Hyundai India Q2 FY27: Profit Falls 24% to ₹1,196 Crore Despite Record ₹20,696 Crore Revenue

Hyundai India's Record Quarter Comes With a Margin Problem

Hyundai Motor India closed the September quarter with its highest-ever revenue, its highest-ever sales volume and a 24% drop in profit. All three are true at once, and the gap between them is the story of the Indian car business in late 2026: buyers are back, but the cost of building cars for them has climbed faster than the price they can be asked to pay.

Revenue from operations rose 18.5% year on year to ₹20,696 crore, the first time the company has crossed the ₹20,000 crore mark in a quarter since listing. Total expenses rose 24% to ₹19,302 crore and material costs jumped 29% to ₹15,731 crore. EBITDA fell 18.7% to ₹1,974.5 crore and the margin contracted 440 basis points to 9.5%. Net profit settled at ₹1,196 crore against ₹1,572 crore a year earlier.

Hyundai Motor India	Q2 FY27	Q2 FY26	Change
Revenue from operations	₹20,696 crore	₹17,461 crore	+18.5%
EBITDA	₹1,974.5 crore	₹2,429 crore	-18.7%
EBITDA margin	9.5%	13.9%	-440 bps
Profit after tax	₹1,196 crore	₹1,572 crore	-23.9%
Total sales	2,19,072 units	1,90,921 units	+14.7%
Domestic sales	1,65,772 units	1,39,521 units	+18.8%
Exports	53,300 units	51,400 units	+3.7%

Volumes were the good news. Total sales hit 2,19,072 units, up 14.7% year on year and 23% quarter on quarter, with domestic dispatches up 18.8% to 1,65,772 units. Exports grew 3.7% to 53,300 units and made up 24% of the quarter's volume, rising 38% sequentially led by the Middle East, Mexico and Africa.

What the Mix Says About the Indian Buyer

Hyundai's SUV share of domestic sales eased to 67% from 71%, while hatchbacks climbed from 16% to 19%. That is the goods and services tax cut showing up in a product mix rather than in a press release: with tax on sub-four-metre cars cut to 18% from 28%, first-time buyers have returned to the entry end of the market. CNG accounted for a record 19.1% of sales and rural penetration touched an all-time high of 26.6%.

The Cost Question Has Not Gone Away

Management maintained full-year EBITDA margin guidance of 11%, which arithmetically requires the second half to come in slightly above 12%. The company has indicated it may raise prices again before the usual January revision. For buyers, the practical takeaway is that festive discounts are being funded against a cost base that is still rising, and prices are more likely to move up than down by the new year.

On electrification, Hyundai said traction for the Creta Electric doubled its EV contribution sequentially and confirmed a dedicated mass-market electric SUV for the fourth quarter of FY27, aiming to bring its EV penetration close to the industry average in the next financial year.

Compare the Creta against its rivals on our comparison tool and price the EMI on our EMI calculator.

(Sources: Hyundai Motor India Q2 FY27 stock exchange filing and earnings call, 28 October 2026; The Hindu BusinessLine; Moneycontrol. Images: Wikimedia Commons, CC BY-SA 4.0 and CC BY 4.0)

::KEY_NUMBERS:: Net profit | ₹1,196 crore (-24% YoY) Revenue | ₹20,696 crore (+18.5%) EBITDA margin | 9.5%, down from 13.9% Q2 volumes | 2,19,072 units (+14.7%) ::TLDR:: Record volumes and record revenue, but material costs rose 29% and cut EBITDA margin by 440 bps SUV share of domestic sales slipped to 67% from 71%, hatchbacks rose to 19% CNG hit a record 19.1% of sales and rural penetration touched 26.6% Hyundai has signalled another price hike before the usual January revision ::CHART:: type: bar title: Hyundai India Q2 FY27 versus Q2 FY26 (₹ crore) labels: Revenue Q2 FY27,Revenue Q2 FY26,PAT Q2 FY27,PAT Q2 FY26 values: 20696,17461,1196,1572 source: AUTOINDIA from HMIL Q2 FY27 filing ::GLOSSARY:: EBITDA | earnings before interest, tax, depreciation and amortisation, a rough proxy for operating profit CNG mix | the share of total sales made up by CNG variants CAFE-III | India's third round of corporate average fuel efficiency norms ::SOURCES:: Hyundai Motor India Q2 FY27 stock exchange filing and earnings call; The Hindu BusinessLine; Moneycontrol