Motilal Oswal Recommends 'BUY' on Hyundai Motor with ₹2567 Target

• Hyundai Motor India's PAT of INR 12.3 billion missed Motilal Oswal's estimate of INR 13.8 billion.
• Gross margins contracted by 130bp QoQ due to increased input costs and an unfavorable product mix.
• Motilal Oswal projects a ~7% volume CAGR for HMIL over FY25-28E, driven by a 19% CAGR in exports.
• Start-up costs for the new Pune plant are expected to impact near-to-medium term earnings.
• HMIL is anticipated to achieve a 12% earnings CAGR over FY25-28, benefiting from India's premiumization trend and strong SUV mix.