Hyundai Motor India Ltd Q2 FY27 Results Analysis: PAT Falls 24%, Revenue Hits Record
Hyundai Motor India Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 20,696.06 Cr (+18.53% YoY) and PAT growth of -23.92% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 28, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 20,696.06 Cr (+18.53% YoY) |
| PAT (Q2) | Rs. 1,196.16 Cr (-23.92% YoY) |
| EBITDA margin | 9.54% (-437 bps YoY) |
| EPS (Q2) | Rs. 14.72 (-23.93% YoY) |
| Market cap | Rs. 156,934.17 Cr |
| CMP | Rs. 1,931.40 |
Quarter Snapshot
Revenue hit a post-listing record of Rs.20,696.06 Cr (+18.53% YoY) on 219,072 units with domestic volumes ahead of the 8-10% guidance, and EBITDA/PAT recovered 30.61%/34.61% QoQ as promised. However, EBITDA margin of 9.54% missed the FY27 guided band of 11-14% by 146 bps, with PAT down 23.92% YoY on commodity pressure, a Rs.507 Cr inventory-build swing, and export growth of only 3.7% vs guidance. Reaching even the low end of the margin band in H2 rates as a stretch given Pune ramp costs and copper/DRAM headwinds.
Key Investment Insights
Key Positives
- Revenue of Rs.20,696.06 Cr grew 18.53% YoY and 26.70% QoQ, the strongest quarter since listing
- Total volumes of 219,072 units grew 14.74% YoY; domestic volumes of 165,772 units grew 18.82% YoY, ahead of the 8-10% FY27 guidance
- EBITDA recovered 30.61% QoQ to Rs.1,974.48 Cr and PAT 34.61% QoQ, confirming management's promised Q2 recovery on 100% production normalization
- Exports recovered to ~53,300 units (+3.7% YoY) from -19.7% YoY in Q1 FY27 despite August West Asia logistics constraints
- D&A fell to 2.68% of revenue from 3.41% in Q1 FY27, showing operating leverage from volume recovery
- Net cash of Rs.7,108.82 Cr with gross borrowings of only Rs.536.50 Cr; net worth grew to Rs.20,374.66 Cr despite Rs.1,706.34 Cr dividend outflow
- CWIP rose Rs.1,950.74 Cr since Mar-26 as the Pune/Chennai capex ramp is underway, tracking the ~Rs.7,500 Cr FY27 capex plan
Risk Factors
- EBITDA margin of 9.54% missed the FY27 guided band of 11-14% by 146 bps at the low end; H2 needs ~12.6-18.6% margin to reach the band
- PAT declined 23.92% YoY to Rs.1,196.16 Cr despite 18.53% revenue growth
- Materials cost block at 73.77% of revenue, up 362 bps YoY and 116 bps QoQ — commodity pressure deepened sequentially
- Inventory build of Rs.526.36 Cr (vs Rs.19.77 Cr a year ago) created a ~Rs.507 Cr adverse YoY swing, ~245 bps of margin
- Exports grew only 3.7% YoY vs the 8-10% guidance, exposed to West Asia/Hormuz logistics disruption
- ELV/EPR 2025 scrappage obligation remains unprovisioned and unquantified; Pune ramp-up costs (~100 bps margin drag) and memory-chip cost risk are embedded but unquantified
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.