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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
₹12,487 Cr
verified against source
Revenue YoY
21%
reported change
EBITDA
₹1,810 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 a strong Q3 FY26 with record revenue of INR 12,328 crore (+21% YoY) and EBITDA of INR 1,810 crore (+23% YoY). Normalized PAT grew 20% to INR 1,489 crore. Growth was broad-based, driven by GST rate reduction benefits, strong festive demand, and market share gains in entry (57% share, +4pp), deluxe 100cc (91% share), and scooters (7% share). The EV business (VIDA) narrowed losses to INR 208 crore investment, with market share expanding to 10.8%. Exports surged 41% YoY. Management guided for high single-digit industry growth in FY27, with Hero expected to outpace. Key risks include commodity inflation (aluminum, precious metals) and potential demand moderation from price hikes. The new CEO emphasized five growth pillars: scooters, premium motorcycles, global markets, EV, and parts business.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the two-wheeler industry to grow in high single digits in FY27, with moderation in H2 due to high base.
- Hero took a price increase of INR 300 per vehicle in January to mitigate commodity cost inflation.
- VIDA expects a market increase in capacity in FY27 to meet growing demand.
Risks flagged
- Rising aluminum and precious metal prices, along with forex impact, are pressuring margins. Management estimates 40-50 bps impact in Q3 and expects similar in Q4.
- Analyst raised concern that price increases to offset commodity costs could dampen demand, especially after GST-driven price reductions.
- Management acknowledged supply bottlenecks for Xtreme 125R due to strong demand and common platform with exports, which could limit near-term sales.
Key quotes
- We are all acutely aware of the opportunities that exist in some of the other categories which are growing faster and where we are relatively underrepresented.
- The company recorded its highest-ever quarterly revenue of INR 12,328 crores, reflecting year-on-year growth of 21%.
- We are seeing inflationary trends. We've seen the prices of aluminum, precious metals going up starting last quarter.
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