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World's largest motorcycle-and-scooter manufacturer by volume, dominant in India's commuter two-wheeler market.
World's largest motorcycle-and-scooter manufacturer by volume, dominant in India's commuter two-wheeler market.
Sells to dealers who retail the bikes, so reported volumes are shipments to dealers, with the entry-level commuter motorcycle carrying most of the volume. Controlled by the Munjal family. It became independent in 2011, when it ended its long Hero Honda venture with Honda and took technology development in-house.
In one line: A commuter-focused, high-volume Harley-Davidson-scale maker.
Moat: narrow (brand, distribution, scale). Deepest rural dealer/service network in India and the world's largest two-wheeler volume base.
Headquarters: New Delhi, India · Founded: 1984 · Employees: 39,297
Size Hero Motocorp (HEROMOTOCO.NS) is an India Consumer Discretionary company (Motor Vehicles) with a market value of $11.7B, the 103rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹5,513 on 6 Nov 2026.
Performance Over six months the shares gained 3.2%, against -20.2% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 27.0% over the last twelve months (peer median +5.0%); the operating margin is 12.4% (peer median 2.4%).
Valuation It trades at 19.1× forward earnings against a peer median of 11.7× (6th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 18.0 points above its cost of capital (14.2% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹536B | ₹473B | ₹409B | ₹377B | ₹338B |
| Revenue growth | — | +16% | +8% | +11% | — |
| Gross profit | ₹126B | ₹115B | ₹100B | ₹85.7B | ₹66.0B |
| EBITDA | ₹75.1B | ₹70.8B | ₹60.1B | ₹53.4B | ₹39.2B |
| Net income | ₹60.0B | ₹57.4B | ₹43.8B | ₹37.4B | ₹28.1B |
| Free cash flow | n/a | ₹74.6B | ₹38.9B | ₹44.2B | ₹21.8B |
| Capital expenditure | n/a | ₹11.0B | ₹8.57B | ₹7.88B | ₹6.04B |
| Total debt | ₹14.2B | ₹7.79B | ₹7.00B | ₹6.06B | ₹5.68B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hero Motocorp HEROMOTOCO.NS | $11.7B | +3% | +27% | 12% | 19.1× | 14.1% |
| Bajaj Auto BAJAJ-AUTO.NS | $31.7B | +3% | +48% | 19% | 24.0× | 27.3% |
| TVS Motor TVSMOTOR.NS | $22.6B | +21% | +34% | 12% | 42.5× | n/a |
| Ola Electric Mobility OLAELEC.NS | $1.81B | -3% | -49% | -83% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HEROMOTOCO.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.2% | +2.9% | 4th highest of 21 |
| 6-month return | +3.2% | -20.2% | 4th highest of 21 |
| Distance from 52-week high | -13.7% | -33.6% | 2nd highest of 21 |
| Revenue growth (TTM) | +27.0% | +5.0% | 4th highest of 20 |
| Operating margin | 12.4% | 2.4% | 3rd highest of 21 |
| Forward P/E | 19.1× | 11.7× | 6th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 14.1% | 3.8% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +9.2% | +8.7% | 5th highest of 10 |
| Hurdle (Req g minus delivered) | +4.9 pp | -7.3 pp | 2nd most demanding of 10 |
| ROIC minus cost of capital | +18.0 pp | -1.2 pp | 3rd highest of 18 |
| EV / EBITDA | 13.6× | 7.9× | 3rd most expensive of 10 |
| Net debt / EBITDA | -1.1× | 1.7× | 3rd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hero Motocorp HEROMOTOCO.NS | India | $11.7B | +3% | +27% | 12% | 19.1× | 14.1% | +9.2% |
| Shimano 7309.T | Japan | $11.5B | +29% | +5% | 12% | 35.8× | 6.0% | +4.3% |
| Tata Motors Passenger Vehicles TMPV.NS | India | $11.4B | -19% | -22% | 0% | 10.7× | n/a | n/a |
| Seres 9927.HK | Hong Kong | $11.4B | -54% | -2% | -4% | 90.9× | n/a | n/a |
| Subaru 7270.T | Japan | $12.3B | +16% | 0% | 3% | 12.0× | 2.7% | +11.1% |
| Li Auto-w 2015.HK | Hong Kong | $12.4B | -32% | -24% | -7% | n/a | n/a | n/a |
| Yutong Bus 600066.SS | China | $10.1B | -12% | +3% | 14% | 11.5× | -10.0% | +13.8% |
| Yamaha Motor 7272.T | Japan | $10.1B | +54% | +10% | 6% | 9.3× | 4.2% | +11.5% |
| XPeng 9868.HK | Hong Kong | $9.51B | -37% | +29% | -7% | n/a | n/a | n/a |
| Chongqing Changan Automobile 000625.SZ | China | $9.51B | -25% | -7% | 0% | 28.5× | n/a | n/a |
| Renault RNO.PA | France | $9.39B | +2% | +6% | 6% | 4.9× | 3.4% | +5.9% |
| Isuzu Motors 7202.T | Japan | $9.26B | -1% | +5% | 6% | 8.8× | n/a | n/a |
| Great Wall Motor 601633.SS | China | $15.0B | -29% | +8% | 2% | 15.1× | -7.1% | +16.4% |
| Porsche Automobil Holding SE Pref PAH3.DE | Germany | $8.98B | -19% | +13% | 108% | 33.4× | 9.4% | +2.4% |
| Tata Motors TMCV.NS | India | $16.6B | -2% | n/a | 9% | 20.7× | 17.8% | n/a |
| Oshkosh OSK | United States | $8.19B | -3% | +4% | 7% | 11.2× | 4.7% | +8.7% |
| Stellantis STLAP.PA | France | $17.0B | -40% | -2% | -14% | 8.2× | n/a | n/a |
| Chery Automobile 9973.HK | Hong Kong | $17.8B | -22% | +11% | 5% | 5.8× | n/a | n/a |
| SAIC Motor 600104.SS | China | $17.8B | -24% | -3% | 2% | 11.9× | -14.7% | -2.4% |
| NIO 9866.HK | Hong Kong | $7.60B | -46% | +70% | -4% | n/a | n/a | n/a |
| VinFast Auto VFS | United States | $7.60B | -25% | +74% | -86% | n/a | n/a | n/a |