Hyundai Motor Q1 Results Preview: PAT to decline amid volume drop. 5 things to watch out for

Hyundai Motor India (HMIL) will announce its Q1 earnings on Wednesday, July 30, where the company is expected to report a tepid performance for the first quarter of FY26, as per estimates by three major brokerages.

While revenue contraction is seen across the board owing to a sharp decline in volumes and higher discounts, the margins are also forecast to shrink due to negative operating leverage and absence of state-level incentives. Despite sequential improvement in bottom line, analysts foresee year-on-year weakness in all key metrics including net profit, revenue, and profitability.

The estimates of Nomura, YES Securities and Kotak Institutional Equities have been taken into account.

Here’s their expectations on these 4 major metrics:

PAT

The pressure on the bottom line was on account of margin contraction and lower volumes.

– Nomura: Rs 1,215 crore, down 18% YoY and down 25% QoQ

– YES Securities: Rs 1,354 crore, down 9.1% YoY and down 16.1% QoQ

– Kotak – Rs 1,246 crore on adjusted basis, down 16.4% YoY and down 22.8% QoQ

Revenue

Brokerages see revenue decline on volume dip YoY even though a richer product mix helped ASPs rise modestly.

– Nomura: Rs 16,575 crore, down 4% YoY and down 8% QoQ

– YES Securities: Rs 16,931 crore, down 2.4 YoY and down 5.6% QoQ

– Kotak Equities: Rs 16,779 crore, down 3.3% YoY and down 6.5% QoQ

EBITDA

The Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) is expected to go down YOY and sequentially.

– Nomura: Rs 1,989 crore, down 15% YoY and down 21% QoQ

– YES Securities: Rs 2,184 crore, down 6.7% YoY and 13.8% QoQ

– Kotak Equities: Rs 2,011 crore, down 14.1% YoY and down 20.6% QoQ

YES in its preview note said that the margins are expected to compress due to absence of Tamil Nadu incentives, higher discounts, and negative operating leverage.

EBITDA margin

– Nomura: 12% down 149 bps YoY and down 212 bps QoQ

– YES Securities: 12.9%, down by 60 bps YoY and down by 120 bps QoQ)

– Kotak Equities: 12% in Q1FY26 versus 13.5% in Q1FY25 and 14.1% in Q4FY25

Brokerages project EBITDA margins to decline sharply due to increased discounts and softer volumes.

Volumes

Kotak in its preview note said that volume could fall 6% YoY while higher discounts will dent margins though the average selling price (ASP) increase of 3% is likely to offset this amid a richer product mix (higher mix of SUVs) in 1QFY26.

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