HEROMOTOCO · Automobile and Auto Components
Hero MotoCorp Ltd. reported revenue of ₹13,126 cr for April to June 2026, +34.9% on the year and +1.1% on the quarter. That is faster than this quarter has grown in recent years (+5.3% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹50,809 cr, +25.6% on the four before.
Operating profit (EBITDA) was ₹1,702 cr, a margin of 13.0%, −156 bps on the year and −144 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 13.0% to 14.5%). Operating costs grew +37.4%, faster than revenue at +34.9%, so operating profit grew less than sales.
Net profit was ₹1,418 cr, −16.9% on the year and −3.8% on the quarter, with earnings per share of ₹70.59. Profit before other income, one-offs and tax grew faster, at +23.1%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹5,488 cr, +8.7% on the four before.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹272.33 over the last four quarters, the stock at ₹5,410.50 trades at 19.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Quarterly statements
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹9,788 cr | ₹9,617 cr | ₹10,211 cr | ₹10,483 cr | ₹10,260 cr | ₹9,970 cr | ₹9,728 cr | ₹12,218 cr | ₹12,487 cr | ₹12,978 cr | ₹13,126 cr | ₹14,970 cr |
| YoY | — | — | +15% | +10% | +5% | +4% | −5% | +17% | +22% | +30% | +35% | +23% |
| EBITDA margin | 14.1% | 13.7% | 13.8% | 13.8% | 13.8% | 14.5% | 14.5% | 14.5% | 14.0% | 14.4% | 13.0% | 13.3% |
| Other income, % of PBT | 20% | 14% | 16% | 16% | 20% | 22% | 44% | 14% | 11% | 11% | 24% | 26% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 27% | 27% | 27% | 26% | 25% | 20% | 26% | 25% | 20% | 26% | 21% |
| Net profit | ₹1,091 cr | ₹943 cr | ₹1,032 cr | ₹1,066 cr | ₹1,108 cr | ₹1,169 cr | ₹1,706 cr | ₹1,321 cr | ₹1,275 cr | ₹1,474 cr | ₹1,418 cr | ₹1,861 cr |
| YoY | — | — | +47% | +6% | +2% | +24% | +65% | +24% | +15% | +26% | −17% | +41% |
| Core profit YoY | — | — | +29% | +7% | +2% | +9% | +0% | +25% | +27% | +34% | +23% | +13% |
| EPS | ₹54.70 | ₹46.77 | ₹52.31 | ₹53.19 | ₹55.38 | ₹58.06 | ₹85.26 | ₹65.42 | ₹63.35 | ₹72.97 | ₹70.59 | ₹93.00 |
| Flags | · | · | 1 | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Hero MotoCorp Ltd. reported revenue of ₹13,126 cr (+34.9% on the year) and net profit of ₹1,418 cr (−16.9% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +23.1% on the year, against −16.9% for reported profit.
None of the 7 checks that could run raised a question.
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