Hero MotoCorp Limited Q2 FY26 Concall Decoded: – Record profits, GST sugar rush, and Hero suddenly remembers how to win market share

1. Opening Hook

After years of being called “steady but boring,” Hero MotoCorp walked into Q2 FY26 like it had just rediscovered its user manual. Record revenue, record EBITDA, record PAT—and all this while competitors were still blaming monsoon, macros, and Mars retrograde.

The real plot twist? A GST cut timed perfectly before the festive season. Fence-sitters turned into first-time buyers, scooters came roaring back, and Hero’s market share quietly jumped to 31.6%. Management looked relaxed, margins expanded, inventories vanished, and suddenly everyone was talking growth again.

This wasn’t a defensive concall. This was Hero reminding the market why scale, distribution, and execution still matter in India.

Read on. The numbers are loud, the confidence is back, and the “old economy” tag is getting uncomfortable.

2. At a Glance

• Revenue ₹12,126 cr (+16%) – Highest ever, GST did more than any ad campaign.
• EBITDA ₹1,823 cr (+20%) – Operating leverage finally showed up.
• PAT ₹1,393 cr (+16%) – Clean, repeatable profitability.
• EBITDA margin 15% – Even after spending ₹252 cr on EV dreams.
• Market share 31.6% – Hero flexed across entry, scooters, and EVs.

3. Management’s Key Commentary

“We concluded the festive season with nearly 1 million retails.”
(Translation: Fence-sitters finally opened their wallets.) 😏

“GST reduction uplifted consumer sentiment.”
(Translation: Price cuts still work better than PowerPoint.)

“Entry segment gained market share for the second consecutive quarter.”
(Translation: HF Deluxe and Splendor refuse to retire.)

“Scooters delivered ~10% share in 125cc.”
(Translation: Hero finally cracked urban India.)

“EV business recorded its highest ever market share of 11.7%.”
(Translation: Vida stopped being a side project.)

“Global dispatches grew 77%.”
(Translation: Exports are no longer cosmetic.)

4. Numbers Decoded