Hero MotoCorp, the world's largest manufacturer of motorcycles and scooters, has announced its financial results for the second quarter of fiscal year 2026, showcasing robust growth and strategic expansions.

Record-Breaking Financial Performance

Hero MotoCorp reported its highest-ever quarterly revenue of Rs. 12,126.00 crore for Q2 FY'26, marking a 16% increase compared to the same period last year. The company's Profit After Tax (PAT) also saw a significant rise, reaching Rs. 1,393.00 crore, up 16% year-over-year.

Key Financial Highlights

The EBITDA (Earnings Before Interest, Tax, Depreciation & Amortization) for Q2 FY'26 stood at Rs. 1,823.00 crore, representing a growth of 20% over the previous year. The EBITDA margin expanded by 55 basis points to 15.0%.

Market Share Gains and Festive Season Performance

During the festive season from August 23 to November 12, 2025, Hero MotoCorp outperformed the industry with a 16.2% growth in ICE VAHAN registrations, compared to the industry growth of 14.7%. This resulted in a 40 basis points market share gain, driven by strong performance in the Entry, Deluxe, and Scooter segments.

Electric Vehicle Business Acceleration

VIDA, Hero MotoCorp's Emerging Mobility business, achieved its highest-ever EV business market share of 11.7%, led by the VIDA VX2 EVOOTER. The company launched the VX2 EVOOTER with removable battery and Battery-as-a-Service (BaaS) to enhance accessibility and affordability.

Global Expansion and Product Innovation

Hero MotoCorp's Global Business saw significant growth, with dispatch growth of 77%, three times the industry average. The company expanded its presence in Bangladesh, Nepal, Sri Lanka, and Colombia. Notably, Hero MotoCorp marked its entry into European and UK markets with a Euro5+ compliant portfolio.

At EICMA 2025 in Milan, Italy, the company unveiled new electric mobility concepts under the VIDA NOVUS portfolio and introduced its off-road electric motorcycle series, VIDA DIRT.E.

Management Commentary

Vivek Anand, Chief Financial Officer (CFO) of Hero MotoCorp, attributed the strong performance to several factors, including the simplified GST regime, positive consumer sentiment, and the company's strategic initiatives. He stated, "Hero MotoCorp witnessed strong momentum, aided by the success of our new launches, expanding product portfolio, and customer-centric marketing campaigns."

Leadership Changes and Sustainability Initiatives

The company announced several key leadership appointments, including Mr. Harshavardhan Chitale as the new Chief Executive Officer, effective January 5, 2026. Hero MotoCorp also improved its Dow Jones Sustainability Index (DJSI) score to 75 in FY25, up from 69 in FY24, reflecting its commitment to sustainable business growth.

As Hero MotoCorp continues to strengthen its position in the two-wheeler market, both domestically and globally, the company remains focused on innovation, sustainability, and strategic expansion to drive long-term value for its shareholders.

Gold prices have skyrocketed, reaching unprecedented levels and defying conventional market wisdom, according to a recent analysis by NYU finance professor Aswath Damodaran. This surge has caught the attention of investors and market analysts alike, prompting a closer look at the factors driving this precious metal's remarkable performance.

Record-Breaking Price Surge

Gold has experienced a staggering 57% price increase through October 24, 2025, breaching the $4,000 per ounce mark for the first time in history. This represents a quadrupling of its value from $1,060 in 2015 to $4,118 in October 2025, a trend that has occurred without the typical catalysts such as runaway inflation or systemic economic collapse.

Valuation Metrics at Historic Highs

Damodaran's analysis reveals that gold is trading at levels significantly above historical norms:

These figures indicate that gold is currently valued well above its long-term averages, raising questions about the sustainability of these price levels.

Factors Behind the Surge

Several structural shifts in demand have contributed to gold's dramatic rise:

• Increased accessibility through ETFs
• Eroded trust in central banks since the 2008 financial crisis
• Weakness in the US dollar
• Political uncertainty stemming from trade instability

Performance Comparison

Despite its recent surge, gold's long-term performance still lags behind US equities:

Investment Approaches

Damodaran identifies four main approaches to gold investment:

1. Core investment
2. Insurance hedge (requiring 15-20% allocation for meaningful protection)
3. Trading
4. Market signal indicator

Market Implications

The professor concludes that gold tends to attract mainstream investors during periods of uncertainty when confidence in traditional financial systems wanes. This shift in investor sentiment could have far-reaching implications for portfolio allocations and risk management strategies.

As gold continues to challenge conventional valuation metrics, investors and analysts will be closely watching to see if this trend represents a fundamental shift in the precious metal's role in the global financial landscape or if a correction is on the horizon.