Hero MotoCorp Ltd(HEROMOTOCO)

NSE: HEROMOTOCOBSE: 500182

₹ 5,035.35-1.64%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1.01 L crNext results: 28 Oct 2026Website: www.heromotocorp.comUpdated: 24 Oct 2026

About

Hero MotoCorp is India's largest two-wheeler manufacturer, selling motorcycles and scooters under the Hero and VIDA (electric) brands across domestic and international markets. In FY26 the company dispatched 6.1 million units in CY2025 and reported full-year revenue of ₹46,830 crores, its highest ever. Hero holds a 29.0% domestic ICE market share and is present in 52 countries.^[1][2][3][4]

Business segments

ICE motorcycles: 1,484k units dispatched in Q1 FY27 (+17% YoY), the core volume segment led by commuter models Splendor and HF Deluxe.^[3]
ICE scooters: 193k units dispatched in Q1 FY27 (+107% YoY); scooter market share reached 6.9% (+230 bps YoY).^[3]
EV (VIDA): 57,058 units dispatched in Q1 FY27 (+151% YoY, +26% QoQ); VIDA EV market share (VAHAN) reached 10.9% (+400 bps YoY) in Q1 FY27.^[3]
Parts, Accessories & Merchandise (PAM): revenue of ₹1,689 crores in Q1 FY27 (+30% YoY); full-year PAM revenue was ₹6,200 crores in FY26 (+6% YoY).^[3][2]
Global business: 105k units dispatched in Q1 FY27 (+63% YoY); full-year export dispatches were 4,02,000 units in FY26 (+41% YoY) with revenue of approximately ₹3,500 crores.^[3][2]

Products and brands

Core commuter motorcycles: Splendor held 91% share in the Deluxe 100cc segment in Q3 FY26, the highest since FY18. HF Deluxe Pro drove entry-segment share gains.^[1][5]
Hero launched flex-fuel variants of Splendor+ and HF Deluxe (E20 - E85) in Q1 FY27 - first flex-fuel models in the core commuter segment - selling ~5,000 units within two weeks of launch.^[3]
ICE scooters: Destini 125 and Xoom 125 drove ~10% market share in the 125cc scooter segment as of Q2 FY26. Destini capacity doubled and Xoom expansion was underway in Q1 FY27.^[5][3]
VIDA EV scooter portfolio includes the VX2 range. PLI approval covers 3 products representing ~60% of EV portfolio as of Q1 FY27, delivering ₹48 crores PLI benefit in the quarter.^[3][2]
Premium: Harley-Davidson X440 range (made and sold by Hero) grew 26% YoY in FY26; the X440 T variant launched in Q3 FY26 delivered 120% YoY growth in its comparable quarter.^[2]
Electric motorcycle platforms Project Ubex and VXZ (in collaboration with Zero Motorcycles) are in development; launches are expected in FY28.^[3]

Key operating volumes and market share

Total wholesale dispatches: 1,677k units in Q1 FY27 (+23% YoY); 6.1 million units in CY2025.^[3][1]
Domestic ICE market share: 29.0% in Q1 FY27 (+0.3 ppts YoY). 100cc motorcycle segment share: 85.8% in Q1 FY27 (+2.3 ppts YoY).^[3]
Core (rural) market share reached 57% in Q3 FY26, up ~4 percentage points, marking four consecutive quarters of expansion ahead of industry.^[1]
VIDA EV market share (VAHAN): 10.9% in Q1 FY27; Hero holds over 20% share in 28 towns and is among the top-2 players in 37 towns as of Q3 FY26.^[3][1]
Global dispatch market share: 7.5% in Q3 FY26 (+100 bps YoY), with premium products contributing 40% of global volumes.^[1]
Revenue per unit uplift: Q1 FY27 revenue grew 36% YoY vs. volume growth of 23%; the 13-percentage-point gap came from an 8% positive mix shift (EV, scooters, premium, global) and calibrated price increases.^[3]

Manufacturing capacity

EV manufacturing capacity: reached ~30,000 units/month by August 2026 (doubled from 15,000/month at end of FY26); targeted at ~45,000 units/month before end of FY27.^[3]
Xoom ICE scooter capacity was doubled during Q1 FY27, with a further ~50% increase targeted by end of Q2 FY27.^[3]
Destini capacity also doubled within Q1 FY27 to meet rising scooter demand.^[3]

Distribution and customers

Hero is present in 52 countries as of Q2 FY26, having entered Europe, the UK, Germany (ICE) and Nepal (VIDA) through Q1 FY27.^[5][3]
Dealer channel inventory stood at approximately 5 weeks overall at end of FY26; EV dealer inventory nationally in single-digit days.^[2]
VIDA near-zero channel inventory (2 - 3 days) in Q1 FY27 indicates supply constraint rather than weak demand; monthly retail consistently above 20,000 units.^[3]
Colombia subsidiary: volumes grew more than 200% and market share improved from 5% to 9%; the business recorded a PAT of $5 million for the first 9 months of FY26, turning profitable.^[1]
Parts exports grew 70% YoY in Q1 FY27.^[3]

Expansion and capex

FY27 capex guidance: ₹1,500 crores, covering EV and scooter capacity expansion, premium retail network and brand building.^[3][2]
GPC 2.0 (Global Parts Centre): foundation stone laid on 1 July 2026 in Tirupati with ₹750 crores capex; will more than double parts-handling capacity; targeted commissioning by end of 2027.^[3]

Recent developments

Harshavardhan Chitale joined as CEO in January 2026, identifying scooters, premium motorcycles, global markets, EV and PAM as five priority growth pillars.^[1][5]
Hero invested a follow-on ₹210 crores in Euler Motors (commercial EVs), taking its stake to approximately 37%; the investment is described as sufficient for Euler's FY27 funding requirement.^[2]
PLI coverage for the EV portfolio is targeted to reach 100% by December 2026, up from 60% covered as of Q1 FY27.^[3]
EBITDA margin contracted to 13.3% in Q1 FY27 (−120 bps QoQ) due to approximately 4.5% net commodity inflation; medium-term target maintained at 14 - 16%. EV business is targeting EBITDA-positive trajectory by end of FY27.^[3]

Market Cap

₹1,00,778 Cr

High / Low

₹6,390 / 4,672

Stock P/E

18.5

Price / Book

4.7

Book Value

₹1,080

EPS

₹287.0

No. of Shares

20.01 Cr

ROCE

35.6%

ROE

28.1%

OPM

14.9%

Debt / Equity

0.02

Sales

₹47,411 Cr

Net Profit

₹5,776 Cr

Promoter holding

34.7%

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