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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
₹10,483 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
₹1,516 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hero MotoCorp reported its highest-ever quarterly revenue of INR 10,463 crore (up 11% YoY), EBITDA of INR 1,516 crore (up 14% YoY), and PAT of INR 1,204 crore (up 14% YoY). The strong performance was driven by mix improvement, lower material costs, and deep savings, with ICE EBITDA margin expanding 160 bps to 16.5%. EV business investment of INR 175 crore weighed on overall EBITDA margin, which improved 40 bps to 14.5%. Festive season retail sales hit a record 1.6 million units (up 13% YoY), with Vahan market share rising to 31.6%. Management remains optimistic about demand, citing rural recovery and upcoming product launches in premium, scooter, and EV segments. Key risk: rising delinquencies in the financing business (Hero FinCorp) could pressure profitability and growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated the overall EBITDA margin range of 14%-16%, despite continued investments in EV and premium segments.
- VIDA will launch new scooter models covering most price and customer segments within six months, including before end of calendar year.
- EV products will become PLI-compliant in FY2026, with benefits starting to accrue from that period.
- Company plans to open 100 premium stores by end of FY2025, with further acceleration expected.
Risks flagged
- Delinquencies and collection slowdown in H1 impacted HFCL profitability; management acknowledged industry-wide credit cost increase.
- Analyst flagged that strong festive retail may not sustain post-festival, as seen last year with sharp drop in Vahan registrations.
- Countries like Bangladesh, Turkey, and Nigeria face economic challenges that could slow export growth.
Key quotes
- Our P&L shape is stronger than ever before. Our balance sheet is stronger than ever before. The cash flows are stronger than ever before, and that allows us the flexibility and the headroom to invest even more aggressively behind our growth priorities.
- We do believe that the customers are the smartest lots. And customers are the king. They are the smartest lot. And we always need to learn something or the other from our customers.
- The festival was indeed very, very positive for us, as we saw. We prepared very well. The preparation for something like this that goes into a result like 1.6 million with a 13% growth, obviously, all the channel partners inspiring them, motivating them, getting onto the same page, getting the production and the inventory geared up, and the model mix geared up for that takes a lot.
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