Hero MotoCorp Ltd.revenue +21%, EBITDA 13.4%, exports hit, VIDA ramps

Hero MotoCorp's Q2 FY27 call, held on 29 October 2026, reported standalone revenue of ₹14,687 crore, up 21%, EBITDA of ₹1,968 crore, up 8% at a 13.4% margin, and profit after tax of ₹1,456 crore, up 5%.

Consolidated profit rose 41% to ₹1,861 crore, including a one-time gain of ₹397 crore from an associate's capital raise. Wholesale volume grew 10.5%, with ICE up 8.4% and EV up 98%, while ICE retail rose 24% and market share rose in every month. Commodity inflation was absorbed through mix, LEAP savings, pricing and discretionary cuts, so the margin rose 10 basis points on the quarter. The VIDA electric business turned gross margin positive, its EBITDA drag fell to ₹168 crore from ₹232 crore, and capacity doubled to 30,000 a month with 45,000 planned by Q4. Exports were hit by a Latin American earthquake and a Bangladesh slowdown, but double-digit growth is expected back in Q3 and Q4. Management expects stable Q3 margins and the 14% to 16% EBITDA corridor in the next few quarters, and kept full-year capex at ₹1,500 crore.