Hero MotoCorp Limited has submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2026, demonstrating full adherence to regulatory requirements under SEBI guidelines. The report, filed on April 14, 2026, was prepared by SGS Associates LLP and submitted to both NSE and BSE as mandated under Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Comprehensive Regulatory Compliance

The secretarial audit examined Hero MotoCorp's compliance across multiple regulatory frameworks during the review period. The assessment covered key areas including the Securities and Exchange Board of India Act, 1992, Securities Contracts (Regulation) Act, 1956, and various SEBI regulations governing listed entities.

Zero Violations Reported

The report confirms that Hero MotoCorp maintained a clean compliance record throughout FY26, with no deviations, violations, or regulatory actions reported. The company successfully adhered to all provisions of LODR Regulations, Issue of Capital and Disclosure Requirements Regulations, Substantial Acquisition of Shares and Takeovers Regulations, and Prohibition of Insider Trading Regulations.

Key Regulatory Areas Examined

SGS Associates LLP conducted a thorough examination of Hero MotoCorp's compliance with specific regulations including:

• Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
• Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021
• Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015
• The Depositories Act, 1996 and related regulations

Corporate Governance Excellence

The audit highlighted Hero MotoCorp's strong corporate governance practices, including proper maintenance of records, timely performance evaluations of the Board and Independent Directors, and appropriate disclosure of events under Regulation 30. The company maintained all required documents as per the Policy of Preservation of Documents and Archival Policy prescribed under LODR Regulations.

Employee Benefit Scheme Compliance

The report confirmed Hero MotoCorp's continued compliance with Employee Benefit Scheme disclosure requirements under Regulation 46(2)(za) of LODR Regulations. The company has properly uploaded scheme documents on its website with all minimum information required for shareholder disclosure as per SEBI SBEB Regulations.

The clean compliance report reflects Hero MotoCorp's commitment to maintaining high standards of corporate governance and regulatory adherence, reinforcing investor confidence in the company's operational integrity and transparency practices.

Hero MotoCorp has delivered robust performance in FY26, closing the year with impressive growth across multiple segments. The world's largest manufacturer of motorcycles and scooters reported March 2026 dispatches of 598,198 units compared to 549,604 units in the corresponding period last year, representing an 8.8% year-on-year increase. However, the March performance fell short of market estimates of 600,100 units. The company achieved a strong finish to FY26 with Q4 dispatch growth of 24% and annual volumes reaching 6.5 million units, marking a notable 10% increase.

March 2026 Performance vs Estimates

The company's March performance showcased strong momentum across key segments, with motorcycles leading the growth trajectory, though falling marginally below market expectations.

Annual FY26 Performance Overview

Hero MotoCorp's full-year performance demonstrates sustained growth across all major segments, with total annual dispatches reaching 6,468,834 units compared to 5,899,187 units in FY25.

Segment-Wise Growth Drivers

The ICE scooter segment delivered exceptional performance with robust double-digit growth of 24% in March, supported by a strengthened product portfolio and scale-up of the Glamour and Xtreme range of motorcycles. The 100-125cc segment led demand growth, while improved sentiment in rural markets was aided by early festive tailwinds. Retail performance remained strong with 542,436 VAHAN registrations indicating growth of approximately 24%.

VIDA EV Business Achieves New Milestones

Hero MotoCorp's emerging mobility business, VIDA, continued its upward trajectory with the highest monthly VAHAN registrations of 21,434 units, recording approximately 70% month-on-month growth. The EV segment achieved remarkable full-year growth of 154% in FY26. VIDA reinforced its market leadership with the V2 and VX2 models emerging as the highest-ranked in the 2026 India Two-Wheeler Initial Quality Study by J.D. Power.

Global Business Reaches Record Heights

The company's global business segment recorded its highest-ever dispatches with growth of approximately 16% in March 2026, reaching 45,693 units. The international operations achieved an all-time high dispatch growth of approximately 40% in FY26, driven by strong demand for premium portfolio products across motorcycles and scooters in key international markets.