Hyundai Motor India’s September-quarter results widened the gap between growth and profitability, with record revenue and sales alongside a 23.9% annual profit decline as commodity costs pressured margins.
Revenue for July-September rose 18.5% to ₹206,961 million (₹20,696.1 crore), the company reported in its Q2 FY27 results. Consolidated profit after tax was ₹11,962 million (₹1,196.2 crore), compared with ₹15,723 million a year earlier.
Hyundai’s Q1 FY27 results set an FY27 volume-growth target of 8% to 10% year over year for domestic sales and exports.
The annual profit decline extends a run covering Q4 FY26, Q1 FY27 and Q2 FY27. In the latest quarter-to-quarter comparison, however, profit increased from ₹8,886 million in Q1 FY27.
Earnings before interest, taxes, depreciation and amortization (EBITDA), excluding other income, totaled ₹19,745 million (₹1,974.5 crore). The margin was 9.5%, down from 13.9% a year earlier but up from 9.3% in Q1. Managing Director and CEO Tarun Garg said commodity expenses weighed on profitability. Hyundai said greater scale, product mix and cost-reduction measures helped the margin improve from Q1.
On Wednesday, Oct. 28, K S Hariharan, head of investor relations, estimated that commodities lowered the margin by about four percentage points from a year earlier and 2.5 points from Q1. He described raw-material prices as uneven and difficult to project.
Hyundai reported 219,072 total sales units, a record and a 15% year-over-year increase. Domestic sales volumes rose 19%; exports increased 4% from a year earlier and 38% from Q1. The company said export volumes include completely built-up and completely knocked-down units.
Hariharan said average price increases were 0.4% in September and about 1.4% cumulatively since January on a calendar-year basis. Garg said Hyundai typically raises prices in January. The company’s FY27 EBITDA margin guidance is 11% to 14%; it cited pricing, cost controls, exports and new models as second-half levers. Hyundai identified the Bayon as the start of its product cycle and plans to launch a dedicated mass-market EV in Q4 FY27.
