Hyundai Motor India Achieves Record Q4 Domestic Sales of 1,66,578 Units

Hyundai Motor India Limited (HMIL) has delivered exceptional performance in Q4 FY26, achieving its highest-ever quarterly domestic sales of 1,66,578 units with a robust 8.5% year-on-year growth. The company also set a new record for March domestic sales, demonstrating strong momentum in the Indian automotive market.

Q4 FY26 Performance Highlights

HMIL recorded comprehensive growth across all sales segments during the quarter ending March 2026. The company's total quarterly sales reached 2,08,275 units, representing an 8.7% year-on-year increase.

Sales Category:	Q4 FY26 Units	YoY Growth (%)
Total Q4 Sales:	2,08,275	+8.70%
Domestic Q4 Sales:	1,66,578	+8.50%
Export Q4 Sales:	41,697	+9.40%

March 2026 Sales Achievement

The company concluded the quarter with strong March performance, achieving total monthly sales of 69,004 units with 2.5% year-on-year growth. Notably, HMIL recorded its highest-ever domestic sales for any March month at 55,064 units, marking a significant 6.3% year-on-year increase.

March Sales Metric:	March 2026	YoY Growth (%)
Total March Sales:	69,004	+2.50%
Domestic March Sales:	55,064	+6.30%
Export March Sales:	13,940	-

Management Outlook

Commenting on the sales results, Mr. Tarun Garg, MD & CEO of HMIL, expressed confidence in sustaining growth momentum with upcoming product interventions including the recently upgraded Hyundai VERNA and EXTER. The management remains optimistic about FY27 performance while staying mindful of prevailing geopolitical uncertainties.

Record-Breaking Performance

The Q4 FY26 domestic sales figure of 1,66,578 units represents HMIL's highest-ever quarterly domestic sales tally since the company's inception. This achievement, combined with the record March domestic sales performance, positions the company favorably for continued growth in the competitive Indian automotive landscape.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.17%	-10.29%	-21.26%	-33.34%	+0.65%	-7.05%

Hyundai Motor India continues to attract positive analyst attention despite recent target price adjustments. CLSA has maintained its Outperform rating on the company while revising the target price to Rs 2652, down from the previous Rs 2853.

Analyst Rating Updates

CLSA's revised assessment reflects a more cautious near-term outlook while maintaining confidence in the company's long-term prospects. The brokerage has implemented earnings cuts for FY27/28, reducing EPS estimates by 5-8%.

Rating Details	Current	Previous
CLSA Rating	Outperform	Outperform
Target Price	Rs 2652	Rs 2853
EPS Cut FY27/28	5-8%	-

Broader Industry Context

The earnings moderation at Hyundai Motor India is part of a wider trend affecting original equipment manufacturers (OEMs) in the automotive sector. CLSA's cuts of 3-13% across broader OEM coverage indicate industry-wide adjustments to earnings expectations.

Market Dynamics and Growth Trends

Despite the revised targets, the passenger vehicle segment continues to demonstrate strong momentum, particularly driven by SUV sales. This trend highlights the shifting consumer preferences towards sport utility vehicles, which have become a key growth driver for the automotive industry.

Segment	Performance
SUV Sales	Strong growth momentum
Car Sales	Lagging performance
Two-Wheeler Demand	Broad-based growth
Scooter Segment	Leading demand driver

Investment Perspective

While CLSA has reduced its target price, the maintained Outperform rating suggests continued confidence in the company's strategic positioning. The near-term earnings moderation appears to be a sector-wide phenomenon rather than company-specific challenges, with the positive stance reflecting the underlying strength of the SUV-led growth trend and recovering two-wheeler demand in the automotive sector.