Hero MotoCorp - Public Comps and Valuation Multiples

Hero MotoCorp Overview

About Hero MotoCorp

Hero MotoCorp Ltd is a motorcycle and scooter company domiciled in India. The company is engaged in the manufacturing and selling of motorised two-wheelers, spare parts and related services. The Company is a two wheeler manufacturer and has a dominant presence in domestic market. The company predominantly operates in the automotive segment, which includes all activities related to the development, design, manufacture, assembly, and sale of vehicles, as well as the sale of related parts and accessories.

Founded

1984

HQ

Employees

9.5K+

Website

heromotocorp.com

Sectors

Automakers
AutomotiveTech

Financials

LTM Revenue $4.8B

LTM EBITDA $699M

EV

$11.9B

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Hero MotoCorp Financials

As of September 2025, Hero MotoCorp reported last 12-month revenue of $4.8B and EBITDA of $699M.

In the same period, Hero MotoCorp generated $1.6B in LTM gross profit and $548M in net income.

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Hero MotoCorp P&L

In the most recent fiscal year, Hero MotoCorp reported revenue of $4.6B and EBITDA of $770M.

Hero MotoCorp expects next 12-month revenue of XXX and NTM EBITDA of XXX

See Hero MotoCorp valuation multiples based on analyst estimates

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$4.8B	XXX	$4.6B	XXX	XXX	XXX
Gross Profit	$1.6B	XXX	$1.5B	XXX	XXX	XXX
Gross Margin	33%	XXX	34%	XXX	XXX	XXX
EBITDA	$699M	XXX	$770M	XXX	XXX	XXX
EBITDA Margin	14%	XXX	17%	XXX	XXX	XXX
EBIT	$628M	XXX	$582M	XXX	XXX	XXX
EBIT Margin	13%	XXX	13%	XXX	XXX	XXX
Net Profit	$548M	XXX	$494M	XXX	XXX	XXX
Net Margin	11%	XXX	11%	XXX	XXX	XXX
Net Debt	XXX	XXX	$8.3M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Hero MotoCorp including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $4.8B. EBITDA for the last twelve months was $699M. In the most recent fiscal year, Hero MotoCorp achieved $4.6B in revenue and $770M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$4.8B	Analyst estimates available to subscribers	$4.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.6B	Analyst estimates available to subscribers	$1.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	33.3% gross margin	Analyst estimates available to subscribers	33.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$699M	Analyst estimates available to subscribers	$770M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	14.5% EBITDA margin	Analyst estimates available to subscribers	16.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$628M	Analyst estimates available to subscribers	$582M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	13.0% EBIT margin	Analyst estimates available to subscribers	12.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$548M	Analyst estimates available to subscribers	$494M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	11.4% net profit margin	Analyst estimates available to subscribers	10.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$8.3M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Hero MotoCorp

This financial data table provides comprehensive performance metrics for Hero MotoCorp, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Hero MotoCorp generated $4.8B in revenue over the last twelve months.
The company achieved $699M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.6B.
Net income over the last twelve months reached $548M.

Fiscal Year Performance

In the most recent fiscal year, Hero MotoCorp reported $4.6B in total revenue.
Fiscal year EBITDA was $770M.
The company maintained a gross profit margin of 33.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 16.8%.
Net profit margin reached 10.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Hero MotoCorp. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Hero MotoCorp Stock Performance

Hero MotoCorp has current market cap of INR 1.12T (or $12.6B), and EV of INR 1.05T (or $11.9B).

Market Cap Evolution

Hero MotoCorp Stock Data

As of October 17, 2025, Hero MotoCorp's stock price is INR 5593 (or $63).

See Hero MotoCorp trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$11.9B	$12.6B	XXX	XXX	XXX	XXX	$2.74

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Hero MotoCorp Valuation Multiples

Hero MotoCorp's trades at 2.6x EV/Revenue multiple, and 16.0x EV/EBITDA.

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Hero MotoCorp Financial Valuation Multiples

As of October 17, 2025, Hero MotoCorp has market cap of $12.6B and EV of $11.9B.

Equity research analysts estimate Hero MotoCorp's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Hero MotoCorp has a P/E ratio of 23.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$12.6B	XXX	$12.6B	XXX	XXX	XXX
EV (current)	$11.9B	XXX	$11.9B	XXX	XXX	XXX
EV/Revenue	2.5x	XXX	2.6x	XXX	XXX	XXX
EV/EBITDA	17.0x	XXX	16.0x	XXX	XXX	XXX
EV/EBIT	18.9x	XXX	21.0x	XXX	XXX	XXX
EV/Gross Profit	7.4x	XXX	n/a	XXX	XXX	XXX
P/E	23.0x	XXX	26.5x	XXX	XXX	XXX
EV/FCF	26.4x	XXX	29.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Hero MotoCorp Margins & Growth Rates

Hero MotoCorp's last 12 month revenue growth is 9%

Hero MotoCorp's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.1M for the same period.

Hero MotoCorp's rule of 40 is 26% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Hero MotoCorp's rule of X is 38% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Hero MotoCorp Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	9%	XXX	9%	XXX	XXX	XXX
EBITDA Margin	14%	XXX	17%	XXX	XXX	XXX
EBITDA Growth	11%	XXX	3%	XXX	XXX	XXX
Rule of 40	26%	XXX	26%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	38%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	6%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	21%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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