Hyundai Motor India shares fall 3% on muted domestic turnover in September

Shares of Hyundai Motor India fell no less than 3% to the low point of RS 2.507 on Wednesday 1 October, after the company only reported a marginal increase in domestic sale for September. The development is remarkable because it has cut GST shortly after the government has made cars more affordable.

The domestic turnover amounted to 51,547 units in September 2025, an increase of only 1% compared to 51,101 units in the same month last year. However, export showed a strong momentum and rose 43.5% on an annual basis by nearly 19,000 vehicles.

“SUV contribution of more than 37,000 units in the domestic turnover reached the highest penetration in the history of the company by 72.4%,” said Hyundai in an exchange application on 1 October. The company added that Hyundai location achieved its highest monthly sale in 20 months at 11,484 units.

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In a recent report on Hyundai Motor India, Ingreditions said that the recent GST -Weak of the government will have a limited impact on the growth of sales turnover. “With high turnover dependence of large SUVs, exports and parts and spare parts (70%), we believe that the benefit of a demand -led demand exchange will be limited,” said Pramod Amthe of Increditions.

The brokerage emphasized that the high-teenage growth of exports (15% of net turnover), parts and services (15%) and large SUVs (40%) have reduced the dependence on Hyundai in the last three years charged with the new 18% GST rate to only 30% of the FY25-Netto turnover. Since the demand sensitivity is higher in cheap compact cars, the sales benefit of Hyundai is expected to be low, such as Maruti Suzuki and Tata Motors. This, noted, will extend the underperformance of Hyundai in domestic volume growth. The company increased Hyundai’s FY26F -28F net sales forecast by only 3%, while upgrading the volume growth of industry with 300-700 BPS. To the valuations, Incredit Incredit added that the GST section improves affordability, mainly for compact cars, which means that volume growth will have priority about value growth in the almost period – an area where Hyundai is limited. The brokerage also marked that Hyundai’s sharp stock price rally has pushed its forward p/e rating to 26% above Maruti Suzuki’s. “The pressure of the market share will be an important monitorable, while new product launches remain the most important upward risk,” said it. In the first quarter, Hyundai reported an 8% on an annual basis (JoJ) in consolidated net profit to RS 1,369,23 Crore, compared to RS 1,489.65 Crore in the period of the year ago. Turnover fell 5.5% JoJ to RS 16,179.61 Crore from RS 17.131.24 Crore.

Around 1:25 pm, shares of Hyundai Motor India acted on RS 2,537, with 1.8% on the NSE. However, the share has risen almost 50% in the last six months.

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