Hero MotoCorp LimitedQ2 FY27 Results & Financial Update
Hero MotoCorp Limited: Q2 FY27 consolidated results and company financials – revenue ₹14,970.50 Cr, PAT ₹1,860.55 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Hero MotoCorp Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Profit after tax (PAT) rose notably to ₹1,860.55 crore, expanding 31.22% from ₹1,417.93 crore in Q1 FY27. Basic earnings per share (EPS) for the quarter improved correspondingly to ₹92.99, compared to ₹70.53 in the previous quarter.
Growth during the quarter was underpinned by robust volume dispatches totaling 1.868 million units (a 10.5% year-on-year increase across the system), driven by a strong performance in motorcycles at 1.628 million units and a sharp 47.3% surge in scooters (ICE and EV combined) to 240,000 units.
Value growth outpaced pure volume growth during the period, supported by ongoing portfolio mix enrichment toward higher-margin categories such as 125cc motorcycles, premium models, scooters, and EV variants, alongside calibrated pricing actions.
The Parts, Accessories, and Merchandise (PAM) division continued to serve as a resilient and scalable growth engine, while the company's electric vehicle retail footprint under VIDA scaled up significantly with dispatches reaching 67,000 units and market share holding at 11.1%.
01 · Business model
What does Hero MotoCorp do?
Hero MotoCorp Limited is the world's largest manufacturer of motorcycles and scooters by volume, a position it has held for 25 consecutive years. The company designs, develops, manufactures, and markets two-wheelers, spare parts, and accessories across domestic and international markets.
Operating through an extensive network spanning over 14,000 customer touchpoints, the company serves more than 130 million happy customers globally across 53 countries, anchored by a robust manufacturing footprint comprising 8 production facilities with a combined capacity exceeding 8.63 million units.
The product portfolio covers commuter motorcycles led by the iconic Splendor series, 125cc deluxe motorcycles, premium offerings, internal combustion engine (ICE) scooters, and electric vehicles under the VIDA brand, alongside a high-margin Parts, Accessories, and Merchandise (PAM) business.
02 · Historical context
What shaped the business before this quarter
The company has maintained its position as the world's largest motorcycle and scooter manufacturer for 25 consecutive years, operating since 1985.
The company entered FY27 with an established production capacity of 8.63 million units across its 8 manufacturing plants.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹14,970.50 Cr | ₹13,126.35 Cr |
| Total income | ₹15,172.00 Cr | ₹13,586.09 Cr |
| Profit before tax | ₹1,944.01 Cr | ₹1,964.61 Cr |
| Profit after tax | ₹1,860.55 Cr | ₹1,417.93 Cr |
| EPS | ₹92.99 | ₹70.53 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Total system dispatches reached 1.868 million units in Q2 FY27, representing a 10.5% year-on-year increase, led by motorcycles at 1.628 million units and scooters at 240,000 units.
Higher revenue growth relative to volume growth was achieved through an increasing proportion of scooters, EV models, and premium motorcycles in the overall sales mix.
The Parts, Accessories, and Merchandise (PAM) business delivered robust revenue growth, driven by expansion in allied operations, digitalization of demand fulfillment, and scaling of accessories.
What drove margins
Management noted that EBITDA margins were impacted by commodity headwinds during the quarter, which were partially offset by internal cost-saving initiatives and operating leverage.
Calibrated pricing actions across key motorcycle and scooter lines helped protect realization levels against input cost inflation.
05 · Demand, customers & order book
Where demand is coming from
The company's distribution and service network expanded to over 14,000 customer touchpoints globally.
VIDA retail presence expanded to 778 dealerships across 475 cities as of September 2026.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Splendor+ maintained a dominant market share of 85.0% in the 100cc category for H1 FY27, with Splendor+ XTEC contributing 25% of Splendor+ wholesales.
Deluxe 125cc market share stood at 17.7% for H1 FY27, supported by strong traction in Glamour-X and feature-led innovations.
ICE and EV scooters saw strong momentum, with ICE scooter market share reaching 7.1% and VIDA EV market share standing at 11.0% for H1 FY27 on retail dispatches of 124,000 units.
Geography and market mix
ICE scooter growth was broad-based, led particularly by strong regional demand in South and East India.
Global business dispatches reached 85,000 units in Q2 FY27 amidst operational headwinds, with retail offtake remaining stable and new product introductions rolled out in international markets such as Bangladesh, Sri Lanka, Colombia, and Europe.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Production capacity is on track to expand to 9.2 million units by March 2027, up from 8.63 million units in FY26.
Capacity expansions include dedicated commuter and scooter lines, augmented EV capacity for VIDA VX2, a dedicated premium line at Neemrana, and a greenfield parts expansion (GPC 2.0) in Tirupati.
Projects, capex and execution
Management reaffirmed its full-year FY27 capex guidance of ₹1,500 crore dedicated to capacity expansion, new product tooling, and infrastructure.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company expanded its dedicated Premia store network to 150 stores as of September 2026, covering 56% of the upper premium market.
Expanded VIDA offerings with the launch of VX2 Go (3.1kWh) and VX2 Plus (4.4kWh), alongside non-product revenue streams including VIDA Warranty++, VIDA Edge connectivity subscription, and an expanding charging network of over 6,000 points.
09 · Reported developments
What changed operationally
Achieved a 14.05% sequential increase in revenue to ₹14,970.50 crore and a 31.22% rise in PAT to ₹1,860.55 crore, supported by a 10.5% growth in total system dispatches.
Maintained leadership with an 85.0% market share in 100cc motorcycles and expanded market share in scooters to 7.1% (ICE) and 11.0% (EV) during H1 FY27.
10 · Management guidance & targets
What management is targeting from here
Management reaffirmed full-year FY27 capital expenditure guidance of ₹1,500 crore.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
ESG Leadership Recognition
The company sustained its ESG 'Leader' classification by NSE Sustainability Ratings and Analytics Limited and was recognized as a category leader in sustainability by Niche Ninety Capability & Certifications.
Reported update
CSR and Community Initiatives
Received the 'Mahatma Award 2026 for CSR Excellence' for disability and inclusion initiatives and signed an MoU with the Paralympic Committee of India for the Brisbane 2032 Paralympic Games.
12 · Previous-quarter changes
What changed since the previous quarter
Revenue expanded from ₹13,126.35 crore in Q1 FY27 to ₹14,970.50 crore in Q2 FY27, while PAT advanced from ₹1,417.93 crore to ₹1,860.55 crore.
13 · Key Q&A
The quarter, answered directly
What does Hero MotoCorp do?
Hero MotoCorp Limited is the world's largest manufacturer of motorcycles and scooters by volume, a position it has held for 25 consecutive years. The company designs, develops, manufactures, and markets two-wheelers, spare parts, and accessories across domestic and international markets.
What is the clearest takeaway from Q2 FY27?
Profit after tax (PAT) rose notably to ₹1,860.55 crore, expanding 31.22% from ₹1,417.93 crore in Q1 FY27. Basic earnings per share (EPS) for the quarter improved correspondingly to ₹92.99, compared to ₹70.53 in the previous quarter.
What drove revenue or demand?
Total system dispatches reached 1.868 million units in Q2 FY27, representing a 10.5% year-on-year increase, led by motorcycles at 1.628 million units and scooters at 240,000 units.
What mattered most for margins or profitability?
Management noted that EBITDA margins were impacted by commodity headwinds during the quarter, which were partially offset by internal cost-saving initiatives and operating leverage.
What changed operationally beyond the headline numbers?
Production capacity is on track to expand to 9.2 million units by March 2027, up from 8.63 million units in FY26.
What is management guiding or targeting from here?
Management reaffirmed full-year FY27 capital expenditure guidance of ₹1,500 crore.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Capacity Milestone: Progress on scaling total manufacturing capacity from 8.63 million units toward the target of 9.2 million units by March 2027.
- 02
Premia Retail Expansion: Further rollout of Premia stores beyond the 150 locations established by September 2026.
- 03
EV Scaling: Adoption rates and retail expansion for the VIDA EV lineup across Tier-1 and Tier-2 cities.
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