Hyundai Motor India Limited (HYUNDAI.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-48.6%

₹1,033.69

vs ₹2,009.80 price

Levered DCF

₹817.75

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

9.13

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	26.6×	24.54×	24.4×	31.39×	50.95×	78.6×
P/B	7.22×	8.49×	13.86×	7.37×	8.77×	9.66×
P/S	2.04×	2×	2.16×	2.5×	3.18×	3.66×
EV / EBITDA	14.33×	14.38×	16.02×	15.13×	22.21×	29.42×
Gross margin	21.7%	20.6%	24.7%	23.7%	14.2%	22.2%
Operating margin	9.0%	10.1%	9.7%	8.7%	6.7%	5.4%
Net margin	7.7%	8.2%	8.8%	8.0%	6.2%	4.7%
Current ratio	1.56×	1.42×	1.24×	2.11×	2.18×	1.9×
Debt / equity	0.05×	0.05×	0.08×	0.06×	0.07×	0.09×
Interest coverage	60.12×	54.84×	42.28×	36.11×	23.76×	13.13×
Dividend yield	1.2%	0.0%	10.4%	1.0%	0.9%	0.0%
Payout ratio	31.4%	0.0%	254.7%	31.7%	46.8%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	27.1%	34.6%	56.8%	23.5%	17.2%	12.3%
Return on invested capital	20.8%	27.1%	36.4%	16.6%	12.3%	8.8%
Return on assets	15.8%	18.7%	23.0%	13.6%	10.2%	7.0%
Free cash flow yield	2.4%	-0.7%	4.1%	2.9%	2.6%	1.9%
Earnings yield	3.8%	4.1%	4.1%	3.2%	2.0%	1.3%
Enterprise value	₹1.4T	₹1.3T	₹1.5T	₹1.3T	₹1.3T	₹1.4T
Net debt / EBITDA	-0.8×	-0.85×	-0.02×	-1.91×	-2.13×	-2.18×
Cash conversion cycle (days)	-12	-12	-13	-11	-1	-14