Hero MotoCorp Q4 FY26: Revenue up, profit steady

May 5, 2026 4 mins read Firehose Gupta

Hero MotoCorp Limited — Quarter ended March 31, 2026 (and year ended March 31, 2026)

Particulars	Quarter ended	Year ended
	March 31, 2026 Un-audited refer note 11	December 31, 2025 Un-audited
1 No. of Two wheelers sold (In Lakhs)	17.14	16.97
2 Income
(a) Revenue from operations	12,796.53	12,328.38
(b) Other income	208.63	295.87
Total income	13,005.16	12,624.25
3 Expenses
(a) Cost of raw materials consumed	8,349.31	8,224.13
(b) Purchase of stock in trade	212.37	246.03
(c) Changes in inventories of finished goods, stock-in-trade and work-in-progress	203.88	(157.10)
(d) Employee benefits expense	681.39	704.97
(e) Finance costs	5.54	5.96
(f) Depreciation and amortisation expenses	203.86	204.42
(g) Other expenses	1,494.02	1,500.30
Total expenses	11,150.37	10,728.71
4 Profit before exceptional item and tax (2-3)	1,854.79	1,895.54
5 Exceptional item	Expenses towards-New Labour Code (Refer note 10)	–
6 Profit before tax (4-5)	1,854.79	1,776.54
7 Tax expense
– Current tax	466.59	380.60
– Deferred tax charge/(credit)	(12.93)	47.39
Total tax expense	453.66	427.99
8 Profit after tax (6-7)	1,401.13	1,348.55
9 Other comprehensive income /(loss) Items that will not be reclassified subsequently to profit or loss: (a) Re-measurement (losses) on defined benefit plans	1.14	(13.65)
(b) Income tax effect	(0.28)	3.43
Total Other comprehensive income /(loss), net of tax	0.86	(10.22)
10 Total comprehensive income, net of tax (8+9)	1,401.99	1,338.33
11 Paid-up equity share capital	40.02	40.02
Face value of the share (In Rupees)	2.00	2.00
12 Other equity
13 Earnings per equity share on profit after tax (face value Rs. 2/- each) [In Rupees]*
– Basic	70.04	67.40
– Diluted	69.96	67.35

Particulars	As at March 31, 2026 (Audited)	As at March 31, 2025 (Audited)
ASSETS
1 Non-current assets
(a) Property, plant and equipment	5,021.88	4,948.96
(b) Capital work-in-progress	224.73	106.62
(c) Right of use of assets	414.96	393.18
(d) Other intangible assets	528.71	559.26
(e) Intangible assets under development	519.46	385.86
(f) Financial assets
(i) Investments	7,221.97	8,298.97
(ii) Loans	28.54	24.87
(iii) Others	52.88	45.99
(g) Income tax assets (net)	–	209.38
(h) Other non-current assets	117.45	110.40
Total non-current assets	14,130.58	15,083.49
2 Current assets
(a) Inventories	1,858.22	1,457.61
(b) Financial assets
(i) Investments	12,174.97	6,610.60
(ii) Trade receivables	2,593.20	3,674.43
(iii) Cash and cash equivalents	531.59	289.08
(iv) Bank balances other than (iii) above	72.06	64.07
(v) Loans	27.92	27.07
(vi) Others	114.02	112.78
(c) Income tax assets (net)	–	198.12
(d) Other current assets	741.92	402.84
Total current assets	18,113.90	12,836.60
Total assets	32,244.48	27,920.09

Particulars	As at March 31, 2026 (Audited)	As at March 31, 2025 (Audited)
EQUITY AND LIABILITIES
1 Equity
(a) Equity share capital	40.02	40.00
(b) Other equity	21,538.07	19,766.85
Total equity	21,578.09	19,806.85
2 Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Lease liabilities	139.35	124.20
(ii) Other financial liabilities	108.69	143.83
(b) Provisions	689.96	489.08
(c) Deferred tax liabilities (net)	583.13	509.58
Total non-current liabilities	1,521.13	1,266.69
3 Current liabilities
(a) Financial liabilities
(i) Lease liabilities	50.21	38.86
(ii) Trade payables
Total outstanding dues of micro and small enterprises	44.72	15.92
Total outstanding dues of creditors other than micro and small enterprises	7,474.05	5,550.22
(iii) Other financial liabilities	386.81	266.98
(b) Other current liabilities	795.45	757.82
(c) Income tax liabilities (net)	101.73	–
(d) Provisions	292.29	216.75
Total current liabilities	9,145.26	6,846.55
Total equity and liabilities	32,244.48	27,920.09

Particulars	Year ended March 31, 2026 Audited	Year ended March 31, 2025 Audited
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit after tax	5,268.21	4,609.95
Adjustments for:
Add: Depreciation and amortisation expense	798.00	775.86
Tax expense	1,703.80	1,517.86
Loss on property, plant and equipments sold/discarded	12.77	4.15
Finance costs	22.76	19.92
Employee stock compensation cost	17.64	15.66
Impairment of investments-subsidiaries	–	41.20
Loss allowances on financial assets	–	156.31
Total adjustments (Additions)	2,554.97	2,530.96
Less: Interest income	286.40	440.58
Dividend income	27.25	73.75
Profit on sale of investments	128.13	157.64
Gain on investments carried at fair value through profit or loss	533.71	417.25
Profit on sale of property, plant and equipments	0.91	2.12
Total adjustments (Deductions)	976.40	1,091.34
Operating profit before working capital changes	6,846.78	6,049.57
Changes in working capital:
Adjustment for (increase)/decrease in operating assets:
Inventories	(400.61)	(13.85)
Trade receivables	1,081.23	(977.30)
Loans-current	(0.85)	(2.51)
Loans-Non-current	(3.67)	(3.72)
Other financial assets	(8.13)	163.61
Other current assets	(339.08)	54.46
Other non-current assets	0.05	5.28
Net change in operating assets	328.94	(774.03)
Adjustment for increase/(decrease) in operating liabilities:
Trade payables	1,952.63	37.99
Other financial liabilities-current	9.52	11.26
Other current liabilities	37.63	172.22
Current provisions	75.54	62.61
Non-current provisions	179.52	156.34
Net change in operating liabilities	2,254.84	440.42
Cash generated from operations	9,430.56	5,715.96
Less: Direct tax paid (net of refund)	1,115.64	1,534.06
Net cash generated from operating activities	8,314.92	4,181.90

Particulars	Year ended March 31, 2026 Audited	Year ended March 31, 2025 Audited
B. CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditure on property, plant and equipment and intangible assets, capital work in progress and intangible assets under development including capital advances and capital creditors	(1,005.85)	(826.84)
Proceeds from sale of property, plant and equipment	12.24	16.51
Sale of investments other than associates / subsidiaries	48,945.84	48,917.61
Purchase of investments other than associates / subsidiaries	(52,051.37)	(50,083.56)
Investment in associates	(720.00)	(123.83)
Interest income	286.40	440.58
Dividend income	27.25	73.75
Net cash (used) in investing activities	(4,505.49)	(1,585.78)

Particulars	Year ended March 31, 2026 Audited	Year ended March 31, 2025 Audited
C. CASH FLOW FROM FINANCING ACTIVITIES
Interest paid	(22.76)	(19.92)
Repayment of principal amount of lease liabilities	(45.53)	(34.10

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