Skid marks on the quarter but Hyundai keeps its grip

Volume and revenue dips mar Q1, but rural traction and export gains keep automaker from sliding off course

- RAM PRASAD SAHU

Hyundai Motor India's stock has climbed 27 per cent over the past three months to ₹2,181, outpacing listed peers Mahindra & Mahindra (M&M), Tata Motors, and Maruti Suzuki India. While Maruti and Tata Motors saw declines in market value during this period, M&M's gains were under 8 per cent.

The company's tightly packed launch calendar, expanding sport utility vehicle (SUV) lineup, and efforts to fill product gaps are expected to lift its market share through calendar year 2026. In the short run, however, the stock may not find much room to rise further after its recent rally, with demand across the sector showing signs of fatigue.

Retail sales in July suggest Hyundai has clawed back ground. It overtook M&M to reclaim the No. 2 spot, selling 42,661 units and gaining 30 basis points in market share month-on-month.

Factory despatches, including exports, held steady in July at 60,073 units, with domestic sales at 43,973. SUVs made up a record 71.8 per cent of Hyundai's monthly domestic sales, the highest since it began operations.