- POSITIVE
Annual Revenue Hero Motors Mar-2026 Annual Revenue is Rs 1,035 Cr which is growth of 12.8% YoY.
- POSITIVE
Annual Net Profit Hero Motors Mar-2026 Annual Net Profit is Rs 66 Cr which is growth of 177.9% YoY.
Hero Motors Ltd. was incorporated as ‘Hero Briggs & Stratton Auto’ on April 30, 1998. It is an automotive technology company engaged in designing, developing, manufacturing, and supplying highly engineered powertrain solutions catering to automotive original equipment manufacturers (“OEMs”) in the United States, Europe, India, and the Association of Southeast Asian Nations (“ASEAN”) region.
| Bidding Dates |
|---|
| 16 Sep 2026 - 18 Sep 2026 |
| Subscription |
|---|
| 6.66x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,062 | 1 | 13 | 178 | 119.0 M | ₹79 - ₹84 | 61.63 % | ₹9,404.8 M - ₹10,000.0 M | RHP DOC |
Hero Motors IPO SUBSCRIPTION STATUS
18 Sep '26Total6.66x
Retail Individual Investor8.23x
HNI (NII) Investors9.86x
Qualified Institutional Buyers1.49x
Hero Motors IPO overall subscription rate was 6.66 times the total available shares
Hero Motors IPO retail subscription rate was 8.23 times in the retail segment
Hero Motors IPO non-institutional investor subscription rate was 9.86 times in the non-institutional investor category
Hero Motors IPO Qualified Institutional Bidder subscription rate was 1.49 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
18 Sep 2026 (Day 3) | 8.23x | 9.86x | 1.49x |
17 Sep 2026 (Day 2) | 5.02x | 3.9x | 0.07x |
16 Sep 2026 (Day 1) | 2.23x | 1.25x | 0.01x |
Hero Motors FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 1,188.4 | 41.2 | 144.0 | 68.4 | 12.4% |
| FY25 | 1,089.6 | 32.8 | 48.3 | -82.6 | 10.5% |
| FY24 | 1,064.4 | 17.0 | 132.0 | 19.5 | 8.1% |
Hero Motors IPO SUBSCRIPTION STATUS DETAILS
Hero Motors had 119.0 M shares on offer
Hero Motors IPO offer price was in the range ₹79 - ₹84
Hero Motors IPO minimum Investment was ₹14062
Hero Motors IPO issue size was ₹ 9,404.8 M - ₹ 10,000.0 M
Hero Motors had a minimum lot size of 178 Shares per application
Hero Motors NUMBER OF SHARES ON OFFER
Total119.0 M
Fresh Issue71.4 M
Offer for Sale47.6 M
Post Issue Promoter Holding %61.63 %
Hero Motors IPO IMPORTANT DATES
| Issue Open Date | 16 Sep 2026 |
| Issue close Date | 18 Sep 2026 |
| Allotment Date | 21 Sep 2026 |
| Refund Date | 22 Sep 2026 |
| Demat Account Credit Date | 22 Sep 2026 |
| Listing Date | 23 Sep 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Hero Motors Allotment Status | Exchange/ Registrar |
Hero Motors IPO subscription opened on 16 Sep 2026, and closed on 18 Sep 2026
IPO allotment for Hero Motors was finalized on Monday, 21 Sep 2026
IPO listing for Hero Motors was on NSE and BSE on Wednesday, 23 Sep 2026
Hero Motors IPO LISTING GAINS
| Issue Price (adjusted) | 84.0 |
| Listing Open Price | 82.0 |
| Listing Close Price | 98.4 |
| Listing Gain% | -2.4% |
| Current Gain% | 99.8% |
Hero Motors Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hero Motors Ltd. | 167.8 | 7621.7 | 174.9 | 2.4 | 6.3 | 9.2 | 3.2 | 1216.7 | 9.5 | 43.6 | 72.9 | 1 | 72.9 |
| Samvardhana Motherson International Ltd. | 157 | 165736.4 | 37.8 | 1.2 | 1.3 | 9.4 | 3.5 | 126414.2 | 10.7 | 3859.7 | 1.5 | 4.1 | 31.9 |
| Bosch Ltd. | 45480 | 134148.3 | 56.8 | -5 | 6.4 | 18.7 | 12.8 | 20888.7 | 10.5 | 2773.2 | 37.6 | 801.2 | -11.3 |
| UNO Minda Ltd. | 1111 | 64156.6 | 53.4 | 3.3 | 3.1 | 17.5 | 8.7 | 19692 | 17.2 | 1197.1 | 27 | 20.8 | 16.2 |
| Sona BLW Precision Forgings Ltd. | 805 | 50242.3 | 72.2 | 3.8 | 10.2 | 10.7 | 8.6 | 4572.1 | 24.2 | 640.2 | 6.5 | 11.2 | 19.2 |
| Tube Investments of India Ltd. | 2340 | 45295.9 | 74.7 | -12.3 | 1.9 | 8.2 | 3 | 23234.6 | 17.1 | 636.8 | -5.5 | 31.3 | -6.1 |
Annual
Balance Sheet
Ratios
Cash Flow
Hero Motors annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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| Indicator | Graph | Mar '26 | Mar '25 |
|---|---|---|---|
| 1,034.5 | 917 | ||
Operating Exp. Ann. | 891.3 | 834.9 | |
Operating Profit Ann. | 116.4 | 63 | |
OPM Ann. % | 11.25% | 6.87% | |
| 944.8 | 883.9 | ||
EBITDA Ann. | 143.2 | 82.1 | |
EBITDA Ann. margin % | 13.84% | 8.96% | |
Interest Ann. | 31 | 30.1 | |
Depr. | 22.5 | 18.9 | |
PBT Ann. | 87.8 | 33.1 | |
Tax Ann. | 22.2 | 9.5 | |
| 65.6 | 23.6 | ||
Net Profit Ann. | 65.6 | 23.6 | |
NPM Ann. % | 6.51% | 2.62% | |
EPS Adj. latest Ann. | 1.4 | 0.5 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
12.8%
Net Profit Ann.
1Y CHG
178%
Operating Exp. Ann.
1Y CHG
6.8%
Hero Motors INFORMATION ON IPO ISSUE
About Hero Motors
Hero Motors Ltd. was incorporated as ‘Hero Briggs & Stratton Auto’ on April 30, 1998. It is an automotive technology company engaged in designing, developing, manufacturing, and supplying highly engineered powertrain solutions catering to automotive original equipment manufacturers (“OEMs”) in the United States, Europe, India, and the Association of Southeast Asian Nations (“ASEAN”) region.
Object of the Issue
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company.
- Capital expenditure of the company through the purchase of equipment required for expansion in capacity of its Gautam Buddha Nagar, Uttar Pradesh facility.
- Funding the working capital requirements of the company.
- General corporate purposes.
Hero Motors - PROMOTERS
| Name |
|---|
| Pankaj Munjal |
| Charu Munjal |
| Abhishek Munjal |
| O P Munjal Holdings |
Hero Motors - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Pankaj Munjal | Chairman, Non-Executive & Non-Independent Director |
| Abhishek Munjal | Whole-time Director |
| Amit Gupta | Managing Director & CEO |
| Keshav Misra | Non-Executive and Non- Independent Director |
| Kulbir Singh | Non-Executive and Independent Director |
| Pratibha Goyal | Non-Executive and Independent Director |
| Sridhar Narayan | Non-Executive Nominee Director |
| Andrew Charles Palmer | Non-Executive and Independent Director |
| Ashok Kumar Taneja | Non-Executive and Independent Director |
| Jyoti Arora | Non-Executive and Independent Director |
Hero Motors Book running lead manager
ICICI Securities Limited
heromotors.ipo@icicisecurities.com
DAM Capital Advisors Limited
hml.ipo@damcapital.in
JM Financial Limited
heromotors.ipo@jmfl.com
Hero Motors Registrar to the offer
KFin Technologies Limited
hml.ipo@kfintch.com
Hero Motors Strengths
Diversified Product Portfolio
The company's products find diverse applications across vehicle categories including two-wheelers, passenger cars, specialty vehicles, and off-road commercial vehicles, both light and heavy. In addition, we cater to components and solutions for the aerospace and marine industries
Strength
Longstanding Relationships
The company's global OEM portfolio includes a wide range of customers, spanning both automotive and non-automotive sectors. In the automotive sector, it collaborates with global two-wheeler OEMs including BMW, Ducati, and Hero MotoCorp among others
Strength
Advanced Infrastructure
The company's facilities, located in Gautam Buddha Nagar, Uttar Pradesh, India, boast precision manufacturing setups, including advanced technologies such as teeth honing, teeth grinding, and laser welding machines
Strength
Hero Motors Risks
Dependent on EV and 2W industry
The company's business is dependent on the performance of certain industries particularly e-bikes and two-wheelers, both in the Indian and overseas markets. Any adverse changes in the conditions affecting these industries can adversely impact the business
Risk
Limited set of suppliers
The company depends on a certain limited set of suppliers for the supply of critical raw materials. Further, it does not have definitive supply agreements with all of its suppliers for the supply of raw materials. Interruptions in the supply of raw materials could adversely affect the business
Risk
Performance risks
The company must meet strict customer standards for quality and delivery; any failure may result in recalls, order cancellations, or loss of business, impacting its financials and operations
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 400.0 crore, of 47,619,047 shares. It also consists of a fresh issue of Rs 600.0 crore.
The promoters of the company are Pankaj Munjal, Charu Munjal, Abhishek Munjal and O P Munjal Holdings.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 79.0 - 84.0.
The IPO application opens on Sep 16, 2026 and closes on Sep 18, 2026.
The minimum lot size for the IPO is 178. The maximum lot size for the IPO is 2314.
For all category investors, the minimum application amount for this IPO is Rs. 14,062.0, the maximum value for this IPO is Rs 194,376.0.
This IPO will be allotted on Sep 21, 2026.
The refund will be credited to your account on Sep 22, 2026.
The allotted shares will be credited to your demat on Sep 22, 2026.
Hero Motors Ltd.’s shares listed on the stock exchanges on Sep 23, 2026.