Hyundai India beats profit view, set to surpass FY26 export targets

Hyundai Motor India posted a stronger-than-expected second-quarter profit on Thursday, driven by robust overseas demand, and said it is on track to exceed its export targets for the fiscal year 2026. The Indian unit of South Korea’s Hyundai Motor reported a 14.3% climb in consolidated profit to 15.72 billion rupees (nearly $179 million) for the quarter ended September 30, beating analysts’ estimates of 14.95 billion rupees, per data compiled by LSEG. The company’s shares rose 2% after the earnings announcement. Hyundai continued to face pressure from slowing domestic demand in India, mirroring a broader industry trend that has seen carmakers post single-digit profit growth over the past five quarters. However, a government tax cut, which was effective September-end, is expected to revive demand across board. Exports remained a bright spot. The carmaker, India’s second-largest car exporter, reported a 21.5% rise in overseas shipments. “Our strong export performance is set to surpass targets for FY26,” Unsoo Kim, its managing director, said in a statement. The carmaker had targetted an export growth of 7% to 8% for the fiscal year, with Middle East and Africa being some of its top markets. Toyota steps up India expansion with new SUVs, rural push as profit surges The company, India’s third-largest automaker, plans to make the country its global export hub, targeting 30% of local production for overseas markets by 2030. Analysts say Hyundai India’s growing dependence on its top-selling Creta SUV has left it vulnerable in the domestic market, where rivals such as Mahindra have gained ground. SUVs, which typically carry higher margins, accounted for 71% of Hyundai’s total sales volumes in the quarter, up from 69% a year ago. Earlier this month, it announced a $5 billion investment plan over five years, aimed at expanding its India portfolio with hybrid models, electric vehicles, and the launch of its luxury brand Genesis.