Shares of Hyundai Motor India Limited could fall sharply, with a correction of over 26 per cent expected, analysts say. InCred Equities has maintained a “Reduce” rating on the stock with a target price of Rs 2,023 per share.
The brokerage noted that the recent GST reduction is unlikely to significantly boost Hyundai’s sales. High dependence on large SUVs, exports, and parts, which make up 70 per cent of revenue, may limit the benefit from tax changes.
Hyundai’s total sales declined by 4.23 per cent in August, with domestic sales dropping to 44,001 units from 49,525 units a year ago. Exports grew 21 per cent to 16,500 units, supporting overall performance. The company aims to strengthen India as its largest export hub outside South Korea.
Consolidated net profit for Q1 FY26 fell 8 per cent year-on-year to Rs 1,369.23 crore. While Hyundai continues expanding globally and supporting government initiatives like Make in India, near-term stock performance may remain under pressure.
