Hyundai Motor India has reported a steady December-quarter performance, with profit growth tracking ahead of a relatively flat domestic market, helped by a strong jump in exports.
Hyundai Motor India: The Q3FY26 Numbers
For Q3FY26, Hyundai Motor India said its net profit rose nearly 6% year-on-year to ₹1,234 crore, compared with ₹1,160 crore in Q3FY25 . Revenue increased by nearly 8% to ₹17,973 crore versus ₹16,648 crore a year earlier . EBITDA came in at ₹2,018 crore, up from ₹1,875 crore in the corresponding quarter.
EBITDA margin for the quarter was 11.2%, marginally lower than 11.3% reported in Q3FY25.
Exports did the heavy lifting
The export story stood out. Hyundai said exports grew 21% year-on-year, with Q3FY26 exports at 48,888 units compared with 40,386 units in Q3FY25.
Domestic sales, however, were almost flat, up just 0.4%, at 1,46,548 units versus 1,46,022 units a year ago . The company said overall sales volumes grew on the back of “GST tailwinds” and healthy contributions from exports.
Cost trends: material costs eased, other expenses rose
On the cost side, Hyundai’s material cost ratio declined to 71.4% from 73.1% a year earlier . Employee costs rose to 3.9% from 3.6% . The finance cost ratio was unchanged at 0.2% , while the ratio of other expenses increased to 13.5% from 12%.
Management commentary: focus on mix and costs
Tarun Garg, MD & CEO, pointed to margin improvement on a year-to-date basis, saying EBITDA margins expanded to 12.8% versus 12.5% last year, driven by efforts to improve sales mix and cost control. He also said robust January 2026 sales numbers provide momentum towards “a healthy 2026”.
Balance sheet and per-share metrics
For the quarter ended December, the company’s net worth stood at ₹18,797 crore, up nearly 28% from ₹14,688 crore in Q3FY25 . Basic earnings per share rose to ₹15.19 from ₹14.29.
Stock reaction
Following the results, Hyundai Motor India shares closed at ₹2,202.8, up 1.5% from the previous close . The stock was down nearly 3% over the past month, while it delivered a return of nearly 23% over the past year.
Whether export momentum stays strong enough to offset a slow-and-steady domestic run-rate, especially as the company balances improving material costs against higher employee and other expense ratios.
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