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Hero Motocorp

HEROMOTOCO NSE
₹5,399.50 +99.50 (+1.88%)
P/E
19.83
View as Markdown
MCP
Close 4 Nov 2026 ₹5,399.50 +73.50 +1.38% 1Y
Start ₹5,326.00

Key Fundamentals

MidcapAutomobilesConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
35.20%
Debt to Equity
0.04
EPS (TTM)
₹272.33
Book Value
₹1,169.51
Market Cap
—
P/E (TTM)
19.83
P/B
4.62
ROE
28.10%
Dividend Yield
3.49%
EBITDA
₹8,103 Cr
52W High
₹6,388.50
52W Low
₹4,671.50
Day Range
₹5,286.00 – ₹5,399.50
Volume
5,71,191

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

68 Strong

Data confidence 100/100

Category scores

Quality
71
Strong
Returns, margins, earnings quality 22% weight
Valuation
91
Strong
Cheap vs sector & own history 24% weight
Growth
78
Strong
Sales & profit trajectory 9% weight
Financial Health
72
Strong
Solvency, leverage, coverage 9% weight
Momentum
41
Weak
Trend strength, vol-adjusted 12% weight
Ownership
55
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.81%.
  • Company has been maintaining a healthy dividend payout of 71.5%
  • Debtor days have improved from 24.5 to 18.0 days.

Weaknesses

1
  • The company has delivered a poor sales growth of 8.90% over past five years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish2512
OscillatorsNeutral252
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
59.48
Neutral
MACD (12,26,9)
15.58
Bullish
SMA (50)
5,258.48
Bullish
SMA (200)
5,268.37
Bullish

As of

Analyst Rating

Based on 36 analysts
BUY64%

23 of 36 analysts rate Buy, 9 Hold, 4 Sell.

As of

BUY
23
64%
HOLD
9
25%
SELL
4
11%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+5.24%
5Y+8.90%
3Y+11.55%
1Y+15.85%
TTM+25.64%

Net profit

Net profit growth by window
10Y+6.38%
5Y+14.49%
3Y+27.30%
1Y+31.99%
TTM+8.69%

Operating cash flow

Operating cash flow growth by window
10Y+8.37%
5Y+15.13%
3Y+47.07%
1Y+93.51%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−0.66 pp
5Y+1.78 pp
3Y+2.89 pp
1Y+0.74 pp
TTM−0.19 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹28,610 Cr
Mar 2018₹32,458 Cr
Mar 2019₹33,971 Cr
Mar 2020₹29,254 Cr
Mar 2021₹30,959 Cr
Mar 2022₹29,551 Cr
Mar 2023₹34,158 Cr
Mar 2024₹37,789 Cr
Mar 2025₹40,923 Cr
Mar 2026₹47,411 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹3,546 Cr
Mar 2018₹3,722 Cr
Mar 2019₹3,466 Cr
Mar 2020₹3,659 Cr
Mar 2021₹2,936 Cr
Mar 2022₹2,329 Cr
Mar 2023₹2,800 Cr
Mar 2024₹3,742 Cr
Mar 2025₹4,376 Cr
Mar 2026₹5,776 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹1,925 Cr −26.4% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

Hero MotoCorp trades at ₹5,399.5 as of 2026-11-04 with a market cap of ₹1,06,615 crore, a P/E of 19.83x and ROE of 26.48%. The company is virtually debt-free (debt-to-equity of 0.04) and offers a dividend yield of 3.49%, while TTM sales growth of 26% contrasts with a modest 10-year sales CAGR of 5%.

Bull Case 8
  • Near-zero leverage with a debt-to-equity ratio of just 0.04, giving the company significant financial flexibility and resilience through economic cycles.
  • Attractive dividend yield of 3.49% backed by a healthy payout ratio of 71.5%, offering consistent income to shareholders.
  • Strong return ratios with ROE at 26.48% and ROCE at 31.91%, indicating efficient capital deployment and high-quality earnings.
  • TTM sales growth has accelerated to 26%, well above the 5-year compounded sales growth of 9%, suggesting a meaningful pickup in demand.
  • 3-year compounded profit growth of 28% significantly outpaces the 10-year profit CAGR of 7%, reflecting improving profitability in recent years.
  • Improvement in working capital efficiency with debtor days declining from 24.5 to 18.0 days, indicating better receivables management.
  • Last-year ROE of 28% exceeds the 10-year average ROE of 23%, suggesting the business is generating incrementally higher returns on equity.
  • P/B ratio of 4.62x, when viewed alongside the 26.48% ROE, implies the market is pricing in returns that the company is currently delivering rather than speculative future growth.
Bear Case 7
  • The stock is down 12% on a 1-year basis and trades roughly 15.5% below its 52-week high of ₹6,388.5, indicating sustained negative price momentum.
  • 10-year compounded sales growth of just 5% points to structurally sluggish top-line expansion over a long period, raising questions about market saturation in the core two-wheeler segment.
  • TTM profit growth has decelerated to 10% versus the 3-year compounded profit CAGR of 28%, suggesting recent earnings momentum may be fading.
  • 10-year stock CAGR of only 3% has significantly lagged broader market indices over the same period, reflecting prolonged underperformance for long-term holders.
  • 5-year compounded sales growth of 9% remains modest for a large-cap auto company, limiting the scope for meaningful P/E re-rating.
  • The EV transition poses a structural threat to Hero MotoCorp's ICE-dominated portfolio; any acceleration in electric two-wheeler adoption could pressure volumes and margins.
  • A high dividend payout of 71.5%, while shareholder-friendly, constrains retained earnings available for reinvestment in new growth areas such as electric vehicles and exports.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Hero MotoCorp delivered strong Q2 FY27 topline growth of 21% YoY and impressive scooter momentum (+47%), but margin compression to 13.4% and a standalone PAT miss disappointed investors. The VIDA EV business is scaling rapidly with gross margins turning positive, though it still drags EBITDA by ~₹168 crore per quarter. The core ICE franchise remains dominant at 84.4% share in 100cc, and capacity expansion plus premium launches signal a broadening portfolio. Key risks are commodity inflation and domestic concentration, but the growth trajectory is improving if VIDA losses narrow and scooter mix continues to enrich realisations.

Headwinds 6
  • EBITDA margin contracts 160bps YoY Oct 28

    EBITDA margin fell to 13.4% from 15.03% YoY in Q2 FY27 due to commodity cost pressures, remaining below the mid-term target of 14-16%.

  • Standalone PAT misses estimates 4% Oct 28

    Standalone net profit of ₹1,456 crore missed consensus estimate of ₹1,531 crore due to lower financial income, triggering a 3-4% share price decline on Oct 29.

  • VIDA EV still diluting margins Nov 2

    VIDA's EBITDA drag was ₹168 crore in Q2 FY27 with loss per unit around ₹40,000. At 30,143 units in October, the business implies roughly ₹120 crore monthly loss.

Positives 8
  • Revenue surges 21% YoY in Q2 Oct 28

    Standalone revenue from operations grew 21% YoY to ₹14,687 crore in Q2 FY27, beating estimates, driven by 10.5% volume growth and 9.6% higher realisations at ₹78,600 per unit.

  • Scooter portfolio grows 47% YoY Oct 28

    Scooter sales (ICE + EV) surged 47% YoY to 2.40 lakh units in Q2 FY27, pushing scooter share of volumes to 14.24% from roughly 10.2% a year ago.

  • VIDA turns gross margin positive Oct 28

    VIDA EV business turned gross margin positive in Q2 FY27 ahead of guidance, with revenue reaching ~₹1,000 crore and ₹63 crore in PLI accruals. Capacity rising to 45,000 units/month by end-FY27 and 80,000+ by H1 FY28.

Neutral 2
  • Investor meetings scheduled Nov 5-20 Nov 2

    Hero MotoCorp disclosed a schedule of investor meetings and conferences from November 5 to November 20, 2026 across Mumbai and Tirupati.

  • Sequential dip from festive stocking Nov 2

    Total dispatches fell 4.2% sequentially from September's 766,348 units as October normalised after heavy pre-festive dealer stocking, with retail registrations at 589,665 units.

Quarterly Results

₹ Cr
HEROMOTOCO quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
8,851
9,533
9,788
9,617
10,211
10,483
10,260
9,970
9,728
12,218
12,487
12,978
13,126
14,971
Expenses
7,734
8,174
8,403
8,298
8,804
9,033
8,844
8,529
8,315
10,452
10,735
11,109
11,424
12,974
Operating Profit
1,117
1,360
1,385
1,319
1,407
1,450
1,416
1,441
1,413
1,766
1,752
1,870
1,702
1,997
OPM %
13%
14%
14%
14%
14%
14%
14%
14%
15%
14%
14%
14%
13%
13%
Other Income
66
208
288
177
225
239
306
345
939
240
179
210
460
619
Interest
21
25
23
8
19
18
17
17
21
19
20
19
21
23
Depreciation
180
187
194
197
205
206
209
204
206
210
219
220
220
232
PBT
982
1,356
1,456
1,292
1,408
1,464
1,497
1,565
2,126
1,777
1,692
1,841
1,921
2,361
Tax %
29%
26%
25%
27%
27%
27%
26%
25%
20%
26%
25%
20%
26%
21%
Net Profit
701
1,007
1,091
943
1,032
1,066
1,108
1,169
1,706
1,321
1,275
1,474
1,418
1,861
EPS (₹)
35.53
50.35
54.7
46.77
52.31
53.19
55.38
58.06
85.26
65.42
63.35
72.97
70.59
—

Sep 2026: from the results filed on 28 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
HEROMOTOCO profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
27,538
28,457
28,610
32,458
33,971
29,254
30,959
29,551
34,158
37,789
40,923
47,411
50,810
Expenses
24,018
24,033
24,025
27,124
28,946
25,184
26,902
26,295
30,060
32,554
35,135
40,352
43,720
Operating Profit
3,520
4,424
4,585
5,334
5,025
4,070
4,058
3,256
4,099
5,235
5,789
7,059
7,090
OPM %
13%
16%
16%
16%
15%
14%
13%
11%
12%
14%
14%
15%
14%
Other Income
325
421
830
564
741
1,434
553
545
567
689
1,040
1,310
1,089
Interest
12
15
27
31
37
47
46
53
105
76
71
78
79
Depreciation
540
443
502
575
624
846
715
690
697
757
825
855
869
PBT
3,292
4,387
4,885
5,292
5,104
4,611
3,849
3,058
3,864
5,090
5,934
7,436
7,230
Tax %
29%
29%
27%
30%
32%
21%
24%
24%
28%
26%
26%
22%
—
Net Profit
2,364
3,112
3,546
3,722
3,466
3,659
2,936
2,329
2,800
3,742
4,376
5,776
5,488
EPS (₹)
118
157
179
186
172
182
146
116
141
187
219
287
272
Div. Payout %
51%
46%
47%
51%
50%
49%
72%
82%
71%
75%
75%
64%
—

Balance Sheet

₹ Cr
HEROMOTOCO balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
40
40
40
40
40
40
40
40
40
40
40
40
Reserves
6,500
8,794
10,276
11,932
13,080
14,366
15,376
15,807
16,616
17,659
19,232
21,571
Borrowings
100
232
261
228
312
453
584
605
568
606
700
779
Other Liabilities
4,014
3,829
4,736
5,197
5,072
4,815
7,096
6,027
6,694
7,847
8,418
11,063
Total Liabilities
10,654
12,896
15,312
17,397
18,504
19,674
23,096
22,478
23,917
26,153
28,390
33,453
Fixed Assets
2,952
3,784
4,599
4,961
4,952
6,473
6,380
6,194
6,159
6,232
6,283
6,374
CWIP
719
653
581
355
573
391
495
517
454
484
487
765
Investments
3,118
4,501
6,066
7,669
6,114
8,359
10,582
10,528
10,891
12,751
14,384
19,286
Other Assets
3,864
3,958
4,066
4,411
6,865
4,451
5,639
5,240
6,413
6,685
7,236
7,028
Total Assets
10,654
12,896
15,312
17,397
18,504
19,674
23,096
22,478
23,917
26,153
28,390
33,453

Cash Flow

₹ Cr
HEROMOTOCO cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
2,186
3,722
4,007
4,017
1,032
5,518
4,110
2,104
2,614
4,923
4,297
8,315
Investing
31
−2,300
−1,972
−1,858
1,298
−2,819
−2,289
−222
−421
−1,828
−1,703
−4,478
Financing
−2,131
−1,475
−2,036
−2,102
−2,252
−2,602
−1,852
−1,975
−2,147
−2,717
−2,815
−3,534
Net Cash Flow
86
−53
−1
57
78
97
−31
−94
45
379
−221
303
Free Cash Flow
955
2,094
2,771
3,196
57
4,230
3,537
1,545
2,052
4,146
3,463
7,227
CFO/OP
90
109
113
104
62
149
125
89
85
119
101
134

Ratios

HEROMOTOCO financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
18
16
20
16
29
19
27
27
29
25
30
18
Inventory Days
16
14
14
16
19
24
30
26
27
25
27
31
Days Payable
50
51
62
56
54
58
88
76
73
80
77
88
Cash Conversion Cycle
−16
−20
−29
−24
−5
−15
−32
−23
−17
−30
−20
−40
Working Capital Days
−15
−12
−17
−15
6
−10
−21
−14
−7
−17
−11
−31
ROCE %
50%
54%
48%
45%
39%
27%
24%
18%
23%
29%
30%
35%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Hero Motocorp insights

63 extracted metrics across FY03–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 34.72%
  • FIIs 32.22%
  • DIIs 23.94%
  • Public 7.22%
  • Others 1.90%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Hero Motocorp

What does Hero MotoCorp Ltd do?
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.
Where is Hero MotoCorp Ltd (HEROMOTOCO) listed?
Hero MotoCorp Ltd trades as HEROMOTOCO on the NSE and under code 500182 on the BSE.
Which sector does Hero MotoCorp Ltd belong to?
Hero MotoCorp Ltd is classified under the Automobiles sector, in the Bikes industry.
What is the PE ratio of Hero MotoCorp Ltd?
Hero MotoCorp Ltd trades at a PE ratio of 19.83 as of 4 Nov 2026, on earnings per share of ₹272.33, against a book value of ₹1,169.51 per share.
What is the 52-week high and low of Hero MotoCorp Ltd?
Over the last 52 weeks Hero MotoCorp Ltd has traded between ₹4,671.5 and ₹6,388.5 as of 4 Nov 2026.
Does Hero MotoCorp Ltd pay dividends?
Hero MotoCorp Ltd has a dividend yield of 3.49%.
What is the Return on Equity (ROE) of Hero MotoCorp Ltd?
Hero MotoCorp Ltd reported a return on equity of 28.10%. Its debt-to-equity ratio is 0.04.

Company Information

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.

Website heromotocorp.com
CEO Dr. Pawan Kant Munjal B.E. (Mech.)
Employees 9,527
Listed 11 Apr 2003
Face Value ₹2

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