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Rare earth supply constraints
View Risks →Hero MotoCorp Limited — Q1 FY26
Hero MotoCorp reported Q1 FY26 revenue of ₹9,579 crore and EBITDA of ₹1,382 crore, with an overall EBITDA margin of 14.4% (flat YoY).
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Hero MotoCorp reported Q1 FY26 revenue of ₹9,579 crore and EBITDA of ₹1,382 crore, with an overall EBITDA margin of 14.4% (flat YoY). The ICE business margin improved to 16.8%, offset by EV investments of ₹189 crore. PAT stood at ₹1,126 crore, including a one-time gain of ₹722 crore from dilution in associates. Domestic Vahan market share recovered to 30.9% (up 1% sequentially), driven by entry segment gains (800 bps YoY share increase) and EV share hitting a record 7% (10% in July). The company launched the Vida VX2 with a battery-as-a-service model and plans new 125cc variants in Q2. Management expects industry growth of 6-7% for FY26, supported by favorable monsoons and festive demand, but near-term volumes were impacted by a production pause in April. Key risks include rare earth supply constraints and potential ABS regulation cost increases.
हीरो मोटोकॉर्प ने पहली तिमाही में 9,579 करोड़ रुपये की कमाई और 1,382 करोड़ रुपये का मुनाफा (EBITDA) दर्ज किया। मुनाफा मार्जिन 14.4% रहा, जो पिछले साल जितना ही है। पेट्रोल बाइक से मार्जिन 16.8% तक बढ़ा, लेकिन इलेक्ट्रिक वाहनों (EV) पर 189 करोड़ रुपये खर्च होने से यह कम हुआ। कुल मुनाफा (PAT) 1,126 करोड़ रुपये रहा, जिसमें 722 करोड़ रुपये का एकमुश्त फायदा शामिल है। बाजार हिस्सेदारी 30.9% हो गई, जो पिछली तिमाही से 1% ज्यादा है। EV की हिस्सेदारी 7% (जुलाई में 10%) तक पहुंच गई। कंपनी ने बैटरी-ए-सर्विस मॉडल वाली Vida VX2 लॉन्च की और जल्द नई 125cc बाइक लाएगी। अच्छी बारिश और त्योहारों से इस साल 6-7% ग्रोथ की उम्मीद है, लेकिन अप्रैल में उत्पादन रुकने से असर पड़ा। जोखिमों में दुर्लभ धातुओं की कमी और ABS नियमों से लागत बढ़ना शामिल है।
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Vahan Market Share
30.9%
+1% QoQ
Sequential increase of 1% in Q1 FY26, recovering from prior quarter.
EV Market Share
7%
+100% YoY
Highest ever quarterly EV market share, more than doubled YoY; further improved to 10% in July.
Entry Segment Market Share Gain
800 bps
+800 bps YoY
Year-on-year market share gain in entry 100cc deluxe segment, reaching 11-quarter high.
Global Business Dispatch Growth
27%
+27% YoY
Year-on-year dispatch growth in global business, outperforming industry.
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Guidance and risk preview
Management expects the two-wheeler industry to grow 6-7% in FY26, with festive season demand recovery.
Industry-wide rare earth metal shortage could impact EV and ICE component availability; management covered for Q2 but working on alternatives.
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