Nomura has reiterated its buy rating on Hyundai, setting a target price of ₹2,472, which implies a 36% potential upside from the current market price (CMP) of ₹1,820.00. The company’s Q2 EBITDA margin came in largely in line with expectations, with Nomura noting that Hyundai managed to contain discounts despite a challenging environment.
Looking ahead, Nomura highlights that new capacity expansions are expected to drive growth in the coming year. The brokerage estimates a 17% compound annual growth rate (CAGR) in earnings over FY25-27, supported by Hyundai’s attractive valuation at 18 times its estimated FY27 price-to-earnings (P/E) ratio.
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