Hero MotoCorp / Q3-FY25

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Positive2025-02-07Back to HEROMOTOCO

Revenue

₹10,260 Cr

verified against source

Revenue YoY

5%

reported change

EBITDA

₹1,476 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 Q3 FY25 revenue of ₹10,211 crore (+5% YoY), EBITDA of ₹1,476 crore (+8% YoY), and PAT of ₹1,203 crore (+12% YoY). EBITDA margin improved 50 bps YoY to 14.5%, driven by mix improvement and cost savings, with ICE margins at 16%. The company gained market share in 95% of its portfolio, with retail share at 32.8% (up 520 bps QoQ). EBITDA per unit crossed ₹10,000, reflecting operating leverage. Management guided for double-digit revenue growth in FY26, supported by new launches (Xtreme 250R, VIDA V2, Xoom 160), rural demand recovery, and tax relief from the budget. Key risk: EV volumes remain low due to portfolio transition, and Hero FinCorp credit costs have risen to ~6%, though collections are improving.

Colored figures show movement against the previous available record.

Guidance to track

  • Management expects double-digit revenue growth for the next fiscal year, driven by new launches, rural recovery, and tax relief.
  • The V2 portfolio will become PLI compliant in the coming months, with the entire portfolio compliant by next fiscal.
  • The company plans to expand its premium store network from 60 to over 100 stores in the near term.
  • The company has opened 700 Hero 2.0 stores at a pace of more than one store per day, accelerating retail transformation.

Risks flagged

  • VIDA's national EV market share is ~5%, partly due to absence in the sub-₹1 lakh segment (60% of market) and limited geographic presence.
  • Hero FinCorp's credit cost rose ~150 bps to ~6% due to lower collection efficiency, impacting profitability.
  • EV dispatches fell sharply during the V1-to-V2 transition, though management expects a recovery in February-March.
  • Scooters and EVs are gaining share, potentially pressuring Hero's core motorcycle business; management downplays this risk.

Key quotes

  • Our EBITDA per unit remarkably has crossed now INR 10,000 per unit, driven by premiumization, mix, and judicious pricing, which augurs well as we expand our volume given the operating leverage it will generate.
  • All strategies are as good as the execution, and our focus now is going to be purely on executing and accelerating the execution strategy.
  • We are not there with 60% of the market. If you see our play area and where we play, a lot of towns actually exceeding now 20% market share, and many are 10% market share.

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