Hero MotoCorp (HEROMOTOCO) Q2 2026 earnings summary

Executive summary

• Achieved highest-ever quarterly revenue of INR 12,126 crores, up 16% year-on-year, and record PAT of INR 1,393 crores, with strong growth in both domestic and global markets.

• 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 year-over-year.

• Market share expanded across all key segments, with VAHAN market share in October rising 3.7% year-on-year to 31.6%.

• Strong festive season sales, with nearly one million units sold and robust demand continuing post-festive.

• Appointment of new CEO, Harshvardhan Chitle, effective January 26, and other key leadership roles for 2025-26.

Financial highlights

• Q2FY'26 standalone revenue from operations: INR 12,126 crore, up 16% year-over-year; PAT: INR 1,393 crore, up 16%.

• Q2FY'26 standalone EBITDA: INR 1,823 crore, up 20%; margin at 15.0%, up 55 bps year-over-year.

• H1FY'26 standalone revenue: INR 21,705 crore, up 5.3%; PAT: INR 2,519 crore, up 8%.

• H1FY'26 standalone EBITDA: INR 3,205 crore, up 8%; margin at 14.8%, up 33 bps.

• Q2FY'26 consolidated revenue: INR 12,218 crore; PAT: INR 1,321 crore. H1FY'26 consolidated revenue: INR 21,946 crore; PAT: INR 3,027 crore.

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.