Hero MotoCorp (HEROMOTOCO) Q2 2026 earnings summary

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.