| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 1064.39 | 1089.59 | 1188.35 |
| Expenses | 1059.11 | 1072.16 | 1153.78 |
| Other Income | 19.03 | 21.64 | 28.39 |
| Total Revenue | 1083.42 | 1111.23 | 1216.74 |
| Profit Before Tax | 24.31 | 39.08 | 61.00 |
| Net Profit | 17.04 | 32.80 | 41.17 |
Hero Motors
Hero Motors IPO
₹14,062
1.36 xOver-subscribedBidding Dates 16 Sept, 26 -18 Sept, 26
Min Investment ₹14,062
Lot Size178
Price Range ₹79 – ₹84
Issue Size ₹1,000.00 Cr.
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IPO Subscription Details
Retail Subscription Details
2.2 x
Non-Institutional Buyers (sHNI)
2.27 x
Non-Institutional Buyers (bHNI)
0.69 x
Qualified Institutional Buyers (QIB)
0.01 x
Total1.36 x
1.36 x IPO Timeline
IPO Offer Start
16 Sept,26
IPO Offer Ends
18 Sept,26
Allotment Finalisation
21 Sept,26
Refund Initiation
22 Sept,26
Listing of Shares
23 Sept,26
IPO Analysis
Strengths
The company is one of India's leading solutions providers to global e-mobility industry with revenue from e-mobility sales being ₹2,732.90 million (23.00% of operations) in Fiscal 2026, demonstrating expertise in high-performance transmission systems for electric vehicles.
The company has expanded market presence across automotive segments and grown business with premium two-wheeler OEMs globally, partnering with BMW, Ducati and leading American OEMs for comprehensive powertrain solutions.
The company maintains diverse premium customer base serving clients globally with average tenure of relationship with top five customers being over 12 years, including exclusive supplier arrangements with BMW.
Risks
The company generates 33.59% of revenue from Europe in Fiscal 2026, exposing it to economic slowdowns, regulatory changes, or geopolitical events in these jurisdictions. Any adverse events affecting Europe could significantly impact revenue from operations and business performance.
The company's business is heavily dependent on e-bikes (12.92% of revenue) and two wheelers (41.00% of revenue) industries. Any adverse changes in these industries, including shifts in consumer demand or regulatory changes, can adversely impact business operations and financial condition.
The company derives 72.89% of revenue from its top 10 customers in Fiscal 2026, with the top customer contributing 35.57%. Loss of any major customers could have a material adverse effect on business, financial condition, and results of operations.
Objectives
The company intends to utilize funds for repayment/prepayment/redemption in full or in part of certain outstanding borrowings to reduce debt servicing costs and enable utilization of internal accruals for business growth and expansion.
The company proposes to utilize funds for purchase of equipment required for expansion in capacity at the Gautam Buddha Nagar, Uttar Pradesh facility to increase contribution from systems and e-mobility related products.
The company intends to deploy funds towards funding inorganic growth through unidentified acquisitions, strategic initiatives, and general corporate purposes including business development initiatives and strategic investments.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 1059.86 | 1164.62 | 1371.83 |
| Current Assets | 536.10 | 515.54 | 605.90 |
| Fixed Assets | 523.76 | 649.08 | 765.93 |
| Total Equity & Liabilities | 1059.86 | 1164.62 | 1371.83 |
| Total Liabilities | 685.04 | 738.61 | 890.82 |
| Current Liabilities | 491.00 | 515.48 | 644.52 |
| Non Current Liabilities | 194.04 | 223.14 | 246.30 |
| Total Equity | 374.82 | 426.01 | 481.01 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 34.68 | -33.20 | 12.86 |
| Investing Activities | -76.93 | -135.23 | -69.39 |
| Operating Activities | 131.97 | 48.34 | 144.04 |
| Financing Activities | -20.36 | 53.69 | -61.80 |
About Hero Motors
The company is one of India's leading automotive technology companies engaged in designing, developing, manufacturing and supplying highly engineered powertrain solutions catering to automotive original equipment manufacturers in United States, Europe, India and the ASEAN region. The company is a fully integrated powertrain systems provider offering comprehensive solutions including services...more
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Managing DirectorPankaj Munjal
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