Hero MotoCorp Ltd.
HEROMOTOCOConsumer Discretionary filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
11 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 11 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20240215 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240513 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240821 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241121 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250212 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250519 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250812 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251119 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260212 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260511 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260811 | 2026-06-30 | yes |
HEROMOTOCO
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 5,296.00 |
| 52-week range | 4775.5 – 6350.5 |
| Return 1M | -5.84% |
| Return 3M | 8.17% |
| Return 1Y | 0.36% |
| Return 3Y | 78.03% |
| Return 5Y | 86.91% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 13,126.00 |
| Other income | 460.00 |
| Total income | 13,586.00 |
| Cost of materials consumed | 9,315.00 |
| Purchases of stock-in-trade | 222.00 |
| Changes in inventories | -261.00 |
| Employee benefit expense | 758.00 |
| Finance costs | 21.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.35 | 0.00 |
| institutions foreign | 0.31 | -0.00 |
| institutions domestic | 0.24 | -0.00 |
| mutual funds | 0.14 | 0.00 |
| public | 0.65 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 11 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 9,158.00 | 8,118.00 | 8,434.00 | 8,851.00 | 9,533.00 | 9,788.00 | 9,617.00 | 10,211.00 | 10,483.00 | 10,260.00 | 9,970.00 | 9,728.00 | 12,218.00 | 12,487.00 | 12,978.00 | 13,126.00 |
| Other income | 94.00 | 182.00 | 238.00 | 226.00 | 208.00 | 244.00 | 177.00 | 225.00 | 239.00 | 306.00 | 274.00 | 310.00 | 240.00 | 298.00 | 210.00 | 460.00 |
| Total income | 9,252.00 | 8,300.00 | 8,672.00 | 9,077.00 | 9,741.00 | 10,031.00 | 9,794.00 | 10,436.00 | 10,722.00 | 10,566.00 | 10,244.00 | 10,038.00 | 12,459.00 | 12,785.00 | 13,188.00 | 13,586.00 |
| Cost of materials consumed | 6,511.00 | 5,630.00 | 5,824.00 | 6,062.00 | 6,500.00 | 6,506.00 | 6,110.00 | 6,617.00 | 6,919.00 | 6,613.00 | 6,458.00 | 6,353.00 | 8,067.00 | 8,253.00 | 8,513.00 | 9,315.00 |
| Purchases of stock-in-trade | 1.00 | 16.00 | 17.00 | 10.00 | 5.00 | 2.00 | 127.00 | 122.00 | 146.00 | 145.00 | 136.00 | 148.00 | 191.00 | 246.00 | 212.00 | 222.00 |
| Changes in inventories | 20.00 | -44.00 | -135.00 | 57.00 | -7.00 | 46.00 | 92.00 | 132.00 | -138.00 | -86.00 | -152.00 | -53.00 | -176.00 | -185.00 | 111.00 | -261.00 |
| Employee benefit expense | 563.00 | 561.00 | 573.00 | 596.00 | 594.00 | 618.00 | 663.00 | 628.00 | 673.00 | 683.00 | 696.00 | 649.00 | 726.00 | 754.00 | 701.00 | 758.00 |
| Finance costs | 48.00 | 24.00 | 19.00 | 21.00 | 25.00 | 23.00 | 8.00 | 19.00 | 18.00 | 17.00 | 17.00 | 21.00 | 19.00 | 20.00 | 19.00 | 21.00 |
| Depreciation and amortisation | 173.00 | 172.00 | 180.00 | 180.00 | 187.00 | 194.00 | 197.00 | 205.00 | 206.00 | 209.00 | 204.00 | 206.00 | 210.00 | 219.00 | 220.00 | 220.00 |
| Other expenses | 976.00 | 1,014.00 | 1,031.00 | 915.00 | 1,081.00 | 1,230.00 | 1,231.00 | 1,252.00 | 1,348.00 | 1,396.00 | 1,391.00 | 1,218.00 | 1,548.00 | 1,573.00 | 1,519.00 | 1,346.00 |
| Total expenses | 8,292.00 | 7,373.00 | 7,509.00 | 7,840.00 | 8,386.00 | 8,620.00 | 8,427.00 | 8,974.00 | 9,171.00 | 8,978.00 | 8,750.00 | 8,541.00 | 10,584.00 | 10,879.00 | 11,296.00 | 11,621.00 |
| Profit before exceptional items and tax | 960.00 | 928.00 | 1,163.00 | 1,236.00 | 1,356.00 | 1,412.00 | 1,367.00 | 1,462.00 | 1,550.00 | 1,589.00 | 1,494.00 | 1,497.00 | 1,875.00 | 1,906.00 | 1,893.00 | 1,965.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | -160.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -119.00 | 0.00 | 0.00 |
| Profit before tax | 960.00 | 928.00 | 1,163.00 | 1,076.00 | 1,356.00 | 1,412.00 | 1,367.00 | 1,462.00 | 1,550.00 | 1,589.00 | 1,494.00 | 1,497.00 | 1,875.00 | 1,787.00 | 1,893.00 | 1,965.00 |
| Current tax | 228.00 | 237.00 | 296.00 | 251.00 | 327.00 | 354.00 | 331.00 | 345.00 | 370.00 | 364.00 | 370.00 | 339.00 | 449.00 | 383.00 | 468.00 | 463.00 |
| Deferred tax | 25.00 | 53.00 | 21.00 | 30.00 | 26.00 | 11.00 | 18.00 | 31.00 | 28.00 | 25.00 | 26.00 | 82.00 | 7.00 | 34.00 | -102.00 | 40.00 |
| Tax expense | 254.00 | 289.00 | 317.00 | 281.00 | 353.00 | 365.00 | 349.00 | 375.00 | 398.00 | 389.00 | 396.00 | 420.00 | 456.00 | 417.00 | 367.00 | 503.00 |
| Profit for the period | 682.00 | 721.00 | 811.00 | 701.00 | 1,007.00 | 1,091.00 | 943.00 | 1,032.00 | 1,066.00 | 1,108.00 | 1,169.00 | 1,706.00 | 1,321.00 | 1,275.00 | 1,474.00 | 1,418.00 |
| Profit attributable to owners | 688.00 | 726.00 | — | 710.00 | 1,006.00 | 1,093.00 | 935.00 | 1,046.00 | 1,064.00 | 1,108.00 | 1,161.00 | 1,705.00 | 1,309.00 | 1,268.00 | 1,460.00 | 1,412.00 |
| Profit attributable to non-controlling interests | -6.00 | -5.00 | — | -10.00 | 1.00 | -2.00 | 8.00 | -14.00 | 3.00 | 1.00 | 7.00 | 0.00 | 12.00 | 8.00 | 14.00 | 6.00 |
| Other comprehensive income | -5.00 | 2.00 | -5.00 | -10.00 | 2.00 | -13.00 | -12.00 | -22.00 | -6.00 | 6.00 | -18.00 | -12.00 | 22.00 | -13.00 | 59.00 | -7.00 |
| Total comprehensive income | 677.00 | 723.00 | 805.00 | 691.00 | 1,009.00 | 1,078.00 | 932.00 | 1,010.00 | 1,061.00 | 1,115.00 | 1,151.00 | 1,694.00 | 1,343.00 | 1,262.00 | 1,533.00 | 1,411.00 |
| Earnings per share, basic | 34.45 | 36.33 | 40.29 | 35.54 | 50.34 | 54.71 | 46.78 | 52.31 | 53.19 | 55.38 | 58.08 | 85.26 | 65.41 | 63.36 | 72.98 | 70.59 |
| Earnings per share, diluted | 34.41 | 36.29 | 40.25 | 35.50 | 50.25 | 54.59 | 46.70 | 52.21 | 53.08 | 55.31 | 58.01 | 85.17 | 65.34 | 63.30 | 72.91 | 70.53 |
Annual results, as filed
| Line | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 33,972.00 | 29,255.00 | 30,959.00 | 29,551.00 | 34,158.00 | 37,789.00 | 40,923.00 | 47,411.00 |
| Other income | 687.00 | 731.00 | 558.00 | 555.00 | 569.00 | 855.00 | 1,044.00 | 1,058.00 |
| Total income | 34,659.00 | 29,986.00 | 31,517.00 | 30,106.00 | 34,727.00 | 38,643.00 | 41,968.00 | 48,469.00 |
| Cost of materials consumed | 23,503.00 | 20,004.00 | 21,968.00 | 20,846.00 | 24,060.00 | 24,837.00 | 26,607.00 | 31,186.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 31.00 | 46.00 | 47.00 | 484.00 | 548.00 | 797.00 |
| Changes in inventories | -59.00 | -173.00 | -256.00 | 29.00 | -164.00 | 188.00 | -244.00 | -303.00 |
| Employee benefit expense | 1,778.00 | 1,889.00 | 1,951.00 | 1,996.00 | 2,250.00 | 2,472.00 | 2,680.00 | 2,829.00 |
| Finance costs | 37.00 | 47.00 | 46.00 | 53.00 | 105.00 | 76.00 | 71.00 | 78.00 |
| Depreciation and amortisation | 624.00 | 846.00 | 715.00 | 690.00 | 697.00 | 757.00 | 825.00 | 855.00 |
| Other expenses | 3,731.00 | 3,474.00 | 3,165.00 | 3,190.00 | 3,871.00 | 4,458.00 | 5,387.00 | 5,857.00 |
| Total expenses | 29,615.00 | 26,087.00 | 27,621.00 | 26,849.00 | 30,867.00 | 33,273.00 | 35,873.00 | 41,299.00 |
| Profit before exceptional items and tax | 5,044.00 | 3,899.00 | 3,896.00 | 3,257.00 | 3,861.00 | 5,370.00 | 6,095.00 | 7,170.00 |
| Exceptional items | 0.00 | 677.00 | 0.00 | 0.00 | 0.00 | -160.00 | 0.00 | -119.00 |
| Profit before tax | 5,044.00 | 4,576.00 | 3,896.00 | 3,257.00 | 3,861.00 | 5,210.00 | 6,095.00 | 7,051.00 |
| Current tax | 1,609.00 | 1,097.00 | 931.00 | 805.00 | 948.00 | 1,264.00 | 1,448.00 | 1,638.00 |
| Deferred tax | 29.00 | -145.00 | -18.00 | -76.00 | 116.00 | 84.00 | 110.00 | 22.00 |
| Tax expense | 1,638.00 | 952.00 | 913.00 | 729.00 | 1,064.00 | 1,348.00 | 1,558.00 | 1,660.00 |
| Profit for the period | 3,466.00 | 3,659.00 | 2,936.00 | 2,329.00 | 2,800.00 | 3,742.00 | 4,376.00 | 5,776.00 |
| Profit attributable to owners | 3,444.00 | 3,638.00 | 2,918.00 | 2,317.00 | — | 3,745.00 | 4,378.00 | 5,742.00 |
| Profit attributable to non-controlling interests | 22.00 | 21.00 | 18.00 | 12.00 | — | -3.00 | -3.00 | 34.00 |
| Other comprehensive income | -15.00 | -18.00 | -26.00 | -1.00 | -35.00 | -33.00 | -39.00 | 57.00 |
| Total comprehensive income | 3,451.00 | 3,641.00 | 2,910.00 | 2,328.00 | 2,765.00 | 3,709.00 | 4,337.00 | 5,832.00 |
| Earnings per share, basic | 172.45 | 182.15 | 146.07 | 115.96 | 140.62 | 187.36 | 218.96 | 287.01 |
| Earnings per share, diluted | 172.44 | 182.15 | 146.04 | 115.93 | 140.69 | 187.04 | 218.69 | 286.72 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 24,211.00 | 23,917.00 | 26,311.00 | 26,153.00 | 29,261.00 | 28,390.00 | 32,661.00 | 33,453.00 |
| Non-current assets | 12,725.00 | 14,482.00 | 15,286.00 | 15,837.00 | 14,951.00 | 14,956.00 | 14,112.00 | 14,548.00 |
| Current assets | 11,486.00 | 9,435.00 | 11,025.00 | 10,315.00 | 14,310.00 | 13,434.00 | 18,549.00 | 18,905.00 |
| Property, plant and equipment | 5,185.00 | 5,159.00 | 5,054.00 | 5,213.00 | 5,165.00 | 5,219.00 | 5,132.00 | 5,325.00 |
| Capital work-in-progress | 171.00 | 122.00 | 175.00 | 127.00 | 145.00 | 105.00 | 198.00 | 245.00 |
| Goodwill | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other intangible assets | 304.00 | 518.00 | 549.00 | 544.00 | 507.00 | 580.00 | 571.00 | 546.00 |
| Inventories | 1,686.00 | 1,756.00 | 2,032.00 | 1,756.00 | 1,934.00 | 2,013.00 | 2,629.00 | 2,650.00 |
| Trade receivables | 4,008.00 | 2,719.00 | 4,229.00 | 2,630.00 | 4,116.00 | 3,381.00 | 4,253.00 | 2,340.00 |
| Cash and cash equivalents | 276.00 | 226.00 | 367.00 | 605.00 | 232.00 | 384.00 | 297.00 | 687.00 |
| Total equity and liabilities | 24,211.00 | 23,917.00 | 26,311.00 | 26,153.00 | 29,261.00 | 28,390.00 | 32,661.00 | 33,453.00 |
| Equity | 16,543.00 | 16,781.00 | 17,799.00 | 17,835.00 | 19,134.00 | 19,404.00 | 21,150.00 | 21,811.00 |
| Equity share capital | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 |
| Other equity | 16,375.00 | 16,616.00 | 17,634.00 | 17,659.00 | 18,971.00 | 19,232.00 | 20,965.00 | 21,571.00 |
| Total liabilities | 7,668.00 | 7,136.00 | 8,512.00 | 8,318.00 | 10,127.00 | 8,986.00 | 11,511.00 | 11,642.00 |
| Non-current liabilities | 1,039.00 | 1,124.00 | 1,158.00 | 1,270.00 | 1,424.00 | 1,510.00 | 1,686.00 | 1,737.00 |
| Current liabilities | 6,629.00 | 6,013.00 | 7,354.00 | 7,048.00 | 8,703.00 | 7,476.00 | 9,826.00 | 9,904.00 |
| Borrowings, non-current | 28.00 | 20.00 | 7.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Borrowings, current | 439.00 | 293.00 | 394.00 | 363.00 | 357.00 | 457.00 | 449.00 | 499.00 |
| Trade payables | 5,316.00 | 4,760.00 | 5,963.00 | 5,623.00 | 7,210.00 | 5,700.00 | 7,620.00 | 7,676.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 361.00 | 2,614.00 | 1,049.00 | 4,923.00 | 2,817.00 | 4,297.00 | 3,582.00 | 8,315.00 |
| Net cash from investing activities | 381.00 | -421.00 | -258.00 | -1,828.00 | -2,349.00 | -1,703.00 | -2,294.00 | -4,478.00 |
| Net cash from financing activities | -648.00 | -2,147.00 | -651.00 | -2,717.00 | -841.00 | -2,815.00 | -1,375.00 | -3,534.00 |
| Purchase of property, plant and equipment | 214.00 | 604.00 | 336.00 | 788.00 | 460.00 | 857.00 | 500.00 | 1,100.00 |
| Net increase in cash | 95.00 | 45.00 | 140.00 | 379.00 | -373.00 | -221.00 | -86.00 | 303.00 |
| con:CFO.BEFORE_TAX | 654.00 | 3,470.00 | 1,606.00 | 6,252.00 | 3,372.00 | 5,863.00 | 3,802.00 | 9,481.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 292.00 | 857.00 | 557.00 | 1,329.00 | 554.00 | 1,565.00 | 219.00 | 1,167.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 1.00 | 43.00 | 5.00 | 11.00 | 9.00 | 22.00 | 10.00 | 12.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 962.00 | 962.00 | 500.00 | 639.00 | 124.00 | 124.00 | 510.00 | 720.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 34.77 | 34.77 | 34.77 | 34.76 | 34.76 | 34.76 | 34.75 | 34.74 | 34.74 | 34.74 | 0.35 | 0.35 | 0.35 | 0.35 |
| Domestic institutions | 27.87 | 27.28 | 29.14 | 28.10 | 27.76 | 26.88 | 26.94 | 27.72 | 27.90 | 27.83 | 0.26 | 0.26 | 0.25 | 0.24 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 15.52 | 0.14 | 0.14 | 0.13 | 0.14 |
| Insurance companies | 1.85 | 2.64 | 2.58 | 2.27 | 2.10 | 2.28 | 2.34 | 1.73 | 1.41 | 1.52 | 0.02 | 0.02 | 0.02 | 0.02 |
| Foreign institutions | 27.00 | 28.10 | 26.80 | 28.34 | 28.93 | 29.87 | 29.59 | 27.96 | 27.43 | 27.05 | 0.29 | 0.29 | 0.31 | 0.31 |
| Government | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | — | 0.00 |
| Public | 65.23 | 65.23 | 65.23 | 65.24 | 65.24 | 65.24 | 65.25 | 65.26 | 65.26 | 65.26 | 0.65 | 0.65 | 0.65 | 0.65 |
| Non-institutional | 10.36 | 9.85 | 9.30 | 8.80 | 8.55 | 8.49 | 8.72 | 9.58 | 9.92 | 10.38 | 0.10 | 0.09 | 0.09 | 0.10 |
| Shares outstanding | 199839718 | 199841654 | 199868978 | 199887153 | 199921741 | 199931110 | 199980118 | 199999531 | 200010836 | 200015708 | 200067860 | 200081612 | 200089777 | 200092938 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Rockman Industries Limited | Enterprises over which key managem | Any other transaction | 4,401,500,000.00 | 2 |
| A. G. Industries Private Limited | Enterprises over which key managem | Any other transaction | 3,651,600,000.00 | 1 |
| HMC MM Auto Limited | Subsidiaries | Any other transaction | 2,453,500,000.00 | 1 |
| HMCL Colombia SAS | Subsidiaries | Any other transaction | 2,017,900,000.00 | 3 |
| Bahadur Chand Investments Private Limited | Parties in respect of which the Co | Any other transaction, Dividend paid | 1,601,400,000.00 | 2 |
| Ather Energy Limited | Associate | Any other transaction, Investment | 1,244,200,000.00 | 3 |
| Niloy Motors Limited | Parties in respect of which the ot | Any other transaction, Dividend paid, Sale of goods | 1,235,200,000.00 | 3 |
| Brijmohan Lal Om Parkash (Partnership firm) | Parties in respect of which the Co | Any other transaction, Dividend paid | 1,117,200,000.00 | 2 |
| HMCL Niloy Bangladesh Limited | Subsidiaries | Any other transaction | 890,300,000.00 | 3 |
| Hero Tech Center Germany GmbH | Subsidiaries | Purchase of goods or services | 762,200,000.00 | 1 |
| AG Industries (BAWAL) Private Limited | Enterprises over which key managem | Any other transaction | 756,800,000.00 | 1 |
| Hero FinCorp Limited | Associate | Any other transaction, Dividend paid, Dividend recei | 735,200,000.00 | 4 |
| Dr. Pawan Munjal | Key management personnel-Executive | Any other transaction, Dividend paid | 582,800,000.00 | 3 |
| Marelli Powertrain India Private Limited | Subsidiary of the party of which C | Any other transaction, Purchase of goods or services | 507,000,000.00 | 3 |
| Marelli Sistemas Automotivos Industria E Comercio Brasil Ltd | Subsidiary of the party of which C | Purchase of goods or services | 132,300,000.00 | 1 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-11 | Q1FY27 | HERO MOTOCORP LIMITED, LIMITED | Read the call |
| 2026-05-11 | Q4FY26 | HERO MOTOCORP LIMITED, SERVICES LIMITED | Read the call |
| 2026-02-12 | Q3FY26 | & CHIEF RISK OFFICER, AND STOCK BROKERS LIMITED, CHIEF TECHNOLOGY OFFICER, OFFICER | Read the call |
| 2025-11-19 | Q2FY26 | Read the call | |
| 2025-08-12 | Q1FY26 | Read the call | |
| 2025-05-19 | Q4FY25 | Read the call | |
| 2025-02-12 | Q3FY25 | Read the call | |
| 2024-11-21 | Q2FY25 | Read the call | |
| 2024-08-21 | Q1FY25 | Read the call | |
| 2024-05-13 | Q4FY24 | Read the call | |
| 2024-02-15 | Q3FY24 | Read the call |
What they said about it, quarter by quarter
| Topic | Q2FY25 | Q2FY26 | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | So, and of course, as we know over the last 3 - 4 years, there's a huge government capex spending, which has happened. | — | At the bottom of pyramid, as I just said earlier, the heavy capex spend that's been happening, the digital inclusion that's been happening, the hospit… | — | — | And obviously, we will not shy away from making investments, whether it’s in Opex or Capex, as may deem fit for scaling up our EV business. | How do you see new plants' capacity versus the old plants? | We are investing in capacity expansion, and we have committed over ₹1,500 crores of capex in FY '27. |
| Capital allocation | And I think that gives positive indications, Pramod, apart from, of course, the macro fundamentals, which should pay dividend, which I just talked abo… | — | — | — | You've all seen the interim dividend getting announced. | Earlier today, the Board recommended a final dividend of ₹40 per share. | I'm happy to share that the Company has declared a final dividend of ₹65 per equity share. | I'm happy to inform that the Board has declared final dividend of ₹75 per share, taking the total dividend in financial year '26 to ₹185, our highest … |
| Costs | And it's largely driven by mix improvement, lower material cost and leap savings. | And I think our LEAP program, which is the cost saving program is really helping us keep the commodities actually flat. | — | — | We continue to look at our cost saving programs which we call it LEAP savings, we continue to improve our mix. | — | — | But certainly, internally, we have accelerated our cost savings program. |
| Debt and cash | — | — | — | — | — | We continue to manage by the way, just to add, the team continues to manage the working capital extremely well. | — | Our focus on cash management resulted in strong cash flow from operations, which stood at ₹9,395 crores for the full year '26, an increase of 80% year… |
| Demand | My first question is on the demand environment itself. | Our market share gains have continued into November, supported by sustained post-festive demand and the strength of our refreshed product portfolio. | My first question is on just trying to understand the demand better. | And just on one of the launches, I think the Xoom 160, I think obviously it's an interesting launch, I think it can expand, or create a category becau… | As Vikram Ji mentioned earlier, one of the key positives for us has been the strong customer acceptance of our new launches across priority segments, … | Anything that you can call out from demand, order book, capacity that gives us comfort on the scale up of these models. | With regards to two-wheeler industry riding on the wave of a positive economic momentum, two-wheeler demand is shaping up nicely, boosted particularly… | On the demand side, 2-wheeler sector has started the year on a positive note, continuing the momentum that we saw in the second half of FY '26. |
| Guidance | And as they come, should we expect margins to improve? | And even after the festive season, we expect the retail momentum to sustain. | Should we expect 100 to 200 basis points kind of investments to fuel growth and particularly for EVs, what we noticed is that there has been some disc… | Yes, indeed, the category is not very big, but our goal is to price it competitively, and just because we offer so many features, the liquid cooled en… | The current demand trend is broad-based across our portfolio and with new product launches supported by investment behind brand building, we expect to… | Gunjan, we won’t go as far as to call out the numbers on the volume guidance. | Overall, we expect the industry to grow in the mid- and high single digits in FY '26. | Already all of our electric vehicles and premium range of motorcycles and scooters are connected and over 3 lakh of 2- wheelers that are on the road t… |
| Margin | And second, we can also see -- particularly, I was talking about gross margin, and the second is, we can also see investments going on as well from yo… | The EBITDA margin during the quarter for ICE business improved to 17.7%, up 121 basis points year-on-year, driven by lower material cost, cost efficie… | We had seen the further increase in gross margin. | And secondly, if I look at on the P&L side in 3rd Quarter, we have seen good savings in our cost of internal gross margin improvement on sequential ba… | ICE business EBITDA margin expanded by 100 bps year-on-year to 17%, driven by pricing, LEAP savings and operating leverage. | And our margin shape continues to be healthy, in fact in Quarter 4, it’s improved to 14.3% with 130bps up which actually allows now disproportionately… | Firstly, for the quarter, the company recorded quarterly revenue of ₹9,939 crores, EBITDA of ₹1,416 crores and PAT of ₹1,081 crores. | So while our overall costs were controlled and you saw its impact on our EBITDA expansion in the year, despite that cost control, we had a significant… |
| People | — | — | — | — | — | — | And last question, on the leadership transition, if you can just help us understand how are we placed there as to -- because there has been reasonable… | — |
| Pricing | — | The average selling price increased 4.2% year-on-year and 2.4% quarter-on-quarter, driven by mix and pricing. | My first question is on the pricing environment. | But it appear to me and I could be wrong that the pricing, it seems to be priced for profitability than category creation and market share gains. | The average selling price increased 4.2% year-on-year and 1.3% quarter-on-quarter, driven by higher ASP across product segments. | We saw a good improvement in gross margins this quarter, so if you could just call out both movement in terms of commodity cost, pricing increases in … | The EV business is on a sustained growth curve helped by investments behind the brand, brand building, pricing interventions and launch of the VIDA V2… | And as management, we are doing whatever it takes to really mitigate the impact of that, which includes taking calibrated price increases and also acc… |
| Revenue growth | But if you look at the first half, we did grow 30% versus the industry growth of 16% as far as the global business is concerned. | The company recorded its highest ever quarterly revenue of ₹12,126 crores, reflecting year-on-year growth of 16%, highest ever EBITDA of ₹1,823 crores… | Did I hear the 10% growth kind of a forecast for next year at the start of the Q&A, or its the revenue growth you're are asking for FY25? | So, is there a seasonality here because I think first half the growth was much weaker, 3rd Quarter we have seen an acceleration and that has also help… | The company recorded its highest ever quarterly revenue of INR12,328 crores, reflecting year-on-year growth of 21%. | Starting with Quarter 4 FY24 Results, we clocked revenue of ₹9,519 crores, reflecting growth of 15%, EBITDA margin at 14.3% improved by 130bps over th… | We ended the full year FY '25 clocking our highest-ever top line and bottom line. | But overall, for the full year as a whole, we do continue to see growth momentum that you have seen in our overall revenue growth of FY '26. |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2026-05-11 | Q4FY26 | HERO MOTOCORP LIMITED | We remain committed to our medium-term margin guidance of 14% to 16%. |
| 2026-05-11 | Q4FY26 | HERO MOTOCORP LIMITED | But in the medium term, we are committed to our margin guidance of maintaining 14% to 16%. |
| 2026-08-11 | Q1FY27 | HERO MOTOCORP LIMITED | On the PLI front, I'm pleased to share that around 60% of our EV portfolio is now PLI certified, and we expect 100% of our portfolio to be PLI compliant by December 2026. |