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Hero MotoCorp Limited — Q2 FY26
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).
bullish
high
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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.
हीरो मोटोकॉर्प ने अब तक का सबसे बड़ा तिमाही राजस्व 12,126 करोड़ रुपये (पिछले साल से 16% ज्यादा) कमाया। कंपनी का मुनाफा 1,393 करोड़ रुपये (16% बढ़ोतरी) रहा। यह सफलता जीएसटी कटौती, 12 नए मॉडलों और बाजार में हिस्सेदारी बढ़ने से मिली। त्योहारों में बिक्री 17% बढ़ी, जो उद्योग से ज्यादा है। अक्टूबर में बाजार हिस्सेदारी 31.6% हो गई। कंपनी को लगता है कि दूसरी छमाही में उद्योग 8-10% बढ़ेगा और वे इससे बेहतर करेंगे। जोखिम: एल्युमीनियम की कीमतें बढ़ सकती हैं और एबीएस नियमों को लेकर अनिश्चितता है, लेकिन सरकार से बातचीत चल रही है।
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Commodity inflation (aluminum)
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VAHAN Market Share (October)
31.6%
+370 bps YoY
Hero's retail market share in October expanded 3.7 percentage points year-on-year to 31.6%.
EV Market Share (Q2)
11.7%
+6.8 pp YoY
VIDA achieved its highest-ever quarterly EV market share of 11.7%, up 6.8 percentage points YoY.
Global Business Dispatch Growth
77%
+77% YoY
Global business dispatches grew 77% YoY, nearly three times the industry growth rate.
First-Time Buyer Share (Festive)
81%
+9 pp vs average
First-time buyers constituted 81% of festive sales, up from the typical 70-72%, indicating strong new customer addition.
What Changed vs Last Quarter
NEW
Continued market share gains in H2
Management expects to continue gaining market share across segments, driven by new products (Glamour X, Xtreme 125R, scooters) and strong festive momentum.
UPDATED
H2 FY26 industry growth of 8%-10%
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.
UPDATED
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.
DROPPED
Global business to contribute 10% of revenue/volumes
Target to achieve 10% of revenue and volumes from global business, with over 40% growth expected this year.
DROPPED
New 125cc motorcycle launches in Q2
Two new 125cc motorcycle launches planned in Q2 FY26 to disrupt the deluxe segment with best-in-class technology.
NEW RISK
Commodity inflation (aluminum)
Aluminum prices have risen and may cause 1%-2% commodity inflation in Q3, potentially pressuring margins.
NEW RISK
ABS implementation uncertainty
Draft notification for mandatory ABS may be implemented from January, but no final notification yet. Management is in talks with the government.
NEW RISK
Post-festive demand sustainability
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.
RISK GONE
Rare earth supply constraints
Industry-wide rare earth shortage affecting magnets for EV motors and sensors; Hero covered for Q2 but uncertainty beyond.
RISK GONE
ABS regulation cost impact
Draft notification mandating ABS for vehicles >50cc from June 2026 could increase costs significantly; industry seeking timeline extension.
RISK GONE
Entry segment demand weakness
Entry-level motorcycle segment under prolonged stress due to affordability and aspiration shifts; recovery uncertain.
RISK GONE
Hero Fincorp asset quality pressure
HFCL profitability impacted by high credit cost and NPAs; management expects improvement with falling rates but no timeline given.
Fast read
Guidance and risk preview
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.
Aluminum prices have risen and may cause 1%-2% commodity inflation in Q3, potentially pressuring margins.
View Risks →