Hero MotoCorp Q2 preview: Profit may climb up to 23% YoY; revenue by 16%

Hero MotoCorp Q2 preview: Hero MotoCorp, the country’s largest two-wheeler manufacturer, is expected to deliver strong year-on-year (Y-o-Y) growth in its second-quarter (Q2FY26) earnings, supported by robust festive-season demand, healthy volume growth, and the positive impact of the recent GST rate cut. 

 

The company is likely to announce its Q2 results on Thursday, November 13, 2025.

 

Analysts across brokerages expect the company’s revenue, Ebitda, and profit to rise in double digits from a year earlier, aided by improved product mix, pricing gains, and operating leverage benefits. 

 

However, margin expansion could remain partially capped due to rising input costs and currency-related pressures.

 

The September 2025 quarter was marked by encouraging demand trends in the two-wheeler segment, with dispatches improving notably ahead of the festive season and rural recovery beginning to take hold. 

 

Hero MotoCorp, which commands a major share in the commuter segment, also benefited from the government’s GST reduction on two-wheelers and increased traction in the premium and scooter categories, analysts said.  While cost pressures from commodities and currency fluctuations persist, analysts largely expect the company to post healthy operational performance and moderate margin expansion sequentially.

 

Meanwhile, on the bourses around 2:20 PM, Hero MotoCrop share price was trading 1.14 per cent higher at ₹5,421.65. In comparison, BSE Sensex was trading 0.25 per cent higher at 83,740.95 levels.

 

Here’s what leading brokerages expect from Hero MotoCorp ahead of its Q2 results

 

Investec analysts expect Hero MotoCorp’s revenue for the quarter to rise 14 per cent Y-o-Y, primarily driven by strong volume growth of 11 per cent Y-o-Y. The brokerage notes that average selling prices (ASPs) are likely to increase by around 2 per cent Y-o-Y, aided by a superior product mix that includes a higher proportion of exports and scooters. On the profitability front, Investec anticipates a sequential expansion in Ebitda margin by about 30 basis points (bps) to 14.7 per cent, largely reflecting operating leverage benefits as higher volumes improve cost absorption. 

 

Consequently, the brokerage forecasts Hero MotoCorp’s revenue to climb 14 per cent Y-o-Y to ₹10,463.2 crore, Ebitda to rise 16 per cent Y-o-Y to ₹1,515.9 crore, and adjusted profit after tax (PAT) to increase 12 per cent Y-o-Y to ₹1,203.5 crore.

 

InCred Equities analysts also maintain a bullish outlook on Hero MotoCorp’s quarterly performance, projecting strong Y-o-Y growth in both topline and bottomline metrics. The brokerage attributes this to improved festive-season sentiment, incremental gains from the GST rate cut, and overall revival in rural demand. However, it cautions that the recent uptick in commodity costs may limit margin expansion to some extent. 

 

InCred Equities estimates that Hero MotoCorp’s revenue will rise 15.7 per cent Y-o-Y to ₹12,106.3 crore, while Ebitda is expected to grow 15.8 per cent Y-o-Y to ₹1,755.4 crore. Net profit for the quarter is forecast to increase 22.6 per cent Y-o-Y to ₹1,380.3 crore, supported by better operating performance and stable cost management.

 

Axis Securities sees a steady quarter for Hero MotoCorp, expecting revenue to grow 13.5 per cent Y-o-Y, driven by an 11 per cent increase in volumes. The brokerage highlights strong domestic demand momentum, higher exports, and sustained vehicle price hikes as key drivers for growth. On the margin front, Axis projects a 52-bps Y-o-Y and 48-bps QoQ improvement in Ebitda margins, aided by richer product mix, improved operating leverage, and continued cost control initiatives. 

 

Accordingly, Axis Securities forecasts Hero MotoCorp’s revenue to stand at ₹11,874 crore, up 13.5 per cent Y-o-Y, with Ebitda rising 17.1 per cent Y-o-Y to ₹1,775 crore and PAT increasing 12.8 per cent Y-o-Y to ₹1,358 crore.

 

Nuvama expects Hero MotoCorp’s performance to be buoyed by an 11 per cent growth in volumes during the quarter, coupled with a lower share of sub-110cc models, which should support average realisations and revenue growth. The brokerage anticipates Ebitda margins to expand on account of scale benefits and an improved sales mix. It believes the demand outlook post-festive season and the launch timeline for the company’s upcoming 125cc models will be key monitorables. 

 

Nuvama projects Hero MotoCorp’s Q2FY26 revenue to rise 13 per cent Y-o-Y to ₹11,866.8 crore, with Ebitda expected to grow 16 per cent Y-o-Y to ₹1,753.7 crore and adjusted PAT to climb 16 per cent Y-o-Y to ₹1,397 crore.