BOB Capital starts Hyundai Motors India with 'buy'

Hyundai Motor India

25/03/2026 04:45

** BOB Capital initiates coverage on Hyundai Motor India HYUN.NS with "Buy", PT of 2,287 rupees

** Says Pune plant's capacity expansion positions co for volume growth, supporting its premiumisation strategy, with SUVs accounting for ~70% of domestic sales

** Adds co emerging as key export hub for parent Hyundai Motor 005380.KS; 30% export-share target offers hedge during domestic slowdowns, supports margins

** Notes co's planned ~450 bln-rupee ($4.79 bln) capex over FY26-FY30 for R&D, capacity expansion expected to lift production capacity to 1.1 million units by FY28

** Believes GM India manufacturing plant acquisition adds flexibility for 26 launches, helping diversification, supporting volume growth without margin erosion

** HYUN up 1.3%; Nifty Auto .NIFTYAUTO index up 2.2%

($1 = 93.9210 Indian rupees)

 (Reporting by Mridula Kumar in Bengaluru)

 ((Mridula.Kumar@thomsonreuters.com;))