Whalesbook
Toh hua yun ki Hyundai Motor India ne apna Q4FY26 ka results nikala hai, aur scene thoda mixed hai. Revenue toh badh raha hai, 5.4% tak upar gaya hai, kyunki gaadiyon ki sales volume 8.7% badhi hai. But paisa banane mein thodi dikkat ho rahi hai, yaar. Inke EBITDA margins seedha 370 basis points neeche gir gaye hain aur ab 10.4% par aa gaye hain. Iske peeche kaafi reasons hain – sabse pehle toh raw materials ke daam badh gaye hain, upar se naye plant ke startup costs bhi aa rahe hain, aur company ne kam profitable waali gaadiyan zyada bechi hain. Average revenue per vehicle bhi 3% kam hua hai. Haalanki, discount kam kiye hain, jo ki ek achhi baat hai (1.9% of average selling price).
Ab export ki baat karte hain. Middle East mein jo geopolitical issues chal rahe hain, uski wajah se Hyundai ki exports, especially March 2026 mein, kaafi disrupt hui hain. Shipping costs bhi badh gaye hain aur demand bhi kam hui hai. Isliye, company ab Latin America aur Mexico jaisi jagahon par zyada shipments bhej rahi hai.
Market mein competition bhi tagda hai. Hyundai India ka market share lagbhag 16-17% hai, jabki Maruti Suzuki 40% se zyada share lekar baitha hai. Analysts ko isiliye Maruti Suzuki zyada pasand hai, kyunki unka market leadership aur consistent profits hain. Valuation ki baat karein toh, Hyundai ka P/E ratio lagbhag 23.5x hai, jabki Maruti ka 28x hai. Tata Motors ka 18x hai.
Aage ke liye kya plan hai? Company ne FY27 ke liye ₹7,500 crore ka Capex decide kiya hai, mainly naye products aur plant upgrade ke liye. Naya Pune plant chalne lagega toh capacity badhegi, lekin uske startup costs earnings par short term mein impact karenge. Company FY27 mein EBITDA margins ko 11% se 14% ke beech dekh rahi hai, aur sales volume 8-10% grow hone ki ummeed hai. FY27 mein ek naya ICE mid-size SUV aur ek EV compact SUV bhi launch hone wala hai. Lekin sabse badi tension hai commodity inflation ki, jo margins ko daba sakta hai.
Overall, Hyundai India achha perform kar raha hai sales mein, par profit margins aur export challenges ko manage karna padega. Analysts abhi bhi Maruti Suzuki ko zyada prefer kar rahe hain.