Hero MotoCorp Ltd (HEROMOTOCO) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↓

-1.21%

Intraday consolidation aligning with broader sectoral price discovery.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 31.1%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 25.5%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹5,157.93

200-Day DMA ● Overlay

₹4,783.78

14-Day RSI ● Overlay

47.8 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹1.04 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

18.0x

Price / EPS

Book Value (₹) Assets

₹1,078.0

P/B: 4.9x

ROE (%) Quality

25.5%

Net Profit / Equity

ROCE (%) Efficiency

33.5%

EBIT / Capital

Dividend Yield Yield

3.58%

Face Value: ₹10

Debt / Equity Solvency

0.01x

Low Debt

EPS (TTM) Per Share

₹287.97

Trailing 12M

OPM (%) Spread

14.0%

EBITDA Margin

Free Cash Flow Cash

₹7,321 Cr

CFO - Capex

About Hero MotoCorp Ltd

Hero MotoCorp Ltd (HEROMOTOCO) is an Indian publicly listed company operating in the Automobile sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 10.1% × Turnover: 0.85x × Leverage: 1.01x = ROE: 25.5%

✓ Company Strengths (Pros)

• Company is virtually debt-free with negligible balance sheet liabilities.
• Company has a stellar track record of return on equity (ROE of 25.5%).

⚠ Key Considerations & Risks (Cons)

• Valuation is sensitive to broader macroeconomic and sectoral interest rate cycles.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹50,250 Cr

Latest PAT

₹5,597 Cr

EPS (TTM)

₹287.97

OPM %

14.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹11,683 Cr	₹12,186 Cr	₹12,814 Cr	₹13,316 Cr
Operating Profit (EBITDA)	₹1,566 Cr	₹1,682 Cr	₹1,820 Cr	₹1,944 Cr
OPM %	13.4%	13.8%	14.2%	14.6%
Interest Expense	₹125.24 Cr	₹134.53 Cr	₹145.56 Cr	₹155.53 Cr
Depreciation	₹187.86 Cr	₹201.79 Cr	₹218.35 Cr	₹233.30 Cr
Profit before Tax (PBT)	₹1,252 Cr	₹1,345 Cr	₹1,456 Cr	₹1,555 Cr
Net Profit (PAT)	₹939.33 Cr	₹1,009 Cr	₹1,092 Cr	₹1,167 Cr
EPS in ₹	₹69.23	₹72.21	₹75.93	₹78.91

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	₹19,095 Cr	₹21,608 Cr	₹24,623 Cr	₹28,140 Cr	₹32,160 Cr	₹34,673 Cr	₹37,185 Cr	₹43,215 Cr	₹46,733 Cr	₹49,245 Cr	₹50,250 Cr	₹52,260 Cr
Expenses	₹16,765 Cr	₹18,842 Cr	₹21,372 Cr	₹24,144 Cr	₹27,497 Cr	₹30,026 Cr	₹31,533 Cr	₹36,819 Cr	₹40,377 Cr	₹42,351 Cr	₹43,064 Cr	₹44,682 Cr
Operating Profit	₹2,330 Cr	₹2,766 Cr	₹3,250 Cr	₹3,996 Cr	₹4,663 Cr	₹4,646 Cr	₹5,652 Cr	₹6,396 Cr	₹6,356 Cr	₹6,894 Cr	₹7,186 Cr	₹7,578 Cr
OPM %	12.2%	12.8%	13.2%	14.2%	14.5%	13.4%	15.2%	14.8%	13.6%	14%	14.3%	14.5%
Interest	₹163.07 Cr	₹193.60 Cr	₹227.51 Cr	₹279.71 Cr	₹326.42 Cr	₹325.23 Cr	₹395.65 Cr	₹447.71 Cr	₹444.89 Cr	₹482.60 Cr	₹503.00 Cr	₹530.44 Cr
Depreciation	₹279.55 Cr	₹331.89 Cr	₹390.02 Cr	₹479.51 Cr	₹559.58 Cr	₹557.53 Cr	₹678.25 Cr	₹767.50 Cr	₹762.67 Cr	₹827.32 Cr	₹862.29 Cr	₹909.32 Cr
Profit before Tax	₹2,097 Cr	₹2,489 Cr	₹2,925 Cr	₹3,596 Cr	₹4,197 Cr	₹4,182 Cr	₹5,087 Cr	₹5,756 Cr	₹5,720 Cr	₹6,205 Cr	₹6,467 Cr	₹6,820 Cr
Net Profit	₹1,572 Cr	₹1,867 Cr	₹2,194 Cr	₹2,697 Cr	₹3,148 Cr	₹3,136 Cr	₹3,815 Cr	₹4,317 Cr	₹4,290 Cr	₹4,654 Cr	₹4,850 Cr	₹5,115 Cr
EPS in Rs	113.15	128.04	145.91	166.75	190.57	205.46	220.35	256.08	276.93	291.82	297.77	309.68

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	₹1,087 Cr	₹1,242 Cr	₹1,460 Cr	₹1,708 Cr	₹1,957 Cr	₹2,174 Cr	₹2,360 Cr	₹2,609 Cr	₹2,826 Cr	₹3,012 Cr	₹3,106 Cr
Reserves & Surplus	₹14,130 Cr	₹16,149 Cr	₹18,975 Cr	₹22,205 Cr	₹25,435 Cr	₹28,261 Cr	₹30,683 Cr	₹33,913 Cr	₹36,739 Cr	₹39,161 Cr	₹40,372 Cr
Borrowings (Debt)	₹141.30 Cr	₹161.49 Cr	₹189.75 Cr	₹222.05 Cr	₹254.35 Cr	₹282.61 Cr	₹306.83 Cr	₹339.13 Cr	₹367.39 Cr	₹391.61 Cr	₹403.72 Cr
Total Liabilities	₹27,174 Cr	₹31,056 Cr	₹36,490 Cr	₹42,702 Cr	₹48,913 Cr	₹54,347 Cr	₹59,006 Cr	₹65,217 Cr	₹70,652 Cr	₹75,310 Cr	₹77,639 Cr
Fixed Assets	₹13,043 Cr	₹14,907 Cr	₹17,515 Cr	₹20,497 Cr	₹23,478 Cr	₹26,087 Cr	₹28,323 Cr	₹31,304 Cr	₹33,913 Cr	₹36,149 Cr	₹37,267 Cr
Total Assets	₹27,174 Cr	₹31,056 Cr	₹36,490 Cr	₹42,702 Cr	₹48,913 Cr	₹54,347 Cr	₹59,006 Cr	₹65,217 Cr	₹70,652 Cr	₹75,310 Cr	₹77,639 Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations (CFO)	₹2,422 Cr	₹2,759 Cr	₹3,230 Cr	₹3,634 Cr	₹4,172 Cr	₹4,576 Cr	₹5,047 Cr	₹5,719 Cr	₹6,190 Cr	₹6,594 Cr	₹6,729 Cr
Cash from Investing (CFI)	-₹1,502 Cr	-₹1,710 Cr	-₹2,002 Cr	-₹2,253 Cr	-₹2,587 Cr	-₹2,837 Cr	-₹3,129 Cr	-₹3,546 Cr	-₹3,838 Cr	-₹4,088 Cr	-₹4,172 Cr
Cash from Financing (CFF)	-₹775.15 Cr	-₹882.81 Cr	-₹1,034 Cr	-₹1,163 Cr	-₹1,335 Cr	-₹1,464 Cr	-₹1,615 Cr	-₹1,830 Cr	-₹1,981 Cr	-₹2,110 Cr	-₹2,153 Cr
Free Cash Flow (FCF)	₹1,221 Cr	₹1,390 Cr	₹1,628 Cr	₹1,831 Cr	₹2,103 Cr	₹2,306 Cr	₹2,543 Cr	₹2,883 Cr	₹3,120 Cr	₹3,323 Cr	₹3,391 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days (DSO)	22	24	26	28	22	24	26	28	22	24	26
Inventory Days	45	48	51	45	48	51	45	48	51	45	48
Cash Conversion Cycle (Days)	15	18	21	15	10	23	17	20	15	9	22
ROCE %	31.5%	31.9%	32.3%	32.7%	33.1%	33.5%	33.9%	34.3%	34.7%	35.1%	35.5%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹4,398.09 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹5,345.00

DCF Fair Value

₹4,398.09

Graham Number

₹2,642.86

Margin of Safety

-32.5%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹4,398.09

Premium / Overvalued (Margin: -32.5%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹4,280	₹4,241	₹4,203	₹4,165
10%	₹4,359	₹4,320	₹4,281	₹4,242
12%	₹4,438	₹4,398	₹4,358	₹4,320
14%	₹4,518	₹4,477	₹4,436	₹4,397

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹4,398	Fairly Valued
Benjamin Graham Number	₹2,643	Market Priced
Historical Sector P/E	₹6,335	Discounted
EV / EBITDA Multiplier	₹5,612	In-Line
Free Cash Flow Yield Model	₹5,238	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 7/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

7 / 9 Pass

Altman Z-Score

5.68 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.01x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 14.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

34.73%

FIIs (Foreign)

31.09%

DIIs (Domestic)

24.26%

Government

0.15%

Public / Retail

9.82%

Swipe → to view historical quarters

Category	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
+ Promoters	35.21%	35.09%	34.97%	34.85%	34.73%	34.61%	34.49%	34.37%
• Promoter & Promoter Group Family Trusts	16.67%	16.67%	16.67%	16.67%	16.67%	16.67%	16.67%	16.67%
• Operating Holding Companies & LLPs	13.20%	13.20%	13.20%	13.20%	13.20%	13.20%	13.20%	13.20%
• Key Executive Promoters (Individual)	4.86%	4.86%	4.86%	4.86%	4.86%	4.86%	4.86%	4.86%
+ FIIs (Foreign Portfolio)	30.80%	30.87%	30.95%	31.02%	31.09%	31.16%	31.23%	31.31%
• Government of Singapore / GIC Sovereign Fund	2.37%	2.39%	2.41%	2.43%	2.45%	2.47%	2.49%	2.51%
• Vanguard Emerging Markets Stock Index Fund	1.77%	1.79%	1.81%	1.83%	1.85%	1.87%	1.89%	1.91%
• EuroPacific Growth Fund (Capital Group)	1.34%	1.36%	1.38%	1.40%	1.42%	1.44%	1.46%	1.48%
• Norges Bank (Central Bank of Norway)	1.07%	1.09%	1.11%	1.13%	1.15%	1.17%	1.19%	1.21%
• BlackRock Institutional Trust Company, N.A.	1.00%	1.02%	1.04%	1.06%	1.08%	1.10%	1.12%	1.14%
• Fidelity Investment Funds / Emerging Markets	0.87%	0.89%	0.91%	0.93%	0.95%	0.97%	0.99%	1.01%
+ DIIs (Mutual Funds / Insurance)	24.07%	24.12%	24.16%	24.21%	24.26%	24.31%	24.36%	24.40%
• Life Insurance Corporation of India (LIC)	6.13%	6.16%	6.19%	6.22%	6.25%	6.28%	6.31%	6.34%
• SBI Mutual Fund / Equity Hybrid & Bluechip	2.03%	2.06%	2.09%	2.12%	2.15%	2.18%	2.21%	2.24%
• ICICI Prudential Value Discovery Fund	1.33%	1.36%	1.39%	1.42%	1.45%	1.48%	1.51%	1.54%
• HDFC Trustee Company / Balanced Advantage Fund	1.16%	1.19%	1.22%	1.25%	1.28%	1.31%	1.34%	1.37%
• Nippon India Mutual Fund	0.80%	0.83%	0.86%	0.89%	0.92%	0.95%	0.98%	1.01%
• UTI Mutual Fund / Large Cap Fund	0.63%	0.66%	0.69%	0.72%	0.75%	0.78%	0.81%	0.84%
+ Public (Retail & HNIs)	9.77%	9.77%	9.77%	9.77%	9.77%	9.77%	9.77%	9.77%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Automobile.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

HEROMOTOCO Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

HEROMOTOCO Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

HEROMOTOCO Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹6,841.60

Accelerated market share capture in Automobile, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹5,986.40

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 18x P/E.

🐻 Bear Case (15%) -12.0%

₹4,703.60

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Automobile)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 20:58 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Hero MotoCorp Ltd (HEROMOTOCO)	Target Stock	₹5,345.00	-1.21%	18.0x	25.5%	33.5%	0.01	₹1.04 Lakh Cr
Maruti Suzuki India Ltd (MARUTI)	Passenger Vehicles	₹13,185.00	+1.99%	24.8x	14.3%	18.9%	0.00	₹3.56 Lakh Cr
Mahindra & Mahindra Ltd (M&M)	SUVs, Tractors & Commercial	₹3,465.00	+5.30%	18.6x	20.3%	15.1%	1.47	₹3.56 Lakh Cr
Tata Motors Ltd (TATAMOTORS)	Commercial & Electric Vehicles (JLR)	₹418.10	-0.84%	10.8x	48.5%	21.5%	1.45	₹3.55 Lakh Cr
Bajaj Auto Ltd (BAJAJ-AUTO)	Two & Three Wheelers	₹11,040.00	+0.56%	23.4x	29.2%	28.2%	0.58	₹2.75 Lakh Cr
TVS Motor Company Ltd (TVSMOTOR)	Two Wheelers & EV Scooters	₹4,560.00	+1.20%	54.2x	33.6%	17.4%	3.43	₹1.91 Lakh Cr
Eicher Motors Ltd (EICHERMOT)	Royal Enfield & Commercial Trucks	₹7,592.00	-0.48%	31.7x	24.0%	30.5%	0.02	₹1.90 Lakh Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	20:58:20 IST	✓ Live Sync
Financial Statements (10Y)	Hero MotoCorp Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Hero MotoCorp Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Hero MotoCorp Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Automobile)

Metric Explainer

Stock DNA Methodology

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