Hyundai Motor India shares have experienced a decline of over 3% following their market debut. The stock was listed on the NSE and BSE at ₹1,934 and ₹1,931, respectively, reflecting a 1.3% drop from the issue price of ₹1,960. In other news, global brokerage Macquarie has given Hyundai Motor India an "outperform" rating as it begins coverage.
Brokerage Insights on Hyundai Motor India
Nomura has initiated a "Buy" rating with a target price of ₹2,472. They highlight the company's focus on style and technology, suggesting that ongoing premiumization will drive sustainable growth. The Indian car market still has significant potential, with a current penetration rate of just 36 cars per 1,000 people.
Nomura estimates an 8% volume compound annual growth rate (CAGR) for Hyundai from FY25 to FY27, supported by the launch of 7-8 new models, including facelifts. Additionally, they project that EBITDA margins will rise from 13.1% in FY24 to 14% by FY27, driven by an improved product mix, cost reductions, and operating efficiencies.