At a Glance
Hero MotoCorp is no longer just the âDesh Ki Dhadkan.â With a juicy 3.8% dividend yield, rising margins, and a quiet shift toward premium + EVs, itâs the uncle in the kurta whoâs now bench pressing at Cult. But with sales growth barely beating inflation, can Hero win the next lap?
1. đ§ Business Model: From Hero Honda to Hero Everything?
- đ”Core strength: Budget-friendly bikes like Splendor, Passion, HF Deluxe (still 70%+ of volumes)
- đ„Premium push: Karizma XMR, Harley-Davidson X440 (JV), Mavrick 440 â contributing ~25% of revenue in FY24
- đEV Gamble: VIDA V1 scooter + newBattery-as-a-Service model launching July 2025
- đ Exports growing slowly but steadily
- (~4% of revenues)
Itâs still avolume-drivenbusiness, but the margin narrative is shifting.
2. đž Financials: Dividends, Margins, and Slightly Sexy Numbers
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (âč Cr) | 30,959 | 29,551 | 34,158 | 37,789 | 40,923 |
| Net Profit (âč Cr) | 2,936 | 2,329 | 2,800 | 3,742 | 4,376 |
| EPS (âč) | 146.05 | 115.95 | 140.61 | 187.31 | 218.91 |
| Dividend Yield | 4.5% | 4.3% | 3.6% | 3.8% | 3.84% |
| ROE | 18% | 16% | 24% | 29% | 24% |
đ3-Year Profit CAGR: 25%đŻEBITDA Margin: 14% (vs 11% in FY22)đ°Debt: Almost Nilđ„Cash: âč14,384 Cr investments on books
Yes, Heroâs still your rich uncle with fixed depositsanda Karizma.
3. đ Quarterly Track: Boringly Profitable (But Thatâs Good!)
| Quarter | Sales (âč Cr) | Net Profit (âč Cr) | EPS (âč) |
|---|---|---|---|
| Jun â24 | âč10,211 | âč1,032 | âč52.31 |
| Sep â24 | âč10,483 | âč1,066 | âč53.19 |
| Dec â24 | âč10,260 | âč1,108 | âč55.38 |
| Mar â25 | âč9,970 | âč1,169 | âč58.06 |
đĄ Hero
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