KOTAK SECURITIES ON HYUNDAI MOTOR ; REDUCE | TP ₹1,950 (EARLIER ₹2,000)

• Target Cut: Kotak Securities cuts target price to ₹1,950 from ₹2,000, maintaining Reduce rating. • Q2 EBITDA: In line with estimates, but operating margins remain under pressure. • Commodity Costs: Higher raw material prices weigh on profitability. • SUV & EV Launches: New product launches expected to support gradual market share recovery. • Earnings Outlook: Cuts FY27–FY28 earnings estimates amid margin concerns. • Competition: Intense competition and EV-related margin dilution expected to limit profitability. • Impact: Negative 🔴

HYUNDAI MOTOR INDIA LTD

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