Hero MotoCorp reported standalone net profit of Rs 1,454 crore for the quarter ended June 2026, compared with Rs 1,126 crore in the year-ago quarter.

Revenue from operations jumped 36% year-on-year to Rs 12,999 crore in Q1FY27 from Rs 9,579 crore in Q1FY26. Motorcycle and scooter volumes rose 23% year-on-year to 16.77 lakh units from 13.67 lakh units.

"Net revenues grew 35.7% YoY to ~Rs 130b, beating our estimates of Rs 123 billion."

"Revenue was led by 22.7% YoY growth in volumes to 1.7m units, albeit over a low base."

"Net realisations grew 10.6% YoY/3.8% QoQ to Rs 77.5k per units. Average ASP was boosted by 30% YoY growth in revenues from its Part, Accessories, and Merchandising business at Rs 16.89b."

"However, despite this, EBITDA beat our estimates due to sharp control in other expenses - other expenses were up just 9% YoY despite the strong 23% YoY growth in volumes - this came as a major surprise."

"As a result, despite the sharp GM contraction, EBITDA margins fell only 110bp YoY to 13.3%, beating our estimate of 12.8%."

"EBITDA was up 25% YoY to Rs 17.3b, beating our estimate of Rs 15.8b."

"Due to strong margin performance, PAT beat our estimates at Rs 14.5b, having grown 29.2% YoY."