Archive · 26 Aug 2026
Emkay Raises Hyundai India Target on SUV Demand
Emkay Global Research thinks Hyundai Motor India’s share price could rise.
It increased its target price and kept a positive ‘Buy’ recommendation.
The research firm expects strong demand for SUVs to help Hyundai grow.
Hyundai plans to introduce many new products over the next five years.
Some of these products will be electric SUVs and other SUVs.
SUVs made up a larger share of Hyundai’s sales in FY26 than in FY22.
Hyundai also plans to build more vehicles and use more locally made parts.
However, the company’s shares had still fallen over the previous 12 months.
Emkay Global Research raised Hyundai Motor India’s 12-month target price to Rs 2,600 from Rs 2,450 and retained its ‘Buy’ rating.
The revised target implies 16.8% upside from Hyundai Motor India’s current market price.
Hyundai plans 26 strategic product actions, including seven new nameplates, over the next five years.
SUVs accounted for 68% of Hyundai’s domestic volume in FY26, up from 52% in FY22.
Hyundai aims to raise production capacity to 1.1 million units annually by FY31 and localisation to 90%.
- Who
- Emkay Global Research and Hyundai Motor India.
- What
- Emkay upgraded Hyundai Motor India’s 12-month target price to Rs 2,600 and reiterated its ‘Buy’ rating.
- When
- The outlook covers the next 12 months; the company’s plans extend through FY31 and the next five years.
- Where
- India, within Hyundai’s domestic operations and global supply chain.
- Why
- The upgrade is based on Hyundai’s product pipeline, rising SUV demand, premiumisation, capacity expansion, exports, and deeper localisation.
- New target price
- Rs 2,600, increased from Rs 2,450
- Implied upside
- 16.8% from the current market price
- Product pipeline
- 26 strategic product actions, including seven new nameplates, over five years
- SUV volume share
- 68% of domestic volume in FY26, compared with 52% in FY22
- Planned capacity
- 1.1 million units annually by FY31, up from 909,000 in FY26
- Localisation target
- 90%, up from 80% currently and 70% in FY20
- Planned investment
- Rs 45,000 crore over the next five years in AI, automation, and EV localisation