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HomeIPOHero Motors

About Hero Motors

Hero Motors began its operations in 2001 with the Alloys and Metallic’s segment and today is India's leading automotive technology company. The company specializes in designing, developing, manufacturing, and supplying highly engineered powertrain solutions for automotive OEM manufacturer across the world. Their products are used in various categories, including two-wheelers, performance automotive, e-bikes, off-road vehicles, electric and hybrid cars, heavy duty vehicles, and electric vertical take-off and landing (eVTOL) categories. The company has a diverse product portfolio catering to electric vehicles (EVs) and internal combustion engine vehicles (ICEs). They are the only player manufacturing and exporting CVT hubs to global e-bike OEMs from India and are the only manufacturer of integrated electric powertrain products for e-bikes in India. The company has been involved in acquisition and joint venture to step into new horizons. The company has developed in-house design and engineering capabilities, as well as manufacturing and validation capabilities, with adequate R&D resources, equipment, assembly lines, and end-of-line testing machines.

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Live IPOs

National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Hero Motors

Hero Motors

Open Date

Sep 16, 2026

Close Date

Sep 18, 2026

listed

Min Investment

₹14,952

Lot Size

178 Shares

Issue Size

₹1000 Cr

Price Range

₹79 - ₹79

Listing Date

Sep 23, 2026

IPO Doc

RHP PDF

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹3(-3.57%)GMP
3.57%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Hero Motors IPO - Issue Objectives

The company will use ₹200 crore to purchase equipment for the manufacturing facility. The company will utilise ₹190 crore for prepayment/repayment/redemption of the borrowings. IPO proceeds will fund corporate needs, acquisitions, and issue expenses.

Capital expenditure

33.3%

Repayment of loan

31.6%

General corporate purposes

35%

1

Capital expenditure

The company will use ₹200 crore to purchase equipment for the manufacturing facility.

33.30%
2

Repayment of loan

The company will utilise ₹190 crore for prepayment/repayment/redemption of the borrowings.

31.60%
3

General corporate purposes

IPO proceeds will fund corporate needs, acquisitions, and issue expenses.

35.00%

IPO Subscription Status

QIB
1.59x
NII
10.48x
Individual
8.76x
Total
7.08x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Hero Motors

In Cr.

Key Performance Indicator31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)31-Mar-22 (In Cr.)
Revenue1,083.421,070.0921.15
EBITDA
Expenses
Profit After Tax17.0440.5199.02
Assets1,059.86992.02703.13
Net Worth
Reserves
Borrowing

Hero Motors - Promoter(s)

Pankaj Munjal

Charu Munjal

Abhishek Munjal

O P Munjal Holdings

Pre Issue Share Holding

N/A

Post Issue Share Holding

N/A

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Integration of Engineering and Manufacturing

Hero Motors supplies design, prototyping, validation and production of components and powertrain systems. The Gears and Transmissions and A&M product families serve applications, including electric, internal combustion and hybrid cars, but the bike powertrain serves electric mobility vehicles alone. This allows participation and collaboration with OEMs in the design and manufacturing process, even beyond the traditional auto sectors.

02

EV mobility revenue growth

The share of EV revenue rose from ₹128.09 crore in FY24 to ₹273.29 crore in FY26, increasing its revenue percentage from 12.03% to 23%. Hero Motors sells EV transmission components, and its transmission system has received orders from an Indian OEM of electric two-wheelers. Moreover, there are prospects of selling components to premium motorcycles as their customers are designing their EV counterparts.

03

Exclusive e-bike CVT hubs position

Hero Motors is the only company manufacturing and exporting CVT hubs from India to global e-bike OEMs. This company cooperates with enviolo, and together they have jointly launched the urban model designed for affordable e-bikes. The agreement grants exclusivity for global manufacture and sale in India and ASEAN markets of this model.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Customer concentration risk

The biggest customer contributed 35.5%, with the top 5 and top 10 customers accounting for 61.4% and 72.8% of the revenues in FY26, respectively. Low orders, cancellations or financial problems on the side of the key customers may have an adverse effect on the firm's income.

02

Market demand and vehicle cycle

Two-wheelers accounted for 41% of FY26 revenue, motorsport and performance cars for 21.3%, and e-bikes for 12.9%. Demand for the company’s products is dependent on OEM production schedules and inventories. Shifts in consumer tastes or regulation and customers' own mix of products will influence the level of orders; the e-bike segment has already experienced some demand-driven revenue volatility.

Contact Details

Hero Motors

Hero Nagar, GT Road, Ludhiana, Ludhiana, Punjab, 141003

+91120441200
investorrelations@heromotors.com
http://www.heromotors.com/

Hero Motors IPO - FAQs

Hero Motors IPO is a Mainboard IPO. The issue is priced at 79-₹84. The minimum order quantity is 178 Shares. The IPO opens on 16 Sep, and closes on 18 Sep. KFin Techologies Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-09-15
  • Bidding Starts2026-09-16
  • Bidding Ends2026-09-18
  • Allotment Finalisation2026-09-21
  • Release of Funds2026-09-22
  • Demat Transfer2026-09-22
  • Listing2026-09-23
04

Established premium OEM relationships

Customers include BMW, Ducati, Hero MotoCorp, enviolo, Formula Motorsport and HWA. The average relationship with the top five customers exceeded 12 years at 31 March 2026, and Hero Motors is an exclusive supplier for several BMW projects. Close involvement from quotation and development through production supports continuity of these supply relationships.

05

Design and development capabilities

The majority investment in Hewland in 2023 expanded design, prototyping and transmission expertise, supporting customer-specific engineering solutions. Hero Motors operates technology centres in India and the UK, and its capabilities include electric-transmission design, analysis, testing and validation.

06

Manufacturing near customer markets

There were six manufacturing plants which were based in India, the United Kingdom, and Thailand as of 31 March 2026. Thailand enables the manufacture of gearboxes for customers in ASEAN countries, and the UK plant is used for the design, prototyping, and manufacturing of gearboxes for international customers.

07

Integrated systems and the Yamaha partnership

Hero Motors entered integrated electric drive units under the ESYNC brand in 2023 and has commenced supplies to e-bike OEMs. These systems combine motors, batteries, controllers and other components. Its HYM joint venture with Yamaha provides access to motor technology, design and validation, alongside a manufacturing base for the expanding bike powertrain offering.

03

Geographic risk and international customers

International customers comprised 41.3% of the FY26 revenue, with Europe making up 33.5% and including the UK. Economic and regulatory changes in such geographic locations as Europe may influence demand as well as costs of doing business there.

04

Subsidiary losses and poor utilisation

Losses in FY26 have been recorded by Hewland, Hero Motors Thai, HYM, Spur Technologies, Hero EDU and Munjal STP in their financial statements. Capacity utilisation in FY26 stood at 24.1% in the UK, 3.8% in Thailand and 14.5% at HYM, based on annual available capacity. Continuous loss and low demand may necessitate additional funding and restrict profit generation.

05

Capital needs and implementation

Capital expenditure in FY26 stood at ₹92.25 crore, while inventory and accounts receivable were ₹208.51 crore and ₹252.90 crore, respectively. Short-term borrowing was ₹302.02 crore. Any delay in procurement, poor utilisation and poor cash realisations may increase the capital needs of the company.

06

Supplier risk for raw materials

Consumption of raw material accounted for 54.9% of revenue in FY26. The company relies upon a select few suppliers for crucial raw material supplies and does not have concrete arrangements with all its suppliers. Any change in steel availability and price may influence its production cost and cash flow problems due to delayed customer price adjustments.

07

Quality, recall, and warranties

Customer agreements place severe restrictions on quality and delivery conditions, coupled with unlimited liability. A customer initiated a product recall for the FY26 period owing to a defective product. Hero Motors claims that the product was made to the customers' specifications and may face further claims. Defects or failure to deliver can mean the cost of replacement, fines, or loss of business.

08

Change in technology and competition

The company has to produce products that are according to changing specifications and viable in commercial terms. Foreign competitors have more money, patents, and production capacity than do Chinese motor manufacturers. Failure to keep up with changing technology, failing to safeguard intellectual property, and catering to consumer needs are vital for competitiveness.