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View Promises →Hero MotoCorp Limited — Q2 FY26
Hero MotoCorp reported its highest-ever quarterly revenue of ₹12,126 crore (up 16% YoY), EBITDA of ₹1,823 crore (up 20% YoY), and PAT of ₹1,393 crore (up 16% YoY).
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Hero MotoCorp reported its highest-ever quarterly revenue of ₹12,126 crore (up 16% YoY), EBITDA of ₹1,823 crore (up 20% YoY), and PAT of ₹1,393 crore (up 16% YoY). The strong performance was driven by market share gains across all segments, a robust festive season with nearly 1 million retails, and the benefit of GST rate cuts. The ICE EBITDA margin improved 121 bps to 17.7%, while overall margin (including EV investments) expanded 54 bps to 15%. Management guided for 8-10% industry growth in H2 and expects Hero to outperform. Key risks include potential commodity inflation (aluminium) and the impact of ABS implementation costs.
हीरो मोटोकॉर्प ने अब तक का सबसे बड़ा तिमाही कारोबार किया है। कंपनी की कमाई ₹12,126 करोड़ रही, जो पिछले साल से 16% ज़्यादा है। मुनाफा ₹1,393 करोड़ रहा, जो 16% बढ़ा है। यह अच्छा प्रदर्शन बाजार में हिस्सेदारी बढ़ने, त्योहारी सीजन में लगभग 10 लाख बाइक-स्कूटर बिकने और GST दरों में कटौती की वजह से हुआ। कंपनी का मुख्य कारोबार (ICE) का मार्जिन 17.7% हो गया, जो पहले से बेहतर है। कुल मार्जिन (EV निवेश सहित) 15% रहा। कंपनी को उम्मीद है कि दूसरी छमाही में उद्योग 8-10% बढ़ेगा और हीरो उससे बेहतर करेगी। मुख्य जोखिम एल्युमीनियम की कीमतें बढ़ना और ABS लगाने की लागत है।
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Commodity inflation (aluminium)
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Read Transcript →Quarter Snapshot
Festive retail sales (Vahan)
~1M
+17% YoY
Nearly 1 million retail units sold during the festive season (Ganesh Chaturthi to Nov 13).
October Vahan market share
31.6%
+370 bps YoY
Market share expanded 3.7 percentage points year-on-year in October.
EV business market share
11.7%
+680 bps YoY
Highest ever quarterly EV market share, driven by Vida VX2.
Global business dispatch growth
77%
+77% YoY
Global dispatches grew 77% YoY, nearly three times the industry growth.
What Changed vs Last Quarter
NEW
Continued investment in brand, products, and EV
Hero will continue investing in premium, scooters, EV portfolio, brand building, and Hero 2.0 store upgrades.
UPDATED
H2 FY26 industry growth 8-10%
Management expects the two-wheeler industry to grow 8-10% in the second half of FY26, with Hero poised to outperform.
UPDATED
EBITDA margin guidance 14-16%
Management reiterated its EBITDA margin guidance of 14-16% for the full year, despite continued investments.
DROPPED
Global business to grow over 40% in FY26
Targeting over 40% growth in global business this fiscal, aiming for 10% of revenue from exports.
DROPPED
New 125cc launches in Q2 FY26
Two new 125cc variants (stylish and sporty) to be launched in Q2 to disrupt the market.
NEW RISK
Commodity inflation (aluminium)
Aluminium prices have risen and may cause 1-2% commodity inflation in Q3, though steel prices have softened.
NEW RISK
Rural demand recovery pace
Rural markets were slow initially due to rains and early festive timing, though recovery is visible post-festive.
RISK GONE
Rare earth supply constraints
Industry-wide rare earth metal shortage could impact EV and ICE component availability; management covered for Q2 but working on alternatives.
RISK GONE
Entry segment demand slowdown
Entry-level motorcycle segment remains under stress due to affordability and aspiration challenges, though market share gains continue.
RISK GONE
HFCL asset quality pressure
Hero FinCorp's performance impacted by high credit cost and NPAs, though management expects improvement with falling interest rates.
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.
Aluminium prices have risen and may cause 1-2% commodity inflation in Q3, though steel prices have softened.
View Risks →