Hyundai Motor India Ltd. reported a 23.9% annual drop in September-quarter profit despite record sales, as revenue growth failed to prevent a squeeze in operating margins.
The automaker’s consolidated net profit for the quarter ended Sept. 30, 2026, was ₹11.96 billion (₹1,196.16 crore), down from ₹15.72 billion (₹1,572.26 crore) a year earlier. Revenue from operations rose 18.5% to ₹206.96 billion (₹20,696.06 crore), compared with ₹174.61 billion (₹17,460.82 crore) in the same period last year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 18.7% to ₹19.75 billion (₹1,974.5 crore) from ₹24.29 billion (₹2,428.9 crore). EBITDA margin, which measures that earnings figure against revenue, was 9.5%, down from 13.9% a year earlier—a decline of 4.4 percentage points.
“However, elevated commodity costs weighed on the quarter’s profitability,” Managing Director and Chief Executive Officer Tarun Garg said.
Hyundai reported record quarterly sales of 219,072 vehicles, 15% higher than a year earlier. Domestic volumes increased 19%, while exports grew 4%, putting sales and revenue growth alongside lower profit and a thinner margin.
On a sequential basis, Hyundai said its margin improved, helped by scale benefits, the mix of products sold and cost-control work. That progress did not restore the margin to its year-earlier level.
The company’s board approved unaudited standalone and consolidated results for the quarter and half year ended Sept. 30 on Oct. 28. The results followed EconoTimes’ pre-results review of broker estimates.
Management also pointed to a planned dedicated mass-market electric vehicle launch in Q4 FY27, the next product milestone cited in the results release.
