Key Financial Figures (Standalone)

Income Statement for Q2 FY27 (Quarter Ended September 30, 2026):

  • Revenue from operations: ₹31,811.92 lakhs (₹318.12 crore)
  • Other income: ₹511.09 lakhs
  • Total Income: ₹32,323.01 lakhs
  • Total Expenses: ₹29,122.05 lakhs
  • Profit before tax: ₹3,200.96 lakhs
  • Tax expense: ₹826.17 lakhs (Current: ₹737.09 lakhs, Deferred: ₹89.08 lakhs)
  • Profit for the period: ₹2,374.79 lakhs (₹23.75 crore)
  • Other Comprehensive Income (net of tax): ₹(-46.74) lakhs
  • Total Comprehensive Income: ₹2,328.05 lakhs
  • Earnings Per Share (Basic): ₹0.61; (Diluted): ₹0.60

Half-Year Ended September 30, 2026 (H1 FY27):

  • Revenue from operations: ₹59,631.57 lakhs
  • Profit for the period: ₹4,715.25 lakhs
  • EPS (Basic): ₹1.23; (Diluted): ₹1.21

Comparative Performance (YoY - Q2):

  • Revenue from operations increased by 26.7% from ₹25,109.06 lakhs (Q2 FY26) to ₹31,811.92 lakhs (Q2 FY27).
  • Profit for the period increased by 48.8% from ₹1,596.01 lakhs (Q2 FY26) to ₹2,374.79 lakhs (Q2 FY27).

Balance Sheet (Standalone as of September 30, 2026):

  • Total Assets: ₹1,61,207.79 lakhs
  • Total Equity: ₹1,13,987.55 lakhs (Share Capital: ₹45,421.56 lakhs, Other Equity: ₹68,565.99 lakhs)
  • Total Liabilities: ₹47,220.24 lakhs

Key Financial Figures (Consolidated)

Income Statement for Q2 FY27:

  • Revenue from operations: ₹36,479.49 lakhs
  • Profit before tax: ₹2,344.24 lakhs
  • Profit for the period attributable to owners of the parent: ₹1,823.19 lakhs
  • EPS (Basic): ₹0.47; (Diluted): ₹0.46

Consolidated Entities: The results include Hero Motors Limited and its subsidiaries: Hero Motors Thai Limited, Hewland Engineering Limited, Spur Technologies Private Limited, HYM Drive Systems Private Limited, Hero EDU Systems Private Limited, and Munjal STP Industries Private Limited.

Board Approvals

The Board of Directors, in their meeting on November 14, 2026, approved the following:

1. The Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026.

2. An investment in the wholly-owned subsidiary, Hero Motors Thai Limited, of up to ₹14 crores. This investment can be made in one or more tranches through the subscription/acquisition of equity shares and/or the granting of unsecured loan(s). This is a related party transaction conducted at arm's length, with prior Audit Committee approval.

IPO and Capital Structure Impact

The company completed its Initial Public Offer (IPO) during the quarter ended September 30, 2026.

  • Issue: Equity shares of face value ₹10 each at an issue price of ₹84 per share.
  • Fresh Issue: 7,14,28,571 shares aggregating to ₹60,000 lakhs.
  • Offer for Sale: 4,70,23,809 shares by OP Munjal Holdings and 5,95,238 shares by Hero Cycles Limited, aggregating to ₹40,000 lakhs.
  • Listing: Equity shares were listed on the NSE and BSE on September 23, 2026.
  • Total offer expenses: ₹6,025 lakhs (inclusive of taxes).
  • Net Proceeds (to company): ₹56,199 lakhs (after provisional allocated expenses of ₹3,801 lakhs).

Utilization of Net Proceeds (as of September 30, 2026):

| Purpose | Amount to be Utilised (₹ lakhs) | Utilised (₹ lakhs) | Unutilised (₹ lakhs) |

| Repayment of borrowings | 19,000 | 18,984 | 16 |

| Capital expenditure | 20,000 | 0 | 20,000 |

| Funding inorganic growth & general corporate purposes | 17,199 | 2,700 | 14,499 |

| Total | 56,199 | 21,684 | 34,515 |

Unutilized proceeds were temporarily invested in deposits and bank accounts.

Other Capital Changes:

  • CCPS Conversion: 2,09,71,941 Compulsory Convertible Preference Shares (CCPS) were converted into an equal number of equity shares during the quarter, as approved by the Board on September 04, 2026.
  • ESOPs: 25,27,517 ESOPs were exercised by employees in Q2 FY27; 34,79,045 ESOPs were exercised in H1 FY27.
  • Paid-up share capital increased from ₹35,833.60 lakhs (Mar'26) to ₹45,421.56 lakhs (Sep'26).

Dividend

An interim dividend of ₹0.32 per equity share, aggregating ₹1,213.79 lakhs, was declared for FY26-27 in the Board meeting held on May 01, 2026. The record date was April 24, 2026, and the dividend was paid within prescribed timelines.

Other Notes

Labour Codes: The financial impact of newly notified Labour Codes, amounting to ₹195.88 lakhs, was treated as an exceptional item in the year ended March 31, 2026. No further material impact is expected based on rules notified to date.

CIN Change: An application to modify the Corporate Identification Number (CIN) post-listing was filed with the Registrar of Companies, Chandigarh, on September 28, 2026, and is under process.

Subsidiary Investment Details (Annexure-B)

The approved investment of up to ₹14 crores is in Hero Motors Thai Limited, a wholly-owned subsidiary.

  • Business: Manufacturing, trading, and exporting vehicle parts for motorcycles.
  • Financials (as of Mar'26): Paid-up Capital: ₹17.69 cr; Turnover (FY26): ₹9.34 cr; Net Loss (FY26): ₹(5.04) cr.
  • Turnover History: FY24: ₹14.83 cr, FY25: ₹21.11 cr, FY26: ₹9.34 cr.
  • The investment is for meeting the subsidiary's ongoing business and financial requirements.
  • The indicative time period for completion is approximately 6 months.

Auditor's Review

Deloitte Haskins & Sells LLP issued a limited review report stating that based on their review, nothing has come to their attention that causes them to believe the financial results contain any material misstatement. The review report is dated November 14, 2026.