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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
₹9,970 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹1,416 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 Q4 FY25 revenue of INR 9,939 crore, EBITDA of INR 1,416 crore, and PAT of INR 1,081 crore. The ICE EBITDA margin stood at 16.1%, while overall margin including EV investments was 14.2%. For FY25, revenue reached a record INR 40,756 crore (+9% YoY), PAT at INR 4,610 crore (+16% YoY), and ICE EBITDA margin improved 90 bps to 16.2%. Growth was driven by market share gains in entry (600 bps) and 125cc segments (250 bps), strong export growth (43% YoY), and EV market share reaching 7%. Management expects industry growth of 6-7% in FY26 and aims to outperform. Risks include potential quality perception issues and EV profitability timeline.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the two-wheeler industry to grow in the mid to high single digits (6-7%) in FY2026.
- Management reiterated guidance to maintain EBITDA margins between 14% and 16%.
- EV business is expected to break even at monthly volumes of 25,000-30,000 units, which is a couple of years away.
- Two new affordable EV products are planned for launch in the first half of FY26, likely in July.
Risks flagged
- An analyst raised concerns about quality degradation post-BS6, which management denied but acknowledged the need for continuous improvement.
- EV losses remain significant (EBITDA at -95% in FY25), and breakeven is expected only at 25,000-30,000 monthly volumes, which is a couple of years away.
- A planned production halt in April impacted dispatches, though management stated retail was unaffected and production normalized in May.
- The CEO position is still interim, and management did not provide a timeline for a permanent appointment, which may cause strategic uncertainty.
Key quotes
- We have retained the number one spot during the quarter and on the full-year basis. For the first four months in the calendar year, we have gained month-on-month market share.
- We have given a guidance to the market of maintaining our EBITDA margins between 14-16%. Directionally, we will be there.
- At a 25,000-30,000 levels of volume per month, we hope that this will break even, which, in our view, is a couple of years away.
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