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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
₹12,218 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹1,823 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 12,126 crore (up 16% YoY), EBITDA of INR 1,823 crore (up 20% YoY), and PAT of INR 1,393 crore (up 16% YoY). The strong performance was driven by GST cuts, a robust product portfolio (12 new models), and market share gains across entry, deluxe, scooter, and EV segments. Festive retail growth of 17% outpaced the industry, with VAHAN market share expanding 370 bps to 31.6% in October. Management expects H2 industry growth of 8%-10% and aims to outperform. Risks include potential commodity inflation (aluminum) and ABS implementation uncertainty, though management is in talks with the government.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the two-wheeler industry to grow 8%-10% in the second half of FY26, with Hero poised to outperform and gain market share.
- CFO reiterated the company's EBITDA margin guidance of 14%-16%, with continued investments in brand, products, and EV.
- Management expects to continue gaining market share across segments, driven by new products (Glamour X, Xtreme 125R, scooters) and strong festive momentum.
Risks flagged
- Aluminum prices have risen and may cause 1%-2% commodity inflation in Q3, potentially pressuring margins.
- Draft notification for mandatory ABS may be implemented from January, but no final notification yet. Management is in talks with the government.
- While current momentum is strong, management's H2 growth guidance of 8%-10% implies a slowdown from festive peaks, and any macro shock could derail demand.
Key quotes
- Our VAHAN market share in October expanded by 3.7% year-on-year to 31.6%.
- The company recorded its highest-ever quarterly revenue of INR 12,126 crores, reflecting year-on-year growth of 16%, highest-ever EBITDA of INR 1,823 crores, growth of 20%, and highest-ever PAT of INR 1,393 crores, growth of 16%.
- Our goal is to grow ahead of the market, and that's what you would have seen manifesting as we have made our portfolio more robust.
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