Hero MotoCorp reported a 42% year-on-year rise in consolidated net profit to ₹1,860.55 crore for the September 2026 quarter, up from ₹1,308 crore a year earlier. Revenue from operations rose 23% to ₹14,971 crore. The results were announced on Wednesday, October 28, 2026.
The headline profit was helped by a gain of about ₹397 crore linked to its associates. On a standalone basis, profit rose only about 5% to ₹1,456.22 crore, and the operating margin fell.
Hero MotoCorp Q2 FY27 Results at a Glance
The table compares the main figures with the same quarter last year.
| Metric (₹ crore) | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Consolidated revenue | 14,971 | 12,218 | +23% |
| Consolidated net profit | 1,860.55 | 1,308 | About +42% |
| Standalone revenue | 14,687 | 12,130 | +21% |
| Standalone net profit | 1,456.22 | 1,392.83 | About +5% |
| Standalone EBITDA | 1,968 | Not stated | +8% |
| Standalone EBITDA margin | 13.4% | 15.0% | Down about 1.65 points |
Some reports round the consolidated profit growth to 41%, while others say 42%. Compared with the June 2026 quarter, consolidated net profit rose 31% from ₹1,417.93 crore.
Why Standalone Profit Grew Far Slower Than Revenue
Standalone revenue grew 21%, but standalone profit grew only about 5%. The gap came from the operating margin. EBITDA margin narrowed to 13.4% from 15.0%, a fall of roughly 165 basis points, and reports attribute this to commodity cost inflation and higher operating expenses that grew faster than realisations.
Brokerage analysts quoted in market reports said EBITDA growth of 8% was in line with estimates, but net profit missed estimates by about 4% because of lower financial income. Hero MotoCorp shares were reported down about 3% following the results.
The consolidated figure looks stronger because it includes the gain of about ₹397 crore from associates. Investors comparing quarters should check both standalone and consolidated numbers, since they show different parts of the picture.
Volumes: Scooters and Electric Vehicles Drive Growth
Standalone volumes grew about 10% year on year and 11% from the June quarter, according to reports.
- Motorcycle volumes rose 6.5% to about 16.28 lakh units.
- Scooter volumes, including electric and petrol models, rose 47.3% to about 2.40 lakh units.
- Revenue growth outpaced volume growth, which the company’s presentation links to its broader mix of products and businesses.
The VIDA electric brand grew quickly. Retail volumes were 67,000 units in the quarter, up 76%, and 1,24,000 units in the first half, up 108%, with a market share of about 11% in the half year. VIDA turned gross margin positive in the second quarter, ahead of management’s earlier guidance, according to the earnings call.
Parts and Accessories Business
The company’s parts and accessories business reported Q2 revenue of ₹1,941 crore, up 27%, and ₹3,630 crore in the first half, up 28%.
First-Half FY27 Performance
For the six months from April to September 2026, consolidated figures show faster revenue growth than profit growth.
- Consolidated revenue: ₹28,096.85 crore, up 28% from ₹21,946.14 crore.
- Consolidated net profit: ₹3,278.48 crore, up 8% from ₹3,026.63 crore.
Profit growth of 8% against revenue growth of 28% shows that the margin pressure was not limited to the September quarter, and the earnings presentation points to commodity inflation as the main reason.
Margin Outlook From Management
Management reiterated its medium-term EBITDA margin target of 14% to 16%, and said it expects to reach that range over the next few quarters as commodity inflation eases. The Q2 margin of 13.4% is below that range, so the pace of cost relief will be a key point for investors.
Management expressed confidence in the company’s growth trajectory across its premium, scooter, electric mobility, global business and commuter segments, while acknowledging near-term margin pressure.
What the Results Mean for Shareholders
Hero MotoCorp’s results show strong sales growth and weaker profitability on a standalone basis, which is a common pattern when input costs rise faster than prices. The investment in electric vehicles is showing progress through higher VIDA volumes and positive gross margins, but it is still a small part of overall revenue.
Investors who want to follow the stock after the results can open demat account online and complete KYC before they place orders. A trading platform that shows live prices, volumes and exchange announcements can help track how the shares react over the coming sessions.
Key Points to Watch
The main items for the coming quarters are:
- Whether commodity costs ease and the EBITDA margin moves back toward 14% to 16%.
- Continued growth in scooter and VIDA volumes, and the pace of VIDA’s path to profit.
- Whether the associates’ gain, which helped consolidated profit, repeats.
- Demand in the motorcycle segment, where volume growth of 6.5% was slower than scooters.
These are points to monitor, and the figures above are not a recommendation to buy or sell the shares.
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