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Hero MotoCorp Margin Trend — Quarter by Quarter

Hero MotoCorp's EBITDA margin moved from 13.0% in Q1 FY24 to 14.0% in Q4 FY26 across 11 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2614.0%+30 bps
Q3 FY2614.0%+20 bps
Q2 FY2614.0%+54 bps
Q1 FY2615.0%—
Q4 FY2514.0%—
Q3 FY2514.0%+50 bps
Q2 FY2514.0%+40 bps
Q1 FY2514.0%+60 bps
Q4 FY2414.0%+130 bps
Q2 FY2414.0%+260 bps
Q1 FY2413.0%—

What management said about ebitda margin

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Q4 FY26 · Medium-term EBITDA margin guidance of 14%-16%

Management reaffirmed its medium-term margin guidance of 14%-16%, despite near-term commodity headwinds.

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Q3 FY26 · Price hike of INR 300 per vehicle in January

Hero took a price increase of INR 300 per vehicle in January to mitigate commodity cost inflation.

G

Q2 FY26 · EBITDA margin guidance of 14%-16%

CFO reiterated the company's EBITDA margin guidance of 14%-16%, with continued investments in brand, products, and EV.

G

Q1 FY26 · EBITDA margin guidance of 14-16%

CFO reiterated margin guidance of 14-16%, with short-term operating at lower band due to investments.

G

Q4 FY25 · EBITDA margin guidance of 14-16%

Management reiterated guidance to maintain EBITDA margins between 14% and 16%.

G

Q2 FY25 · EBITDA margin guidance of 14%-16% maintained

Management reiterated the overall EBITDA margin range of 14%-16%, despite continued investments in EV and premium segments.

G

Q1 FY24 · ICE margin tramline of 14%-16% maintained

Management reiterated the long-term ICE margin range of 14%-16%, with current margins back to pre-COVID levels.

G

Q1 FY24 · EV business drag of ~100 bps on margins

The EV business (Vida) is expected to impact overall margins by approximately 100 basis points as it scales.