Hero Motocorp Limited
NSE: HEROMOTOCO · 2/3 Wheelers · sector
₹5,199.00NSE close 2026-10-26
Key numbers
Market cap₹1,04,032 cr
Price₹5,199.00
52w high / low₹6,388 / ₹4,672
P/E19.1xSector median 33.7x
P/B4.8xSector median 7.2x
Book value₹1,080.0
Dividend yield3.37%Sector median 1.54%
ROE26.7%Sector median 24.9%
ROCE34.4%Sector median 18.7%
OPM14.3%Sector median 11.3%
Debt / equity0.02xSector median 0.57x
EV/EBITDA12.6xSector median 19.8x
Interest cover96.2x
Current ratio1.91x
Sales growth 3y+11.6%Sector median +17.5%
Profit growth 3y+27.1%Sector median +23.7%
PEG0.71x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 9 companies in 2/3 Wheelers (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹12,972 cr vs borrowings ₹499 cr (FY26): cash is higher (net cash).
- Borrowings rose in each of the last 3 years (₹313 cr → ₹499 cr).
- Operating profit covered interest 96.2x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 3 of the last 5 years (FY25, FY23, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 22% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹5,199.00 on 2026-10-26: -18.6% from the 52-week high, +11.3% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹6,270.50 · low ₹3,564.65
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10,483 | 10,260 | 9,970 | 9,728 | 12,218 | 12,487 | 12,978 | 13,126 |
| EBITDA | 1,536 | 1,508 | 1,441 | 1,413 | 1,864 | 1,727 | 1,922 | 1,746 |
| OPM % | 14.7% | 14.7% | 14.5% | 14.5% | 15.3% | 13.8% | 14.8% | 13.3% |
| Other income | 239 | 306 | 274 | 310 | 240 | 298 | 210 | 460 |
| Net profit | 1,064 | 1,108 | 1,161 | 1,705 | 1,309 | 1,268 | 1,460 | 1,412 |
| EPS (₹) | 53.19 | 55.38 | 58.08 | 85.26 | 65.41 | 63.36 | 72.98 | 70.59 |
| Revenue YoY | +16.6% | +21.7% | +30.2% | +34.9% | ||||
| Profit YoY | +23.0% | +14.4% | +25.7% | -17.2% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 29,551 | 34,158 | 37,789 | 40,923 | 47,411 | 50,810 |
| EBITDA | 3,445 | 4,094 | 5,190 | 5,946 | 6,926 | 7,259 |
| Net profit | 2,317 | 2,800 | 3,745 | 4,378 | 5,742 | 5,449 |
| EPS (₹) | 115.96 | 140.62 | 187.36 | 218.96 | 287.01 | 272.34 |
| Revenue growth | +15.6% | +10.6% | +8.3% | +15.9% | +25.6% | |
| Profit growth | +20.8% | +33.7% | +16.9% | +31.1% | +8.2% | |
| Dividend / share (₹) | 85.00 | 100.00 | 110.00 | 140.00 | 175.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +11.5% | +8.9% | +25.6% |
| Net profit | +27.0% | +14.5% | +8.2% |
| EPS | +26.8% | +14.5% | – |
| Share price | – | -0.9% (2y) | -8.7% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 16,656 | 17,699 | 19,272 | 21,611 |
| Borrowings | – | 313 | 363 | 457 | 499 |
| Cash & equivalents | – | 4,095 | 5,002 | 7,210 | 12,972 |
| Total assets | – | 23,917 | 26,153 | 28,390 | 33,453 |
| Fixed assets | – | 5,159 | 5,213 | 5,219 | 5,325 |
| Capital work in progress | – | 122 | 127 | 105 | 245 |
| Investments | – | 4,600 | 5,363 | 4,767 | 3,180 |
| Receivables | – | 2,719 | 2,630 | 3,381 | 2,340 |
| Inventory | – | 1,756 | 1,756 | 2,013 | 2,650 |
| Payables | – | 4,760 | 5,623 | 5,700 | 7,676 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 2,104 | 2,614 | 4,923 | 4,297 | 8,315 |
| Cash from investing | -222 | -421 | -1,828 | -1,703 | -4,478 |
| Cash from financing | -1,975 | -2,147 | -2,717 | -2,815 | -3,534 |
| Capex | 570 | 604 | 788 | 857 | 1,100 |
| Free cash flow | 1,534 | 2,010 | 4,135 | 3,441 | 7,215 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 16.8% | 21.2% | 22.7% | 26.6% |
| ROCE % | – | 23.4% | 29.3% | 31.3% | 32.2% |
| Debtor days | – | 29 | 25 | 30 | 18 |
| Inventory days | – | 27 | 25 | 27 | 31 |
| Payable days | – | 73 | 80 | 77 | 88 |
| Cash conversion cycle (days) | – | -17 | -30 | -20 | -39 |
| Working capital days | – | 37 | 32 | 53 | 69 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 34.72% |
| FIIs | 32.22% |
| DIIs | 23.94% |
| of which Mutual funds | 12.27% |
| of which Insurance | 1.85% |
| Government | 0.00% |
| Public (non-institutions) | 9.12% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 34.74% | 34.74% | 34.74% | 34.73% | 34.73% | 34.73% | 34.73% | 34.72% |
| Promoter group | % |
|---|---|
| Bahadur Chand Investments PVT Ltd | 20.00% |
| Pawan Munjal, Renu Munjal and Suman Kant Munjal (On Behalf of Bmop, Partnership Firm) | 13.95% |
| Hero Investcorp Private Limited | 0.44% |
| Pawan Munjal Family Trust (Pawan Munjal & Aniesha Munjal) | 0.10% |
| Renu Munjal | 0.06% |
| Suman Kant Munjal | 0.05% |
| Pawan Munjal | 0.02% |
| Pawan Munjal (AS A Karta of HUF) | 0.02% |
| Renuka Munjal | 0.02% |
| Aniesha Munjal | 0.02% |
| Vasudha Dinodia | 0.02% |
| Sunil Kant Munjal | 0.02% |
| Suman Kant Munjal (AS A Karta of HUF) | 0.01% |
| Abhimanyu Munjal | 0.01% |
| Rahul Munjal | 0.01% |
| Public holders above 1% | % |
|---|---|
| Life Insurance Corporation of India | 6.04% |
| Kotak Flexicap Fund | 3.84% |
| NPS Trust- A/C HDFC Pension Fund Management Limited Scheme E - Tier I | 2.48% |
| Government Pension Fund Global | 2.20% |
| Mirae Asset Large & Midcap Fund | 1.91% |
| WGI Emerging Markets Fund, LLC | 1.82% |
| ICICI Prudential Large CAP Fund | 1.49% |
8,39,722 shareholders. Pledged: 0.00% of promoter shares.
Peers in 2/3 Wheelers
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| BAJAJ-AUTO | ₹2,81,484 cr | 23.9x | 7.2x | 31.8% | 26.6% | 20.6% | +19.9% | 2.08% |
| EICHERMOT | ₹1,94,881 cr | 33.7x | 7.8x | 24.9% | 26.4% | 24.5% | +17.5% | 0.99% |
| TVSMOTOR | ₹1,89,850 cr | 55.4x | 19.9x | 37.9% | 18.7% | 14.8% | +20.6% | 0.30% |
| HEROMOTOCO | ₹1,04,032 cr | 19.1x | 4.8x | 26.7% | 34.4% | 14.3% | +11.6% | 3.37% |
| ATHERENERG | ₹60,338 cr | – | 23.4x | -25.4% | -10.1% | -7.4% | – | – |
| OLAELEC | ₹13,856 cr | – | 4.1x | -41.0% | -24.0% | -48.9% | – | – |
| ZELIO | ₹2,114 cr | 66.0x | 23.4x | 31.4% | 40.4% | 11.3% | – | – |
| WARDINMOBI | ₹100 cr | 83.5x | 0.7x | 0.7% | 5.7% | 7.5% | +1.1% | – |
| SEVL | ₹37 cr | 9.1x | 1.0x | 10.3% | 16.4% | 8.6% | – | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-24 | Dividend | Dividend - Rs 75 Per Share |
| 2026-02-11 | Dividend | Interim Dividend - Rs 110 Per Share |
| 2025-07-24 | Dividend | Dividend - Rs 65 Per Share |
| 2025-02-12 | Dividend | Interim Dividend - Rs 100 Per Share |
| 2024-08-01 | Dividend | Annual General Meeting/Dividend - Rs 40 Per Share |
| 2024-02-21 | Dividend | Interim Dividend - Rs 75 Per Share/ Special Dividend - Rs 25 Per Share |
| 2023-07-27 | Dividend | Annual General Meeting/Dividend - Rs 35 Per Share |
| 2023-02-17 | Dividend | Interim Dividend - Rs 65 Per Share |
| 2022-07-27 | Dividend | Annual General Meeting/Dividend - Rs 35 Per Share |
| 2022-02-21 | Dividend | Interim Dividend - Rs 60 Per Share |
| 2021-07-22 | Dividend | Annual General Meeting/Dividend - Rs 25 Per Share/ Special Dividend - Rs 10 Per Share |
| 2021-02-15 | Dividend | Interim Dividend - Rs 65 Per Share Special Dividend - Rs 5 Per Share |
| 2020-07-30 | Dividend | Annual General Meeting/Dividend - Rs 25 Per Share |
| 2020-02-17 | Dividend | Interim Dividend - Rs 65 Per Sh |
| 2019-07-16 | Dividend | Annual General Meeting/Dividend - Rs 32 Per Share |
| 2019-02-11 | Dividend | Interim Dividend - Rs 55 Per Share |
| 2018-07-11 | Dividend | Annual General Meeting / Dividend- Rs 40 Per Share |
| 2018-02-15 | Dividend | Interim Dividend Rs 55/- Per Share |
| 2017-06-30 | Dividend | Annual General Meeting/Dividend - Rs 30/- Per Share |
| 2017-03-16 | Dividend | Interim Dividend Rs 55/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Manufacturing of two-wheelers: motorcycles & scooters
| Sector | Consumer Discretionary |
| Industry | 2/3 Wheelers |
| Sub-industry | 2/3 Wheelers |
| Symbol | HEROMOTOCO |
| BSE code | 500182 |
| ISIN | INE158A01026 |
| Face value | ₹2.0 |
| Incorporated | 1984-01-19 |
| Website | www.heromotocorp.com |
| Plants (India / abroad) | 8 / 2 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.