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Hero MotoCorp Ltd

₹ 5,634-0.63%
16 Jan 2:36 p.m. – close price
🔗heromotocorp.com•BSE: 500182•NSE: HEROMOTOCO
Market Cap₹ 1,12,721 Cr.
Current Price₹ 5,634
High / Low₹ 6,390
Stock P/E23.5
Book Value₹ 1,051
Dividend Yield2.89 %
ROCE31.5 %
ROE23.8 %
Face Value₹ 2.00
Sales₹ 41,855 Cr.
OPM14.6 %
Mar Cap₹ 1,12,721 Cr.

ABOUT

Hero Moto Corp earlier also known as “Hero Honda” is one of India’s first motorcycle manufacturers.The company started in 1984 as a Technological collaboration with Honda, Japan. Before this collaboration, Hero was selling Cycles under the brand name, Hero Cycles.In 2011, Honda group sold its 26% stake in the company to the Munjals (promoters) and ended the JV. Post the termination of JV, the name of the company was changed to Hero Motocorp.[1][2]

KEY POINTS

Products & BrandsPremium Segment: Karizma XMR, H-D X440, MAVRICK 440. It has 7 models in 2024. It has Sports, Adventure, Roadster bikes.[1]. The Premium segment contributed ~25% to the revenue mix Q3FY24.[2]

Also present in buckets:
Aggressive Growth TriggersAggressive Growth TriggersExcellent ResultsExcellent ResultsRevenue GuidanceAsset Base ExpansionAsset Base ExpansionCapacity Expansion And ProductsCapacity Expansion And ProductsOrder Book PositionOrder Book PositionLarge Order ReceiptsLarge Order ReceiptsJv Partnerships AcquisitionsCredit Rating UpdatesRed Flags And Poor PerformanceRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Bajaj Auto9411.8031.66263057.742.222122.0353.1715734.7418.7828.0654683.2919.628329.972122.037.7015.630.58
2.Eicher Motors7312.0039.33200567.550.951369.4524.466171.5944.7729.8121427.6624.145107.321369.459.0618.850.02
3.TVS Motor Co.3655.4066.59173663.400.27832.7641.9314051.2224.3315.3548838.1515.252605.48795.4821.455.152.08
4.Hero Motocorp5633.7523.54112721.002.891392.8315.7312126.3715.9031.4641854.6614.574802.311392.835.3516.800.01
5.Ather Energy614.00–23445.060.00-154.1021.86898.9054.05-65.712854.50-20.32-764.50-154.108.54-40.470.16
6.Ola Electric37.29–16448.030.00-418.0015.56690.00-43.16-28.093174.00-50.25-2280.00-418.003.76-23.940.72
7.Eraaya Lifespace44.73–924.500.00-23.54-2182.29609.2836826.060.862088.741.76-370.38-19.9911.30-15.2317.75
–Median: 10 Co.475.9331.6619946.540.2910.1633.2794.4534.5517.643014.2513.1617.8810.167.76.960.64

Quarterly Results

Standalone figures in ₹ crores

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
9,0758,0318,3078,7679,4459,7249,51910,14410,46310,2119,9399,57912,126
Expenses
8,0377,1077,2247,5618,1178,3628,1608,6848,9478,7348,5238,19710,303
Operating Profit
1,0389241,0831,2061,3281,3621,3591,4601,5161,4761,4161,3821,823
Other Income
9218323762248242180232283318224304233
Profit before tax
9649401,1471,0951,3971,4171,3501,4931,6001,5921,4421,4871,854
Tax %
26%24%25%25%25%24%25%25%25%24%25%24%25%
Net Profit
7167118598251,0541,0731,0161,1231,2041,2031,0811,1261,393
EPS in Rs
35.8435.5842.9841.2752.7353.7050.8256.1560.1860.1454.0456.2869.62

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
25,27527,58528,44328,50032,23033,65128,83630,80129,24533,80637,45640,75641,855
Expenses
21,72124,02023,96223,85726,94128,71424,86926,77725,86629,81532,19434,88535,757
Operating Profit
3,5543,5654,4814,6445,2894,9373,9674,0243,3793,9915,2615,8726,097
Other Income
4323153965135176851,4475755475607271,0521,078
Interest
1211566922222620182021
Depreciation
1,107540438493556602818677650657711776779
Profit before tax
2,8673,3294,4354,6585,2445,0114,5743,9003,2503,8755,2586,1286,375
Net Profit
2,1092,3863,1603,3773,6973,3853,6332,9642,4732,9113,9684,6104,802
EPS in Rs
105.62119.47158.25169.11185.14169.47181.90148.37123.77145.65198.48230.49240.08
Dividend Payout %
62%50%46%50%51%51%49%71%77%69%71%72%–

Compounded Sales Growth

10 Years:4%
5 Years:7%
3 Years:12%
TTM:5%

Compounded Profit Growth

10 Years:7%
5 Years:8%
3 Years:23%
TTM:9%

Stock Price CAGR

10 Years:9%
5 Years:12%
3 Years:27%
1 Year:39%

Return on Equity

10 Years:24%
5 Years:20%
3 Years:22%
Last Year:24%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
40404040404040404040404040
Reserves
5,5606,5018,79410,07111,72912,81714,09615,15815,74316,66517,94619,76720,990
Borrowings
28400000150150168156138163185
Other Liabilities
4,2133,9803,7384,5834,9704,7844,4636,8135,7636,4027,4487,95010,306
Total Liabilities
10,09710,52212,57314,69416,73917,64118,74922,16121,71423,26325,57227,92031,522
Fixed Assets
2,2432,9133,5844,3964,6554,6196,1175,9885,8065,7615,8345,9016,239
Gross Block
6,9098,1149,12610,37711,13411,62813,86514,32414,66615,19415,78616,538–
Accumulated Depreciation
4,6665,2015,5425,9826,4807,0107,7488,3368,8599,4339,95210,637–
CWIP
854713605465318542341437458464481492188
Investments
4,0893,1544,5815,8907,5255,9698,22310,50010,65211,01013,08614,91017,340
Other Assets
2,9113,7423,8023,9444,2416,5124,0685,2364,7976,0286,1716,6177,754
Total Assets
10,09710,52212,57314,69416,73917,64118,74922,16121,71423,26325,57227,92031,522

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
2,9632,2503,8494,0283,9819795,4104,1732,0202,5794,9074,182
Cash from Investing Activity
-1,61712-2,206-1,944-1,9151,321-2,883-2,210-152-469-1,802-1,586
Cash from Financing Activity
-1,415-2,231-1,687-2,096-2,047-2,294-2,420-1,941-1,939-2,041-2,733-2,847
Net Cash Flow
-6932-44-1219610721-7170372-251

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
131816201731202929302633
Inventory Days
131513131417202520222120
Days Payable
465050625553568775727975
Cash Conversion Cycle
-19-16-21-30-24-5-16-34-26-20-32-22
Working Capital Days
-33-14-12-17-147-8-19-12-6-16-9
ROCE %
45%51%55%48%46%40%28%25%20%23%30%31%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
34.78%34.78%34.78%34.76%34.76%34.76%34.76%34.75%34.75%34.74%34.74%34.73%
FIIs
27.48%27.01%28.10%26.80%28.34%28.93%29.87%29.59%27.95%27.43%27.05%28.76%
DIIs
27.30%27.86%27.28%29.14%28.09%27.76%26.87%26.94%27.70%27.89%27.77%26.32%
Public
10.45%10.36%9.85%9.30%8.80%8.55%8.49%8.72%9.58%9.91%10.39%10.11%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Hero MotoCorp Invests ₹210 Crore in Euler Motors, Acquires 36.67% Stake

2nd April 2026, 1:01 am

Hero MotoCorp Q4 FY26 Dispatches Surge 24%, Closes FY with 10% Volume Growth

1st April 2026, 10:47 pm

Hero MotoCorp Closes Trading Window from April 1 for Financial Results

23rd March 2026, 8:59 pm

Hero MotoCorp Designates Chief Quality Officer as Senior Management Personnel

20th March 2026, 4:24 am

Hero MotoCorp Informs About Withheld Dividends Due to Pending KYC/Bank Details

18th March 2026, 1:32 am

Published by Other Websites

External media mentions & references

Rupee Surge Fuels Indian Market Recovery; Nifty Tops 22,700

2nd April 2026, 4:37 pm

IPL 2026 Opens Record-Smashing: 515M Viewers, Dominating Media Spend

2nd April 2026, 3:37 pm

Honda's Shine 100 Fuels 20% Market Share Surge in India

2nd April 2026, 1:34 pm

Indian Auto Sector Navigates Mixed FY26 Amid Geopolitical Storm

2nd April 2026, 9:59 am

Hero MotoCorp Surges on Strong March Sales & Euler Motors Stake

2nd April 2026, 8:12 am

News Articles

Editorial & research coverage

India's Two-Wheeler Surge: Rural Demand Drives Sales, But Headwinds Loom
India's Two-Wheeler Surge: Rural Demand Drives Sales, But Headwinds Loom

10th February 2026, 5:40 pm

Hero MotoCorp Revenue Soars, But Margin Headwinds Loom
Hero MotoCorp Revenue Soars, But Margin Headwinds Loom

9th February 2026, 7:24 pm

Hero MotoCorp Hits Record Revenue Amid Strong Demand and Global Expansion
Hero MotoCorp Hits Record Revenue Amid Strong Demand and Global Expansion

9th February 2026, 9:02 am

Two-Wheeler Leaders Face Margin Squeeze Amidst Premium Valuations
Two-Wheeler Leaders Face Margin Squeeze Amidst Premium Valuations

8th February 2026, 7:55 am

Global Tech Rout, AI Race Overshadow Indian Earnings
Global Tech Rout, AI Race Overshadow Indian Earnings

6th February 2026, 7:18 am

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

9 Jan - Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025

Announcement under Regulation 30 (LODR)-Credit Rating

8 Jan - Received ESG rating 75 from NSE Sustainability Ratings on Jan 7, 2026; company not engaged; based on FY2024-25 public data.

Announcement under Regulation 30 (LODR)-Press Release / Media Release

1 Jan - December dispatches 456,479 (+40%); Q3 dispatches 1,696,777; exports 37,236; VIDA 10,701 registrations.

Closure of Trading Window

22 Dec - Trading window closed Jan 1, 2026 until 48 hours after results for quarter and nine months ended Dec 31, 2025.

Announcement under Regulation 30 (LODR)-Newspaper Publication

20 Dec - The special window has been opened for re-lodgement of transfer request of physical shares.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

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Financial Year 2021

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Financial Year 2020

(from bse)

Financial Year 2019

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Financial Year 2018

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Financial Year 2017

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Financial Year 2016

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Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Financial Year 2011

(from bse)

Credit Ratings

Rating update

30 Oct 2025 from icra

Rating update

28 Mar 2025 from crisil

Rating update

30 Oct 2024 from icra

Rating update

28 Mar 2024 from crisil

Rating update

27 Oct 2023 from icra

Rating update

23 Jun 2023 from icra

Concalls

Nov 2025

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Stock Analysis

Description

  1. Hero Moto Corp earlier also known as “Hero Honda” is one of India’s first motorcycle manufacturers.The company started in 1984 as a Technological collaboration with Honda, Japan. Before this collaboration, Hero was selling Cycles under the brand name, Hero Cycles.In 2011, Honda group sold its 26% stake in the company to the Munjals (promoters) and ended the JV. Post the termination of JV, the name of the company was changed to Hero Motocorp.

Key Growth Triggers

  1. Record Q2 FY26 financial results, with 16% YoY revenue and PAT growth, driven by strong festive season sales and EV expansion.
  2. Significant global expansion through entry into key European markets (Italy, Spain, UK, France) with Euro 5+ compliant products.
  3. Robust growth in the VIDA electric vehicle segment, reflected in increased market share.
  4. Strategic investment of ₹170 crore for Global Parts Center 2.0 to enhance global supply chain capabilities.
  5. New product launches including Xoom 160 Super Scooter and Destini 110.
  6. Received an ESG rating of 75 from NSE Sustainability Ratings.
  7. Acquisition of stake in Clean Max Karakoram for renewable energy initiatives.

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. Received a tax demand order of ₹1.11 crore for FY22 related to alleged ITC mismatches, which the company disputes and will appeal; no material financial impact is expected.

Key Dates To Watch

  1. Trading window closed from October 1, 2025, and will reopen 48 hours after the declaration of financial results for the quarter and half-year ended September 30, 2025 (Q3 FY26).

Corporate Announcements

1st Apr 26
Impact Rating: 8
Hero MotoCorp has invested ₹210 crore in its associate Euler Motors by acquiring 2,68,219 Series E preference shares. The company now holds a 36.67% stake, as part of an earlier planned ₹275 crore investment.
1st Apr 26
Impact Rating: 9
Hero MotoCorp achieved a 24% dispatch growth in March 2026 (598,198 units) and 10% volume growth for FY26, totaling 6.47 million units. The EV segment via VIDA posted 154% annual growth, with global business also performing strongly.
23rd Mar 26
Impact Rating: 5
Hero MotoCorp will close its trading window from April 1, 2026, following SEBI guidelines. The window remains shut for 48 hours after the company announces financial results for the quarter and year ending March 31, 2026.
19th Mar 26
Impact Rating: 8
Hero MotoCorp is designating its Chief Quality Officer, Mr. Manish Srivastava, as Senior Management Personnel starting April 1, 2026, recognizing his decade-plus tenure and broad industry experience.
17th Mar 26
Impact Rating: 4
Hero MotoCorp is withholding interim dividends for FY 2025-26 for shareholders with incomplete KYC or bank details, following SEBI mandates for electronic dividend payments. Shareholders holding physical shares must update their details to receive their pending payments.