Hero MotoCorp Q1 FY27: Volume-led growth, scooters and EVs lift the mix

Standalone revenue from operations was INR 12,999 crore, EBITDA was INR 1,727 crore (13.3% margin), and PAT was INR 1,454 crore. Volumes were 16.77 lakh units.

Management attributed the revenue growth to 23% volume growth plus improved realizations from mix and pricing. Mix benefit was stated at about 8%, led by EV, scooters, premium and global business.

Scooters (ICE + EV) dispatches rose from 93,000 units in Q1 FY26 to 193,000 units in Q1 FY27 (107% YoY). ICE scooter market share increased to 6.9% from 4.6%.

VIDA retails were 57,058 units versus 21,652 units in Q1 FY26, and market share increased to 10.9% from 6.9%.

PLI benefit was INR 48 crore in Q1 FY27. Management stated about 60% of the EV portfolio was PLI eligible in Q1 FY27, with 100% expected to be eligible by December 2026.

The investor presentation provided FY27 capex guidance of INR 1,500 crore, focused on capacity expansion across commuter motorcycles, ICE scooters, EV scooters, premium motorcycles and parts.

Management cited commodity and input cost pressures linked to oil and gas, freight, foreign exchange, and key raw materials such as steel, aluminum and precious metals; EBITDA margin was 13.3% in Q1 FY27.