MORGAN STANLEY ON HYUNDAI MOTOR ; OVERWEIGHT | TP ₹2,438

• Morgan Stanley maintains Overweight rating on Hyundai Motor with a target price of ₹2,438. • Q2 revenue grew 19% YoY, while EBITDA declined 19% YoY due to higher commodity costs. • Commodity cost pressures weighed on operating profitability and margins during Q2. • Expects sharp recovery in margins, volumes and market share during H2 FY27. • Strong product launch cycle, led by Bayon and a new electric SUV, expected to drive future growth.

HYUNDAI MOTOR INDIA LTD

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