HERO MOTOCORP LIMITED

Manufactures and sells motorcycles, scooters and electric two-wheelers under the Hero MotoCorp, VIDA and Harley-Davidson brands, selling through a domestic dealer network and exporting to 53 countries. FY26 revenue stood at ₹47,411.24 crore with an EBITDA margin of 16.84%, and the company claims 25 consecutive years as the world's largest two-wheeler maker. Focus segments are accelerating — scooter volumes grew 48% YoY, EV volumes grew 2.5x, exports grew 41% YoY (₹3,500 crore, 4.02 lakh units) and the Harley-Davidson range grew 26% YoY in FY26. The EV business is operated through the VIDA sub-brand, which sells scooters such as the VX2 Plus and VX2 Go, supported by 700-plus service touchpoints and 5,900-plus fast-charging stations, with EV capacity doubling to 25,000 units per month and again to 50,000 per month targeted by FY27 end. The biggest cost line is materials at 65.8% of revenue, followed by other operating expenses at 12.4% and employee cost at 6.0%, with FY27 capex committed at ₹1,500 crore including a ₹750-plus crore Global Parts Centre in Tirupati. The company also holds a 30.68% fully-diluted stake in listed EV maker Ather Energy (with up to ₹1,000 crore further investment via warrants) and around 37% in Euler Motors.