The auto space is buzzing with action. However, it’s not just about festive sales ahead of Diwali. The Hyundai Motor India share price is in focus after the company unveiled its FY30 roadmap. Between FY26-FY30, the company plans a total investment of Rs 45,000 crore. Brokerages have given a thumbs-up to the company’s expansion plans and reiterated Buy. Most see 20% plus upside potential for the stock going forward. 

The management has given a margin growth guidance of 11-14% during this period and is looking at a 20-40% dividend payout over the next 5 years. Not just that, Hyundai Motor India is also planning to launch 26 new models by 2030, with 52% of its mix featuring eco-friendly powertrains such as EVs, hybrids, and CNG.

Motilal Oswal on Hyundai Motor: Buy

Motilal Oswal has reiterated the Buy rating on Hyundai Motor India with a target of Rs 2979. This implies an upside of nearly 23% from current levels. Hyundai Motor aims to achieve 100% localisation in EV manufacturing by 2027, positioning India as a key global hub for the company’s EV operations. Motilal Oswal sees it as a key factor supporting the Buy call along with the company’s expert targets. 

Hyundai Motor India aims for exports to constitute 30% of its total production by 2030. They are factoring it an annuallised profit growth of 16% between FY25-FY28 and are valuing the company at 30x September FY27 EPS estimates. 

Nomura on Hyundai: Buy 

Nomura also has a Buy rating on Hyundai Motor India with a target of Rs 2,846. This implies nearly 17% upside from current levels. Nomura believes that the strong product cycle will drive growth: “the SUVs and the premium segment would drive industry volume growth over the next five years.” They are factoring in 9% annualised domestic volume growth for Hyundai Motor India between FY25-FY28 Vs industry growth of 7% CAGR in the same period. 

According to them, rising SUV mix, new launches and the launch of the luxury brand Genesis are the key drivers. They expect the auto major’s “proven technical capabilities across Powertrains” will help to meet CAFE (Corporate Average Fuel Efficiency) norms with a multiple powertrain approach.

Nomura’s FY26-FY28 EBITDA margin estimates at 13.6-15% is slightly higher than what the company guided for at 11-14%. They believe “a rising mix of premium segments, lower discounts (post GST-cuts) and operating leverage could take margins higher”

That said, Nomura listed out that “lower EV margins and SUVs losing share to hatchbacks and entry-segment cars over the next five years” remain key risks.

Nuvama on Hyundai: Buy

Nuvama too has a Buy on the Korean automajor’s recently listed Indian arm. They have a target of Rs 3,200 per share based on 33x FY27 EPS estimates. This target implies nearly 34% upside from the current levels. 

According to Nuvama, “Over the past ten years, Hyundai Motor India’s success rate—ability to recover product development cost in four years—has been an industry-best 100%. This shall power steady growth given HMI’s robust pipeline of 26 new models and refreshes by FY30.”

They believe that the “robust pipeline of 26 models by FY30” is a key positive. Of the 26 models, “seven launches are new nameplates, six are full-model changes, six are derivatives, and the remaining seven are facelifts/product enhancements,” Nuvama added. The management is focusing on a multipowertrain strategy with a plan to have 13 ICE, five EV, eight Hybrid and six CNG models in FY30. The brokerage house pointed out that, “focus will be on clean powertrains, which will aid in meeting upcoming norms such as CAFÉ 3.”