āagman

Not investment advice. Data and computed figures, for information only.

Hero MotoCorp Ltd

NSE: HEROMOTOCOF&O
₹5,210.00
+₹190.50 (+3.80%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹97,979 Cr
CMP
₹5,210.00
52-wk High / Low
₹6,389 / 4,672
P/E
17.7
P/B
4.5
Book Value
₹1,080.0
Div Yield
3.78%
ROCE
35.0%
ROE
28.1%
Face Value
₹2
D/E
0.04

Price−5.3% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
6
/ 9
6 of 9 F-score tests passed
Graham Number
₹2,641
√(22.5 × EPS × book value per share)
ROIC
21.5%
vs 11.5% sector median
Cash flow to profit
1.44
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−156
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
9.3%
ROE × earnings retention ratio
ROE stability
4.3
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −0.06DII −0.43
Latest quarter vs the previous one
Cash-accrual divergence
−8.2%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 18% vs the 2022 sector median of 14%)
+FII holding rose by 4.1pp over the last year
+PE of 17.7x is below the sector median of 35.7x
Watch-outs
−Borrowings are up 235.8% since FY2016 (232 to 779)
−Price trades below its 200-day moving average (1.0x)

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales8,8519,5339,7889,61710,21110,48310,2609,9709,72812,21812,48712,97813,126
Expenses7,7348,1748,4038,2988,8049,0338,8448,5298,31510,45210,73511,10911,424
Operating Profit1,1171,3601,3851,3191,4071,4501,4161,4411,4131,7661,7521,8701,702
OPM %12.6%14.3%14.1%13.7%13.8%13.8%13.8%14.5%14.5%14.5%14.0%14.4%13.0%
Other Income66213288177225239306345939240179210460
Interest2125238191817172119201921
Depreciation180187194197205206209204206210219220220
Profit before tax9821,3601,4561,2921,4081,4641,4971,5652,1261,7771,6921,8411,921
Net Profit7011,0071,0919431,0321,0661,1081,1691,7061,3211,2751,4741,418
EPS (₹)35.5350.3554.7046.7752.3153.1955.3858.0685.2665.4263.3572.9770.59

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales27,53828,45728,61032,45833,97129,25430,95929,55134,15837,78940,92347,41150,810
Expenses24,01824,03324,02527,12428,94625,18426,90226,29530,06032,55435,13540,35243,720
Operating Profit3,5204,4244,5855,3345,0254,0704,0583,2564,0995,2355,7897,0597,090
OPM %12.8%15.5%16.0%16.4%14.8%13.9%13.1%11.0%12.0%13.9%14.1%14.9%14.0%
Other Income3254218305647411,4345535455676891,0401,3101,089
Interest121527313747465310576717879
Depreciation540443502575624846715690697757825855869
Profit before tax3,2924,3874,8855,2925,1044,6113,8493,0583,8645,0905,9347,4367,230
Net Profit2,3643,1123,5463,7223,4663,6592,9362,3292,8003,7424,3765,7765,488
EPS (₹)118.42157.34179.49186.29172.44182.14146.05115.95140.61187.31218.91286.96272.33

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital404040404040404040404040—
Reserves6,5008,79410,27611,93213,08014,36615,37615,80716,61617,65919,23221,571—
Borrowings100232261228312453584605568606700779—
Other Liabilities4,0143,8294,7365,1975,0724,8157,0966,0276,6947,8478,41811,063—
Total Liabilities10,65412,89615,31217,39718,50419,67423,09622,47823,91726,15328,39033,453—
Fixed Assets2,9523,7844,5994,9614,9526,4736,3806,1946,1596,2326,2836,374—
CWIP719653581355573391495517454484487765—
Investments3,1184,5016,0667,6696,1148,35910,58210,52810,89112,75114,38419,286—
Other Assets3,8643,9584,0664,4116,8654,4515,6395,2406,4136,6857,2367,028—
Total Assets10,65412,89615,31217,39718,50419,67423,09622,47823,91726,15328,39033,453—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2,9632,1863,7224,0074,0171,0325,5184,1102,1042,6144,9234,2978,315
Cash from Investing Activity−1,61631−2,300−1,972−1,8581,298−2,819−2,289−222−421−1,828−1,703−4,478
Cash from Financing Activity−1,414−2,131−1,475−2,036−2,102−2,252−2,602−1,852−1,975−2,147−2,717−2,815−3,534
Net Cash Flow−6686−53−1577897−31−9445379−221303

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—50.054.048.045.039.027.024.018.023.029.030.035.0
ROE %————————————28.1
EPS (₹)105.30118.42157.34179.49186.29172.44182.14146.05115.95140.61187.31218.91286.96
Book Value (₹)————————————1,080.0
Face Value (₹)————————————2
P/E————————————17.7
Div Yield %————————————3.78
NPM %8.38.510.812.011.310.011.99.37.78.19.710.411.9
OPM %14.013.016.016.016.015.014.013.011.012.014.014.015.0
D/E0.050.020.030.030.020.020.030.040.040.030.030.040.04
P/B————————————4.5

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+5.0%
5 years+9.0%
3 years+12.0%
TTM+26.0%
Compounded profit growth
10 years+7.0%
5 years+16.0%
3 years+28.0%
TTM+10.0%
Stock price CAGR
10 years+3.0%
5 years+11.0%
3 years+17.0%
Last year−11.0%
Return on equity
10 years23.0%
5 years21.0%
3 years24.0%
Last year28.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters34.64%34.64%34.63%34.63%34.63%34.76%34.75%34.78%34.76%34.74%34.73%34.73%
FIIs42.68%42.68%41.92%38.19%34.27%37.19%29.22%27.01%28.93%27.43%31.15%31.09%
DIIs12.48%12.48%12.02%16.08%19.89%18.68%24.24%27.86%27.76%27.89%24.69%24.26%
Government0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.01%0.08%0.09%
Public10.20%10.20%11.43%11.10%11.21%9.37%11.79%10.36%8.55%9.91%9.34%9.82%
No. of shareholders1,00,2521,00,2521,00,2611,42,2211,72,8452,10,8274,04,0563,33,0542,92,8289,47,4078,95,5168,87,953
Change since Jun 2023 (pp)
Promoters +0.09FIIs −11.59DIIs +11.78Public −0.38

Documents

As of 11 Oct 2026
Announcements
Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseClosure of Trading WindowAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationAnnouncement under Regulation 30 (LODR)-Credit RatingAnnouncement under Regulation 30 (LODR)-Newspaper Publication
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026RecordingMay 2026TranscriptFeb 2026TranscriptFeb 2026RecordingNov 2025TranscriptNov 2025RecordingAug 2025Transcript

Corporate actions

As of 24 Jul 2026
24 Jul 2026DIVIDENDDividend - Rs 75 Per Share—
11 Feb 2026DIVIDENDInterim Dividend - Rs 110 Per Share—
24 Jul 2025DIVIDENDDividend - Rs 65 Per Share—
12 Feb 2025DIVIDENDInterim Dividend - Rs 100 Per Share—
1 Aug 2024DIVIDENDAnnual General Meeting/Dividend - Rs 40 Per Share—
21 Feb 2024DIVIDENDInterim Dividend - Rs 75 Per Share/ Special Dividend - Rs 25 Per Share—
27 Jul 2023DIVIDENDAnnual General Meeting/Dividend - Rs 35 Per Share—
17 Feb 2023DIVIDENDInterim Dividend - Rs 65 Per Share—
27 Jul 2022DIVIDENDAnnual General Meeting/Dividend - Rs 35 Per Share—
21 Feb 2022DIVIDENDInterim Dividend - Rs 60 Per Share—
22 Jul 2021DIVIDEND Annual General Meeting/Dividend - Rs 25 Per Share/ Special Dividend - Rs 10 Per Share—
15 Feb 2021DIVIDEND Interim Dividend - Rs 65 Per Share Special Dividend - Rs 5 Per Share—
30 Jul 2020DIVIDEND Annual General Meeting/Dividend - Rs 25 Per Share—
17 Feb 2020DIVIDEND Interim Dividend - Rs 65 Per Sh—
16 Jul 2019DIVIDEND Annual General Meeting/Dividend - Rs 32 Per Share—
11 Feb 2019DIVIDEND Interim Dividend - Rs 55 Per Share—
11 Jul 2018DIVIDEND Annual General Meeting / Dividend- Rs 40 Per Share—
15 Feb 2018DIVIDEND Interim Dividend Rs 55/- Per Share—
30 Jun 2017DIVIDEND Annual General Meeting/Dividend - Rs 30/- Per Share—
16 Mar 2017DIVIDEND Interim Dividend Rs 55/- Per Share—
15 Sep 2016DIVIDEND Annual General Meeting/Dividend - Rs 32/- Per Share—
21 Mar 2016DIVIDEND Interim Dividend - Rs 40/- Per Share—
1 Jun 2015DIVIDENDDividend - Rs 30/- Per Share—
8 Aug 2014DIVIDENDInterim Dividend - Rs 30/- Per Share (Purpose Revised)—
3 Jul 2014DIVIDENDAnnual General Meeting / Dividend - Rs 65/- Per Share—
3 Sep 2013DIVIDENDAnnual General Meeting And Dividend Rs.60/- Per Share—
7 Aug 2012DIVIDENDAnnual General Meeting / Dividend Rs. 45 Per Share—
25 Aug 2011DIVIDENDAnnual General Meeting And Dividend Rs.35/- Per Share—
20 Apr 2011DIVIDENDInterim Dividend-Rs.70/- Per Share (Purpose Revised)—
30 Aug 2010DIVIDENDAnnual General Meeting And Final Dividend Rs.30/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman