Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the transcript of the earnings conference call held on February 6, 2026, for the quarter and nine months ended on December 31, 2025.
HEROMOTOCO · price
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Hero MotoCorp reported its highest-ever quarterly revenue of INR 12,328 crores, up 21% year-on-year, with reported PAT of INR 1,349 crores (up 12%) and normalized PAT of INR 1,489 crores (up 20%) for Q3 FY26; an exceptional provision of INR 119 crores was taken for the new labour code. ICE EBITDA margin expanded 100 basis points to 17% on the back of pricing, LEAP cost savings and operating leverage, even as commodity headwinds of 40-50 bps led to an INR 300 per vehicle price hike from January 1. The company highlighted five growth pillars (scooters, premium motorcycles, exports, EVs, and parts & accessories), with VIDA EV market share rising to 10.8%, global volumes growing 41% YoY, and parts business posting INR 1,673 crores in revenue. Management expects the two-wheeler industry to grow in double digits in the current quarter and high single digits in FY27, with broad-based demand. New CEO Harshavardhan Chitale outlined a strategy focused on supply chain resilience, customer centricity, and accelerating share gains in underrepresented categories.
Strong revenue growth, margin expansion, and confident guidance on outpacing the industry are positive for shareholders, though commodity costs and continued EV investments (INR 208 crores this quarter) remain near-term watch points. The new CEO's articulation of clear growth priorities could support sentiment, but management's decision to take margin-bridge and EV-loss-related questions offline may leave analysts wanting more transparency.