Hero MotoCorp Ltd (HEROMOTOCO) Q2FY27 Concall Summary - Sep-2026 Qtr
Key Takeaways
- The VIDA EV business turned gross margin positive ahead of schedule, with its EBITDA drag reducing by 70 crores sequentially to 168 crores.
- Management confirmed its focus is on market share growth over short-term margin protection, committing to investments while targeting 14-16% EBITDA margin in the medium term.
- The company plans 3-4 new premium motorcycle launches this fiscal year and is expanding EV capacity to 45,000 units/month by Q4 to capture strong demand.
Performance Overview
- The company reported strong operational performance, gaining VAHAN market share in its ICE portfolio for every month of the quarter, with ICE retails outpacing the industry at 24% YoY growth.
- The scooter portfolio was a significant growth contributor, marking the fifth consecutive quarter of YoY market share expansion, with ICE scooter dispatches growing 34% YoY.
- The EV business under the VIDA brand demonstrated strong momentum, with retails growing 105% YoY and market share increasing by 170 basis points in H1 FY27.
- The parts and accessories business recorded a robust revenue growth of 27% YoY, driven by increasing volumes from EV, Harley-Davidson, and export portfolios.
- While the global business faced logistical challenges impacting dispatches, retail momentum remained strong with 19% YoY growth, and a recovery in wholesale growth is expected in Q3.
Financial Metrics
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Operating Performance / Business Segments
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Key Discussions & Insights
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Outlook and Guidance
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Challenges / Concerns
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Industry / Competitive Landscape
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Overall Summary
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Tone & Disclosure
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