underexaggerate

From under- +‎ exaggerate, rather illogically, since this might be expected to mean to exaggerate but insufficiently.

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underexaggerate (third-person singular simple present underexaggerates, present participle underexaggerating, simple past and past participle underexaggerated)

1. (rare, ambitransitive) To understate.
   • 1983, International Symposium on Theory and Practice in Transport:

     Academics tend to be very sceptical of oil forecasts made by the major oil companies as they underexaggerate the probable amounts of oil in the world.

   • 2003, Gregory D Lee, Global Drug Enforcement:

     Without the services of a qualified polygrapher, the defendant will almost always underexaggerate or lie about his or others' involvement in the conspiracy.