Hero MotoCorp / Q1-FY26

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Positive2025-08-01Back to HEROMOTOCO

Revenue

₹9,728 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

₹1,382 Cr

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 FY26 revenue of INR 9,579 crore and EBITDA of INR 1,382 crore, with overall EBITDA margin at 14.4% (ICE margin improved to 16.8%). PAT stood at INR 1,126 crore (consolidated INR 1,706 crore including one-time gain). Wahan market share recovered to 30.9% (up 1% QoQ), driven by entry segment gains (800bps YoY share increase in HF Deluxe). EV business achieved record quarterly share of 7% (over 10% in July) with VIDA VX2 launch and Battery-as-a-Service model. Management expects industry growth of 6-7% for FY26, with festive season demand recovery. Risks include rare earth supply constraints (covered for Q2) and potential ABS regulation cost impact.

Colored figures show movement against the previous available record.

Guidance to track

  • Management expects full-year two-wheeler industry growth of 6-7%, with festive season demand recovery offsetting Q1 softness.
  • CFO reiterated margin guidance of 14-16%, with short-term operating at lower band due to investments.
  • Target to achieve 10% of revenue and volumes from global business, with over 40% growth expected this year.
  • Two new 125cc motorcycle launches planned in Q2 FY26 to disrupt the deluxe segment with best-in-class technology.

Risks flagged

  • Industry-wide rare earth shortage affecting magnets for EV motors and sensors; Hero covered for Q2 but uncertainty beyond.
  • Draft notification mandating ABS for vehicles >50cc from June 2026 could increase costs significantly; industry seeking timeline extension.
  • Entry-level motorcycle segment under prolonged stress due to affordability and aspiration shifts; recovery uncertain.
  • HFCL profitability impacted by high credit cost and NPAs; management expects improvement with falling rates but no timeline given.

Key quotes

  • We are pleased to report a positive start to the fiscal year with our Wahan market share recovering to 30.9% in Q1 FY 2026, representing a sequential increase of 1%.
  • In EV, we reported our highest ever market share, quarterly market share of 7%, more than doubling year-on-year. Our July market share further increased to over 10%.
  • We've given the guidance on the margin, that the margins will operate between 14% and 16%. In the short term, you are right, it will operate on the lower band of this range.

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