JPMorgan has initiated coverage on Hyundai Motor India (HMI) with an Overweight (OW) rating and a target price of ₹2,200, citing its premium portfolio and strategic advantages. Hyundai’s 68% SUV mix drives higher per-unit profitability, while its focus on capex efficiency and utilization supports industry-leading ROCE of 80-90%.
The brokerage anticipates market share gains in 2HFY26, aided by new capacity and models. Hyundai’s 20% export contribution acts as a buffer against domestic cyclicality, enhancing its resilience. Although JPMorgan expects the domestic passenger vehicle (PV) industry growth to remain muted in the short term, a cyclical recovery is projected to begin in 2HFY26, positioning Hyundai well for future growth.
