Brokerages remain upbeat on Hyundai Motor India Ltd (HMIL) following its FY30 roadmap unveiled at the Annual Investor Day 2025, projecting robust growth driven by new launches, hybrid and EV expansion, and aggressive localisation plans.
Nomura, Motilal Oswal Financial Services (MOFSL) and Nuvama Institutional Equities have reiterated their ‘Buy’ ratings on the stock, with target prices implying an upside potential of up to 32 per cent from Wednesday’s close of Rs 2,420.
Nomura: Buy | Target Price Rs 2,846 | Upside 17.6%
Nomura said HMIL is “aiming for ahead-of-industry growth till FY30”, driven by expansion across MPVs, SUVs, CNG and hybrids. The company guided for a 7 per cent CAGR in domestic volumes between FY25E and FY30E, outpacing the industry’s 5 per cent growth. Market share is expected to rise to 15 per cent from 13.9 per cent in FY25.
Hyundai plans seven new nameplates, including MPVs and off-road SUVs, with a diversified FY30 portfolio of eight hybrids, five EVs, six CNG and 13 ICE models. Revenue is projected to exceed Rs 1 lakh crore by FY30, from Rs 69,200 crore in FY25, supported by higher exports and a richer product mix. EBITDA margins are expected to remain in the 11-14 per cent range, aided by localisation and premiumisation.
Nomura sees scope for further margin improvement, projecting FY26-28F EBITDA margins at 13.6-15 per cent. It values the stock at 26x FY27-28F EPS, maintaining a target price of Rs 2,846. The brokerage highlighted the planned launch of the luxury Genesis brand in 2027 as a potential re-rating trigger.
Motilal Oswal: Buy | Target Price Rs 2,979 | Upside 23%
MOFSL said HMIL’s Rs 45,000 crore investment plan for FY26-30 will focus 60 per cent on R&D and 40 per cent on capacity expansion and modernisation. The company targets 26 new models by 2030, including five EVs, with 52 per cent of its mix being eco-friendly powertrains.
Hyundai plans to achieve 100 per cent localisation in EV manufacturing by 2027 and make India a global hub for EV operations. Exports are expected to form 30 per cent of total production by 2030. MOFSL projects a FY25-28E CAGR of 10 per cent in volumes, 15 per cent in EBITDA and 16 per cent in PAT. It values the stock at 30x September 2027E EPS.
Nuvama Institutional Equities: Buy | Target Price Rs 3,200 | Upside 32%
Nuvama said Hyundai’s strong product pipeline and focus on hybrids and EVs will support sustained growth. The company targets 7 per cent domestic volume CAGR and expects exports to reach 30 per cent of output by FY30. Local sourcing is seen rising to 90 per cent in ICE models.
The brokerage maintained its ‘Buy’ rating with a target price of Rs 3,200, valuing the stock at 33x September 2027E core EPS.