New Delhi, Feb. 3 -- Hyundai Motor India Ltd's December quarter (Q3FY26) results drew a lacklustre reaction from the Street. While Ebitda margin was flat year-on-year at 11.2%, unit economics improved slightly.

Ebitda (excluding other operating revenue) per vehicle increased by 2% to Rs.82,067 per vehicle due to the sharp rise in staff costs and other expenses, even as gross profit per vehicle rose faster by about 9% to Rs.217,000.

Some of the cost increases can be attributed to the commissioning of a new plant in Pune.

Volumes were lacklustre, with domestic sales flat year-on-year at 1.47 lakh units. In contrast, rival Maruti Suzuki India Ltd's volumes grew 21% to 5.65 lakh units.

The stock prices mirror this dichotomy in growth. It ...