# Hero MotoCorp share price today (Hero MotoCorp Ltd, NSE: HEROMOTOCO)

> Hero MotoCorp share price today: ₹5,300.00 at the NSE close on 3 November 2026, down 4.4% in a year. Hero MotoCorp (NSE: HEROMOTOCO) is worth ₹1,06,086 crore, trades at a P/E of 17.4 and has closed between ₹4,834.90 and ₹6,350.50 over the past 52 weeks. > Hero MotoCorp Ltd's results are improving, while its P/E is near the low end of its own history over 11 years, higher than only 22% of past readings. HEROMOTOCO · Auto - 2 & 3 Wheelers · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/hero-motocorp-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹5,300.00 (−4.4% in a year)
- P/E: 17.4× (lower than 78% of the last 11 years)
- Revenue (Sep 2026): ₹14,970 Cr (+22.5% on a year ago)
- Profit (Sep 2026): ₹1,861 Cr (+40.9% on a year ago)
- Operating margin: 13.0% (−1.0 points on a year ago)
- ROCE: 35%, FY26
- ROIC: 41.3%, against a 12.0% cost of capital: +29.3 points

The main question: yearly earnings per share moved +31.1% while the share price moved −4.4%. ## What is the Hero MotoCorp share price today? Hero MotoCorp Ltd's share price was ₹5,300.00 at the close on 3 November 2026. It has been rising for 10 weeks. That is 1.3% 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 31% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 2 weeks running. Over the last 11 years the share price moved +88% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 23 October 2026. 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. ## What changed at Hero MotoCorp this quarter? 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. ## What dividend does Hero MotoCorp pay? Hero MotoCorp paid ₹185 a share in regular dividends in the 12 months to 4 November 2026 (2 payments), a yield of 3.49% at the ₹5,300.00 close on 3 November 2026. The last was a dividend of ₹75 a share, ex-date 24 July 2026. ### Hero MotoCorp dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 24 Jul 2026 | ₹75 | Dividend | same day |
| 11 Feb 2026 | ₹110 | Interim | same day |
| 24 Jul 2025 | ₹65 | Dividend | same day |
| 12 Feb 2025 | ₹100 | Interim | same day |
| 1 Aug 2024 | ₹40 | Dividend | n/a |
| 21 Feb 2024 | ₹100 | Interim + Special | same day |
| 27 Jul 2023 | ₹35 | Dividend | n/a |
| 17 Feb 2023 | ₹65 | Interim | same day |
| 27 Jul 2022 | ₹35 | Dividend | n/a |
| 21 Feb 2022 | ₹60 | Interim | 22 Feb 2022 |
| 22 Jul 2021 | ₹35 | Dividend + Special | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What are Hero MotoCorp's latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹14,970 crore | ₹12,218 crore | +22.5% |
| Profit | ₹1,861 crore | ₹1,321 crore | +40.9% |
| Earnings per share | ₹93.00 | ₹65.42 | +42.2% |
| Operating margin | 13.0% | 14.0% | −1.0 points |

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.)

## What is the Hero MotoCorp share price history? Hero MotoCorp closed at ₹5,300.00 on 3 November 2026, down 4.4% from ₹5,544.00 a year earlier (31 October 2025) and up 97.9% 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

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹5,047.00 | +5.0% |
| 1 month ago · 1 Oct 2026 | ₹5,168.00 | +2.6% |
| 6 months ago · 30 Apr 2026 | ₹5,099.00 | +3.9% |
| 1 year ago · 31 Oct 2025 | ₹5,544.00 | −4.4% |
| 3 years ago · 3 Nov 2023 | ₹3,089.40 | +71.6% |
| 5 years ago · 4 Nov 2021 | ₹2,677.50 | +97.9% |
| 10 years ago · 4 Nov 2016 | ₹3,287.90 | +61.2% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹2,813.35 | +88.4% |
| Highest weekly close since March 2016, also the 52-week high · 5 Dec 2025 | ₹6,350.50 | −16.5% |
| Lowest weekly close since March 2016 · 3 Apr 2020 | ₹1,582.05 | +235.0% |
| 52-week low (weekly close) · 1 Jul 2026 | ₹4,834.90 | +9.6% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (561 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Hero MotoCorp? 3 Nov 2026: Hero MotoCorp closed at ₹5,300.00, up 5.0% on the week and up 2.6% 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.)

## What did Hero MotoCorp management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/130-29-Oct-2026.pdf). (From the call for July to September 2026, 29 October 2026.)

## What is the future of Hero MotoCorp? What is changing in the business? 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.)

## What could change the Hero MotoCorp story? What are the risks? 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.)

## What to watch in Hero MotoCorp's next results? 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. - What to check (from the call)
- Export wholesale to return to double-digit growth in Q3 - dispatch rebound with retails having and ports normalized. - Q3 margins to stay stable despite input uptick - LEAP, mix and EV improvement offset check. ## Which stock lists is Hero MotoCorp on? Hero MotoCorp is on 2 of our India lists: Dividend stocks and Small & mid cap stocks. - [Dividend stocks Regular dividend yield (%): 3.56](https://www.sectoralpha.in/dividend-stocks-india)
- [Small & mid cap stocks Size rank in India: 101](https://www.sectoralpha.in/small-cap-stocks-india)

## Is Hero MotoCorp profitable? 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. 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. ## How much revenue does Hero MotoCorp make, and is it growing? 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. 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). ## How much of every ₹100 of sales does Hero MotoCorp keep? 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. 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. ## Is Hero MotoCorp's profit turning into cash? 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. 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. ## Where does Hero MotoCorp's cash go? 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. 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. ## What is Hero MotoCorp's P/E ratio, and how does it compare with its own history? Hero MotoCorp Ltd's P/E is 17.4×, near the low end of its own history: it has been lower only 22% 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. 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. Why the multiple is where it is: over the past year earnings per share moved +31.1% while the price moved −4.4%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +14.6% a year; about +14.2% a year came from earnings growth and about +0.4 percentage points from the multiple (roughly no change); over 10 years the price moved +4.9% a year; about +7.2% a year came from earnings growth and about −2.3 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Hero MotoCorp share price assume? Worked out from its price on 23 August 2026, Hero MotoCorp Ltd's share price assumed profit growth of about 11.4% a year. Over the past 10 years its profit actually grew 6.4% a year. Today its P/E is 17.4×, lower than 78% of its own last 11 years. This is a one-day reading, taken on 23 August 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Hero MotoCorp business getting better or worse? Hero MotoCorp Ltd's business is giving mixed signals. Revenue growth is rising at +27.0% while profit growth is slowing from its peak at +13.7%, so the lines disagree and each one tells part of the story. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Hero MotoCorp story, and has it been checked? Hero MotoCorp Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: mid-cycle contraction. Our read, 22 August 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. From the numbers. Earnings have risen over the longer curve while the recent operating…

From the price. Price stage 2, week 10, below its 200-day line, relative strength rising. From the research. 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. Where they disagree. What is proven. 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. What is not proven yet. 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. What would change our mind. 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. The test written in advance. 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. Measured by: the thesis as written as stated by the next result. The test written in advance. Commodity-cost and margin pressure. Measured by: Commodity-cost and margin pressure Quarterly operating margin remains at or below the latest level despite revenue growth. by the next result. The test written in advance. EV-goal revisions and disclosure gap. Measured by: EV-goal revisions and disclosure gap PLI coverage or EV capacity misses the stated year-end milestones, or profitability is deferred. by the next result. What the company does. Revenue expanded as scooters, exports and core motorcycles gained traction, while channel inventory was reported at only a few days. The open question is whether incremental EV scale and cost actions offset commodity pressure without further guidance changes. What the surface reading misses. The surface reading is: Jun 2026 revenue was above the year-earlier quarter, indicating reported top-line growth. What the surface reading misses. The surface reading is: Reported profit declined year on year, suggesting weaker earnings. The research reads it further: The prior-year comparator carried a flagged non-operating income spike, while the latest quarter is clean in the deterministic one-off ledger. Lever 1 · Operating leverage: building. Scooter capacity additions can convert observed retail traction into higher mix and operating leverage. What proves it keeps working: Scooter capacity and retail conversion. It stops working if Retail growth slows while dispatches rise and channel inventory rebuilds. Lever 2 · Value-added mix: building. Exports and parts can raise mix while reducing reliance on domestic launch motorcycles. What proves it keeps working: Exports and parts mix. It stops working if Export growth decelerates materially or the parts-capacity project does not improve reach and revenue. Sources: our stock research file (22 August 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Hero MotoCorp management deliver what it promised? What Hero MotoCorp Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. EV EBITDA Breakeven Timing Became Unclear · 29 October 2026. In August 2026, management indicated that the EV business was on a trajectory to become positive by the end of the year, which could reasonably be interpreted as the EBITDA breakeven timing discussed in that exchange. In October 2026, management said Vida was gross-margin positive but still had distance to cover before becoming EBITDA-positive, without reaffirming or explaining whether the earlier year-end expectation remained. EV Capacity Ramp Was Pushed Out · 28 September 2026. In the Aug 2026 call, management said 30,000 monthly EV capacity was already available in early August, with 45,000 planned before fiscal year-end. In the Sep 2026 call, management instead said 30,000 would be reached in October, implying a roughly two-month delay to the intermediate capacity milestone. Although the 45,000 goal remains broadly aligned, management did not reconcile the different dates. EV Profitability Goal Is Now Narrower Than the Earlier Year-End Expectation · 28 September 2026. In the Aug 2026 call, management said the EV business was on a trajectory to look positive by year-end during a discussion of profitability and break-even volumes. In the Sep 2026 call, management specified that only gross-margin profitability is expected by the end of the fiscal year, with EBITDA break-even deferred to FY28, without clarifying whether the earlier year-end statement referred only to gross margin. This distinction is material for modeling EV losses and the timing of business-level profitability. PLI Coverage Goal Raised Without Explanation · 7 August 2026. In May 2026, management said PLI covered approximately 60% of the EV portfolio and planned to reach almost 90% during FY27. In August 2026, management retained the 60% current coverage but raised the goal to 100% by December 2026, a meaningful increase to the expected EV profitability support without explaining what changed. Every quote above is taken word for word from the company’s own earnings calls. ## What is Hero MotoCorp management's track record? Management funded expansion from cash and maintained payout discipline through cost pressure, but EV milestones require achieved evidence rather than promises. ### Regulatory and governance record

The sweep returned routine BSE and insider-disclosure pages, with no current enforcement action, fraud allegation or material penalty. 0% Promoter shares pledged

Sources:

- [heromotocorp.com](https://www.heromotocorp.com/content/dam/hero-aem-website/in/en-in/company-section/investors/annual-report/call-transcripts/2025-2026/Transcript11052026.pdf)
- [bseindia.com](https://www.bseindia.com/stock-share-price/hero-motocorp-ltd/heromotoco/500182/corp-announcements)
- [bseindia.com](https://www.bseindia.com/stock-share-price/hero-motocorp-ltd/heromotoco/500182/shareholding-pattern)

(Checked 30 August 2026.)

## How much does Hero MotoCorp earn on its capital? Hero MotoCorp Ltd earned a ROCE of 35% in FY26. That is up from a low of 18% in FY22. Its return on capital used (ROIC) is 29.3 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 12.2% net margin and 1.42× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 12.2% net margin × 1.42× asset turnover × 1.55× leverage (assets divided by equity) ≈ 26.9% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 41.3% − 12.0% = +29.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 41.3% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 42.7%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Hero MotoCorp have too much debt? Hero MotoCorp Ltd has total debt of ₹1,419 Cr against shareholder equity of ₹23,620 Cr as of Sep 2026, so its debt is 0.06× its equity, which is very little. Year by year, that ratio went from 0.04 in FY22 to 0.04 in FY26. So the returns on this page come from the business, not from borrowed money. Why this happened. This is an Expansion Phase Twin Engines setup only if new supply remains retail-led rather than dealer inventory. ## What is the Hero MotoCorp shareholding pattern? Domestic institutions cut their stake in Hero MotoCorp Ltd by 3.1 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 23.8% of the company. Foreign institutions moved +2.6 points over the same period, to 32.2%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: −3.1 points over 8 quarters, to 23.8%; Foreign institutions: +2.6 points over 8 quarters, to 32.2%; Promoters: +0.0 points over 8 quarters, to 34.7%. Why the owners changed: foreign institutions moved +2.6 points and domestic institutions −3.1 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Hero MotoCorp from balance-sheet trouble? For Hero MotoCorp Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Hero MotoCorp rank in its industry? 60.0 out of 100, rank 3 of 8 in Auto - 2 & 3 Wheelers, with 85% of the evidence available. Hero MotoCorp Ltd scores 60.0 out of 100 against the 8 companies it is compared with in Auto - 2 & 3 Wheelers, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 16.4 + 20.8 + 13.2 + 9.6 = 60. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Hero MotoCorp compared with? Hero MotoCorp ranks 3 of 8 Auto - 2 & 3 Wheelers companies on the 4-Factor Sector Score, with 60.0 out of 100. 1. [TVS Motor Company Ltd](https://www.sectoralpha.in/stocks/tvs-motor-company-ltd) TVSMOTOR · losing its lead · Evidence leans up · 82% evidence 62.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.4/35 · Revenue 34.3% · Profit 43.3% · Operating margin change -1 points · 95% evidence Capital efficiency 15.8/25 · ROCE 17.4% · Operating margin 14% · 76% evidence Valuation 8.4/20 · P/E 51.7× · PEG n/a · 50% evidence Relative strength 15.8/20 · Lead over its industry 4.9% · Lead over NIFTY 500 17.2% · 1 year 19.6% · 100% evidence · 11 of 12 weeks ahead Exact sum: 22.4 + 15.8 + 8.4 + 15.8 = 62.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Ather Energy Ltd](https://www.sectoralpha.in/stocks/ather-energy-ltd) ATHERENERG · leader · Evidence leans up · 71% evidence 61.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.8/35 · Revenue 68.5% · Profit 69.4% · Operating margin change 15.5 points · 74% evidence Capital efficiency 3.5/25 · ROCE -19.8% · Operating margin 0.8% · 100% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 20.0/20 · Lead over its industry 65.7% · Lead over NIFTY 500 81.8% · 1 year 153.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 27.8 + 3.5 + 10 + 20 = 61.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. Hero MotoCorp Ltd this page HEROMOTOCO · losing its lead · Evidence leans up · 85% evidence 60.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.4/35 · Revenue 27% · Profit 13.7% · Operating margin change -1 points · 100% evidence Capital efficiency 20.8/25 · ROCE 35.2% · Operating margin 13% · 100% evidence Valuation 13.2/20 · P/E 17× · PEG 1.96 · 100% evidence Relative strength 9.6/20 · Lead over its industry n/a · Lead over NIFTY 500 1% · 1 year -6.8% · 25% evidence · 10 of 12 weeks ahead Exact sum: 16.4 + 20.8 + 13.2 + 9.6 = 60 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Bajaj Auto Ltd](https://www.sectoralpha.in/stocks/bajaj-auto-ltd) BAJAJ-AUTO · losing its lead · Evidence leans up · 87% evidence 59.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.2/35 · Revenue 47.9% · Profit 53.8% · Operating margin change 1 points · 95% evidence Capital efficiency 20.6/25 · ROCE 28.2% · Operating margin 19% · 95% evidence Valuation 7.6/20 · P/E 21.7× · PEG n/a · 50% evidence Relative strength 8.4/20 · Lead over its industry -3.2% · Lead over NIFTY 500 8% · 1 year 16.4% · 100% evidence · 8 of 12 weeks ahead Exact sum: 23.2 + 20.6 + 7.6 + 8.4 = 59.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Eicher Motors Ltd](https://www.sectoralpha.in/stocks/eicher-motors-ltd) EICHERMOT · quiet · Evidence leans up · 78% evidence 56.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.8/35 · Revenue 28.1% · Profit 19.4% · Operating margin change 0 points · 83% evidence Capital efficiency 20.4/25 · ROCE 30.5% · Operating margin 24% · 76% evidence Valuation 10.6/20 · P/E 34.1× · PEG n/a · 50% evidence Relative strength 6.7/20 · Lead over its industry -7.8% · Lead over NIFTY 500 3.3% · 1 year 3% · 100% evidence · 4 of 12 weeks ahead Exact sum: 18.8 + 20.4 + 10.6 + 6.7 = 56.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Atul Auto Ltd](https://www.sectoralpha.in/stocks/atul-auto-ltd) ATULAUTO · quiet · Evidence leans down · 75% evidence 42.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.2/35 · Revenue 26.2% · Profit 100% · Operating margin change -4 points · 95% evidence Capital efficiency 10.4/25 · ROCE 11.3% · Operating margin 5.2% · 76% evidence Valuation 9.7/20 · P/E 24.6× · PEG n/a · 15% evidence Relative strength 0.0/20 · Lead over its industry -17% · Lead over NIFTY 500 -7.1% · 1 year -16.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 22.2 + 10.4 + 9.7 + 0 = 42.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Ola Electric Mobility Ltd](https://www.sectoralpha.in/stocks/ola-electric-mobility-ltd) OLAELEC · basing · Too little evidence to rank firmly · 53% evidence 31.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.3/35 · Revenue -49.2% · Profit 26.1% · Operating margin change -7 points · 65% evidence Capital efficiency 0.0/25 · ROCE -19.9% · Operating margin -36% · 100% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 8.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -2.5% · 1 year -33.8% · 25% evidence · 0 of 12 weeks ahead Exact sum: 13.3 + 0 + 10 + 8.5 = 31.8 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 8. [Munjal Showa Ltd](https://www.sectoralpha.in/stocks/munjal-showa-ltd) MUNJALSHOW · Most evidence points down · 76% evidence 30.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.7/43.75 · Revenue 12.4% · Profit 0% · Operating margin change 0.1 points · 88% evidence Capital efficiency 7.1/31.25 · ROCE 4.5% · Operating margin 0.7% · 100% evidence Valuation 9.3/25 · P/E 18.8× · PEG 2.12 · 100% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 13.7 + 7.1 + 9.3 = 30.1 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Auto - 2 & 3 Wheelers](https://www.sectoralpha.in/sectors/auto-2-3-wheelers), all 8 compared on one page. ## Which companies are close to Hero MotoCorp in size? Hero MotoCorp is the 4th largest of 8 Auto - 2 & 3 Wheelers companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Bajaj Auto, TVS Motor Company and Eicher Motors. Just below it: Ather Energy, Ola Electric Mobility and Atul Auto. ### Auto - 2 & 3 Wheelers companies close in size

1. [Bajaj Auto Ltd](https://www.sectoralpha.in/stocks/bajaj-auto-ltd) ₹2,84,422 crore
2. [TVS Motor Company Ltd](https://www.sectoralpha.in/stocks/tvs-motor-company-ltd) ₹1,99,309 crore
3. [Eicher Motors Ltd](https://www.sectoralpha.in/stocks/eicher-motors-ltd) ₹1,98,205 crore
4. Hero MotoCorp Ltd ₹1,03,424 crore
5. [Ather Energy Ltd](https://www.sectoralpha.in/stocks/ather-energy-ltd) ₹69,693 crore
6. [Ola Electric Mobility Ltd](https://www.sectoralpha.in/stocks/ola-electric-mobility-ltd) ₹16,586 crore
7. [Atul Auto Ltd](https://www.sectoralpha.in/stocks/atul-auto-ltd) ₹1,128 crore

[All 8 Auto - 2 & 3 Wheelers companies, largest first](https://www.sectoralpha.in/sectors/auto-2-3-wheelers#all-companies)

### Companies close in size in other industries

1. [Lodha Developers Ltd](https://www.sectoralpha.in/stocks/lodha-developers-ltd) ₹1,03,642 crore · Realty - National
2. [Power Finance Corporation Ltd](https://www.sectoralpha.in/stocks/power-finance-corporation-ltd) ₹1,03,491 crore · Finance - PSU Lending
3. Hero MotoCorp Ltd ₹1,03,424 crore
4. [Meesho Ltd](https://www.sectoralpha.in/stocks/meesho-ltd) ₹1,03,221 crore · New age - Platform - E-Retail
5. [Mankind Pharma Ltd](https://www.sectoralpha.in/stocks/mankind-pharma-ltd) ₹1,02,964 crore · Pharma - Formulators

## What else do people ask about Hero MotoCorp? ### What is Hero MotoCorp's share price today? Hero MotoCorp Ltd's share price is ₹5,300.00, −4.4% over the past year. The whole company is worth ₹1,06,086 Cr on the market. In the last 52 weeks it traded between ₹4,835 to ₹6,351; today it is 31% of the way up from the low, 1.3% above its 200-day average (as of 3 November 2026). ### What were Hero MotoCorp's latest quarterly results? Hero MotoCorp Ltd reported revenue of ₹14,970 Cr and net profit of ₹1,861 Cr for the Sep 2026 quarter. Revenue rose 22.5% and profit rose 40.9% compared with a year earlier. Earnings per share were ₹93.00. The operating margin was 13.0%, 1.0 percentage points lower than a year earlier (as of 3 November 2026). ### What is Hero MotoCorp's market cap? Hero MotoCorp Ltd's market capitalisation is ₹1,06,086 Cr at a share price of ₹5,300.00. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Hero MotoCorp performing? Hero MotoCorp Ltd's share price has been rising for 10 weeks. In its latest quarter, revenue rose 22.5% and profit rose 40.9% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 2 weeks running (as of 3 November 2026). ### Will Hero MotoCorp's share price go up? This page does not forecast Hero MotoCorp Ltd's share price. What it shows instead: the share price is ₹5,300.00, and it has been rising for 10 weeks. Its P/E of 17.4× is higher than 22% of its own last 11 years (as of 3 November 2026). ### Does Hero MotoCorp have too much debt? No, Hero MotoCorp Ltd has little debt: its debt is 0.04× its equity, and its operating profit is 91 times its interest bill. FY26 borrowings were ₹779 Cr against equity of ₹21,611 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Hero MotoCorp in its business cycle? Hero MotoCorp Ltd's FY26 operating margin was 15.0%, against a 13-year range of 11.0% to 16.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 13.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Hero MotoCorp story? The main question: yearly earnings per share moved +31.1% while the share price moved −4.4%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Hero MotoCorp a stock worth studying right now? What the numbers show: Hero MotoCorp Ltd's results are improving, while its P/E is near the low end of its own history over 11 years, higher than only 22% of past readings. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Hero MotoCorp share price forecast for 2026? What management itself guided: EV capacity to 45,000 per month in Q4 then over 80,000 per month by Q2 next fiscal. 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. What would change the story: 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. ### Where does this page get Hero MotoCorp's management information? From Hero MotoCorp's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

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