Hyundai Motor India, the country's second-largest passenger vehicle maker, heads into its Q2 FY27 print with the central question being whether EBITDA margins recover from Q1's 9.3% toward the guided 11–14% band as production normalises. The quarter will speak to record July–September volumes of 219,072 units, the pace of export recovery amid Strait of Hormuz disruption, and cost absorption at the newly inaugurated Pune plant.
| Results date | October 28, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 16,334.6 Cr |
| Previous quarter PAT | Rs. 888.6 Cr |
| Previous quarter EBITDA margin | 9.3% |
| Market cap | Rs. 151,603.94 Cr |
| CMP | Rs. 1,865.8 |
The Board will meet on October 28, 2026 to approve un-audited standalone and consolidated results for the quarter and half-year ended September 30, 2026. The trading window for designated persons has been closed from October 1 until 48 hours after the results.
A conference call to discuss the Q2 FY27 results is scheduled for October 28, 2026 at 4:30 PM IST. No unpublished price-sensitive information will be shared, and the investor presentation will be filed before the call.
The key question this quarter is whether EBITDA margin re-enters the reaffirmed FY27 guided band of 11–14% after Q1's 9.3% print, with management having said recovery gains pace from Q2 onwards on 100% production normalization. Volume momentum supports that case: July (75,360 units) and September (77,916 units) were all-time monthly sales records, domestic dispatches grew 23.3% and 10.9% YoY in July and September respectively, and quarterly exports recovered to roughly 53,300 units from Q1's 38,708 — above the ~48,000-unit level management had indicated. The commodity bridge is mixed: copper hit a record $14,737/t in September and DRAM prices surged, continuing headwinds, while platinum and palladium fell sharply from early-2026 records, reversing the precious-metals leg of Q1's ~100 bps commodity impact. The Pune ramp remains a drag, with costs 20–25% higher than Chennai translating to a ~100 bps margin impact persisting at least a year, though third-shift operations from October 2026 advance the capacity ramp by two years. The export growth guide of 8–10% is the one most exposed, given the October re-escalation of attacks in the Strait of Hormuz after August exports had already dipped to 11,400 units on West Asia logistics constraints.
EBITDA margin vs 11–14% FY27 guidance: Q1 FY27 printed 9.3%, and the Q2 print is the first test of management's statement that recovery gains pace from Q2 onwards.
Volume and export recovery vs 8–10% FY27 guidance
Pune third shift and festive-season launches
Pricing, discounts and Chennai utilization
Regulatory follow-ups
Management attributed the 9.3% margin to a production disruption that hit high-margin model volumes, the West Asia conflict impacting exports, and commodity cost pressures of about 100 bps quarter-on-quarter. These were partly offset by a favorable exchange rate and calibrated pricing.
Management reaffirmed the 11–14% FY27 EBITDA margin guidance at Q1 FY27, even though the Q1 print of 9.3% sits below the band. Recovery is conditioned on volume recovery, plant utilization, cost optimization and pricing actions.
A June 2026 fire at a supplier facility temporarily hit production, costing 13,900 units — mostly Creta. Management said most of the lost volume was recovered in July.
Discounts were 2.8% of ASP in Q1 FY27, up from the 1.9% low of Q4 FY26 but below the 3.4% of Q1 FY26. Management has kept discounts below the industry average and refrained from matching competitor price cuts after GST 2.0.
Q1 FY27 consolidated revenue of Rs. 16,334.6 Cr was down 0.48% YoY, with PAT down 35.10% YoY. However, July and September 2026 were all-time monthly sales records, with July total sales up 25.4% YoY.