Hero MotoCorp / Q1-FY24

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Positive2023-08-10Back to HEROMOTOCO

Revenue

₹8,851 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

Pending

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

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EBITDA (₹ Cr)PositiveWatchNegative
8 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY25: 1,460 · Positive source sentiment · 2024-08-14Q1 FY25Q2 FY25: 1,516 · Positive source sentiment · 2024-11-15Q2 FY25Q3 FY25: 1,476 · Positive source sentiment · 2025-02-07Q3 FY25Q4 FY25: 1,416 · Positive source sentiment · 2025-05-15Q4 FY25Q1 FY26: 1,382 · Positive source sentiment · 2025-08-01Q1 FY26Q2 FY26: 1,823 · Positive source sentiment · 2025-11-14Q2 FY26Q3 FY26: 1,810 · Positive source sentiment · 2026-01-30Q3 FY26Q4 FY26: 1,856 · Positive source sentiment · 2026-05-15Q4 FY261,8561,382
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Hero MotoCorp reported Q1 FY24 revenue of ~INR 9,000 crore, with EBITDA up 28% YoY and PAT up 32% YoY (excluding INR 160 crore VRS charge). EBITDA margin came in at 13.8% (underlying ICE margin 14.5%), back to pre-COVID levels. The strong margin recovery was driven by price hikes, mix improvement, cost savings, and commodity tailwinds. Management now pivots to growth and market share, backed by an unprecedented launch pipeline (X440, Karizma, Xtreme, scooter revamps) and Hero 2.0 retail transformation. EV business Vida is expanding to 100 cities by December, with a 100bps margin drag expected. Demand outlook is positive due to government capex, easing inflation, and good monsoons, with double-digit industry growth expected. Key risk: sustained weakness in the entry-level commuter segment could delay volume recovery.

Colored figures show movement against the previous available record.

Guidance to track

  • Management reiterated the long-term ICE margin range of 14%-16%, with current margins back to pre-COVID levels.
  • The EV business (Vida) is expected to impact overall margins by approximately 100 basis points as it scales.
  • Management expects double-digit growth for the two-wheeler industry driven by government capex, easing inflation, and good monsoons.
  • Vida will expand to 100 cities well before December end; currently present in 36 cities.

Risks flagged

  • The bottom-of-pyramid segment has been slow to recover; if demand does not pick up, volume growth may lag.
  • Removal of EV subsidies has hurt unit gross margins; profitability may take longer if cost reduction doesn't keep pace.
  • Inventory currently at 6 weeks; if festive demand disappoints, channel inventory could become elevated.
  • Ongoing government agency inquiries; management sees no need for provisions but uncertainty remains.

Key quotes

  • Our singular focus is going to be growth and market share on the back of lots of launches that we have done and the launches that are in the offing in the next few quarters.
  • We are back to pre-COVID levels, which are around 14%. Therefore, moving forward, having covered the margins back to pre-COVID levels, our singular focus is going to be growth and market share.
  • The number of new launches that we are doing this year is unparalleled as far as our history is concerned. Probably unparalleled in the industry as well.

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