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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), driven by strong domestic and global performance.
Sold 16.91 lakh two-wheelers in Q2FY'26, up from 15.20 lakh in Q2FY'25, and 30.58 lakh in H1FY'26, nearly flat YoY.
Market share on VAHAN rose by 3.7 percentage points YoY to 31.6% in October, with nearly one million units sold during the festive season.
Gained market share, accelerated EV business, expanded into Europe, and appointed Harshvardhan Chitle as new CEO effective January 26.
Financial highlights
Q2FY'26 standalone revenue: INR 12,126 crores (up 16% YoY); PAT: INR 1,393 crores (up 16% YoY); EBITDA: INR 1,823 crores (up 20% YoY), margin at 15.0% (up 55 bps YoY).
H1FY'26 standalone revenue: INR 21,705 crores (up 5.3% YoY); PAT: INR 2,519 crores (up 8% YoY); EBITDA: INR 3,205 crores (up 7.7% YoY), margin at 14.8% (up 33 bps YoY).
Q2FY'26 consolidated revenue: INR 12,218 crores; PAT: INR 1,321 crores.
H1FY'26 consolidated revenue: INR 21,946 crores; PAT: INR 3,027 crores.
Average selling price increased 4.2% YoY and 2.4% QoQ; operating cash generated in H1 was INR 41.11 crores.
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%.
Expects continued growth momentum, supported by GST reforms, strong macroeconomic factors, and robust product portfolio.
Strategic investments planned in technology, global markets, and product innovation for long-term value creation.
Continued investment in 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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