HEROMOTOCO

Hero Motocorp share price & financials

Price
₹4,974.9
Market cap
₹1.2L Cr
Sector
Automobile and Auto Components
Calls analysed
7
Latest concall · Q1 FY27 · call held 07 Aug 2026

Hero Motocorp Q1 FY27

Revenue from Operations ₹12,999 cr +36%EBITDA ₹1,727 cr EBITDA Margin 13.3% PAT ₹1,454 cr

What went well

  • Revenue from operations of INR12,999 crores, up 36% YoY.
  • Total volume grew 23% YoY, with core ICE portfolio up 21% and EV business up 151%.
  • EV retailing consistently above 20,000 units monthly, gaining over 400 bps market share.

What to watch

  • Gross margin contracted 300 bps QoQ due to approximately 4.5% net commodity inflation.
  • Overall EBITDA margin declined 120 bps sequentially to 13.3%.
Read the full call →

What Hero Motocorp does

Hero MotoCorp manufactures and sells motorcycles and scooters under the Hero brand across commuter, executive, performance and scooter ranges, alongside electric scooters under its VIDA marque. It also earns from Parts, Accessories & Merchandise (PAM) sold through its own retail and dealer network, from a joint-venture motorcycle line with Harley-Davidson (the X440), and from vehicle financing facilitated through its associate Hero FinCorp. The company manufactures domestically and at overseas plants in Colombia and Bangladesh, and distributes through a mix of owned, joint-venture and franchised dealerships in India and abroad.

Segments

  • Two-Wheelers (ICE)
  • Electric Vehicles (VIDA)
  • Parts, Accessories & Merchandise (PAM)
  • Global Business
Manufacturing plants
8 (6 in India plus Colombia and Bangladesh)
Installed annual production capacity
~9.4 million units
Countries present in
48
Lifetime customers served
124 million+
Retail/customer touchpoints worldwide
11,000+
Domestic touchpoints (India)
8,000+
Founded 1984Headquarters New Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 4 delivered 1 missed 10 open
  • Revenue Growth delivered said Q3 FY25 Promised: double-digit revenue growth for next year (FY26) Q1 FY27: Target achieved in prior quarter.
  • Hero FinCorp Profitability went quiet said Q1 FY26 Promised: go back to profitable growth Q1 FY27: No update provided on Hero FinCorp profitability in the earnings call.
  • Overall EBITDA Margin at risk said Q4 FY25 Promised: maintaining our EBITDA margins between 14% to 16% Q1 FY27: Delivered 13.3%, below the band due to commodity costs, but reiterated medium-term commitment.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 35.7%, net profit up 29.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue10,463 10,211 9,939 9,579 12,126 +16%12,328 +21%12,797 +29%12,999 +36%
EBITDA1,516 1,476 1,416 1,382 1,823 +20%1,810 +23%1,856 +31%1,727 +25%
Net profit1,204 1,203 1,081 1,126 1,393 +16%1,349 +12%1,401 +30%1,454 +29%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −2.4% 1Y

₹5.0k₹5.5k₹6.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 19 Nov 2025Q3 FY26 — 6 Feb 2026Q4 FY26 — 6 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹5,350.5 on 10 Sept 2025 → ₹5,221.5. High ₹6,350.5 (5 Dec 2025), low ₹4,775.5 (8 Jun 2026).

How the price took the results

close before → close after

Q1 FY27
+3.1%
7 Aug
Q4 FY26
+1.2%
6 May
Q3 FY26
−0.2%
6 Feb
Q2 FY26
+1.3%
19 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 11.2% a year over 3 years, FY23 to FY26. Operating margin widened to 14.7%.

Year endingFY23FY24FY25FY26
Revenue₹34.0k Cr₹37.5k Cr₹40.8k Cr₹46.8k Cr
Operating profit₹4.0k Cr₹5.3k Cr₹5.9k Cr₹6.9k Cr
Operating margin11.8%14.0%14.4%14.7%
Interest₹91 Cr₹20 Cr₹20 Cr₹24 Cr
Depreciation₹687 Cr₹712 Cr₹776 Cr₹798 Cr
Net profit₹2.8k Cr₹4.0k Cr₹4.6k Cr₹5.3k Cr
Net margin8.4%10.6%11.3%11.3%
ROCE23.0%30.0%31.0%34.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹40 Cr₹40 Cr₹40 Cr₹40 Cr₹40 Cr₹40 Cr
Reserves₹15.2k Cr₹15.7k Cr₹16.7k Cr₹17.9k Cr₹21.0k Cr₹21.5k Cr
Borrowings₹150 Cr₹168 Cr₹156 Cr₹138 Cr₹718 Cr₹190 Cr
Other liabilities₹6.8k Cr₹5.8k Cr₹6.4k Cr₹7.4k Cr₹10.9k Cr₹10.5k Cr
Total liabilities₹22.2k Cr₹21.7k Cr₹23.3k Cr₹25.6k Cr₹32.7k Cr₹32.2k Cr
Fixed assets₹6.0k Cr₹5.8k Cr₹5.8k Cr₹5.8k Cr₹6.6k Cr₹6.0k Cr
Capital work in progress₹437 Cr₹458 Cr₹464 Cr₹481 Cr₹198 Cr₹744 Cr
Investments₹10.5k Cr₹10.7k Cr₹11.0k Cr₹13.1k Cr₹17.3k Cr₹19.4k Cr
Other assets₹5.2k Cr₹4.8k Cr₹6.0k Cr₹6.2k Cr₹8.5k Cr₹6.1k Cr
Total assets₹22.2k Cr₹21.7k Cr₹23.3k Cr₹25.6k Cr₹32.7k Cr₹32.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +4.04 pp while DIIs trimmed −3.51 pp.

Promoters
34.7%
FIIs
31.1%
DIIs
24.3%
Government
0.1%
Public
9.8%

Since Jun 2025

  • FIIs +4.04 pp
  • DIIs −3.51 pp
  • Public −0.57 pp

How it drifted, 12 quarters

Over this window DIIs fell from 29.1% to 24.3% — −4.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 34.8%, FIIs 26.8%, DIIs 29.1%, Public 9.3%.Dec '23: Promoters 34.8%, FIIs 28.3%, DIIs 28.1%, Public 8.8%.Mar '24: Promoters 34.8%, FIIs 28.9%, DIIs 27.8%, Public 8.6%.Jun '24: Promoters 34.8%, FIIs 29.9%, DIIs 26.9%, Public 8.5%.Sep '24: Promoters 34.8%, FIIs 29.6%, DIIs 26.9%, Public 8.7%.Dec '24: Promoters 34.8%, FIIs 27.9%, DIIs 27.7%, Government 0.0%, Public 9.6%.Mar '25: Promoters 34.7%, FIIs 27.4%, DIIs 27.9%, Government 0.0%, Public 9.9%.Jun '25: Promoters 34.7%, FIIs 27.1%, DIIs 27.8%, Government 0.1%, Public 10.4%.Sep '25: Promoters 34.7%, FIIs 28.8%, DIIs 26.3%, Government 0.1%, Public 10.1%.Dec '25: Promoters 34.7%, FIIs 29.4%, DIIs 26.3%, Government 0.1%, Public 9.5%.Mar '26: Promoters 34.7%, FIIs 31.1%, DIIs 24.7%, Government 0.1%, Public 9.3%.Jun '26: Promoters 34.7%, FIIs 31.1%, DIIs 24.3%, Government 0.1%, Public 9.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 4 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Hero Motocorp above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Bahadur Chand Investments Pvt Ltd 20.01%unchanged
Pawan Munjal, Renu Munjal And Suman Kant Munjal (On Behalf Of Bmop, Partnership Firm) 13.96%unchanged
Life Insurance Corporation Of India Insurer5.14%−0.26 pp
Kotak Flexicap Fund Mutual fund4.30%+0.12 pp
ICICI Prudential Large Cap Fund Mutual fund2.38%unchanged
Government Pension Fund Global Sovereign2.23%−0.14 pp
NPS Trust- A/C HDFC Pension Fund Management Limited Scheme E - Tier I Pension / PF2.15%−0.18 pp
Wgi Emerging Markets Fund, Llc FPI fund1.92%−0.05 pp
Mirae Asset Large & Midcap Fund Mutual fund1.92%+0.59 pp
Hero Investcorp Private Limited 0.44%unchanged
Pawan Munjal Family Trust (Pawan Munjal & Aniesha Munjal) 0.10%unchanged
Renu Munjal 0.06%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in HEROMOTOCO

Filings to Aug 2026

1 new, 15 added, 9 trimmed, 0 sold out — net +0.32 L shares (+1.5%).

Held by funds
₹1.2k Cr
30 schemes
Biggest holder
SBI Contra Fund
₹245 Cr · 0.5% of that fund
SchemeHoldingLast month
SBI Contra Fund SBI Mutual Fund₹245 Crheld
SBI Large and Midcap Fund SBI Mutual Fund₹158 Cr+0.26 L
SBI Quant Fund SBI Mutual Fund₹150 Cr−0.34 L
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹129 Crheld
SBI Arbitrage Fund SBI Mutual Fund₹93 Cr−0.41 L
Nippon India Arbitrage Fund Nippon India Mutual Fund₹71 Cr+0.04 L
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹67 Cr+0.07 L
HDFC Transportation and Logistics Fund HDFC Mutual Fund₹54 Cr−0.40 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

15 added, 9 trimmed — net +32,184 shares (+1.5%)

Funds are sitting on
+6%
vs est. average cost
Held by funds
₹1.2k Cr
30 schemes · ≈ 0.93% of the company
Biggest holder
SBI Contra Fund
₹245 Cr · 0.5% of that fund
Longest holder
Nippon India ETF Nifty India Consumption
12y 5m · since Apr '14

Shares held by these funds −67%

Aug '23 21.66 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹5222, this stock must grow earnings at 13% every year for 7 years. Our analysis caps realistic growth at ~22%. At that growth it is worth ₹8738 — upside of 67%.

Growth the price implies
12.6% a year
for 7 years, fading to 4%
It has actually compounded at
22.8% a year
net profit, FY23–FY26 · EPS 22.5%
The gap
-0.1 pp
67% downside if it only repeats history
Price today ₹5,221.5 Value at the reference growth ₹8,738.49

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Hero Motocorp

Guides on how to read this kind of business and the numbers that matter.