 "Hyundai India Q2 preview: Margins seen rising on richer mix, cost control")
Hyundai Motor India Q2 results preview: Hyundai Motor India’s Q2FY26 earnings are expected to show modest top-line growth but healthy margin expansion, supported by a favourable product mix, improved localisation, and cost-control measures in its September quarter results, scheduled to be announced on October 30, 2025.
While overall volumes may have dipped marginally, analysts anticipate that higher average selling prices (ASPs), currency benefits, and state government incentives will offset the weakness.
The company’s growing SUV share and focus on operational efficiency are seen sustaining profitability even as discounts and marketing spends rise.
Key monitorables for investors include demand trends post the GST rate cut, festive season momentum, and timelines for new launches.
On the bourses at 2:05 PM, Hyundai Motor India share price was trading 1.31 per cent higher at 2,302.50. By comparison, BSE Sensex was trading 0.48 per cent lower at 84,370.08 levels. ALSO READ | Swiggy Q2 Results Preview: Instamart may drive rev growth; losses remain elevated
Meanwhile, here’s what brokerages expect:
Nomura: Nomura expects a ~1 per cent Y-o-Y decline in revenue, led by a similar drop in volumes. However, Ebitda margin is likely to rise ~30 bps sequentially to ~13.6 per cent on cost management and richer mix. Analysts estimate revenue up 2 per cent Y-o-Y to ₹17,619.4 crore, Ebitda up 9 per cent Y-o-Y to ₹2,396.2 crore, net profit up 12 per cent Y-o-Y to ₹1,543.6 crore, and Ebitda margin at 13.6 per cent.
Nuvama Institutional Equities: Those at Nuvama predict low single-digit revenue growth supported by a better product mix and rupee depreciation on a Y-o-Y basis. Ebitda margin is seen slightly improving, aided by Tamil Nadu government incentives and increased localisation. It highlights demand outlook and new product timelines as key watch factors. Nuvama projects revenue up 2 per cent Y-o-Y to ₹17,612.6 crore, Ebitda up 9 per cent Y-o-Y to ₹2,410.8 crore, and adjusted PAT up 13 per cent Y-o-Y to ₹1,556.8 crore.
Kotak Institutional Equities: Kotak Institutional Equities analysts expect revenues to rise 3 per cent Y-o-Y, driven by a 1 per cent decline in volumes and a 3-4 per cent increase in ASPs due to a richer product and geographical mix, partly offset by higher discounts. Ebitda margin is expected to expand by 100 bps Y-o-Y to 13.8 per cent, supported by cost control and improved mix, though higher discounts and marketing spends remain headwinds. Kotak forecasts revenue up 2.9 per cent Y-o-Y to ₹17,761.9 crore, Ebitda up 11.3 per cent to ₹2,454.8 crore, adjusted PAT up 15.3 per cent Y-o-Y to ₹1,369.2 crore, and margin at 13.8 per cent.
InCred Equities: Analysts at InCred Equities forecast Hyundai to deliver an Ebitda beat versus Bloomberg consensus, driven by robust dispatches and a favourable product mix. The brokerage expects revenue to rise 5.8 per cent Y-o-Y to ₹19,092.1 crore, Ebitda up 6 per cent Y-o-Y to ₹2,316.6 crore, and adjusted PAT up 6.7 per cent Y-o-Y to ₹1,461.3 crore.