Hero MotoCorp Q4 results: FY26 preview, dividend focus

Results date, board agenda, and what is confirmed

Hero MotoCorp Ltd is scheduled to announce its audited standalone and consolidated results for the quarter and financial year ended March 31, 2026, on Tuesday, May 5, 2026. In an exchange filing, the company said a board meeting will be held on that date to consider and approve the audited financial results. The same filing also indicated the company would announce a final dividend for FY2025-26.

However, a separate report in the provided material states Hero MotoCorp will not declare any dividend with the fourth-quarter FY26 results. The company has not announced the time of the results release. The same report notes that in the previous two quarters, earnings were announced post-market hours.

Street expectations: revenue seen near ₹12,500 crore

Brokerage estimates in the preview point to a strong year-on-year jump in revenue for the March 2026 quarter, supported by higher volumes and pricing. Nirmal Bang Institutional Equities expects revenue of ₹12,782.9 crore, up 28.6% year-on-year (YoY) and 3.7% quarter-on-quarter (QoQ). YES Securities estimates revenue at ₹12,709.9 crore, up 27.9% YoY and 3.1% QoQ. Axis Securities is more conservative on sequential momentum, projecting revenue of ₹12,462 crore, up 25.4% YoY and flat QoQ.

Across estimates, the demand narrative is broadly similar. Nirmal Bang expects standalone revenue growth to be driven by 24% volume growth and a 4% improvement in average selling prices (ASP). The brokerage attributes this to resilient domestic demand, higher exports, and a favourable product mix.

EBITDA and margins: mix-led support, raw material costs in focus

On operating profitability, brokerages diverge more sharply. Nirmal Bang forecasts EBITDA at ₹1,829.8 crore, up 29.3% YoY and 1.1% QoQ, with EBITDA margin at 14.3%, up 7 basis points YoY. Axis Securities expects EBITDA of ₹1,840 crore, up 30% YoY and 2% QoQ, with margin improving 53 basis points YoY to 14.8%.

YES Securities, in contrast, estimates EBITDA at ₹1,789.5 crore, described as down 16% on a yearly comparison. Axis Securities said margins are expected to improve on a richer product mix and cost control efforts, partly offset by higher raw material costs. Nirmal Bang also flagged sequential margin moderation risk, citing higher raw material costs offsetting operating leverage, improved mix, and ongoing cost optimisation.

Net profit estimates: YoY growth expected, QoQ mixed

Profit after tax projections cluster in the ₹1,387-₹1,438 crore range. Nirmal Bang expects net profit of ₹1,387.5 crore, up 28.4% YoY but down 5.5% QoQ. YES Securities projects net profit at ₹1,417.4 crore, up 31.1% YoY but marginally down sequentially. Axis Securities expects net profit of ₹1,438 crore, up 33.1% YoY and 6.7% QoQ.

The common thread across forecasts is YoY growth, while quarterly trends depend on assumptions around costs and operating leverage.

Key broker estimates table

What the latest reported quarter (Q3 FY26) showed

The provided material also includes Hero MotoCorp’s Q3 FY26 performance as a reference point. Consolidated profit after tax rose 14.44% to ₹1,267.55 crore in Q3 FY26, compared with ₹1,107.55 crore a year earlier. Revenue from operations increased 21.70% to ₹12,486.82 crore, versus ₹10,259.89 crore in the year-ago period.

These numbers matter because the Q4 preview assumes continued support from volumes and pricing. They also provide a context for how quickly revenue growth has accelerated in recent quarters.

Dividend: history, yield metrics, and the FY26 uncertainty

Hero MotoCorp’s dividend record in the provided text includes payments totalling ₹390 over the last five occasions, starting February 2024 (₹75), followed by August 2024 (₹40), February 2025 (₹100), July 2025 (₹65), and 2026 (₹110). Another section states the company has a dividend yield of 3.2%, with a payout ratio shown at 64% and cash payout ratio at 79.3%. The same dividend snapshot lists a “future dividend yield” of 4.1% and “dividend growth” of 8.3%, while the next dividend pay date and ex-dividend date are listed as “n/a”.

For the May 5, 2026 board meeting, the material contains conflicting statements: one exchange-filing summary says a final dividend for FY2025-26 will be announced, while another report states no dividend will be declared with the Q4 FY26 results.

Stock snapshot: price, market cap, and 52-week range

On the day referenced in the report, Hero MotoCorp shares were trading 0.22% higher at ₹5,270.50 on the NSE at 11:51 am. Market capitalisation was stated at ₹1,05,497.33 crore. The stock’s 52-week high is noted as ₹6,388.50 (December 5, 2025) and the 52-week low as ₹3,725 (May 2, 2025).

These levels frame the near-term setup into results: the stock is well off the 52-week high, but also significantly above the 52-week low.

Broker ratings and target prices mentioned

The material lists several published stances and targets. Nirmal Bang has a ‘buy’ rating but trimmed its target price to ₹6,420. Motilal Oswal Financial Services has a ‘buy’ rating with a target price of ₹6,205. PL Capital has an ‘accumulate’ rating with a target price of ₹6,000. 360 One Capital has a ‘hold’ rating, and Antique Stock Broking also has a ‘hold’ rating with a target price of ₹6,300.

Why the May 5 outcome matters for investors

The Q4 FY26 print will be read through three lenses highlighted in the preview material. First is the extent to which volume growth and ASP improvements translate into top-line delivery in the ₹12,462-₹12,783 crore band projected by brokerages. Second is whether margins hold closer to the mid-14% levels cited, despite raw material cost pressure flagged by multiple brokerages. Third is clarity on shareholder returns, especially given the conflicting reporting on whether a dividend will be declared alongside the results.

Conclusion

Hero MotoCorp’s May 5, 2026 board meeting is set to clear the market’s near-term questions on Q4 and FY26 performance, with brokerages expecting strong YoY growth and mixed views on margins. Investors will also watch for definitive communication on dividend action, given the differing statements in the provided reports.