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The market expects Hyundai Motor India to carry on much as it has.
At today’s share price, buyers are assuming Hyundai Motor India grows about 10% a year, forever. Over the last ten years it actually grew about 8% a year. The two are close, so the share price does not need the business to improve or to stumble. It needs it to keep doing roughly what it already does.
- How it is valued: Discounted cash flow.
- What the price assumes: 10% growth, against 8% the model takes from its own record.
- Ten-year record: Between FY2022 and FY2026, Hyundai Motor India's revenue went from ₹47,378 crore to ₹70,763 crore — it compounded at about 11% a year over 4 years.
- Biggest swing factor: SUV demand. Main risk: Competition.
01India's number-two carmaker
Hyundai Motor India, the Indian subsidiary of South Korea's Hyundai Motor Company, makes the Creta, Venue, Exter, i20 and Verna at its Chennai plant and exports to markets in Africa, Latin America and the Middle East.
It listed in October 2024, with the parent selling part of its stake. A second plant at Talegaon near Pune, bought from General Motors, adds capacity.
02What the market is assuming
Work backwards from today's share price and you can see what buyers are quietly taking for granted. Here is the growth that price implies for Hyundai Motor India, next to what the model assumes from the company's own record.
The further apart these two numbers are, the bigger the bet a buyer at today's price is making.
03Hyundai Motor India's record, in plain numbers
Between FY2022 and FY2026, Hyundai Motor India's revenue went from ₹47,378 crore to ₹70,763 crore — it compounded at about 11% a year over 4 years. Net profit grew from ₹2,902 crore to ₹5,432 crore, about 17% a year — faster than revenue, so margins widened. In FY2026 it kept 7.7% of revenue as net profit — against a low of 6.1% in FY2022 and a high of 8.7% in FY2024. The latest year added 2.3% to revenue, well behind its own long-run pace.
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
Revenue and net profit by year (₹ crore)
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2022 | 47,378 | 2,902 | 6.1% |
| FY2023 | 60,308 | 4,709 | 7.8% |
| FY2024 | 69,829 | 6,060 | 8.7% |
| FY2025 | 69,193 | 5,640 | 8.2% |
| FY2026 | 70,763 | 5,432 | 7.7% |
04How Hyundai Motor India gets valued — and why
Discounted cash flowThis business is valued on the cash it is expected to generate, discounted back at its cost of capital — with growth taken from its own ten-year record rather than from guidance.
05What decides Hyundai Motor India's value
SUV demand
The Creta and Venue drive most profit.
New capacity
Talegaon allows growth without straining Chennai.
Exports
India is a production hub for Hyundai's emerging markets.
EVs
Electric models will need to win share.
06What could go wrong
- Competition. Maruti, Tata and Mahindra are all fighting for SUV buyers.
- Royalty. Payments to the Korean parent affect margins.
- Market share. Hyundai has lost ground to Mahindra and Tata in recent years.
07What the full Hyundai Motor India valuation shows
Sign in free to see the complete Hyundai Motor India valuation
- ✓Fair value per share — from a ten-year discounted cash flow, every step shown
- ✓The Workbench — change revenue growth, the discount rate or terminal growth and watch Hyundai's value move
- ✓Bull, base and bear cases — and exactly which assumptions move between them
- ✓Peer comparison — against Maruti Suzuki, Mahindra & Mahindra and Tata Motors
- ✓Downloadable report — the full write-up, yours to keep
08Questions people ask about Hyundai Motor India
When did Hyundai Motor India list?
In October 2024.
What is Hyundai's best-selling car in India?
The Creta SUV has been its biggest seller.
Hyundai or Maruti — which is better value?
The two largest carmakers are compared side by side on their own page.
Is Hyundai Motor India overvalued?
At ₹2,076 the market is pricing in roughly 10% sustained growth, against the ~8% its own record supports. That is more than it has delivered, so the price is justified only if the business can hold a rate it has not previously sustained.
What is the intrinsic value of Hyundai Motor India?
It is computed from the filed financial statements using the method that fits this business (discounted cash flow), with every assumption shown alongside the result. The per-share figure and the full working are in the report.
How much debt does Hyundai Motor India carry?
Debt to equity stands at 0.02, down from 0.05 at the start of the period — the balance sheet is a core input to the cost of capital used here.