Financial Results Overview

Consolidated Financial Performance Q2 FY27:

  • Revenue: ₹14,971 Crore, up 23% YoY from ₹12,218 Crore in Q2 FY26
  • Profit After Tax (PAT): ₹1,861 Crore, up 41% YoY
  • Includes ₹397 Crore gain from equity consolidation of an associate company following its capital raise via Qualified Institutional Placement and Private Placement

Consolidated Financial Performance H1 FY27:

  • Revenue: ₹28,097 Crore, up 28% YoY
  • PAT: ₹3,278 Crore, up 8% YoY

Standalone Financial Performance Q2 FY27:

  • Units sold: 18.68 lakh motorcycles and scooters, up 10% YoY
  • Sequential growth: 11% over Q1 FY27
  • Revenue from operations: ₹14,687 Crore, up 21% YoY
  • EBITDA: ₹1,968 Crore, up 8% YoY
  • EBITDA margin: 13.4% (held steady despite commodity headwinds)
  • PAT: ₹1,456 Crore, up 5% YoY
  • Parts, Accessories, and Merchandising (PAM) business revenue: ₹1,941 Crore, up 27% YoY

Standalone Financial Performance H1 FY27:

  • Revenue from operations: ₹27,686 Crore, up 28% YoY
  • EBITDA: ₹3,694 Crore, up 15% YoY
  • EBITDA margin: 13.3%
  • PAT: ₹2,911 Crore, up 16% YoY

Operational Highlights

Volume Performance:

  • Scooter portfolio grew 47% YoY to 2.40 lakh units
  • ICE scooters grew 50% YoY to 1.37 lakh units
  • VIDA electric vehicles recorded 76% YoY retail growth to 66,531 units
  • Scooters portfolio (ICE + EV) contributed 13% of volume mix in Q2 FY27 vs. 10% in Q2 FY26

Market Share Performance:

  • Consistent improvement in ICE Vahan share in each of the three months of the quarter
  • Domestic ICE Scooters market share expanded by 1% YoY to 7.3%
  • 100cc motorcycles market share expanded by 5% YoY to 84.4%
  • Splendor portfolio grew more than 20%

Global Business Expansion:

  • Entered Germany as 54th global market
  • Launched XPulse 200 4V and XPulse 200 4V Pro in Bangladesh
  • VIDA made global debut with entry into Nepal with VIDA VX2 EVOOTER (Plus and Go) and VIDA DIRT.E K3

Strategic Initiatives and Investments

Board Approval: Additional investment of up to ₹300 Crore in HMCL Netherlands B.V. (wholly-owned subsidiary) in one or more tranches for further investment in subsidiary companies HMCL Colombia S.A.S and Hero MotoCorp Do Brasil Ltda.

Expansion Projects:

  • Cumulative investment of over ₹3,200 Crore announced in Andhra Pradesh
  • Foundation stone laid for second Global Parts Centre (GPC) in Tirupati

Product Launches

  • New VIDA EVOOTER VX2 Plus 4.4 kWh and VIDA VX2 Go 3.1 kWh variants launched
  • Glamour X with Integrated-ABS launched (first motorcycle in 125cc segment with Single-Channel ABS paired with Integrated Braking System)

Leadership Appointments

  • Mr. Anuj Dua appointed as Chief Business Officer – Premium Segment effective August 3, 2026
  • Mr. Srihari Mulgund appointed as Chief Strategy Officer effective August 17, 2026
  • Mr. Suresh Kumar P appointed as Chief Digital & Information Officer (CDIO) effective August 31, 2026

Management Commentary

Harshavardhan Chitale, Chief Executive Officer, stated: "We delivered a strong performance this quarter, with scooters emerging as a key growth contributor, supported by healthy momentum across both, ICE and VIDA electric portfolio. This reflects the strength of our product offerings and our ability to respond to evolving customer aspirations across segments. Our 100cc motorcycle segment also continued to contribute to overall growth, underscoring the resilience of our portfolio. Going forward, our focus remains on sustaining this positive momentum, driving profitable growth and building a more diversified and future-ready business."

Additional Business Highlights

  • Harley-Davidson Business delivered 30% sequential growth and 19% YoY increase in H1
  • Surpassed 50,000 Harley-Davidson X440 and X440T models riders on Indian roads in September 2026
  • Premium segment growth strategy strengthened with new leadership appointment

CSR & Sustainability Initiatives

  • Launched "Dr. Brijmohan Lall Munjal Heroes of Tomorrow Scholarship" with Government of Andhra Pradesh
  • MoU signed with Paralympic Committee of India for Brisbane '32 Paralympic Games
  • Partnered with Swiggy for road safety training under Ride Safe India initiative
  • Sustained ESG "Leader" classification by NSE Sustainability Ratings and Analytics Limited (score 72/100)

Awards and Recognition

  • Glamour X 125 named 'Commuter of the Year' at ABP Network Auto Awards
  • Brandon Hall Gold Award for Best Unique and innovative Learning and Development programme
  • Mahatma Award 2026 for CSR Excellence for 'Disability and Inclusion' initiatives
  • VIDA received Red Dot Design Concept Awards, Fastest Growing Electric Two-Wheeler Brand award, and two SAMMIE Awards

Corporate Background

Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters for 25 consecutive years with approximately $5 billion revenue. Global footprint spans 53 countries with over 130 million customers. Operates eight manufacturing facilities (six in India, one each in Colombia and Bangladesh) and two R&D centers (India and Germany). Strategic alliances with Harley-Davidson and Zero Motorcycles. Investments in Ather Energy and Euler Motors. Listed on Dow Jones Sustainability Index (DJSI).

Meeting Details

Board of Directors meeting held on October 28, 2026, commenced at 02:30 p.m. and concluded at 5:30 p.m.