FY26E. SUVs are likely to continue to drive growth, and hence HMI appears to be wellpositioned to benefit from this trend. Its recently launched EV variant of Creta is witnessing a healthy response, and the company expects this to contribute to about 10% of overall Creta sales going forward.
OutlookGiven its SUV-heavy portfolio, HMI is well-positioned to benefit from India's premiumization trend. We reiterate our BUY rating on HMI with a TP of INR1,960, premised on 26x Dec’26E.
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