Hero MotoCorp Ltd.
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ABOUT
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 32.3%
- Company has a good return on equity (ROE) track record: 3 Years ROE 24.3%
- Latest quarter profit grew 29.2% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.26x)
CONS
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJ-AUTO | 11684.00 | 27.30 | 321080.80 | 1.28 | 3188.75 | 44.26 | 21688.83 | 71.50 | 28.68 | 20.88 |
| EICHERMOT | 7540.00 | 35.86 | 206989.37 | 1.09 | 1462.51 | 21.35 | 6632.42 | 34.11 | 30.54 | 26.51 |
| TVSMOTOR | 4127.50 | 57.21 | 196092.21 | 0.29 | 1057.61 | 64.52 | 16295.52 | 33.46 | 18.24 | 14.38 |
| HEROMOTOCO | 5225.00 | 19.19 | 104573.78 | 3.54 | 1417.93 | -91.69 | 13126.35 | 34.94 | 35.92 | 12.97 |
| ATHERENERG | 1655.50 | 0.00 | 65657.75 | 0.00 | -510.90 | — | 12169.20 | — | -21.59 | -2.73 |
| OLAELEC | 38.56 | 0.00 | 17847.14 | 0.00 | -336.00 | 21.50 | 455.00 | -45.05 | -20.87 | -36.26 |
| ATULAUTO | 447.05 | 26.26 | 1240.62 | 0.67 | 8.04 | 290.29 | 218.43 | 44.73 | 11.27 | 7.72 |
| URJA | 9.02 | 459.41 | 502.60 | 0.00 | 0.43 | -55.42 | 13.96 | -26.55 | 1.40 | 3.99 |
| WARDINMOBI | 5.74 | 183.30 | 172.67 | 0.00 | 0.17 | -84.77 | 61.64 | 91.02 | 12.48 | 6.17 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,767 | 9,445 | 9,724 | 9,519 | 10,144 | 10,463 | 10,211 | 9,939 | 9,579 | 12,126 | 12,328 | 12,797 | 12,999 | |
| 7,561 | 8,117 | 8,362 | 8,160 | 8,684 | 8,947 | 8,734 | 8,523 | 8,197 | 10,303 | 10,518 | 10,941 | 11,484 | |
| Operating Profit | 1,206 | 1,328 | 1,362 | 1,359 | 1,460 | 1,516 | 1,476 | 1,416 | 1,382 | 1,823 | 1,810 | 1,856 | 1,515 |
| OPM % | 13.76% | 14.06% | 14.01% | 14.28% | 14.39% | 14.49% | 14.46% | 14.24% | 14.42% | 15.04% | 14.68% | 14.50% | 11.65% |
| 62 | 248 | 242 | 180 | 232 | 283 | 318 | 224 | 304 | 233 | 177 | 209 | 441 | |
| Interest | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 6 | 6 | 6 |
| Depreciation | 169 | 175 | 183 | 185 | 193 | 194 | 197 | 192 | 193 | 197 | 204 | 204 | 205 |
| Profit before Tax | 1,095 | 1,397 | 1,417 | 1,350 | 1,493 | 1,600 | 1,592 | 1,442 | 1,487 | 1,854 | 1,777 | 1,855 | 1,956 |
| Tax % | 24.67% | 24.56% | 24.25% | 24.71% | 24.83% | 24.79% | 24.43% | 25.06% | 24.30% | 24.86% | 24.09% | 24.46% | 25.63% |
| Net Profit | 825 | 1,054 | 1,073 | 1,016 | 1,123 | 1,204 | 1,203 | 1,081 | 1,126 | 1,393 | 1,349 | 1,401 | 1,454 |
| 41.27 | 52.72 | 53.70 | 50.84 | 56.15 | 60.18 | 60.15 | 54.06 | 56.28 | 69.62 | 67.40 | 70.04 | 72.69 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 28,500 | 32,230 | 33,651 | 28,836 | 30,801 | 29,245 | 33,806 | 37,456 | 40,756 | 46,830 | 50,250 | |
| 23,915 | 27,028 | 28,847 | 25,059 | 26,878 | 25,979 | 29,944 | 32,358 | 35,108 | 40,160 | 43,246 | |
| Operating Profit | 4,586 | 5,203 | 4,804 | 3,777 | 3,922 | 3,267 | 3,862 | 5,097 | 5,649 | 6,670 | 7,004 |
| OPM % | 16.09% | 16.14% | 14.28% | 13.10% | 12.73% | 11.17% | 11.42% | 13.61% | 13.86% | 14.24% | 13.94% |
| 522 | 526 | 691 | 1,456 | 580 | 557 | 565 | 733 | 1,097 | 922 | 1,059 | |
| Interest | 6 | 6 | 9 | 22 | 22 | 26 | 20 | 18 | 20 | 23 | 23 |
| Depreciation | 444 | 478 | 476 | 637 | 580 | 548 | 533 | 553 | 598 | 597 | 811 |
| Profit before Tax | 4,658 | 5,244 | 5,011 | 4,574 | 3,900 | 3,250 | 3,875 | 5,258 | 6,128 | 6,972 | 7,441 |
| Tax % | 27.51% | 29.50% | 32.45% | 20.56% | 24.00% | 23.91% | 24.88% | 24.54% | 24.77% | 24.44% | 24.78% |
| Net Profit | 3,377 | 3,697 | 3,385 | 3,633 | 2,964 | 2,473 | 2,911 | 3,968 | 4,610 | 5,268 | 5,597 |
| EPS | 169.12 | 185.13 | 169.47 | 181.91 | 148.37 | 123.74 | 145.52 | 198.50 | 230.50 | 263.28 | — |
| Dividend Payout % | 50.26% | 51.31% | 51.34% | 49.48% | 70.77% | 76.75% | 68.66% | 70.53% | 71.58% | 70.27% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 5%
- 5 Years:
- 9%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 5%
- 5 Years:
- 12%
- 3 Years:
- 22%
STOCK PRICE CAGR
- 10 Years:
- 4%
- 5 Years:
- 13%
- 3 Years:
- 20%
- 1 Year:
- -2%
RETURN ON EQUITY
- 10 Years:
- 25%
- 5 Years:
- 21%
- 3 Years:
- 24%
- Last Year:
- 26%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 |
| 10,067 | 11,722 | 12,808 | 14,081 | 15,139 | 15,719 | 16,629 | 17,901 | 19,723 | 21,496 | |
| 0 | 0 | 0 | 122 | 276 | 297 | 331 | 290 | 268 | 248 | |
| Trade Payables | 3,247 | 3,319 | 3,355 | 3,031 | 5,205 | 4,260 | 4,704 | 5,528 | 5,566 | 7,519 |
| 2,422 | 3,105 | 3,030 | 2,550 | 2,419 | 2,194 | 2,497 | 3,067 | 3,762 | 4,465 | |
| Total Liabilities | 15,776 | 18,186 | 19,233 | 19,823 | 23,079 | 22,510 | 24,202 | 26,825 | 29,359 | 33,768 |
| 4,396 | 4,655 | 4,619 | 6,117 | 5,988 | 5,806 | 5,761 | 5,834 | 5,901 | 5,966 | |
| Capital Work in Progress | 271 | 204 | 361 | 160 | 178 | 87 | 129 | 121 | 107 | 225 |
| 5,890 | 7,525 | 5,969 | 8,223 | 10,500 | 10,652 | 11,010 | 13,086 | 14,910 | 19,397 | |
| 656 | 824 | 1,072 | 1,092 | 1,470 | 1,123 | 1,434 | 1,444 | 1,458 | 1,858 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,703 | 3,674 | 2,593 | |
| Cash & Bank | 137 | 141 | 136 | 242 | 257 | 175 | 346 | 609 | 353 | 604 |
| 4,427 | 4,837 | 7,076 | 3,989 | 4,686 | 4,666 | 5,522 | 3,028 | 2,956 | 3,125 | |
| Total Assets | 15,776 | 18,186 | 19,233 | 19,823 | 23,079 | 22,510 | 24,202 | 26,825 | 29,359 | 33,768 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5,214 | 5,475 | 3,030 | 5,954 | 5,149 | 2,789 | 3,429 | 4,907 | 4,182 | 8,315 | |
| Cash from Investing | -1,944 | -1,915 | 1,321 | -2,883 | -2,210 | -152 | -469 | -1,802 | -1,586 | -4,505 |
| Cash from Financing | -2,096 | -2,047 | -2,294 | -2,420 | -1,941 | -1,939 | -2,041 | -2,733 | -2,847 | -3,567 |
| -12 | 19 | 6 | 107 | 21 | -71 | 70 | 372 | -251 | 243 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-12 - Please find enclosed herewith copies of the newspaper advertisement(s) published regarding the issue of duplicate share certificate in lieu of original share certificate that are reported to be lost and not traceable.
2026-09-10 - Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the schedule of investor conference.
2026-09-08 - Pursuant to Regulation 30 of the SEBI Listing Regulations, please refer to the attached disclosure document.
2026-09-08 - Pursuant to Regulation 30 of the SEBI Listing Regulations, please find attached the copies of the newspaper advertisement(s) publishing that the special window has been opened for transfer and dematerialization of physical securities which were sold / purchased prior to April 1, 2019.
2026-09-01 - Please find attached a copy of the Press Release being issued by the Company.
2026-08-31 - Pursuant to Regulation 30 of the SEBI Regulations, please refer to the disclosure document.
2026-08-28 - Pursuant to Regulation 30 of the SEBI Listing Regulations, please refer to the disclosure document regarding update on purchase of additional equity shares in Ather Energy Limited.
2026-08-27 - Pursuant to Regulation 30 of the SEBI Listing Regulations, please find attached the disclosure document regarding purchase of additional equity shares in Ather Energy Limited.
2026-08-27 - Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the schedule of investor meeting(s) /conference(s).
News
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