Auto · NSE: HYUNDAI
Hyundai Motor India
Q2 FY27 earnings call · Guided by management
Call held 28 Oct 2026 · Read the filing on NSEFiling
- M.Cap
- ₹1,70,877Cr₹1.71L Cr
- P/E
- 37.4×
- 1Y return
- −12.19%
- From 52W high
- −14.6%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 20,696 | 17,461 | +18.5% | 16,335 | +26.7% |
| EBITDA | 1,974 | 2,429 | -18.7% | 1,512 | +30.6% |
| EBITDA margin | 9.5% | 13.9% | -437 bps | 9.3% | +29 bps |
| PBTProfit before tax | 1,618 | 2,126 | -23.9% | 1,202 | +34.6% |
| Net profit | 1,196 | 1,572 | -23.9% | 889 | +34.6% |
| EPS (₹) | 14.72 | 19.35 | -23.9% | 10.94 | +34.6% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
Guidance
exports: Exports aimed at high double-digit growth in H2 year-on-year
Tarun Garg · Managing Director and Chief Executive Officer · p. 3
exports: Exports aimed at high double-digit growth in H2 year-on-year
“We aim to deliver high double-digit growth in H2 on YoY basis, supported by our strong products and operational flexibility.”
Company aims to meet its full-year EBITDA margin guidance
Tarun Garg · Managing Director and Chief Executive Officer · p. 4
Company aims to meet its full-year EBITDA margin guidance
“Our endeavor is to take appropriate measures to achieve our EBITDA margin guidance for the full year.”
More figures from the call
“We have already committed to increasing the share of eco-friendly powertrains in our portfolio to 50% plus over the next 4 to 5 years.”
“Last fiscal, we were at 24.5%. We've already announced our intent to reach closer to 30%.”
“Number 6, Chennai plant utilization, as I mentioned, has gone down to less than 80%. With the 2 new models coming in, the EV as well as the Bayon, that will help Chennai plant.”
“So yes, Bayon and the local EV, both will be produced in the Chennai plant, which will help us take the Chennai plant capacity utilization to more than 90%.”
“Number 7, the new third shift has started in, which means we will be much closer to the 170,000, which means there's an opportunity to leverage the fixed cost and increase the margins.”
“Possibly, we should be back to about 5% - 5.5% of industry growth, but we are confident of 8% to 10% growth.”
In short
- 01Management says it is on track for 8-10% domestic sales growth in FY27.
- 02Full-year EBITDA margin target is 11%, needing slightly above 12% in H2.
- 03Exports are aimed at high double-digit growth in H2 FY27, though geopolitics hit plans.
- 04Creta plus Bayon expected at 250,000 annual domestic volumes, called conservative.
- 05Dedicated mass-market EV to launch in Q4 FY27 (January or February 2027); EV share aimed at 7-7.5% next fiscal.
- 06Q2 FY27 revenue was Rs 206,961 million; EBITDA margin 9.5% vs 13.9% a year ago.
- 07Commodity costs hit margins by about 400 bps YoY; Q3 raw material seen flat or slightly lower.
- 08Tamil Nadu incentive of more than 1% expected in Q3 and Q4 margins.
Segments
Creta and Bayon: Creta and Bayon volume aspiration is domestic; exports will be extra
Tarun Garg · Managing Director and Chief Executive Officer · Q&A · p. 6
Creta and Bayon: Creta and Bayon volume aspiration is domestic; exports will be extra
“Yes. That's domestic. Export will be over and above that.”
Creta: Creta domestic volume seen around 170,000 this year
Tarun Garg · Managing Director and Chief Executive Officer · Q&A · p. 9
Creta: Creta domestic volume seen around 170,000 this year
“We have already calculated probably this year, we would be somewhere around 170,000.”
CNG, EV and hybrid expected to share green portfolio about equally
Tarun Garg · Managing Director and Chief Executive Officer · Q&A · p. 11
CNG, EV and hybrid expected to share green portfolio about equally
“I would say equal, equal, equal, plus/minus 2% here and there, is what my expectation is.”
EV: Company aims for EV penetration above industry in 2030
Tarun Garg · Managing Director and Chief Executive Officer · p. 11
EV: Company aims for EV penetration above industry in 2030
“So, I think all these 3 factors combined should help us to have our EV penetration higher than the industry in 2030.”
exports: New Venue export volumes expected to at least double this calendar year
K.S. Hariharan · Head · p. 6
exports: New Venue export volumes expected to at least double this calendar year
“Just to give you some examples, if you see the new Venue, we are expecting at least to double the volumes in this calendar year, as compared to last year.”
Demand
EV: Industry EV share about 6% to 6.5% this year, maybe 7% to 7.5% later
Tarun Garg · Managing Director and Chief Executive Officer · Q&A · p. 10
EV: Industry EV share about 6% to 6.5% this year, maybe 7% to 7.5% later
“So, industry contribution is this year about 6% - 6.5%. Maybe it will be 7% - 7.5% going forward.”
exports: Of 50 interested countries for Bayon, about 34 in Latin America
Tarun Garg · Managing Director and Chief Executive Officer · p. 9
exports: Of 50 interested countries for Bayon, about 34 in Latin America
“If you see, we have already mentioned that 50 countries have already shown interest. About 34 of them are in the Latin America and about 14 - 15 in the Middle East, some in the Asia Pacific.”
Bayon: Bayon initial waiting period 2 to 6 months by variant
Tarun Garg · Managing Director and Chief Executive Officer · p. 8
Bayon: Bayon initial waiting period 2 to 6 months by variant
“Of course, the initial waiting period is depending on variants going from 2 months to 6 months.”
domestic: Sales up 31% over Shradh plus Navratri, 75% in Onam
Tarun Garg · Managing Director and Chief Executive Officer · p. 8
domestic: Sales up 31% over Shradh plus Navratri, 75% in Onam
“But Shradh plus Navratri, HMI was up 31%. Even Onam also was 75%.”
rural: Rural demand seen continuing to outpace urban
Tarun Garg · Managing Director and Chief Executive Officer · p. 8
rural: Rural demand seen continuing to outpace urban
“So, things are looking very good, and I still believe that rural will continue to outpace urban even going ahead.”
Margins and costs
exports: Export margins much higher than domestic margins
Tarun Garg · Managing Director and Chief Executive Officer · p. 12
exports: Export margins much higher than domestic margins
“As you know, export margins are much, much higher than the domestic margins, and that really helps us to improve our margins.”
September price increase to reflect across the whole of H2
Tarun Garg · Managing Director and Chief Executive Officer · p. 12
September price increase to reflect across the whole of H2
“Number 4, in September, we had a price increase. So, that will reflect on the entire H2.”
EV: Battery packs and power electronics localised for the new EV
Tarun Garg · Managing Director and Chief Executive Officer · p. 10
EV: Battery packs and power electronics localised for the new EV
“Like I mentioned, we have already done a good level of localization in battery packs already, even the power electronics, ICCU, even before the launch, we would have localized,”
Commodity impact about 400 bps YoY and 250 bps QoQ in Q2
K.S. Hariharan · Head · p. 7
Commodity impact about 400 bps YoY and 250 bps QoQ in Q2
“So, year-on-year, we have seen roughly around 400 basis points of commodity impact. Sequentially, the impact was around 250 basis points.”
Q3 raw material basket seen flat or slightly lower sequentially
Tarun Garg · Managing Director and Chief Executive Officer · Q&A · p. 13
Q3 raw material basket seen flat or slightly lower sequentially
“So, net-net, frankly speaking, it should be either flat or maybe slightly on the negative side only, on a sequential basis.”
Acquisitions and new business
EV: Dedicated mass-market EV to launch in Q4 FY27
Tarun Garg · Managing Director and Chief Executive Officer · p. 3
EV: Dedicated mass-market EV to launch in Q4 FY27
“Building on this momentum, we are fully geared up for the launch of our dedicated mass-market EV in Q4 FY27.”
EV: EV launch timed for January or February 2027
Tarun Garg · Managing Director and Chief Executive Officer · Q&A · p. 6
EV: EV launch timed for January or February 2027
“Regarding the launch of the EV, it will be early of next calendar year. So, January or February '27.”
EV: New EV is a dedicated, base-up EV in sub-4-metre compact SUV segment
Tarun Garg · Managing Director and Chief Executive Officer · p. 10
EV: New EV is a dedicated, base-up EV in sub-4-metre compact SUV segment
“Number 2, like we mentioned, it is in the less than 4-meter compact SUV segment, the Venue segment. However, it is not going to be like a Venue-derived EV. It is going to be a dedicated EV, a base-up EV, which has been designed keeping India in mind.”
exports: Bayon exports to start in Q4, aimed at 50-plus countries
K.S. Hariharan · Head · p. 6
exports: Bayon exports to start in Q4, aimed at 50-plus countries
“Also, we are planning to start exports of Bayon in Q4 and going forward, we are looking at exporting to 50-plus countries.”
Bayon: Bayon CNG to launch in January
Tarun Garg · Managing Director and Chief Executive Officer · p. 9
Bayon: Bayon CNG to launch in January
“We are also going to launch Bayon CNG in January.”
One-offs
Operations restored within 22 days after last quarter's production disruption
Tarun Garg · Managing Director and Chief Executive Officer · p. 2
Operations restored within 22 days after last quarter's production disruption
“Now moving to quarterly business performance, I would like to highlight that following the production disruption last quarter, we restored operations back to normalcy within just 22 days, reflecting our operational agility and resilience.”
Risks
exports: Worsening geopolitical situation has hit original export plans to some extent
Tarun Garg · Managing Director and Chief Executive Officer · p. 3
exports: Worsening geopolitical situation has hit original export plans to some extent
“Looking ahead, the worsening geopolitical situation has impacted our original plans to some extent. However, we are making every effort to minimize the impact.”
Middle East: Middle East logistics issues continue; alternate routes and ports explored
K.S. Hariharan · Head · p. 6
Middle East: Middle East logistics issues continue; alternate routes and ports explored
“We are looking at alternate routes. We are looking at different ports.”
If raw material does not fall, industry may need a high price increase
Tarun Garg · Managing Director and Chief Executive Officer · p. 8
If raw material does not fall, industry may need a high price increase
“Because the way things are, I mean, if the raw material does not go down, then possibly industry will have to take a very high price increase, which can affect the demand.”
Safeguard duty impact on steel so far small due to localisation
Tarun Garg · Managing Director and Chief Executive Officer · Q&A · p. 14
Safeguard duty impact on steel so far small due to localisation
“And hardly, the impact so far on the safeguard duty is not much because we have localized big time in the last 3 to 4 years on steel especially.”
Company says it is well positioned to comply with CAFE-III norms
Tarun Garg · Managing Director and Chief Executive Officer · p. 3
Company says it is well positioned to comply with CAFE-III norms
“We remain well positioned to comply with CAFE-III norms, while continuing to offer customers a wide range of mobility solutions.”
Other
EV: Creta has provisional PLI compliance certificate; final certificate awaited
Tarun Garg · Managing Director and Chief Executive Officer · Q&A · p. 10
EV: Creta has provisional PLI compliance certificate; final certificate awaited
“Right. So, like I mentioned, Creta, we have already got a provisional PLI compliance certificate. We are just waiting for the final certificate.”
Q2 FY27 revenue Rs 206,961 million vs Rs 174,608 million
K.S. Hariharan · Head · p. 4
Q2 FY27 revenue Rs 206,961 million vs Rs 174,608 million
“Revenue from operations in Q2FY27 stood at ₹206,961 Million, as against ₹174,608 Million in the corresponding quarter.”
Q2 PAT Rs 11,962 million vs Rs 15,723 million
K.S. Hariharan · Head · p. 5
Q2 PAT Rs 11,962 million vs Rs 15,723 million
“PAT for the quarter was ₹11,962 Million as against ₹15,723 Million in the corresponding quarter.”
Q2 total sales 219,072 units, up 14.7% year-on-year
K.S. Hariharan · Head · p. 4
Q2 total sales 219,072 units, up 14.7% year-on-year
“We achieved total sales of 219,072 units in Q2 FY27, compared to 190,921 units in the corresponding quarter, growth of 14.7% year-on-year.”
domestic: Domestic Q2 FY27 volumes grew 19% both QoQ and YoY
Tarun Garg · Managing Director and Chief Executive Officer · p. 3
domestic: Domestic Q2 FY27 volumes grew 19% both QoQ and YoY
“Our domestic Q2 FY27 volumes grew by 19% both QoQ and YoY supported by robust consumer demand and our strategic on-ground actions.”
Sources
- Earnings call transcript, Q2 FY27 Filed 3 Nov 2026 · 14 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.