Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Oct - September dispatches rose 12% YoY to 7.66 lakh; VIDA dispatches, Latin America milestone, Swiggy partnership.
Source: Bse
Hero MotoCorp Limited (HEROMOTOCO)
Large CapAuto stocks · Large cap · NSE
Hero MotoCorp is the world's largest 2-wheeler manufacturer, maintaining leadership for 25 consecutive years. The company is strategically focusing on gaining market share in high-growth segments including scooters, electric vehicles (EVs), premium motorcycles, and its global business.
₹5,093
-137.00 · -2.62%
Market cap ₹1,00,522 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 12:17 pm ISTDetails
Quote21 Oct, 12:17 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result07 Aug, 04:08 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -4.3% / mo · MACD + · sector -2.5pp vs Nifty 500 (3M)
Stock trend: 41
Sector RS: 42
Sector 3M: -8.5% vs Nifty 500 -6.0%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HEROMOTOCOD candles · FIT view+0.5%TODAY · PROVISIONALLatest price ₹5093.00 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-2.8%
RSI
45
MACD hist
22.07
52W pos
25%
2026-10-21O ₹5240.00H ₹5323.00L ₹5085.50C ₹5093.00Vol 2.7L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HEROMOTOCONifty AutoNifty 500
- HEROMOTOCO
- +5.1%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- +10.6 pp
Chart stats
19 Oct 2026- From 52W high
- -18.1%
- 52W range position
- 33%
- ATR (14)
- 2.4%
- Volume vs 20D
- 0.70x
- Avg traded value
- ₹261 Cr
- 20D price channel
- ₹4,825 - ₹5,448.5
₹6,388.5
₹4,671.5 - ₹6,388.5
₹125.4
Latest completed session
20-session average
27.4% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED71
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +34.9% · PAT -16.9% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model+51.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence87
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -17% YoY · margin compression · Rev +35% YoY
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹13,126 Cr | +34.9% | +1.1% |
| EBITDA | ₹1,702 Cr | +20.5% | -9.0% |
| Operating margin | 13.0% | -200 bps | -100 bps |
| PAT | ₹1,418 Cr | -16.9% | -3.8% |
| PAT margin | 10.8% | -674 bps | -56 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.10
- P/B
- 4.65
- EV/EBITDA
- 12.73
- Market Cap
- 100522.00Cr
Profitability
- ROE
- 28.10%
- ROCE
- 35.20%
- ROA
- 16.41%
- Dividend Y
- 3.68%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 89.75×
- Altman Z
- 8.45
- Book Value
- 1080.00
Cash Flow
- FCF Yield
- 3.82%
- FCF Positive Y
- 12/5
- OCF
- 8315.00 Cr
- EPS TTM
- 272.33
Shareholding
- Promoter Hold
- 34.73%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 21%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 47.4k+15.9% vs prev
Net Profit
₹ CrLatest: 5,776+32.0% vs prev
Return on Equity
%Latest: 26.7+17.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 45. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~4.5% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 20% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
62
RS percentile
Stage 1 Base / Transition
1M return
-1.1%
3M return
+5.1%
6M return
+0.8%
1Y return
-6.8%
RS 1D
+4
RS 20D
+15
Sector rank
#10
Industry rank
-
Stage evidence
- Price is within 1.1% of the 30-week proxy.
- The 30-week proxy changed -0.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 101.79+1.13%
RS vs Nifty 500102
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation10/30
Growth18/25
Quality19/20
Balance Sheet11/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
71
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
71/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 3.8%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 51.5%.
Main drags
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Growth is weaker at 18/25; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
18.1
PB
4.7
EV/EBITDA
12.7
ROE
28.1%
ROCE
35.2%
FCF Yield
3.8%
Debt/Equity
0.0
MoS
+51.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
71
Previous: 71
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+51.5%
Previous: +50.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
75
75
74
74
74
74
71
71
71
71
71
71
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹2,572.47
-98.0% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹10,498.32
+51.5% MoS
PEG
0.87
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TVSMOTOR
Large
TVS Motor Company Limited
Two Wheelers
match 157
47
55.2
33.6%
-46%
FAIR VALUE
BAJAJ-AUTO
Large
Bajaj Auto Limited
Two Wheelers
match 153
57
24.0
29.2%
+37%
FAIR VALUE
TMPV
Large
Tata Motors Passenger Vehicles Limited
Auto / Auto Ancillary
match 101
78
106.0
75.7%
+97%
DEEP VALUE
TMCV
Large
Tata Motors Limited
Auto / Auto Ancillary
match 95
54
21.0
34.0%
-32%
FAIR VALUE
HYUNDAI
Large
Hyundai Motor India Limited
Passenger Vehicles
match 95
58
32.2
29.9%
+17%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-11T21:55:02.207Z
Management commentary snapshot
Hero MotoCorp delivered highest ever Q4 and FY26 revenue, EBITDA, and PAT, driven by strong growth in scooters (+48% YoY), EV volumes (+2.5x YoY), and global business (+41% YoY). ICE business EBITDA margin expanded by 100 bps YoY in Q4.
Management achieved record financial performance in FY26, demonstrating strong execution in targeted growth segments. Strategic investments in capacity expansion, R&D, and brand building are underway. While short-term commodity headwinds are noted, the company aims to mitigate impacts and maintains its medium-term margin guidance.
Growth engines
Scooter Portfolio Expansion
Scooters grew 48% YoY in Q4 FY26. Investments in capacity expansion for Xoom and Destini are underway to capitalize on the scooterization trend.
Electric Vehicle (EV) Business Scale-up
EV scooter volumes expanded 2.5x YoY. Significant R&D and capacity investments are planned, supported by PLI benefits and focus on BOM cost reduction.
Global Business Growth
Global business wholesale grew 41% YoY. The company plans to expand presence in Latin America, Africa, and SAARC geographies, aiming to continue momentum.
Premium Segment Penetration
Harley-Davidson range grew 26% YoY. New exciting launches are planned in premium ranges, leveraging successful product differentiation and brand building.
Capacity and execution
ICE Scooter Capacity
Destini capacity has been increased by 50%. Xoom capacity is in the process of doubling and will be completed this quarter (Q1 FY27).
EV Capacity Expansion
EV capacity has gone from 15,000 to 25,000 units per month, with plans to further double that capacity before the end of FY27.
Global Parts Center
Over ₹700 crores is committed to building a second global parts center in South India, which will double parts handling capacity.
Tailwinds
Positive Demand Momentum
The 2-wheeler sector has started FY27 on a positive note, continuing the momentum seen in the second half of FY26.
Structural Growth Drivers
Urbanization, increasing penetration of e-commerce, and the gig economy continue to drive demand for 2-wheelers as a primary source of mobility.
PLI Scheme for EVs
PLI for 3 EV products covers 60% of the portfolio, with plans to reach 90% coverage, translating to a 13% revenue benefit.
Headwinds
Evolving Macro Environment
The broader economy is navigating short-term uncertainties due to developments in West Asia.
Commodity Cost Headwinds
Commodity headwinds began in March, impacting costs of metals, gas, and certain labor costs. The April price hike of ~2% does not fully cover the high single-digit BOM cost increase.
Fuel Price Hikes in Export Markets
Fuel price hikes in Bangladesh and Sri Lanka are impacting demand in those export markets in the short term.
Risk radar
Commodity Price Volatility
Commodity prices are changing daily, making it difficult to quantify the exact impact on margins, which could be transitionary in the short term.
Geopolitical Uncertainties
Developments in West Asia could lead to further increases in transportation costs and potential dampening of demand in affected export markets.
EV Investment Phase Impact on Margins
The EV business is in a build-out phase with significant R&D and capacity investments, which will continue to impact overall EBITDA margins in the near term.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall growth and annual performance, especially in a seasonal business. QoQ comparison is relevant for tracking sequential momentum in average selling price, EV unit profitability, and the immediate impact of commodity price changes.
Sector KPIs management disclosed
Scooter Volume Growth
Scooters saw 48% growth year-on-year in Q4 FY26.
EV Volume Growth
EV scooter volumes expanded 2.5x over the previous year in Q4 FY26.
Global Business Wholesale Growth
Global business wholesale or dispatches saw growth of 41% year-on-year in Q4 FY26.
Premium Motorcycle Growth (Harley-Davidson)
Harley-Davidson range of bikes grew 26% year-on-year in Q4 FY26.
Management forward view
Outgrow Industry in FY27
Management anticipates high single-digit industry growth in FY27 and expects to grow ahead of the industry in both motorcycles and scooters.
Commitment to Medium-Term Margin Guidance
Despite current commodity headwinds, management remains committed to its medium-term EBITDA margin guidance of 14% to 16%.
Continued Strategic Investments
Investments will continue in capacity expansion, brand building, new products (VIDA, premium, scooters), and technology (low-emission powertrains, connected vehicles, AI).
Stronger H1 FY27 Growth Expected
Due to a favorable base effect, management expects first-half growth in FY27 to be stronger than the second half.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall Retail Market Share | Appears to have come down due to business mix, despite share gains in individual categories. | Reversal and overall market share gains as high-growth segments (EV, scooters, premium, exports) increase their share in the business mix. |
| EV EBITDA Losses per Unit | Decreasing quarter-on-quarter. | Continued improvement in profitability per unit and progress towards the EV business becoming self-sustainable, supported by PLI and BOM cost reduction. |
| Commodity Cost Impact on Margins | Caused a 100 bps drop in gross margin in Q4 FY26, with a transitionary impact expected in the short term. | Effectiveness of calibrated price increases and accelerated cost-saving programs in mitigating the impact and maintaining the 14-16% EBITDA margin guidance. |
| Capacity Ramp-up and Utilization | Xoom capacity doubling this quarter, EV capacity to double from 25,000 units/month by end of FY27. | Successful commissioning and ramp-up of new capacities for scooters and EVs, indicating strong demand absorption and operational efficiency. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
87Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 99th percentile within Auto. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
80 docs text-extracted · 36 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
99th percentile
overall median 67 · Auto: 99th pctile, median 74 · Large: 98th pctile, median 73
Evidence depth
Financial-only
80 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.8%.
- ▸12 years of positive FCF.
- ▸Debt/equity is 0.04.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Hero MotoCorp Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, please find attached the schedule of investor conference.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Sep - Copies of the newspaper advertisement(s) published regarding the issue of duplicate share certificate in lieu of original share certificate that are reported ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep - 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 …
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 22 Aug - Crisil ESG Ratings assigned Hero MotoCorp an ESG score of 70 for FY2025-26.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.