Hero MotoCorp (HEROMOTOCO) Q3 25/26 earnings summary

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.