Arthneeti

Hero MotoCorp Q2 FY27 Share Price & Earnings Call Analysis

₹5,167.00+1.21% today
Market cap
₹1.03L Cr
P/E
18.67
ROE
28.10%
PEG
0.66
Price to sales
2.03
Debt to equity
0.04
52W high / low
₹6,350 / ₹4,776
Sales growth (5Y)
8.90%
EBITDA margin
13.95%
Net profit margin
12.19%
Promoter holding
34.73%
Sales (last year)
₹50,810 Cr

Hero Moto Corp earlier also known as “Hero Honda” is one of India’s first motorcycle manufacturers. The company started in 1984 as a Technological collaboration with Honda, Japan. Before this collaboration, Hero was selling Cycles under the brand name, Hero Cycles. In 2011, Honda group sold its 26% stake in the company to the Munjals (promoters) and ended the JV. Post the termination of JV, the name of the company was changed to Hero Motocorp. [1] [2]

Guidance scorecard · Q2 FY27 call

What Hero MotoCorp Ltd's management guided
and where it ranks in Automobiles

#11of 11 in
Automobiles
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Hero MotoCorp expects continued strong volume growth, driven by EV, scooters, premium variants, and global business.
  • Q1 FY27 volume grew 23% YoY with revenue growth of 36%, indicating premiumization and calibrated price increases.
  • Industry 2-wheeler growth projected near double digits for full year FY27, with continued positive momentum in H2.
  • EV business (VIDA) saw 151% YoY growth, with plans to expand capacity from 15,000 to 45,000 units monthly in FY27.
  • Premium motorcycle segment will see multiple new model launches in next 12 months, though some flagship models post-festive.
  • Parts and accessories business growing strongly (30%+ YoY), with further expansion planned via capacity doubling (GPC 2.0).

2 more points from Hero MotoCorp Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Hero MotoCorp Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Announced GPC 2.0 investment with a CapEx of INR 750 crores to more than double parts business capacity.
  • Tripling EV capacity in FY27: increased monthly EV capacity from 15,000 to nearly 30,000 units as of August 2026; targeting 45,000 per month by end of FY27.
  • Increased ICE capacity: added 2,000 per day capacity for Splendor (~50,000 per month), doubled capacity for Destini, and a 50% capacity increase for Xoom scooters.

2 more points from Hero MotoCorp Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Hero MotoCorp Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • VIDA (EV segment) has almost nil channel inventory, with only 2 to 3 days of stock depending on the region, indicating very low pending orders.
  • Current supply and shipping of VIDA products are immediately retailed, showing strong pent-up demand.
  • Capacity expansion includes adding 10,000 more units for VIDA in August, expected to be absorbed immediately due to strong demand.
  • ICE scooters, such as Xoom and Destini variants, have channel stock levels around half of the typical average, indicating relatively low inventory and expected demand absorption.

2 more points from Hero MotoCorp Ltd's call on the order book

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Full Q1 FY27 analysis
Full Automobiles ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Automobiles
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. M & MGood growth
    3
See all potential multibaggersWhere does Hero MotoCorp Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Automobiles companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹58,318 Cr—
240%+Flat₹2,339 Cr83.8
3M & M20–40%Flat₹3.63L Cr18.9
420–40%Flat₹2.00L Cr34.4
520–40%Flat₹1.95L Cr56.2
620–40%Flat₹17,491 Cr—

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Pro shows every company guiding 40%+ revenue growth →Full Automobiles ranking

Financials of Hero MotoCorp Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Hero MotoCorp Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +34.76%34.76%34.76%34.75%34.75%34.74%34.74%34.73%34.73%34.73%34.73%34.72%
FIIs +28.34%28.93%29.87%29.59%27.95%27.43%27.05%28.76%29.43%31.15%31.09%32.22%
DIIs +28.09%27.76%26.87%26.94%27.70%27.89%27.77%26.32%26.28%24.69%24.26%23.84%
Government +0.00%0.00%0.00%0.00%0.01%0.01%0.05%0.08%0.08%0.08%0.09%0.09%
Public +8.80%8.55%8.49%8.72%9.58%9.91%10.39%10.11%9.48%9.34%9.82%9.10%
No. of Shareholders2,80,5472,92,8283,00,1467,61,2598,74,6589,47,4078,92,6228,97,0338,72,4998,95,5168,87,9538,39,722

Financials of Hero MotoCorp Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +9,5339,7889,61710,21110,48310,2609,9709,72812,21812,48712,97813,12614,970
Expenses +8,1748,4038,2988,8049,0338,8448,5298,31510,45210,73511,10911,42412,974
Operating Profit1,3601,3851,3191,4071,4501,4161,4411,4131,7661,7521,8701,7021,997
OPM %14%14%14%14%14%14%14%15%14%14%14%13%13%
Other Income +213288177225239306345939240179210460619
Interest2523819181717211920192123
Depreciation187194197205206209204206210219220220232
Profit before tax1,3601,4561,2921,4081,4641,4971,5652,1261,7771,6921,8411,9212,361
Tax %26%25%27%27%27%26%25%20%26%25%20%26%21%
Net Profit +1,0071,0919431,0321,0661,1081,1691,7061,3211,2751,4741,4181,861
EPS in Rs50.3554.7046.7752.3153.1955.3858.0685.2665.4263.3572.9770.5993.00

Financials of Hero MotoCorp Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +27,53828,45728,61032,45833,97129,25430,95929,55134,15837,78940,92347,41153,562
Expenses +24,01824,03324,02527,12428,94625,18426,90226,29530,06032,55435,13540,35246,241
Operating Profit3,5204,4244,5855,3345,0254,0704,0583,2564,0995,2355,7897,0597,321
OPM %13%16%16%16%15%14%13%11%12%14%14%15%14%
Other Income +3254218305647411,4345535455676891,0401,3101,467
Interest121527313747465310576717882
Depreciation540443502575624846715690697757825855891
Profit before tax3,2924,3874,8855,2925,1044,6113,8493,0583,8645,0905,9347,4367,815
Tax %29%29%27%30%32%21%24%24%28%26%26%22%
Net Profit +2,3643,1123,5463,7223,4663,6592,9362,3292,8003,7424,3765,7766,028
EPS in Rs118.42157.34179.49186.29172.44182.14146.05115.95140.61187.31218.91286.96299.91
Dividend Payout %51%46%47%51%50%49%72%82%71%75%75%64%

Financials of Hero MotoCorp Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital40404040404040404040404040
Reserves6,5008,79410,27611,93213,08014,36615,37615,80716,61617,65919,23221,57123,369
Borrowings +1002322612283124535846055686067007791,419
Other Liabilities +4,0143,8294,7365,1975,0724,8157,0966,0276,6947,8478,41811,06313,243
Total Liabilities10,65412,89615,31217,39718,50419,67423,09622,47823,91726,15328,39033,45338,071
Fixed Assets +2,9523,7844,5994,9614,9526,4736,3806,1946,1596,2326,2836,3747,419
CWIP719653581355573391495517454484487765422
Investments3,1184,5016,0667,6696,1148,35910,58210,52810,89112,75114,38419,28621,004
Other Assets +3,8643,9584,0664,4116,8654,4515,6395,2406,4136,6857,2367,0289,226
Total Assets10,65412,89615,31217,39718,50419,67423,09622,47823,91726,15328,39033,45338,071

Financials of Hero MotoCorp Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +2,1863,7224,0074,0171,0325,5184,1102,1042,6144,9234,2978,315
Cash from Investing Activity +31-2,300-1,972-1,8581,298-2,819-2,289-222-421-1,828-1,703-4,478
Cash from Financing Activity +-2,131-1,475-2,036-2,102-2,252-2,602-1,852-1,975-2,147-2,717-2,815-3,534
Net Cash Flow86-53-1577897-31-9445379-221303
Free Cash Flow9552,0942,7713,196574,2303,5371,5452,0524,1463,4637,227
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit90%109%113%104%62%149%125%89%85%119%101%134%

Financials of Hero MotoCorp Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days181620162919272729253018
Inventory Days161414161924302627252731
Days Payable505162565458887673807788
Cash Conversion Cycle-16-20-29-24-5-15-32-23-17-30-20-40
Working Capital Days-15-12-17-156-10-21-14-7-17-11-31
ROCE %50%54%48%45%39%27%24%18%23%29%30%35%

Guidance history

How Hero MotoCorp Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned——
Q3 FY26 call →10–20%FlatPlanned——
Q2 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

57out of 100

Momentum score · price trend

57 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−6.3%55%
Last 6 months+1.3%57%
Last 3 months−4.1%59%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Hero MotoCorp Ltd: 0.4 × 55 + 0.4 × 57 + 0.2 × 59 = 57.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Hero MotoCorp Ltd's management said in earlier quarters

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