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Hero MotoCorp Margin Trend — Quarter by Quarter

Hero MotoCorp's EBITDA margin moved from 15.0% in Q1 FY26 to 14.0% in Q4 FY26 across 4 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%—

What management said about ebitda margin

G

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

Management reaffirmed commitment to 14-16% EBITDA margin in the medium term, despite near-term commodity headwinds.

G

Q3 FY26 · Price increase of ₹300 per vehicle in January

Hero took a price hike of ₹300 per vehicle from January 1 to mitigate commodity cost inflation.

G

Q2 FY26 · EBITDA margin guidance 14-16%

Management reiterated its EBITDA margin guidance of 14-16% for the full year, despite continued investments.

G

Q1 FY26 · EBITDA margin guidance of 14-16%

Overall EBITDA margin expected to operate between 14% and 16%, with near-term lower band.