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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹10,211 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹1,460 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hero MotoCorp reported a strong Q1 FY25 with record revenue of INR 10,144 crore (+16% YoY) and highest-ever PAT of INR 1,123 crore (+36% YoY). EBITDA grew 21% to INR 1,460 crore, with ICE margins improving to 16.4%, while EV investments dragged overall EBITDA margin to 14.4%. Growth was driven by a sharp recovery in the 125cc segment (market share up from 13% to 20% QoQ), rural demand uptick, and cost savings. Management guided for continued volume growth, premium portfolio expansion, and EV scale-up with new products launching this fiscal. Key risks include sustained EV investment drag and potential slowdown in rural recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management plans to ramp up Xtreme 125R production from 25,000 to 40,000 units per month in the next couple of months.
- The company targets to have over 100 Premia stores by March 2025, up from 40 currently.
- The upcoming EV range expansion (mid and affordable segments) will be PLI compliant, launching from October 2024 onwards.
- Annual capital expenditure is expected to be in the range of INR 1,000-1,200 crore.
Risks flagged
- EV business continues to weigh on margins (198 bps impact), and profitability timeline remains uncertain despite volume growth.
- While rural demand is improving, any macroeconomic shock or poor monsoon could derail the recovery, impacting entry-level sales.
- Despite new launches, overall market share is still declining YoY; premium segment competition remains intense.
- Political unrest in Bangladesh has caused a setback, though it represents only ~0.3-0.4% of total revenue.
Key quotes
- We saw INR 10,000 crore revenue being crossed for the first time, registering our highest ever profit after tax with 36% growth.
- The 125cc has seen the sharpest increase from a 13% market share in Q4 to 20% in Q1.
- Our ICE margins improved further to 16.4%. This improvement is driven by operating leverage, mix improvement, cost savings, and pricing.
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