HEROMOTOCO · Automobile and Auto Components
Hero MotoCorp Ltd. reported revenue of ₹14,970 cr for July to September 2026, +22.5% on the year and +14.0% on the quarter. That is faster than this quarter has grown in recent years (+13.3% 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 ₹53,561 cr, +27.0% on the four before.
Operating profit (EBITDA) was ₹1,997 cr, a margin of 13.3%, −111 bps on the year and +37 bps on the quarter. Over the last 8 quarters the margin has ranged from 13.0% to 14.5%, averaging 14.0%. Operating costs grew +24.1%, faster than revenue at +22.5%, so operating profit grew less than sales.
Net profit was ₹1,861 cr, +40.9% on the year and +31.2% on the quarter, with earnings per share of ₹93.00. Profit before other income, one-offs and tax grew 13.3%, so 28 points of the headline growth came from outside the core business. The tax rate of 21% is in line with its recent average. Profit over the last four quarters totals ₹6,028 cr, +13.7% on the four before.
Of the 31 companies in Automobiles and components that have reported Q2 FY27 so far, Hero MotoCorp Ltd. ranks 23rd on revenue growth; the sector median is +31.5%. Its margin moved −111 bps on the year against a sector median of −135 bps.
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 ₹299.91 over the last four quarters, the stock at ₹5,410.50 trades at 18.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹14,970 cr (+22.5% on the year) and net profit of ₹1,861 cr (+40.9% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +13.3% on the year, against +40.9% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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