You've seen a Creta in your apartment parking lot, probably more than one. You've sat in a Venue or an i20 in a friend's driveway or a cab. The company behind those cars is one of the biggest names on Indian roads, and in October 2024 it sold a large chunk of itself to the public in the biggest IPO India had ever seen.

Hyundai Motor India is the country's second-largest passenger car maker after Maruti Suzuki, and its single largest car exporter. It's a wholly-owned arm of Hyundai Motor Company of South Korea, building cars near Chennai since 1996, with capacity of about 824,000 units a year.

The business is simple to follow design, build and sell cars, then earn on each unit, spare parts and exports. The line-up leans heavily on SUVs, and the Creta is the star, leading the midsize SUV segment. It also sells the i20, Venue, Exter, Verna and the Ioniq 5 EV, and ships cars to Africa, the Middle East and Latin America. For the full subscription, GMP and listing-day breakdown, see our Hyundai Motor India IPO GMP analysis, or track its live price on the IPO GMP Live homepage.

Financial Snapshot

Revenue climbed hard for years roughly ₹47,400 crore in FY22, ₹61,400 crore in FY23, and ₹71,300 crore in FY24. Then it stalled. Revenue from operations was ₹67,654 crore in FY25 and ₹68,990 crore in FY26 basically flat for two years running.

Profit tells the same story, and this is what concerns me. PAT peaked at ₹6,060 crore in FY24, then slipped to ₹5,492 crore in FY25 and ₹5,322 crore in FY26. That's two straight years of falling profit, and Q4 FY26 alone saw net profit drop 22% year-on-year to ₹1,256 crore. For a company this size that's a yellow flag, not a red one — but it isn't the growth story the IPO was sold on.

What impresses me is the quality underneath. Hyundai runs near 14% EBITDA margins, carries effectively no debt, and pays generous dividends a ₹21 per share final dividend for FY26 alone. This is a cash machine, even when it isn't growing.

My read is simple: you're buying a stable, profitable, dividend-paying franchise that has temporarily run out of growth. Whether that's a bargain depends entirely on the price you pay.

Strengths

• It owns the number-two slot in a huge market. Hyundai is India's second-largest passenger vehicle maker and its biggest car exporter, with the Creta leading the midsize SUV segment and SUVs making up nearly 68% of its mix. That's a position built over almost 30 years that a rival can't simply buy.
• The balance sheet is genuinely strong. It runs around 14% EBITDA margins, carries effectively no debt, and still posted ₹5,322 crore profit in a down year. The ₹21 per share FY26 dividend shows the cash generation is real, not accounting.
• A broad portfolio and growing capacity. The Chennai plant makes about 824,000 cars a year, and a new plant in Pune is adding more. With models from the budget Exter to the Ioniq 5 EV, Hyundai covers most price points buyers actually shop in.
• Exports and parent technology. As India's largest car exporter, Hyundai isn't dependent on the domestic market alone, and it taps Hyundai Korea's global R&D, EV platforms and supply chain — an edge most Indian-only carmakers don't have.

Risks

• Profit has fallen two years in a row. PAT went from ₹6,060 crore in FY24 to ₹5,492 crore in FY25 to ₹5,322 crore in FY26, and Q4 FY26 net profit dropped 22% year-on-year. A shrinking bottom line at a richly-valued stock is the core worry here.
• The stock has gone nowhere since listing. It listed at ₹1,931 — a 1.48% discount to the ₹1,960 issue price and trades around ₹1,990 today, roughly flat to its issue price nearly two years on. It ran up to ₹2,890 and then fell to ₹1,658, so the ride has been choppy with little to show for it.
• The company got zero from its own IPO. This was a 100% offer-for-sale, so the entire ₹27,858.75 crore went to the Korean parent, not into the business. No fresh growth capital came in the IPO was a parent cashing out, plain and simple.
• Royalties, slowing demand and tough rivals. Hyundai pays rising royalty to its parent, domestic passenger-vehicle demand has cooled, and Maruti, Tata Motors and M&M are all fighting hard in the SUV space where Hyundai earns most of its money.

Should You Buy, Hold, or Sell?

The IPO is two years behind us. This is a call on the stock around ₹1,990 barely above the ₹1,960 issue price after nearly two years.

Conservative investors — this one actually fits you better than most. It's debt-free, profitable and pays a real dividend, so if you want a steady auto bluechip and can sit through flat years, it's defensible. Just don't expect quick gains.

Moderate investors — hold if you own it, and accumulate slowly on dips toward the ₹1,660 lows. The franchise is solid; the entry price is what decides your return here.

Aggressive investors — there's little for you right now. With profit sliding and growth stalled, there's no near-term trigger and no listing-gain story left to play.

Honest take: a high-quality company going through a flat patch fine for income and patience, wrong stock if you're chasing fast returns.

IPO Objects of the Issue

This was a 100% offer-for-sale and the largest IPO in Indian history at the time. The company received no proceeds — every rupee went to the promoter, Hyundai Motor Company of South Korea.

Contact Details

Hyundai Motor India Ltd. Plot No. H-1, SIPCOT Industrial Park, Irrungattukottai, Sriperumbudur Taluk, Kancheepuram District, Tamil Nadu – 602105 🌐 www.hyundai.com/in

IPO Registrar — KFin Technologies Ltd. 📞 040-6716 2222 / 040-7961 1000 📧 einward.ris@kfintech.com 🌐 www.kfintech.com

For live GMP, subscription status and listing-day updates on every mainboard and SME issue, visit the IPO GMP Live homepage.

This page is not investment advice. GMP is indicative only. Please consult a SEBI-registered financial advisor before investing.