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Commodity cost inflation
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Hero MotoCorp Limited — Q4 FY26
Hero MotoCorp delivered a strong Q4 FY26 with record revenue of ₹12,797 crore (+29% YoY) and EBITDA of ₹1,856 crore (+31% YoY), driven by robust volume growth across scooters (+48%), EVs (2.5x), and exports (+41%).
bullish
high
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Hero MotoCorp delivered a strong Q4 FY26 with record revenue of ₹12,797 crore (+29% YoY) and EBITDA of ₹1,856 crore (+31% YoY), driven by robust volume growth across scooters (+48%), EVs (2.5x), and exports (+41%). The ICE business EBITDA margin expanded 100bps to 17%, though overall margin was 14.5% after EV investments of ₹220 crore. Management guided for high single-digit industry growth in FY27 and expects to outgrow the market, supported by capacity expansions (scooter capacity doubling, EV capacity doubling by year-end) and new product launches. Key risks include commodity cost inflation (aluminium, steel, rubber) which is only partially offset by ~2% price hikes, and potential demand impact from West Asia tensions. The medium-term margin guidance of 14-16% remains, but near-term transitory margin pressure is expected.
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Scooter volume growth
48%
+48% YoY
Scooter dispatches grew 48% year-on-year in Q4 FY26, driven by strong demand for Destiny and Zoom models.
EV volume growth
2.5x
+150% YoY
EV scooter volumes expanded two and a half times over the previous year, with capacity doubling underway.
Export volume growth
41%
+41% YoY
Global business wholesale dispatches grew 41% year-on-year, reaching 4,02,000 units in FY26.
Dealer inventory
5 weeks
down YoY
Channel inventory reduced to ~5 weeks, down from higher levels last year, indicating healthy retail demand.
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Guidance and risk preview
Management expects the two-wheeler industry to grow at high single-digit volume in FY27, with scooters growing a couple of points more than motorcy...
Rising prices of aluminium, steel, rubber, and plastics due to West Asia tensions are increasing input costs, with only ~2% price hikes taken so far.
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