Hero MotoCorp Limited

HEROMOTOCO.NS

Auto - Manufacturers · Consumer Cyclical

Price

₹5735.00

-5.50 (-0.10%)

Market Cap

₹1.15T

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Good

Stability

Exceptional

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

Hero MotoCorp is an Indian company that makes motorcycles and scooters. It sells affordable two-wheelers to everyday consumers across India and other developing markets, making it the largest manufacturer of two-wheelers in the world by volume. Popular models include the Splendor and Passion motorcycles, which are especially common among budget-conscious buyers in rural and semi-urban India.

The company earns money primarily by selling vehicles directly through a large dealer network, along with spare parts and accessories. Hero MotoCorp operates mainly in India, which accounts for the vast majority of its revenue, though it has been expanding into markets in Africa, Latin America, and South Asia. Its moat comes from massive scale, a trusted brand, and one of the widest distribution networks in India with over 10,000 touchpoints. The key growth driver is rising demand for affordable personal transport in emerging markets, while the main risk is increasing competition from electric vehicle makers as India's two-wheeler market shifts toward electrification.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+33.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+25.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

35.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Hero MotoCorp Limited grew revenue 33% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 199.9M (2022) → 200.1M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

21.9%

Thin — 21.9% gross margin

Profit after running costs

Operating Margin

11.6%

Modest — 11.6% operating margin

Return on the money invested

ROCE

29.4%

Exceptional — 29.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+26.3%

Fast-growing sales (+26.3% YoY)

Profit growth

EPS YoY

+8.1%

Earnings growing (+8.1% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

66%

Modest — 66% of profit becomes cash

Spare cash per sale

FCF Margin

6.1%

Modest free cash flow (6.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.03

Conservative — low debt load (0.03)

Covers its interest

Interest Cover

82.37x

Comfortably covers interest (82.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

21.1x

Growth-priced — P/E 21.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+2.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

3.22%

Moderate income — 3.22% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+45.8%

Dividend growing fast (45.8% YoY)

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