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Hero MotoCorp (HEROMOTOCO) investor relations material
Hero MotoCorp Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary14 Nov, 2025
Executive summary
Achieved record quarterly and half-yearly revenue and PAT for Q2FY'26 and H1FY'26, with Q2 revenue at INR 12,126 crores (up 16% YoY), EBITDA at INR 1,823 crores (up 20% YoY), and PAT at INR 1,393 crores (up 16% YoY).
Sold 16.91 lakh two-wheelers in Q2FY'26, up from 15.20 lakh in Q2FY'25, with nearly one million units sold during the festive season.
Gained market share on VAHAN by 3.7 percentage points YoY to 31.6% in October, with strong performance across entry, deluxe, premium, scooters, EVs, and global business.
Expanded global business, including entry into European markets, and accelerated EV business with VIDA VX2 as a key driver.
Appointment of Harshvardhan Chitle as new CEO effective January 26, with other key leadership changes announced.
Financial highlights
H1FY'26 standalone revenue at INR 21,705 crores (up 5.3% YoY), EBITDA at INR 3,205 crores (up 7.7% YoY), and PAT at INR 2,519 crores (up 8% YoY); consolidated H1FY'26 revenue at INR 21,946 crores, PAT at INR 3,027 crores.
EBITDA margin for ICE business improved to 17.7% (up 121 bps YoY); overall EBITDA margin at 15% for Q2FY'26 (up 54-55 bps YoY).
Average selling price increased 4.2% YoY and 2.4% QoQ.
Basic EPS for Q2FY'26: ₹69.62 (standalone), ₹65.41 (consolidated); H1FY'26 standalone EPS: ₹125.90, consolidated EPS: ₹150.67.
Net cash from operating activities (H1FY'26): ₹2,817 crore (standalone and consolidated).
Outlook and guidance
Two-wheeler industry expected to grow 8%-10% in H2 FY26, with the company aiming to outperform and gain market share.
Full-year industry growth expected to be around 5%-6%.
Strategic investments planned in technology, global markets, premium scooters, EVs, brand-building, and customer service initiatives.
When will EV business achieve breakeven?
Outlook for demand post-festive season
Which segments will lead H2 growth?
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Next Hero MotoCorp earnings date
Q3 25/266 Feb, 2026
Next Hero MotoCorp earnings date
Q3 25/266 Feb, 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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