Hyundai Motor India Limited

As per financial performance, Hyundai Motor India Limited has posted total income / net profits of Rs 47,966 Cr / Rs 2,901 Cr (FY22), Rs 61,436 Cr / Rs 4,709 Cr (FY23), Rs 71,302 Cr / Rs 6,060 Cr (FY24) and Rs 17,568 Cr / Rs 1,489 Cr (Q1 FY25). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 62.56 and average RoNW of 39.11% for last three fiscals. Issue is priced at a P/BV of 13.11 as per NAV of Rs 149.52/- as on 30.06.24. If we attribute latest earnings of FY23, FY24, TTM and annualised FY25 on equity post issue, then asking price is at a P/E of around 33.82, 26.28, 25.60 and 26.73 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, five lead managers are associated with this IPO, and have handled around 56 IPOs in last three fiscals. As per financials, Hyundai Motor India Limited has shown good growth, RoNW is 56.8% and P/E is 33.82, 26.28, 25.60 and 26.73 respectively as per FY23, FY24, TTM and annualised FY25 earnings. So, issue looks fully priced. Company is in passenger vehicle segment with good brand visibility, which is a very competitive business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Hyundai Motor Company