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Hero MotoCorp
Hero MotoCorp (HEROMOTOCO) investor relations material
Hero MotoCorp Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary6 Feb, 2026
Executive summary
Achieved highest-ever quarterly revenue of INR 12,328 crores in Q3 FY26, up 21% year-on-year, with normalized PAT up 20% and EBITDA up 23% year-on-year.
Sold 16.97 lakh two-wheelers in Q3 FY26, up 16% year-on-year; nine-month sales at 47.55 lakh units.
Maintained global leadership in two-wheelers for the 25th consecutive year, dispatching 6.1 million units in 2025.
Strong customer response to new launches across segments, with robust retail momentum in both urban and rural markets.
Management transition completed, with new CEO focusing on growth pillars: scooters, premium motorcycles, global markets, EV, and parts/accessories.
Financial highlights
Q3 revenue: INR 12,328 crores (+21% YoY); EBITDA: INR 1,810 crores (+23% YoY); normalized PAT: INR 1,489 crores (+20% YoY); reported PAT: INR 1,349 crores (+12% YoY).
Nine-month revenue: INR 34,034 crores (+10% YoY); EBITDA: INR 5,015 crores (+13% YoY); normalized PAT: INR 3,957 crores (+12% YoY); reported PAT: INR 3,867 crores (+10% YoY).
Consolidated Q3 FY26 revenue: INR 12,487 crores; PAT: INR 1,275 crores.
EBITDA margin for Q3 FY26 at 14.7%, up 22 bps YoY; ICE business EBITDA margin expanded 100 bps YoY to 17%.
Basic EPS for Q3 FY26: INR 67.40 (standalone), INR 63.36 (consolidated).
Outlook and guidance
Industry expected to grow at double digits in Q4 FY26; company expects to outpace industry growth.
FY27 industry growth projected at high single digits due to a high base in H2.
Positive retail momentum and double-digit volume growth expected to continue, supported by new launches and favorable macroeconomic factors.
Rural demand revival and GST 2.0 tailwind anticipated to further drive growth.
Continued investment in premium scooters, EVs, global business, and customer service.
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Next Hero MotoCorp earnings date
Q4 25/2613 May, 2026
Hero MotoCorp
Next Hero MotoCorp earnings date
Q4 25/2613 May, 2026
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Frequently asked questions
Hero MotoCorp Limited is an India-based manufacturer of motorcycles and scooters. The company produces a wide range of two-wheelers for domestic and international markets and operates manufacturing facilities and a vast dealer network. Hero MotoCorp Limited is headquartered in New Delhi, India, and its shares are listed on the NSE.
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