Analysts expect the South Korean carmaker’s performance in the September quarter (Q2 FY26) to reflect a mixed trend — softer domestic volumes offset by stronger exports, a richer product mix, and operating efficiency gains.
Kotak Institutional Equities expects Hyundai’s revenue to grow around 3% YoY, driven by a 1% decline in volumes but a 3–4% increase in average selling prices (ASPs), aided by higher SUV sales and an improved geographic mix. The brokerage projects EBITDA margins to expand by 100 basis points to 13.8%, supported by cost-control measures and a better product mix, partially offset by higher discounts and marketing spends.
Motilal Oswal Financial Services also expects margin improvement despite sluggish domestic demand. It estimates a 0.5% YoY decline in overall volumes, though exports provided a boost — with their share in total sales rising to 27% from 22% last year. A strong contribution from SUVs such as the Creta and Venue is expected to support profitability. Motilal pegs Hyundai’s EBITDA margin at 13.5%, up 70 bps YoY, driven by product mix gains and export momentum.
Nuvama Institutional Equities expects revenue to rise modestly in low single digits, supported by a favourable product mix and a weaker rupee. The brokerage also foresees slight margin expansion, aided by Tamil Nadu state incentives and greater localisation benefits. However, it cautions that near-term demand trends and new product launch timelines will be key factors to watch.
Overall, the consensus view points to Hyundai maintaining profitability despite subdued volume growth and intensifying competition in the domestic passenger vehicle segment. The increasing share of high-margin SUVs and rising export contribution continue to act as key buffers against price discounting and higher marketing expenses.