Hyundai Motor India (HYUNDAI) Q2 25/26 earnings summary

Executive summary

• Q2 and H1 FY26 saw strong financial performance with revenue up 1.2% year-over-year, EBITDA up 10.1%, and record SUV penetration at 71%, supported by GST 2.0 reforms, festive demand, and robust exports.

• Rural sales reached a record high of 23.6%, and exports grew 21.5% year-over-year, with notable growth in Middle East, Africa, and Mexico.

• Product launches and interventions, such as the new VENUE and expanded CNG offerings, drove portfolio vitality.

• The Pune plant commenced operations in October, supporting future growth and new product launches.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025.

Financial highlights

• Q2 FY26 consolidated revenue from operations was INR 174,608 million, up from INR 172,604 million in Q2 FY25; standalone revenue was INR 170,610 million, up from INR 168,762 million.

• EBITDA rose to INR 24,289 million (13.9% margin), up from INR 22,053 million (12.8% margin) year-over-year.

• PAT was INR 15,723 million (8.9% margin), compared to INR 13,755 million (7.9% margin) last year.

• Total Q2 sales were 190,921 vehicles, with domestic sales at 139,521 and exports up 21.5% year-over-year.

• Earnings per share (EPS) for the quarter stood at ₹19.32 (standalone) and ₹19.35 (consolidated).

Outlook and guidance

• Management expects to maintain industry growth pace domestically and exceed original export guidance for FY26, with continued demand momentum for SUVs and rural markets.

• Margin pressure anticipated in the near term due to incremental costs from the new Pune plant, but healthy margins expected as operations ramp up.

• Product innovation and technology upgrades, including connected and electric vehicles, remain a focus.