Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,400.00 last close on 12 Oct 2026 −0.23%
Research updated
Hero Motocorp Ltd.
NSE: HEROMOTOCOConsumer CyclicalAuto Manufacturers
- Last close
- ₹4,937.00
- Day change
- +₹41.50 (+0.85%)vs
- Market cap
- ₹98,810 crIndian rupees
- Research updated
- 1 report
About Hero Motocorp
Hero Motocorp Ltd. is an Indian multinational automotive company focused on designing, manufacturing, and marketing motorcycles and scooters. Headquartered in New Delhi and founded in 1984, it is recognized as one of the world’s largest two-wheeler producers, serving mass commuting and personal mobility needs across India and multiple international markets in Asia, Africa, Latin America, and the Middle East. The company offers a broad portfolio of motorised two-wheelers up to mid-range engine capacities, spanning commuter, premium, sports, adventure, and roadster segments, along with associated spares, accessories, and bike care products. Hero Motocorp also participates in the electric mobility segment through dedicated brands and products, addressing emerging demand for alternative propulsion. Its distribution network reaches urban and rural customers via extensive dealerships and service centres, supported by manufacturing facilities in several Indian states and plants in select international locations. By focusing on reliable, affordable, and increasingly innovative mobility solutions, Hero Motocorp plays a central role in the two-wheeler market and everyday transportation ecosystem in its core regions.
- Sector
- Consumer Cyclical
- Industry
- Auto Manufacturers
- Listing
- NSE: HEROMOTOCO
- Chief executive
- Mr. Vikram Sitaram Kasbekar IIT
- Employees
- 9,527
- Headquarters
- New Delhi, India
- ISIN
- INE158A01026
- Website
- heromotocorp.com
Public research · Report of
Business model & financial foundation
Hero MotoCorp (NSE: HEROMOTOCO), Two-wheelers (motorcycles, scooters, EV): revenue of ₹47,411 crore in FY26 (+15.9% on FY25), an EBITDA margin of 14.9% and net profit of ₹5,742 crore.
- Revenue, FY26 (₹ crore)
- 47,411
- consolidated
- Revenue growth, FY26
- +15.9%
- on FY25
- EBITDA margin, FY26
- 14.9%
- EBITDA (revenue less cogs, employee, other expenses; excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 5,742
- to owners
- Return on equity, FY26
- 27.9%
- on average equity
- Market capitalisation (₹ crore)
- 1,08,457
- at the close of 12 Oct 2026
Company profile
Hero MotoCorp is India's largest two-wheeler maker by volume (about 6.4 million units in FY26), dominant in 100-125cc commuter motorcycles, with growing scooter, premium (incl. Harley-Davidson X440), VIDA electric and export businesses, plus a parts business. It holds equity stakes in Hero FinCorp, Ather Energy and Euler Motors.
| Item | Value |
|---|---|
| Legal name | Hero MotoCorp Limited (formerly Hero Honda Motors Limited) |
| Exchange and ticker | NSE: HEROMOTOCO; BSE: 500182 |
| ISIN | INE158A01026 |
| Sector | Consumer Discretionary |
| Industry | Two-wheelers (motorcycles, scooters, EV) |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2022) |
| Market capitalisation | ₹1,08,457 crore (12 Oct 2026) |
| Shares outstanding | 20.01 crore shares (FY26) |
| Price | ₹4,896 (close, 12 Oct 2026) |
| 52-week range | ₹4,672 - ₹6,389 (to 12 Oct 2026) |
| Website | https://www.heromotocorp.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| HMC MM Auto Ltd | 60% | Component JV with Magneti Marelli |
| HMCL Colombia SAS | 58.79% | Assembly and distribution in Colombia |
| HMCL Niloy Bangladesh Ltd | 55% | Assembly in Bangladesh |
| HMCL Americas Inc | 100% | Holding/US |
| HMCL Netherlands BV | 100% | Overseas holding |
| Hero Tech Center Germany GmbH | 100% | R&D centre |
| Hero FinCorp Ltd (associate) | 40.45% | NBFC financing ~25% of Hero two-wheeler sales |
| Ather Energy Ltd (associate, listed) | 30.07% | Electric scooters |
| Euler Motors (associate) | 34.12% | Electric three-wheeler/LCV |
Associates equity-accounted; Ather listed 6 May 2025.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 34.73% | 34.73% | 34.73% | 34.73% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 28.76% | 29.43% | 31.15% | 31.08% |
| Domestic institutions | 26.32% | 26.28% | 24.69% | 24.27% |
| of which mutual funds | 14.35% | 14.41% | 13.28% | 13.63% |
| Retail | 10.11% | 9.48% | 9.34% | 9.82% |
| Other | 0.08% | 0.08% | 0.08% | 0.09% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Hero MotoCorp sells motorcycles (FY26 5.84m units, 90% of volume) and scooters (0.63m) mostly in India, plus VIDA electric scooters, Harley-Davidson X440/premium bikes, exports (0.40m units in FY26) and a parts business (~6.1k cr FY26). It dominates 100cc commuter motorcycles (85.8% share Q1 FY27) and is weak in scooters (6.9%). Consolidated revenue FY26 47,411 cr, EBITDA 7,045 cr (14.9%), PAT to owners 5,742 cr, diluted EPS 286.72. It holds associates Ather Energy (32.8% after the Aug-26 purchase), Hero FinCorp (40.45%) and Euler (34.12%). It controls its plants, dealer network and brand; it does not control commodity costs (steel, aluminium, precious metals) or rural demand.
| Peer | Why the dossier compares them |
|---|---|
| Bajaj Auto (BAJAJ-AUTO) | Listed 2W major with motorcycle and export exposure |
| TVS Motor Company (TVSMOTOR) | Listed 2W major, scooter and EV leader, share gainer |
| Eicher Motors (EICHERMOT) | Premium motorcycles (Royal Enfield) - Hero's premium push competes here |
| Ather Energy (ATHERENERG) | EV scooter competitor and Hero associate |
| Ola Electric Mobility (OLAELEC) | EV scooter competitor to VIDA |
| Honda Motorcycle & Scooter India (unlisted) | Largest domestic competitor; private |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 28,978 | 33,738 | 37,789 | 40,923 | 47,411 |
| Cost of revenue (vendor classification) * | 21,004 | 24,034 | 25,633 | 27,038 | 31,801 |
| Other operating costs (vendor classification) * | 3,046 | 3,686 | 4,299 | 5,181 | 5,681 |
| EBITDA (vendor classification) * | 3,477 | 4,365 | 5,559 | 6,257 | 7,839 |
| EBIT * | 3,111 | 3,968 | 5,167 | 6,004 | 7,514 |
| Finance costs | 53.1 | 104.9 | 76.4 | 70.7 | 78.3 |
| Profit before tax | 3,058 | 3,864 | 5,090 | 5,934 | 7,436 |
| Total tax expense | 729.1 | 1,064 | 1,348 | 1,558 | 1,660 |
| Profit after tax | 2,329 | 2,800 | 3,742 | 4,376 | 5,776 |
| Diluted EPS (₹) | 115.9 | 140.5 | 187.0 | 218.7 | 286.7 |
| Materials consumed + stock-in-trade purchases + inventory change | 25,509 | 26,911 | 31,679 | ||
| Employee benefits expense | 2,472 | 2,680 | 2,829 | ||
| Other expenses | 4,458 | 5,387 | 5,857 | ||
| EBITDA (revenue less cogs, employee, other expenses; excl. other income) | 5,350 | 5,946 | 7,045 | ||
| Other income | 854.5 | 1,044 | 1,058 | ||
| Depreciation and amortisation | 757.4 | 824.6 | 855.0 | ||
| Share in net profit/(loss) of associates | -120.3 | -161.1 | 384.6 | ||
| Exceptional items (sign as affects profit) | -160.0 | 0.00 | -119.0 | ||
| Profit attributable to non-controlling interests | -2.67 | -2.67 | 34.0 | ||
| Profit attributable to owners of the company | 3,745 | 4,378 | 5,742 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 15,995 | 16,781 | 17,835 | 19,404 | 21,811 |
| Borrowings * | 605.2 | 567.5 | 606.4 | 699.9 | 778.6 |
| Cash and cash equivalents * | 181.0 | 226.3 | 604.9 | 383.6 | 686.7 |
| Trade receivables * | 2,158 | 2,719 | 2,630 | 3,381 | 2,340 |
| Inventories * | 1,472 | 1,756 | 1,756 | 2,013 | 2,650 |
| Trade payables * | 4,343 | 4,760 | 5,623 | 5,700 | 7,676 |
| Net property, plant and equipment * | 265.3 | 295.7 | 331.8 | 738.3 | 795.0 |
| Capital work in progress * | 237.1 | 245.8 | 233.5 | 200.6 | 346.8 |
| Total assets * | 22,478 | 23,917 | 26,153 | 28,390 | 33,453 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 2,454 | 1,601 | 4,923 | 4,297 | 8,315 |
| Capex on PPE & intangibles incl. CWIP/IAUD (outflow negative) | 10.8 | 42.9 | -787.9 | -856.6 | -1,100 |
| Free cash flow (vendor definition) * | 1,534 | 2,010 | 4,135 | 3,441 | 7,215 |
| Dividends paid (the provider's sign: an outflow is negative) * | -1,907 | -1,998 | -2,702 | -2,800 | -3,507 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 19.98 | 19.98 | 19.99 | 20.00 | 20.01 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 10,483 | 10,260 | 9,970 | 9,728 | 12,218 | 12,487 | 12,978 | 13,126 |
| Cost of revenue (vendor classification) * | 6,926 | 6,673 | 6,570 | 6,448 | 8,081 | 8,314 | 8,836 | 9,276 |
| Other operating costs (vendor classification) * | 1,348 | 1,396 | -1,253 | 1,218 | 1,548 | 1,573 | 1,519 | 1,346 |
| EBITDA (vendor classification) * | 1,688 | 1,722 | 1,215 | 2,352 | 2,006 | 2,049 | 2,080 | 2,162 |
| EBIT * | 1,482 | 1,513 | 1,582 | 2,147 | 1,796 | 1,712 | 1,859 | 1,942 |
| Finance costs | 18.3 | 16.6 | 16.9 | 20.7 | 19.3 | 19.6 | 18.7 | 21.4 |
| Profit before tax | 1,464 | 1,497 | 1,565 | 2,126 | 1,777 | 1,692 | 1,841 | 1,921 |
| Total tax expense | 397.6 | 388.6 | 396.2 | 420.4 | 455.9 | 417.0 | 366.6 | 502.8 |
| Profit after tax | 1,066 | 1,108 | 1,169 | 1,706 | 1,321 | 1,275 | 1,474 | 1,418 |
| Diluted EPS (not annualised) (₹) | 53.08 | 55.31 | 58.01 | 85.17 | 65.34 | 63.30 | 72.91 | 70.53 |
| Materials consumed + stock-in-trade purchases + inventory change | 6,926 | 6,673 | 6,442 | 6,448 | 8,081 | 8,314 | 8,836 | 9,276 |
| Employee benefits expense | 672.9 | 683.2 | 696.0 | 649.1 | 725.5 | 753.6 | 701.3 | 758.4 |
| Other expenses | 1,348 | 1,396 | 1,391 | 1,218 | 1,548 | 1,573 | 1,519 | 1,346 |
| EBITDA (revenue less cogs, employee, other expenses; excl. other income) | 1,536 | 1,508 | 1,441 | 1,413 | 1,864 | 1,846 | 1,922 | 1,746 |
| Other income | 238.7 | 306.4 | 274.2 | 309.9 | 240.4 | 297.8 | 210.0 | 459.7 |
| Depreciation and amortisation | 206.1 | 208.9 | 204.1 | 205.6 | 210.3 | 218.6 | 220.5 | 219.8 |
| Share in net profit/(loss) of associates | -86.3 | -91.7 | 71.0 | 629.4 | -98.0 | -94.6 | -52.3 | -43.9 |
| Exceptional items (sign as affects profit) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -119.0 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 2.76 | 0.83 | 7.42 | 0.36 | 12.1 | 7.60 | 13.9 | 5.57 |
| Profit attributable to owners of the company | 1,064 | 1,108 | 1,161 | 1,705 | 1,309 | 1,268 | 1,460 | 1,412 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -4.8% | 16.4% | 12.0% | 8.3% | 15.9% |
| EBITDA margin | 14.2% | 14.5% | 14.9% | ||
| Net margin | 9.9% | 10.7% | 12.1% | ||
| Return on equity | 21.6% | 23.5% | 27.9% | ||
| Return on capital employed | 19.0% | 23.4% | 28.9% | 31.2% | 35.2% |
| Return on assets | 15.0% | 16.1% | 18.6% | ||
| Borrowings less cash (₹ crore) | 424.2 | 341.2 | 1.50 | 316.4 | 91.9 |
| Borrowings less cash / EBITDA | 0.00x | 0.05x | 0.01x | ||
| Interest cover | 58.6x | 37.8x | 67.7x | 85.0x | 96.0x |
| Asset turnover | 1.27x | 1.45x | 1.51x | 1.50x | 1.53x |
| Receivable days | 27 | 29 | 25 | 30 | 18 |
| Inventory days (on revenue) | 19 | 19 | 17 | 18 | 20 |
| Payable days (on revenue) | 55 | 51 | 54 | 51 | 59 |
| Cash conversion | 1.31x | 0.98x | 1.45x | ||
| Capex intensity | 0.0% | 0.1% | 2.1% | 2.1% | 2.3% |
| Free cash flow (₹ crore) | 2,443 | 1,558 | 4,135 | 3,441 | 7,215 |
| Dividend payout | 72.2% | 63.9% | 61.1% | ||
| EPS, diluted (₹) | 115.9 | 140.5 | 187.0 | 218.7 | 286.7 |
| Book value per share (₹) | 800.5 | 839.8 | 892.3 | 970.4 | 1,090 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cogs, employee, other expenses; excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (revenue less cogs, employee, other expenses; excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Hero Motocorp
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