Hyundai Motor shares climb over 6%, break IPO price for first time since listing. More gains ahead?

Hyundai Motor share price in focus: Maintaining its winning streak for the third consecutive trading session, Hyundai Motor’s share price gained 6.6% in Monday’s trade (June 9), hitting a fresh all-time high of ₹1,984.80 apiece on heavy volumes and also helped the passenger vehicle (PV) maker surpass its IPO price of ₹1,960 for the first time since its listing in October last year.

The rally was fueled by the company management’s optimistic outlook on sustained export growth despite global headwinds, with a target of 7–8% volume growth in exports for the current fiscal year.

“We aim to become Hyundai’s largest export hub outside South Korea. We aspire to continue our growth trajectory in exports in the coming years,” Hyundai Motor India Managing Director Unsoo Kim told analysts during a call.

“For FY26, we anticipate export volume growth of around 7–8%, supported by robust demand for our products in emerging markets,” Kim added. 

The country’s second-largest car manufacturer exported 163,386 vehicles in FY25, compared with 163,155 units in FY24, and sold 598,666 units in the domestic market, lower than the 614,721 units sold in FY24.

On the domestic front, the company remains cautiously optimistic in the near term amid prevailing macroeconomic turbulences and weakening consumer sentiment. It expects FY26 domestic growth to broadly align with industry estimates of low single-digit growth.

Meanwhile, the company announced an aggressive launch pipeline of 26 products (including facelifts) by FY2030, comprising 20 ICE vehicles and 6 EVs. Additionally, it plans to introduce new eco-friendly powertrains, such as hybrids.

Is the stock set for a continued rally?

Domestic brokerage firm Kotak Institutional Equities retained its ‘Buy’ rating on the stock with a target price of ₹2,050. The brokerage expects industry trends to improve from 2HFY26, driven by multiple tailwinds despite near-term challenges. “We expect demand trends to remain muted in the near term, owing to weak consumer sentiment, limited new launches, and a high base,” it said.

Kotak forecasts the company to gain market share from CY2026, driven by new and refreshed product launches in the SUV segment across multiple powertrains and by expanding the total addressable market through foraying into the MUV segment in FY27.

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