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1. At a Glance
Hero MotoCorp sold 16.77 lakh two-wheelers in the June 2026 quarter, up 23% from 13.67 lakh a year earlier. Consolidated revenue came in at ₹13,126 Cr against ₹9,728 Cr, a 35% jump — revenue outrunning volume by twelve percentage points, which management attributes to price realisation and mix.
Operating profit reached ₹1,702 Cr on an OPM of 13%. Consolidated PAT was ₹1,418 Cr versus ₹1,706 Cr a year ago. The company states the year-ago figure included a one-time gain of ₹722 Cr on dilution of its share of investment in associates, following a Public Issue and Private Placement — meaning the comparison base contains a windfall that the current quarter, doing the unglamorous work of actually selling motorcycles, does not.
Scooter dispatches more than doubled to 1,93,058 units. VIDA, the electric arm, grew dispatches 151%. Global business dispatches rose 63%, and the Harley-Davidson business grew 105% — a business that has now graduated from “interesting side project” to a number with three digits in front of the percentage sign.
Elsewhere in the quarter: the first flex-fuel Splendor+ and HF Deluxe were unveiled, a Section 8 CSR company was approved with an initial ₹1 crore subscription, and the parts business — the least photogenic line in any auto company’s deck — grew 30% to ₹1,689 Cr.
The full-year FY26 numbers behind this quarter are their own story: revenue of ₹47,411 Cr and operating cash flow of ₹8,315 Cr.
2. Introduction
Hero MotoCorp began life in 1984 as Hero Honda, a technological collaboration between the Munjal family’s Hero group and Honda of Japan. Before that, Hero sold bicycles under the Hero Cycles brand — a lineage that means the company’s founding technology was, essentially, the pedal. Manufacturing of motorcycles began in 1985.
In 2011, Honda sold its 26% stake to the Munjals and the JV ended. The company was renamed Hero MotoCorp, an exercise in dropping one syllable and keeping the entire customer base. It has been the world’s largest manufacturer of two-wheelers by unit volumes sold by a single company in a calendar year for more than two decades — a title defended annually, largely from small towns, one Splendor at a time.
The recent past has been busy in a way the company’s steady-commuter image doesn’t advertise. In FY26 it invested ₹720 Cr in Euler Motors, taking it to associate status; in April 2026 it acquired further Series E CCPS in Euler for ₹210 Cr, reaching 36.67% fully diluted. In July 2026 the board approved investment of up to ₹1,000 Cr in Ather Energy, and Ather approved 76.19 million warrants to Hero for ₹959.99 crore, with the stake potentially rising to 30.68%.
Also in July: entry into Germany with the KSR Group and the Euro 5+ XPulse 200 portfolio, making Germany the 53rd global market; VIDA’s first overseas launch, in Nepal, with CG Motors; and an announced investment of over ₹3,200 crore in Andhra Pradesh, including a ₹750 crore Global Parts Centre at Tirupati with 4,000 jobs. July dispatches rose 19% to 5.33 lakh units.
On the results calendar itself, the AGM was held on August 5, 2026, approving total FY26 dividends of ₹185 per share. Sachin Agrawal took charge as Chief Technology Officer on 21 May 2026, with Vikram Kasbekar stepping down as CTO and remaining Executive Director. Srihari Mulgund was appointed Chief Strategy Officer effective August 17, 2026.
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3. Business Model: WTF Do They Even Do?
Hero makes two-wheelers, in quantities that make the word “scale” feel undertrained for the job. FY26 capacity stood at 8.63 million units across eight manufacturing plants — six in India plus Villa Rica, Colombia and Jessore, Bangladesh — with a global parts centre at Neemrana, Rajasthan. That is a company organised around the proposition that a very large number of people would like to get somewhere for very little money.
The portfolio splits along familiar lines. The 100cc core is Splendor and HF Deluxe territory, where Q1 FY27 domestic dispatches ran at 1,217k units against 1,091k, with market share at 85.8%. Deluxe 125cc — Glamour X, Xtreme 125R, Super Splendor XTEC 2.0 — did 160k against 110k. Premium covers Karizma XMR, XPulse 200/210, Xtreme 160R and 250R, and the Harley-Davidson X440 and X440T, built under the 2020 collaboration with Harley-Davidson. The Premia retail network reached 132 outlets, with 21 full-line Harley-Davidson dealerships.
Scooters are the segment that decided to have a year. ICE scooter domestic dispatches went from 67k to 123k, with the Xoom 125 and Xoom 160 doing the heavy lifting and market share moving from 4.6% to 6.9%. Total scooter dispatches, ICE
