🟢 At a Glance:
Hero MotoCorp reported 5.08 lakh dispatches in May 2025 — motorcycles, scooters, and electric VIDA units combined. That’s a solid bump, but with competition heating up (hi, Ola Electric), can Hero sustain this momentum, or is this just a seasonal sugar rush?
🛵 What Did Hero Actually Report?
Let’s skip the brochure fluff and get to the point:
| Metric | May ’25 | May ’24 | YoY Growth |
|---|---|---|---|
| Motorcycles | 4,75,164 | 4,71,186 | +0.84% |
| Scooters | 32,537 | 26,937 | +20.8% |
| Total | 5,07,701 | 4,98,123 | +1.92% |
| Domestic Sales | 4,88,997 | 4,79,450 | +2.0% |
| Exports | 18,704 | 18,673 | Flat |
| VIDA (EV) Dispatches | 8,361 | Not listed | — |
| VIDA VAHAN Regn. | 7,161 | — | — |
So yes — 5 lakh VAHAN registrations and 5.08 lakh dispatches sounds sexy. But scooters did all the heavy lifting in terms of growth, and exports remained flat.
⚡ VIDA Is Actually Getting Real
Hero’s electric brand VIDA might’ve sounded like a PR side hustle in 2023, but it’s evolving fast:
- 8,361 units dispatched in May
- 7,161 VAHAN registrations (excluding Telangana)
- 7.2% EV market share in the scooter segment
And the punchline?
🛴 A new VIDA electric scooter is launching on July 1, 2025, right in time to spoil Ola’s party.
Also, the IPL-backed “Charging Simple Hai” campaign worked — “Every plug point is a VIDA charging point” made EVs feel less scary for average users. Clever move.
🌏 Global Markets: Bangladesh > Europe?
While Ola and Ather eye Western glory, Hero quietly strengthened performance in Bangladesh and Colombia. Exports stayed flat at ~18,700 units, but growth is expected.
So what’s the game plan?
Push premium products in India. Dump volumes in Bangladesh. Repeat.
💎 The Premium Strategy — Slow But Steady
Hero’s not just selling budget commuters anymore. They’re going for a new image:
- 100+ Premia outlets now operating across India
- Focus on premium products and customer experience
- Think Royal Enfield showroom, but more corporate
But let’s be honest — RE buyers want vibes, not after-sales tokens and AC lounges.
🏁 MotoSports: Win Some, Fall Some
Hero MotoSports didn’t win gold, but:
- Nacho Cornejo finished 6th in South African Safari Rally
- Ross Branch, despite a fall, took 11th place
- Tobias Ebster, Austrian rider, joins the team
These guys aren’t podium regulars (yet), but Hero is putting in the work. It’s less about wins, more about visibility in global off-road circuits.
💰 EduInvesting Fair Value Estimate:
Assuming Hero keeps up this momentum, launches its July EV on time, and scoops ~10% EV market share in FY26…
| Metric | Value (FY26E) |
|---|---|
| EPS (Projected) | ₹225 |
| Forward P/E (2-Year Avg) | 20x |
| 🎯 Fair Value Range | ₹4,200 – ₹4,500 |
CMP as of June 2: ₹4,300+
Is there upside? A bit.
Is it already priced in? Largely, yes.
🧠 EduInvesting Take: A Solid Month — But Let’s Not Get Drunk on Dispatch Data
Hero MotoCorp delivered. No doubt.
But the scooter boom could just be seasonal spike — summer = weddings = two-wheelers.
What’s exciting:
- VIDA’s progress is real
- July 1 launch will be a critical EV test
- Premium playbook finally showing some legs
What’s not:
- Motorcycle growth is crawling
- Export stagnation = not sexy
- Hero still lacks the “cool factor” Ola and RE flaunt on Instagram
This is a company executing a measured comeback, not staging a revolution.
🚩 Risks & Red Flags
- VIDA delay or lukewarm response in July
- Premium expansion hitting a ceiling (India has RE, KTM, Triumph already)
- No pricing power in exports — if dollar weakens, margins shrink
📌 Tags:
Hero MotoCorp May 2025 Sales, Hero VIDA V2, Hero EV Scooter July Launch, Hero Dispatches 5 Lakh, Hero Scooter Sales Surge, Hero MotoCorp Premium Strategy, Hero MotoSports 2025, EduInvesting Analysis
🖊️ Author: Prashant Marathe
📅 Date: June 2, 2025
