Hero Motors IPO
Hero Motors IPO is a mainboard IPO raising ₹1,000 Cr at ₹79 – ₹84 a share. The smallest application you can make is 178 shares, costing ₹14,952 at the top of the band. Bidding opens on 16 Sept 2026.
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What happens when
Next: bidding opens on 16 Sept 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Designs, develops, manufactures and supplies powertrain solutions (gearboxes, transmissions, electric drive units, motors) and sheet-metal/tubular assemblies for automotive and mobility OEMs. Products are used in two-wheelers, passenger cars, performance/motorsport vehicles, e-bikes, off-road vehicles, electric and hybrid cars, heavy-duty vehicles and eVTOL aircraft. Serves customers in the US, Europe, India and ASEAN. Operates through two segments: Powertrain Solutions (Gears & Transmissions, plus Bike Powertrain for micro-mobility) and Alloys & Metallics (A&M).
How it earns
Primarily by manufacturing and selling powertrain components and complete systems to global automotive and e-mobility OEMs, supplemented by design, prototyping and validation services (e.g., full-value-chain transmission work for premium and motorsport customers).
Who buys
Named key customers include BMW AG, Ducati, enviolo, Formula Motorsport, Hummingbird EV, HWA AG, Hero MotoCorp, Escorts, B&S, River Mobility, HMC E Valley and Makino Auto Industries, plus leading global e-bike manufacturers and an EV supercar maker. Customer concentration (FY26): top 1 customer 35.57% of revenue (₹422.74 crore / ₹4,227.44 million), top 5 customers 61.42% (₹729.89 crore / ₹7,298.89 million), top 10 customers 72.89% (₹866.14 crore / ₹8,661.40 million); average tenure with top 5 customers is over 12 years.
Scale
6 manufacturing facilities across India (Gautam Buddha Nagar, Ludhiana), UK (Maidenhead) and Thailand (Samut Prakan), plus 2 technology centres (Southam, UK and Gautam Buddha Nagar, India); 2 more facilities being set up in Ludhiana and Bengaluru. Total revenue from operations FY26: ₹1,188.35 crore (₹11,883.51 million); FY25: ₹1,089.59 crore; FY24: ₹1,064.39 crore. HYM motor JV facility has annual capacity of 145,000 motors, planned to scale to 1 million by FY30.
What it says sets it apart
- Only company in India manufacturing and exporting CVT hubs to global e-bike OEMs, and the only manufacturer of integrated electric powertrain products for e-bikes in India (per CRISIL).
- Exclusive supplier for several BMW projects, with rights to co-developed products like the 'Urban' CVT hub (jointly developed with enviolo) carrying perpetual global manufacturing rights.
- Full integrated offering spanning design, prototyping, validation and serial production (not just make-to-print), strengthened by majority acquisition of UK-based Hewland for motorsport/high-performance gearboxes and a JV with Yamaha Motors Japan (HYM brand) for electric motors.
- Diverse geographic footprint with manufacturing in India, UK and Thailand and technology centres in Southam (UK) and Gautam Buddha Nagar (India); one of few Indian companies running an international product development and design centre.
- Established e-bike presence - powered over 0.40 million e-bikes globally with its CVT systems across FY24-FY26, and EV vertical grew from 12.03% of revenue in FY24 to 23.00% in FY26.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs84 / stated EPS Rs1.14 (FY2026 (year ended March 31, 2026) diluted EPS, restated consolidated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹1,188 Cr+9% | ₹41 Cr+26% | 3.5% | ₹481 Cr | ₹401 Cr |
| FY2025 | ₹1,090 Cr+2% | ₹33 Cr+93% | 3.0% | ₹426 Cr | ₹408 Cr |
| FY2024 | ₹1,064 Cr | ₹17 Cr | 1.6% | ₹375 Cr | ₹304 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
What could go wrong
All 13risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What to watch
- Priced at 73.7× earnings — 31% above the median of the peers the issuer itself names.
- The register's top risk: Top customer concentration — 72.89% from top 10, 35.57% from top one (prospectus page 29).
- Its cohort's record: median +33.9% since issue price, 27% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.