CITI ON HYUNDAI MOTOR ; BUY | TP ₹2,200 (EARLIER ₹2,350)

• Citi maintains Buy rating on Hyundai Motor but cuts target price to ₹2,200 from ₹2,350. • Q2 revenue grew 19% YoY, while EBITDA declined 19% YoY due to higher commodity costs. • Management retains FY27 domestic volume growth guidance of 8–10%. • Upcoming Bayon SUV and mass-market electric vehicle launches are expected to drive future growth. • Commodity inflation and continued margin pressures remain key concerns despite expectations of volume growth.

HYUNDAI MOTOR INDIA LTD

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