Hero MotoCorp Q2 FY27 Results: Consolidated Net Profit ₹1,861 Crore on Total Income of ₹15,172 Crore
Earnings
two-wheeler manufacturing
Blacklitt Research4 min read
Photo by T (@tanyabarrow) on Unsplash (Unsplash License). Illustrative image.
Hero MotoCorp reported consolidated total income of ₹15,172.00 crore and net profit of ₹1,860.55 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹14,881.22 crore and standalone net profit ₹1,456.22 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹15,172.00 crore, up 21.8% YoY and 11.7% QoQ
Net profit and EPS: ₹1,860.55 crore, up 40.8% YoY; basic EPS ₹92.99, up 42.2%
Finance costs: ₹22.73 crore, up 18.1% YoY
Associate gain: ₹397 crore gain within share of associates' profit, which the filing links to an associate's capital raise
Standalone
The company on its own, without its subsidiaries
Total income: ₹14,881.22 crore, up 20.4% YoY and 10.7% QoQ
Net profit and EPS: ₹1,456.22 crore, up 4.6% YoY; basic EPS ₹72.75, up 4.5%
Volumes: 18.68 lakh motorcycles and scooters, up 10% YoY per the press release
Finance costs: ₹6.13 crore, up 8.5% YoY
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
15,172.00
12,458.78
+21.8%
13,586.09
+11.7%
Revenue from operations
14,970.50
12,218.39
+22.5%
13,126.35
+14.0%
Other income
201.50
240.39
-16.2%
459.74
-56.2%
1,860.55
1,320.98
+40.8%
1,417.93
+31.2%
Finance costs
22.73
19.25
+18.1%
21.41
+6.2%
Depreciation
231.76
210.27
+10.2%
219.83
+5.4%
Tax expense
500.84
455.90
+9.9%
502.79
-0.4%
Net profit margin
12.26%
10.60%
+1.66 pp
10.44%
+1.83 pp
Tax as share of profit before tax
21.2%
25.7%
-4.45 pp
26.2%
-4.97 pp
EPS, basic (₹)
92.99
65.41
+42.2%
70.59
+31.7%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit rose 40.8% YoY to ₹1,860.55 crore, faster than total income, which rose 21.8% to ₹15,172.00 crore. Revenue from operations rose 22.5% to ₹14,970.50 crore, while other income fell 16.2% to ₹201.50 crore from ₹240.39 crore a year earlier.
Consolidated profit before tax was ₹2,361.39 crore, after a share of profit from associates of ₹417.38 crore. That share was a loss of ₹98.03 crore in the year-earlier quarter and a loss of ₹43.89 crore in the previous quarter. Note 11 of the consolidated statement says ₹397 crore of the associates' gain arose from a change in the Company's share of investment, consequent to an associate's raising of capital through a qualified institutional placement and private placement.
Tax expense rose 9.9% to ₹500.84 crore, and tax as a share of profit before tax was 21.2%, against 25.7% in the year-earlier quarter. Finance costs rose 18.1% to ₹22.73 crore, depreciation rose 10.2% to ₹231.76 crore, and employee benefits expense rose to ₹809.21 crore from ₹725.50 crore.
The statement shows a ₹119 crore exceptional item for the New Labour Codes in the year ended 31 Mar 2026, which the notes describe as regulatory driven and non-recurring.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
14,881.22
12,359.21
+20.4%
13,439.71
+10.7%
Revenue from operations
14,687.43
12,126.37
+21.1%
12,998.82
+13.0%
Other income
193.79
232.84
-16.8%
440.89
-56.0%
1,456.22
1,392.83
+4.6%
1,454.48
+0.1%
Finance costs
6.13
5.65
+8.5%
6.28
-2.4%
Depreciation
216.29
196.95
+9.8%
205.31
+5.3%
Tax expense
482.79
460.85
+4.8%
501.38
-3.7%
Net profit margin
9.79%
11.27%
-1.48 pp
10.82%
-1.04 pp
Tax as share of profit before tax
24.9%
24.9%
+0.04 pp
25.6%
-0.74 pp
EPS, basic (₹)
72.75
69.62
+4.5%
72.69
+0.1%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 4.6% YoY to ₹1,456.22 crore, while total income rose 20.4% to ₹14,881.22 crore. Revenue from operations rose 21.1% to ₹14,687.43 crore, and other income fell 16.8% to ₹193.79 crore. Against the previous quarter, net profit rose 0.1% from ₹1,454.48 crore and total income rose 10.7%.
Standalone other income of ₹193.79 crore was 10.0% of profit before tax of ₹1,939.01 crore. Other income was ₹440.89 crore in the previous quarter.
Tax expense rose 4.8% to ₹482.79 crore. The tax share of profit before tax was 24.9%, the same as a year earlier and against 25.6% in the previous quarter.
The company sold 18.68 lakh motorcycles and scooters in the quarter, against 16.77 lakh in the previous quarter and 16.91 lakh a year earlier. The press release puts volume growth at 10% year on year and 11% sequentially. It gives standalone EBITDA of ₹1,968 crore, up 8% YoY, with an EBITDA margin of 13.4%, and says the scooter portfolio grew 47% to 2.40 lakh units.
Inference
In a filing on 28 Oct 2026, the company said its Board approved an additional investment of up to ₹300 crore in HMCL Netherlands B.V., a wholly owned subsidiary, in one or more tranches over the coming two years, in cash, for further investment in HMCL Colombia S.A.S. and Hero MotoCorp Do Brasil Ltda. The standalone statement shows ₹2,000.33 crore invested in Ather Energy Limited in the quarter, of which ₹240 crore was through share warrants.
Consolidated investment in associates, equity accounted, was ₹6,049.29 crore at 30 Sep 2026, up ₹2,148.09 crore from ₹3,901.20 crore at 31 Mar 2026. The FY 2025-26 dividend totals ₹185 per share (9250%), made up of a final dividend of ₹75 and an interim dividend of ₹110, approved by shareholders at the AGM on 5 Aug 2026; dividends paid in the half year were ₹1,500.70 crore. Standalone net cash from operating activities was ₹3,239.26 crore for the half year, against ₹3,616.48 crore a year earlier, a difference of ₹377.22 crore. No dividend record date is given.
Under the End-of-Life Vehicles Rules, 2025 and the Battery Waste Management Rules, 2022, the Company is unable to reliably estimate a range of outcomes or financial implications, and will evaluate them once the implementation framework is established.
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