Stock HEROMOTOCO HERO MOTOCORP LTD
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Financials Hero Motocorp Ltd

Equities

HEROMOTOCO

INE158A01026

Auto & Truck Manufacturers

Market Closed - Bombay S.E.
Other stock markets
 05:18:57 03/06/2024 BST 		5-day change 1st Jan Change
5,221 INR +1.97% Intraday chart for Hero Motocorp Ltd +2.64% +26.00%
06:21am Hero MotoCorp's Total Sales Decline in May MT
05-30 India's consumption-linked themes 'ripe for revival', says Ambit Asset's Bothra RE

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 510,352 318,425 582,389 458,928 469,054 1,023,567 - -
Enterprise Value (EV) 1 477,317 267,015 515,823 403,279 469,054 943,071 905,505 892,061
P/E ratio 15.1 x 8.76 x 19.6 x 18.6 x 16.1 x 23.8 x 21.5 x 19 x
Yield 3.4% 5.65% 3.09% 4.14% 4.26% 2.66% 3.03% 3.31%
Capitalization / Revenue 1.52 x 1.1 x 1.89 x 1.57 x 1.39 x 2.52 x 2.4 x 2.16 x
EV / Revenue 1.42 x 0.93 x 1.67 x 1.38 x 1.39 x 2.52 x 2.13 x 1.89 x
EV / EBITDA 9.68 x 6.75 x 12.8 x 12 x 11.8 x 17.9 x 14.6 x 12.8 x
EV / FCF 837 x 6.59 x 14.1 x 26.3 x 23.4 x 27.8 x 23.4 x 18.8 x
FCF Yield 0.12% 15.2% 7.09% 3.8% 4.27% 3.6% 4.26% 5.32%
Price to Book 3.97 x 2.25 x 3.83 x 2.9 x 2.81 x 5.65 x 5.17 x 4.69 x
Nbr of stocks (in thousands) 199,727 199,739 199,780 199,812 199,840 199,931 - -
Reference price 2 2,555 1,594 2,915 2,297 2,347 5,120 5,120 5,120
Announcement Date 26/04/19 09/06/20 06/05/21 03/05/22 04/05/23 08/05/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 336,505 288,361 308,006 292,455 338,056 374,557 426,079 473,067
EBITDA 1 49,301 39,580 40,192 33,688 39,862 52,560 62,075 69,935
EBIT 1 43,281 31,400 33,424 27,190 33,293 45,443 54,042 61,150
Operating Margin 12.86% 10.89% 10.85% 9.3% 9.85% 12.13% 12.68% 12.93%
Earnings before Tax (EBT) 1 50,107 45,737 39,004 32,501 38,746 52,584 63,040 70,967
Net income 1 33,849 36,333 29,642 24,730 29,106 39,680 47,611 53,834
Net margin 10.06% 12.6% 9.62% 8.46% 8.61% 10.59% 11.17% 11.38%
EPS 2 169.5 181.9 148.4 123.7 145.5 198.2 238.0 268.8
Free Cash Flow 1 570.4 40,500 36,581 15,340 20,014 33,511 38,619 47,421
FCF margin 0.17% 14.05% 11.88% 5.25% 5.92% 8.93% 9.06% 10.02%
FCF Conversion (EBITDA) 1.16% 102.33% 91.02% 45.54% 50.21% 63.78% 62.21% 67.81%
FCF Conversion (Net income) 1.69% 111.47% 123.41% 62.03% 68.76% 83.21% 81.11% 88.09%
Dividend per Share 2 87.00 90.00 90.00 95.00 100.0 136.4 154.9 169.5
Announcement Date 26/04/19 09/06/20 06/05/21 03/05/22 04/05/23 08/05/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 156,010 97,758 86,860 54,871 84,534 78,833 74,217 83,925 90,754 80,310 83,068 87,673 93,193 97,465 93,360 102,895
EBITDA 1 22,591 14,136 12,112 5,148 10,664 9,600 8,276 9,408 10,383 9,241 10,830 12,060 13,031 13,731 13,208 14,850
EBIT 1 18,196 12,438 10,480 3,518 9,025 7,956 6,691 7,778 8,749 7,621 9,144 10,373 11,429 11,925 11,317 12,961
Operating Margin 11.66% 12.72% 12.07% 6.41% 10.68% 10.09% 9.02% 9.27% 9.64% 9.49% 11.01% 11.83% 12.26% 12.24% 12.12% 12.6%
Earnings before Tax (EBT) 1 - 14,418 11,291 4,844 10,529 9,107 8,022 8,238 9,637 9,404 11,467 10,948 12,687 13,869 13,434 14,836
Net income 1 21,321 10,845 8,650 3,654 7,944 6,861 6,270 6,245 7,161 7,111 8,589 8,247 9,874 10,533 10,116 11,275
Net margin 13.67% 11.09% 9.96% 6.66% 9.4% 8.7% 8.45% 7.44% 7.89% 8.85% 10.34% 9.41% 10.6% 10.81% 10.84% 10.96%
EPS 2 106.8 54.29 43.28 18.29 39.75 34.33 31.37 31.25 35.79 35.54 42.94 41.23 50.35 52.00 49.45 56.40
Dividend per Share 2 - - 25.00 - 60.00 - 35.00 - 35.00 - 35.00 29.38 31.76 34.10 34.10 39.24
Announcement Date 23/10/19 04/02/21 06/05/21 12/08/21 12/11/21 10/02/22 03/05/22 12/08/22 03/11/22 07/02/23 04/05/23 10/08/23 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 33,036 51,410 66,567 55,649 - 91,893 118,063 131,506
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 570 40,500 36,581 15,340 20,014 33,511 38,619 47,421
ROE (net income / shareholders' equity) 27.5% 26.9% 20.2% 14.8% 17.9% 23.3% 25% 25.6%
ROA (Net income/ Total Assets) 19.7% 20% 14.5% 10.2% 12.9% 16.1% 17.8% 18.7%
Assets 1 171,908 181,952 204,552 243,230 224,886 249,400 266,929 287,261
Book Value Per Share 2 644.0 708.0 761.0 793.0 836.0 906.0 990.0 1,091
Cash Flow per Share 2 49.00 271.0 209.0 105.0 129.0 208.0 242.0 284.0
Capex 1 9,220 13,601 5,146 5,697 5,777 9,592 11,322 11,613
Capex / Sales 2.74% 4.72% 1.67% 1.95% 1.71% 2.56% 2.66% 2.45%
Announcement Date 26/04/19 09/06/20 06/05/21 03/05/22 04/05/23 08/05/24 - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hero Motocorp Ltd

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Motorcycles & Scooters

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Motorcycles & Scooters
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