Hero MotoCorp share price today

Hero MotoCorp Ltd's share price was ₹5,399.50 at the close on 4 November 2026. It has been rising for 10 weeks. That is 3.2% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹4,835 and ₹6,351, and at that close it sat 37% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Hero MotoCorp Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row.

Over the last 11 years the share price moved +92% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: indian funds and insurers (DIIs) cut their stake for 6 quarters in a row, highest quarterly profit in 16 quarters and revenue up on a year earlier for 5 quarters in a row.

1. Indian funds and insurers (DIIs) cut their stake for 6 quarters in a row

   From 27.9% to 23.8% of the company by the September 2026 quarter.

2. Highest quarterly profit in 16 quarters

   Profit of ₹1,861 crore in the September 2026 quarter is the highest of the last 16 quarters.

   Why: Profit was boosted by a one off gain, money booked once and not from regular selling.

   Next results: check whether margins stay steady in the December quarter even as input costs rise.

   From the earnings call on 29 Oct 2026.

3. Revenue up on a year earlier for 5 quarters in a row

   In the September 2026 quarter revenue was ₹14,970 crore, +22.5% on a year earlier.

   Why: Revenue grew because more two wheelers were sold at retail, with electric scooter sales rising fast and parts sales also higher.

   Next results: check whether exports grow again in the December quarter as management expects.

   From the earnings call on 29 Oct 2026.

Hero MotoCorp paid ₹185 a share in regular dividends in the 12 months to 5 November 2026 (2 payments), a yield of 3.43% at the ₹5,399.50 close on 4 November 2026. The last was a dividend of ₹75 a share, ex-date 24 July 2026.

Hero MotoCorp dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Hero MotoCorp Ltd paid out 64% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years.

From the NSE corporate-actions record, read 5 November 2026.

For July to September 2026 (the quarter ended 30 September 2026), Hero MotoCorp reported revenue of ₹14,970 crore, up 22.5% from ₹12,218 crore a year earlier, and a profit of ₹1,861 crore, up 40.9% from ₹1,321 crore.

Hero MotoCorp results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Hero MotoCorp's management discussed these results on a call held on 29 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Hero MotoCorp closed at ₹5,399.50 on 4 November 2026, up 2.0% from ₹5,296.00 a year earlier (7 November 2025) and up 101.7% over five years. Its highest weekly close since March 2016 was ₹6,350.50 on 5 December 2025.

Hero MotoCorp share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

561 weekly closes from 11 March 2016 to 4 November 2026.

4 Nov 2026: Hero MotoCorp closed at ₹5,399.50, up 4.5% on the week and up 4.5% on the month. 29 Oct 2026: Hero MotoCorp held its results call for July to September 2026. Management guided: EV capacity to 45,000 per month in Q4 then over 80,000 per month by Q2 next fiscal.

Earlier

• Results for July to September 2026: Revenue up 22.5% and profit up 40.9% on a year earlier.
• Our read, 22 Aug 2026: Capacity-led scooter, export, parts and EV growth can compound earnings, but margin repair and EV self-sustainability must be demonstrated against revised management goals.
• 24 Jul 2026: ex-date for a dividend of ₹75 a share.
• 11 Feb 2026: ex-date for an interim dividend of ₹110 a share.

Our read of the business

April to June 2026: Revenue rose year on year while reported profit fell against a prior-year non-operating comparison.

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

On the call for July to September 2026, held on 29 October 2026, Hero MotoCorp's management guided: EV capacity to 45,000 per month in Q4 then over 80,000 per month by Q2 next fiscal.

“Finally, we worked aggressively on improving the unit economics of our EV portfolio, and I am happy to report that our Vida business turned gross-margin positive in the quarter. This was achieved ahead of our earlier guidance.”Vivek Anand, on the call for July to September 2026

What management guided

• FY27 capital spending ₹1,500 crore on track with ₹600 crore in H1; GPC 2.0 over ₹700 crore doubling handling by end next calendar year.
• Q3 margins to stay stable then progress to 14% to 16% corridor in next few quarters as commodities normalize.
• EV PLI to scale to around 13% of EV revenue from Q3 with nearly full portfolio certification.
• Export wholesale to return to double-digit growth in Q3 and Q4 on normalized operations.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 29 October 2026.

What is changing at Hero MotoCorp, from the latest results and calls: scooter capacity and retail conversion, ev scale toward self-sustainability and exports and parts mix.

• Scooter capacity and retail conversion. Scooter capacity additions can convert observed retail traction into higher mix and operating leverage. ✓ fact
• EV scale toward self-sustainability. EV scale, PLI coverage and cost actions are the largest incremental earnings lever, but the goal path has changed. ⚠ estimate
• Exports and parts mix. Exports and parts can raise mix while reducing reliance on domestic launch motorcycles. ✓ fact
• Cash-funded expansion. Cash generation provides funding for capital spending and shareholder distributions without an evident cash-conversion shortfall. ✓ fact

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

I would abandon the thesis if revenue growth fails to convert into operating-margin recovery while EV capacity is added and management again revises its year-end EV profitability or capacity milestones.

Each change stops working if

• Scooter capacity and retail conversion: Retail growth slows while dispatches rise and channel inventory rebuilds.
• Exports and parts mix: Export growth decelerates materially or the parts-capacity project does not improve reach and revenue.
• Cash-funded expansion: Operating cash flow falls materially below profit while receivables or inventory days rise without a disclosed operational cause.

The main risks

• Commodity-cost and margin pressure: Input inflation has already reduced the latest operating margin. ⚠ estimate
• EV-goal revisions and disclosure gap: EV profitability depends on execution milestones that have been revised and are not supported by disclosed break-even volumes. ⚠ estimate
• Reported-profit comparability: The latest year-on-year profit decline follows a prior-year non-operating gain, so reported comparisons can mislead. ⚠ estimate
• Capacity absorption and channel risk: New scooter and EV capacity requires sustained retail demand. ⚠ estimate

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When Hero MotoCorp reports October to December 2026, these are the 2 checks that show whether the story is still on course. First: Export wholesale to return to double-digit growth in Q3 - dispatch rebound with retails having and ports normalized.

Hero MotoCorp is on 2 of our India lists: Dividend stocks and Small & mid cap stocks.

Hero MotoCorp Ltd earned ₹1,861 Cr of net profit in the Sep 2026 quarter, +40.9% on the same quarter a year earlier. Full-year FY26 profit was ₹5,776 Cr. Over 10 years profit has grown 6.4% a year on average. That is 12.4% of the quarter's revenue. The same quarter a year earlier earned ₹1,321 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹5,776 Cr (+32.0% on the year before).

Why profit moved: revenue changed +22.5% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +16.3% and revenue +27.3%. Profit is growing slower than sales: rising costs are taking part of the growth.

Hero MotoCorp Ltd reported ₹14,970 Cr of revenue in the Sep 2026 quarter, +22.5% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 10 years it has grown 5.2% a year on average. The last full year, FY26, came in at ₹47,411 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹53,561 Cr.

FY26 revenue was ₹47,411 Cr, +15.9% on the year before.

Recent pace: the last four quarters grew +27.3% on average, against 5.2% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +27.0%, against +15.6% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +13.7%, against +20.8% a year (rolling over).

Hero MotoCorp Ltd's operating margin was 13.0% in the Sep 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Across 13 years it has been between 11.0% and 16.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. Management identifies scale, bill-of-material savings, internal cost actions, pricing and non-product revenue as the route to EV profitability. The latest capacity and PLI goals provide measurable checkpoints, although both differ from the previous call’s path.

Why the margin moved: operating margin changed −1.1 percentage points on the year while gross margin changed −5.0 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

Over the last 3 years, 126% of Hero MotoCorp Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹8,315 Cr of operating cash against ₹5,776 Cr of profit. After ₹1,224 Cr of spending on assets, ₹7,091 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 126% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle.

What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets.

Hero MotoCorp Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −40 days in FY26, down from −32 days in FY21. It spent ₹2,963 Cr on assets over the last 3 years. Customers take 18 days to pay, and stock sits for 31 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹47,411 Cr, each day of that cycle ties up about ₹130 Cr, so roughly −₹5,196 Cr is tied up in the business at any time.

FY26: customers took 18 days to pay and stock sat for 31 days, about 1.0 months of sales sitting as stock, for a full cycle of −40 days, shorter than FY21's −32.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 31 days. Customers pay about 18 days after that. Suppliers are paid at 88 days. Together that makes the −40-day cycle.

Spending on assets: ₹2,963 Cr over the last 3 years, against ₹2,437 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹765 Cr (FY26): assets paid for that are not earning yet.

In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean.

Hero MotoCorp Ltd's P/E is 17.8×, near the low end of its own history: it has been lower only 24% of the time. Its usual P/E (the middle reading) is 20.3×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹299.91.