Overview

Detailed Summary

Hero MotoCorp is the world’s largest two‑wheeler manufacturer, designing, manufacturing and selling motorcycles, scooters, spare parts and related services from multiple Indian plants and overseas facilities, with an installed annual capacity near 9.4 million units and a diverse brand portfolio that includes ICE and electric offerings such as the VIDA family.
Q3 FY'26 marked a record quarterly revenue of INR12,328 crore, with EBITDA of INR1,810 crore and normalized PAT of INR1,489 crore; ICE margins expanded 100 basis points driven by pricing, LEAP cost savings and operating leverage, while EV investment was INR208 crore in the quarter reflecting focused ramping of VIDA.
Hero’s EV franchise gained measurable traction: VIDA VX2 variants improved ASP and unit economics, VIDA achieved 10.8% market share in Q3 and top‑2 positions in 37 towns, and the company offers Battery‑as‑a‑Service and removable batteries to target affordability and address urban charging constraints.
Global business volumes grew ~41% year‑on‑year with premium models contributing 40% of exports; Hero is executing a focused 80/20 approach across top 10 markets, with localization for local‑for‑local supply and rapid dealer expansion in Latin America, Africa and Europe to capture higher growth overseas.
Aftermarket, parts and merchandise delivered a quarterly record of INR1,673 crore, and operating cashflow remains strong (INR7,045 crore in 9 months), giving management financial flexibility to invest in premium stores (Premia), EV scaling, exports, and targeted model launches across segments.

Sector: Automobiles
Industry: 2/3 Wheelers
Market Cap: 1,09,418 Cr
Volatility: High Risk
P/E Ratio: 18.8
Industry P/E: 28.8
PEG Ratio: 2.3
P/B Ratio: 5.2
52W High: 6,390.00
52W Low: 3,322.60

Sales CAGR

1Y: 8.30%
3Y: 11.70%
5Y: 7.16%
10Y: 3.20%

Profit CAGR

1Y: 16.93%
3Y: 23.07%
5Y: 4.88%
10Y: 4.28%

ROE

TTM: 25.15%
3Y: 20.24%
5Y: 18.89%
10Y: 23.29%

ROCE

TTM: 32.25%
3Y: 26.14%
5Y: 24.21%
10Y: 30.18%

Technicals

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Peers

Consumer Discretionary Automobiles 2/3 Wheelers

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
EICHERMOT		6596.10	2,03,575 Cr	33.83	9.22	0.94	23.12	28.27	18.51
TVSMOTOR		3705.00	1,82,369 Cr	60.80	22.47	0.26	32.28	15.86	5.90
HEROMOTOCO		5105.00	1,09,418 Cr	18.78	5.21	3.02	25.15	32.25	16.75
ATHERENERG		758.35	33,042 Cr	-38.18	12.14	0.00	-28.09	-20.24	-14.66
OLAELEC		28.35	18,040 Cr	-5.68	4.16	0.00	-52.51	-24.50	-22.83
ZELIO		347.35	799 Cr	35.88	8.92	0.00	53.99	41.69	25.09
WARDINMOBI		7.67	231 Cr	29.50	1.54	1.13	10.89	14.50	2.17
Median: 7 Co.	—	758.35	33,042 Cr	29.50	8.92	0.26	23.12	15.86	5.90

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	9,533	9,788	9,617	10,211	10,483	10,260	9,970	9,728	12,218	12,487
Expenses	8,174	8,403	8,223	8,750	8,947	8,752	8,529	8,315	10,354	10,641
Operating Profit	1,360	1,385	1,394	1,461	1,536	1,508	1,441	1,413	1,864	1,846
OPM %	14.26	14.15	14.49	14.31	14.65	14.70	14.45	14.52	15.26	14.79
Other Income	213	288	103	171	152	215	345	939	142	84
Interest	25	23	7.64	19	18	17	17	21	19	20
Depreciation	187	194	197	205	206	209	204	206	210	219
Profit Before Tax	1,360	1,456	1,292	1,408	1,464	1,497	1,565	2,126	1,777	1,692
Tax %	25.96	25.06	26.98	26.67	27.16	25.96	25.32	19.77	25.66	24.64
Net Profit	1,007	1,091	943	1,032	1,066	1,108	1,169	1,706	1,321	1,275
EPS in Rs	50.20	54.54	46.66	52.27	53.05	55.29	57.99	85.14	65.34	63.30

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	30,984	33,101	33,972	29,255	30,959	29,551	34,158	37,789	40,923	40,440
Expenses	24,034	27,133	28,952	25,193	26,860	26,107	30,065	32,439	34,978	34,543
Operating Profit	6,949	5,968	5,020	4,062	4,100	3,445	4,094	5,350	5,946	5,897
OPM %	22.43	18.03	14.78	13.89	13.24	11.66	11.98	14.16	14.53	14.58
Other Income	839	573	747	1,443	511	356	572	574	883	1,652
Interest	27	31	37	47	46	53	105	76	71	72
Depreciation	502	575	624	846	715	690	697	757	825	825
Profit Before Tax	4,885	5,292	5,104	4,611	3,849	3,058	3,864	5,090	5,934	6,652
Tax %	27.41	29.67	32.09	20.64	23.73	23.84	27.53	26.48	26.25	24.09
Net Profit	3,546	3,722	3,466	3,659	2,936	2,329	2,800	3,742	4,376	5,049
EPS in Rs	—	—	173.36	182.27	145.81	115.77	140.31	186.85	218.60	271.77
Dividend Payout %	47.36	51.00	50.45	49.41	71.90	81.95	71.18	74.85	75.45	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	40	40	40	40	40	40	40	40	40	40
Reserves	8,794	10,276	11,932	13,080	14,366	15,376	15,807	16,616	17,659	19,232
Borrowings	230	248	225	309	451	584	605	568	606	700
Other Liabilities	3,832	4,749	5,200	5,075	4,817	7,096	6,027	6,694	7,847	8,418
Total Liabilities	12,896	15,312	17,397	18,504	19,674	23,096	22,478	23,917	26,153	28,390
Fixed Assets	3,784	4,599	4,961	4,952	6,473	6,380	6,194	6,159	6,232	6,283
CWIP	653	581	355	573	391	495	517	454	484	487
Investments	4,501	6,066	7,669	6,114	8,359	10,582	10,528	10,891	12,751	14,384
Other Assets	3,958	4,066	4,411	6,865	4,451	5,639	5,240	6,413	6,685	7,236
Total Assets	12,896	15,312	17,397	18,504	19,674	23,096	22,478	23,917	26,153	28,390

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3,722	4,007	4,017	1,032	5,518	4,110	2,104	2,614	4,923	4,297
Cash from Investing Activity	-2,300	-1,972	-1,858	1,298	-2,819	-2,289	-222	-421	-1,828	-1,703
Cash from Financing Activity	-1,475	-2,036	-2,102	-2,252	-2,602	-1,852	-1,975	-2,147	-2,717	-2,815
Net Cash Flow	-53	-0.63	57	78	97	-31	-94	45	379	-221

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	34.77%	34.77%	34.77%	34.76%	34.76%	34.76%	34.75%	34.74%	34.74%	34.74%	34.73%	34.73%
FIIs	26.99%	28.09%	26.79%	28.33%	28.92%	29.86%	29.58%	27.95%	27.42%	27.04%	28.75%	29.42%
DIIs	27.88%	27.29%	29.15%	28.11%	27.77%	26.89%	26.95%	27.73%	27.91%	27.84%	26.41%	26.37%
Public	10.36%	9.85%	9.30%	8.80%	8.55%	8.49%	8.72%	9.58%	9.92%	10.38%	10.11%	9.47%
Total Shareholders	3,33,054	3,13,104	3,01,498	2,80,547	2,92,828	3,00,146	7,61,259	8,74,658	9,47,407	8,92,622	8,97,033	8,72,499

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Documents

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Concalls

Reports

Presentations

Investor Presentation

Q3 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

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