J P M O R G A N Asia Pacific Equity Research 30 July 2026 Hyundai Motor India First Take: 1QFY27 – a tough quarter, as expected Hyundai's 1QFY27 revenue/EBITDA were slightly ahead of JPMe and consensus forecasts. Revenue at Rs163.3bn (flat YoY) was +2% vs JPMe and +1% vs consensus, EBITDA at Rs15.1bn (-31% YoY) was a 3% beat on JPMe and 1% above consensus. EBIT came in at Rs9.5bn (-42% YoY, +9% above JPMe) and PAT at Rs8.9bn (-35% YoY) was +9% above JPMe. This quarter was expected to be negative for Hyundai ...