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Consumer Durables

Hero MotoCorp Ltd.

Company Background

Hero MotoCorp, India's largest motorcycle maker, is a core unit of midsize conglomerate Hero Group.

The company's history is closely tied to Japan's Honda Motor. Hero Group, which had been making bicycles, entered the motorcycle business in 1984 by establishing a joint venture called Hero Honda. Small motorbikes with 100cc to 150cc engines propelled the partnership into the top spot in the Indian market.

Hero, which sought to expand abroad, had a falling-out with Honda over management policy, leading to the end of the partnership in 2011. The company's name was changed to Hero MotoCorp.

In 2012, Hero MotoCorp partnered with a U.S. motorcycle maker, Erik Buell, seeing a chance for technical synergies. The Indian company has also built up its sales network in both urban and rural areas, making it a formidable competitor to Honda.

Nearly 40% of the company's outstanding shares are held by the founding Munjal family. Brijmohan Lall Munjal, who heads Hero Group, serves as chairman of Hero MotoCorp. His son, Pawan Munjal, is CEO of the motorcycle business and is accelerating overseas expansion, including in Africa and South America.

Business Summary

Hero MotoCorp Ltd. engages in the manufacture of two wheeler. Its products include Karizma ZMR, Xtreme Sports, Achiever 150, New Glamour, Super Splendor, and Passion X Pro. It operates through the Domestic and Overseas segments. The company was founded by Brijmohan Lall Munjal on January 19, 1984 and is headquartered in New Delhi, India.

Financial Highlights

Mar 2023 INRUSD
Gross Profit72,669.10M904.22M
Operating income33,963.80M422.61M
Income before tax38,605.10M480.36M
Net income28,099.60M349.64M
Diluted EPS140.491.74
Dividends Per Share1001.24
Total Assets239,170.30M2,910.23M
Total liabilities71,364M868.36M
Total equity166,555.70M2,026.65M
Operating cash flow27,885.60M346.98M
Currency in INRCurrency in USD

Historical Data

 Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Revenue 335,162M 288,779.40M 305,090.10M 290,604.90M 341,583.80M
Gross Profit 72,599.90M 59,470.40M 57,772.50M 51,281.20M 72,669.10M
Operating income 40,608.20M 30,005.70M 30,074.80M 23,754M 33,963.80M
Income before tax 50,435.40M 45,764.50M 38,958.80M 32,571.60M 38,605.10M
Net income 34,440.90M 36,381.10M 29,177.50M 23,168.80M 28,099.60M
EBITDA 46,852.60M 38,463.30M 37,226M 30,649.20M 40,937.70M
Diluted EPS 172.43 182.14 146.04 115.92 140.49
Dividends Per Share 87 90 90 95 100
Total Assets 186,038.40M 198,322.60M 233,049.90M 227,226.90M 239,170.30M
Total liabilities 53,673.20M 52,853.80M 77,453.80M 67,279.90M 71,364M
Total equity 131,204.10M 144,062.80M 154,164.20M 158,466.50M 166,555.70M
Operating cash flow 13,551.30M 58,169.20M 41,755.50M 22,151.50M 27,885.60M
 Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Revenue 4,791.95M 4,072.70M 4,109.78M 3,900.23M 4,250.34M
Gross Profit 1,037.99M 838.72M 778.23M 688.24M 904.22M
Operating income 580.59M 423.17M 405.12M 318.80M 422.61M
Income before tax 721.09M 645.42M 524.80M 437.14M 480.36M
Net income 492.41M 513.08M 393.04M 310.95M 349.64M
EBITDA 669.87M 542.45M 501.46M 411.34M 509.39M
Diluted EPS 2.46 2.56 1.96 1.55 1.74
Dividends Per Share 1.24 1.26 1.21 1.27 1.24
Total Assets 2,685.50M 2,621.53M 3,187.49M 2,998.70M 2,910.23M
Total liabilities 774.78M 698.65M 1,059.36M 887.89M 868.36M
Total equity 1,893.96M 1,904.30M 2,108.55M 2,091.27M 2,026.65M
Operating cash flow 193.74M 820.37M 562.47M 297.29M 346.98M

Valuation Measures

Mar 2023
Operating margin9.94%
Profit margin8.22%

Key executives

  • Chief Executive Officer: Niranjan Gupta
  • Chief Operating & Human Resources Officer: Michael J. P. Clarke
  • Chief Technology Officer: Arun Jaura
  • Chief Information & Digital Officer: Reema Jain
  • Secretary & Compliance Officer: Dhiraj Kapoor


  • Bahadur Chand Investments Pvt Ltd. (20.0%)
  • Life Insurance Corporation of India (Investment Portfolio) (12.7%)
  • ICICI Prudential Asset Management Co. Ltd. (4.1%)
  • Westwood Global Investments LLC (2.1%)
  • SBI Funds Management Pvt Ltd. (2.1%)
  • The Vanguard Group, Inc. (2.1%)
  • BlackRock Fund Advisors (1.5%)
  • Norges Bank Investment Management (1.4%)
  • Hermes Investment Management Ltd. (1.4%)

Contact Details

Related Companies

  • Hero Tech Center Germany GmbH
  • Sakar Industries Pvt Ltd.
  • HMCL Netherlands B.V.
  • HMCL Americas, Inc.
  • HMC MM Auto Ltd.


    Last Updated on 7 Jun, 2023

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