Skip to main content
Swing Capital

Hero MotoCorp Ltd

NSE: HEROMOTOCO BSE: 500182

Hero Moto Corp earlier also known as “Hero Honda” is one of India’s first motorcycle manufacturers. The company started in 1984 as a Technological collaboration with Honda, Japan. Before this collaboration, Hero was selling Cycles under the brand name, Hero Cycles. In 2011, Honda group sold its 26% stake in the company to the Munjals (promoters) and ended the JV. Post the termination of JV, the name of the company was changed to Hero Motocorp. [1] [2]

₹4,960
52W: ₹4158 — ₹6390
PE 18.6 · Book ₹1078 · +360% vs book
Market Cap₹99,245 Cr
Stock P/E18.6Price to Earnings
ROCE34.1%Return on Capital
ROE25.9%Return on Equity
Div. Yield3.33%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Stock is providing a good dividend yield of 3.32%.
  • +Company has been maintaining a healthy dividend payout of 70.8%
  • +Debtor days have improved from 26.5 to 20.2 days.

Weaknesses

  • −The company has delivered a poor sales growth of 8.74% over past five years.
  • −Working capital days have increased from 13.5 days to 65.2 days

Shareholding Pattern

Promoters34.73%
FIIs31.15%
DIIs24.69%
Public9.34%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters34.76%34.75%▼0.034.75%34.74%▼0.034.74%34.73%▼0.034.73%34.73%
FIIs29.87%29.59%▼0.327.95%▼1.627.43%▼0.527.05%▼0.428.76%▲1.729.43%▲0.731.15%▲1.7
DIIs26.87%26.94%▲0.127.7%▲0.827.89%▲0.227.77%▼0.126.32%▼1.426.28%▼0.024.69%▼1.6
Public8.49%8.72%▲0.29.58%▲0.99.91%▲0.310.39%▲0.510.11%▼0.39.48%▼0.69.34%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales9,7249,51910,14410,46310,2119,9399,57912,12612,32812,797
Expenses8,3628,1608,6848,9478,7348,5238,19710,30310,51810,941
Operating Profit1,3621,3591,4601,5161,4761,4161,3821,8231,8101,856
OPM %14%14%14%14%14%14%14%15%15%14%
Net Profit1,0731,0161,1231,2041,2031,0811,1261,3931,3491,401
EPS ₹53.750.8256.1560.1860.1454.0456.2869.6267.470.03

AI Insights

Revenue Trend

Mar 2026 revenue at ₹46,830Cr, up 14.9% YoY. OPM at 15%.

Debt Position

Borrowings at ₹190Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹225Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 24.69% (-2.59pp change). FIIs: 31.15% (+3.05pp change). Promoters hold 34.73%.

Margin & Efficiency

ROCE declining from 51% (Mar 2015) to 34% (Mar 2026). Working capital days: 65.

Valuation

PE 18.6x with 34.1% ROCE. Price is 360% above book value of ₹1,078. Dividend yield: 3.33%.

Recent Announcements