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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. ICE motorcycles, ICE scooters, Electric two-wheelers (VIDA), Exports / global business, Spare parts. Volume-driven, capital-intensive two-wheeler manufacturer in transition from ICE motorcycles toward EVs (VIDA) and scooters; export-led diversification underway.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 29,551 | 34,158 | 37,789 | 40,923 | 47,411 |
| EBITDA (ex other income) | 3,445 | 4,094 | 5,190 | 5,946 | 6,926 |
| margin % | 11.7 | 12.0 | 13.7 | 14.5 | 14.6 |
| Owners' profit | 2,317 | 2,800 | 3,745 | 4,378 | 5,742 |
| EPS, as reported (₹) | 115.96 | 140.62 | 187.36 | 218.96 | 287.01 |
| ROE % · ROCE % | 14.6 · 19.5 | 16.7 · 22.1 | 21.0 · 27.7 | 22.6 · 29.5 | 26.5 · 30.3 |
| Debt / equity (x) | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Cash from operations | 2,104 | 2,614 | 4,923 | 4,297 | 8,315 |
| Capex | (570) | (604) | (788) | (857) | (1,100) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10,483 | 10,260 | 9,970 | 9,728 | 12,218 | 12,487 | 12,978 | 13,126 |
| Profit before tax | 1,550 | 1,589 | 1,494 | 1,497 | 1,875 | 1,787 | 1,893 | 1,965 |
| Net profit | 1,066 | 1,108 | 1,169 | 1,706 | 1,321 | 1,275 | 1,474 | 1,418 |
| EPS (₹) | 53.19 | 55.38 | 58.08 | 85.26 | 65.41 | 63.36 | 72.98 | 70.59 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ AUTO LIMITED | 3,26,400 | 27.7 | 8.12 | 22.7 | 26.3 | 23.1 | 17.8 | 24.1 |
| EICHER MOTORS LTD | 2,06,699 | 35.8 | 8.23 | 28.7 | 22.0 | 23.2 | 21.8 | 31.0 |
| TVS MOTOR COMPANY LTD | 1,95,979 | 57.2 | 18.29 | 26.7 | 29.7 | 19.9 | 23.6 | 15.4 |
| HERO MOTOCORP LIMITED ◆ | 1,04,482 | 19.2 | 4.79 | 13.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Hero MotoCorp to attend Jefferies 5th India Forum on Sep 16 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Hero MotoCorp faces ESIC lien of Rs 4.80 crore on bank accounts | regulatory legal | high | — | — |
| 8 Sept 2026 · Newspaper ad on special window for physical share transfer and demat | compliance | minimal | — | — |
| 1 Sept 2026 · Hero MotoCorp August 2026 dispatches at 5.68 lakh units, up 2.6% YoY | compliance | low | — | — |
| 1 Sept 2026 · Hero MotoCorp August 2026 dispatches up at 5.68 lakh units | compliance | low | — | — |
| 31 Aug 2026 · Hero MotoCorp appoints Suresh Kumar P as Chief Digital and Information Officer | management changes | medium | — | — |
| 28 Aug 2026 · Hero MotoCorp raises Ather Energy stake to 32.8% for Rs 1,758 cr | strategic transactions | high | — | — |
| 27 Aug 2026 · Hero MotoCorp to buy more Ather Energy shares for up to Rs 1,758 crore | strategic transactions | high | — | — |
| 27 Aug 2026 · Hero MotoCorp schedules five investor meetings for September 2026 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Hero MotoCorp invests INR 960 crore in Ather Energy via convertible warrants | strategic transactions | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 26.5 |
| 29.9 |
| 8.9 |
| 16.8 |
| ATHER ENERGY LIMITED | 63,441 | — | — | — | — | — | — | 0.8 |
| OLA ELECTRIC MOBILITY LTD | 17,824 | — | 5.32 | — | (54.7) | (37.0) | — | (29.9) |
| Zelio E Mobility Limited | 1,788 | 56.2 | — | — | — | 29.9 | — | — |
| WARDWIZARD INNO & MOB L | 172 | 81.7 | 1.14 | 11.7 | 1.3 | 1.8 | — | 6.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.2 | 35.8 | 1 of 7 | 100% |
| P/B | 4.8 | 6.7 | 2 of 6 | 80% |
| ROCE | 29.9 | 21.5 | 1 of 8 | 100% |
| ROE | 26.5 | 24.1 | 2 of 6 | 80% |
| Debt / Equity | 0.0 | 0.6 | 2 of 6 | 80% |
| EBITDA margin | 16.8 | 15.4 | 3 of 7 | 67% |
| Revenue growth | 34.9 | 32.5 | 2 of 6 | 80% |
| Profit growth | (16.9) | 21.4 | 5 of 6 | 20% |
| Market cap | 104482 | 63441 | 4 of 9 | 63% |
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| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
