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
 06:00:50 2024-05-13 am EDT 		5-day change 1st Jan Change
4,888 INR +0.22% Intraday chart for Hero Motocorp Ltd +7.50% +18.12%
May. 10 Nomura Upgrades Hero MotoCorp to Buy From Neutral, Adjusts Price Target to INR5,448 From INR5,356 MT
May. 09 Indian Equities Dip on Thursday Amid Uncertainty Around Ongoing Lower House Elections MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 510,352 318,425 582,389 458,928 469,054 977,253 - -
Enterprise Value (EV) 1 477,317 267,015 515,823 403,279 469,054 943,071 862,243 848,770
P/E ratio 15.1 x 8.76 x 19.6 x 18.6 x 16.1 x 23.8 x 20.5 x 18.2 x
Yield 3.4% 5.65% 3.09% 4.14% 4.26% 2.79% 3.16% 3.46%
Capitalization / Revenue 1.52 x 1.1 x 1.89 x 1.57 x 1.39 x 2.52 x 2.29 x 2.06 x
EV / Revenue 1.42 x 0.93 x 1.67 x 1.38 x 1.39 x 2.52 x 2.02 x 1.79 x
EV / EBITDA 9.68 x 6.75 x 12.8 x 12 x 11.8 x 17.9 x 13.9 x 12.1 x
EV / FCF 837 x 6.59 x 14.1 x 26.3 x 23.4 x 26.4 x 22.3 x 18.2 x
FCF Yield 0.12% 15.2% 7.09% 3.8% 4.27% 3.79% 4.48% 5.49%
Price to Book 3.97 x 2.25 x 3.83 x 2.9 x 2.81 x 5.4 x 4.95 x 4.52 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 4,888 4,888 4,888
Announcement Date 4/26/19 6/9/20 5/6/21 5/3/22 5/4/23 5/8/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 336,505 288,361 308,006 292,455 338,056 374,557 426,258 473,359
EBITDA 1 49,301 39,580 40,192 33,688 39,862 52,560 62,087 69,952
EBIT 1 43,281 31,400 33,424 27,190 33,293 45,443 55,184 62,693
Operating Margin 12.86% 10.89% 10.85% 9.3% 9.85% 12.13% 12.95% 13.24%
Earnings before Tax (EBT) 1 50,107 45,737 39,004 32,501 38,746 52,584 62,975 70,786
Net income 1 33,849 36,333 29,642 24,730 29,106 39,680 47,513 53,672
Net margin 10.06% 12.6% 9.62% 8.46% 8.61% 10.59% 11.15% 11.34%
EPS 2 169.5 181.9 148.4 123.7 145.5 198.2 238.8 268.7
Free Cash Flow 1 570.4 40,500 36,581 15,340 20,014 33,511 38,619 46,609
FCF margin 0.17% 14.05% 11.88% 5.25% 5.92% 8.94% 9.06% 9.85%
FCF Conversion (EBITDA) 1.16% 102.33% 91.02% 45.54% 50.21% 63.86% 62.2% 66.63%
FCF Conversion (Net income) 1.69% 111.47% 123.41% 62.03% 68.76% 83.34% 81.28% 86.84%
Dividend per Share 2 87.00 90.00 90.00 95.00 100.0 136.4 154.5 169.1
Announcement Date 4/26/19 6/9/20 5/6/21 5/3/22 5/4/23 5/8/24 - -
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 93,448 101,210
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 13,229 -
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 13,095
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% 12.11% 12.94%
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% 10.83% 11.14%
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 -
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 10/23/19 2/4/21 5/6/21 8/12/21 11/12/21 2/10/22 5/3/22 8/12/22 11/3/22 2/7/23 5/4/23 8/10/23 - - - -
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 - 91,893 115,010 128,483
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 570 40,500 36,581 15,340 20,014 33,511 38,619 46,609
ROE (net income / shareholders' equity) 27.5% 26.9% 20.2% 14.8% 17.9% 23.3% 25% 25.5%
ROA (Net income/ Total Assets) 19.7% 20% 14.5% 10.2% 12.9% 15.8% 17.8% 18.7%
Assets 1 171,908 181,952 204,552 243,230 224,886 254,808 266,378 286,397
Book Value Per Share 2 644.0 708.0 761.0 793.0 836.0 906.0 988.0 1,082
Cash Flow per Share 2 49.00 271.0 209.0 105.0 129.0 214.0 242.0 284.0
Capex 1 9,220 13,601 5,146 5,697 5,777 9,592 11,792 11,677
Capex / Sales 2.74% 4.72% 1.67% 1.95% 1.71% 2.56% 2.77% 2.47%
Announcement Date 4/26/19 6/9/20 5/6/21 5/3/22 5/4/23 5/8/24 - -
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

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Motorcycles & Scooters
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