Hero Motors Limited is an automotive technology company engaged in the design, development, manufacturing and supply of powertrain solutions and alloys and metallic components.
The Company serves automotive OEMs across the United States, Europe, India and the ASEAN region, catering to applications including two-wheelers, e-bikes, performance vehicles, electric and hybrid cars, off-road and heavy-duty vehicles.
The Company’s systems and component portfolio caters to both electrified and non-electrified mobility platforms. Its offerings serve two-wheelers, three-wheelers, passenger vehicles, commercial vehicles and certain non-automotive applications.
The portfolio includes gear components, assemblies, gearboxes, e-axle systems, electric motors and drive systems under Powertrain Solutions, along with various structural components under the Alloys and Metallics business.
The Company operates through two key business segments:
- Powertrain Solutions: The segment offers transmission systems, CVT hubs, electric motors and integrated drive units for automotive and micro-mobility applications.
- Alloys and Metallics (A&M): The segment manufactures powertrain-neutral metallic and structural components for automotive and industrial applications across ICE, electric and hybrid vehicles.
Hero Motors has strengthened its electric mobility and technology capabilities through electric motors, integrated drive systems and its association with Hewland, enhancing its expertise in transmission design, engineering and high-performance automotive applications.
As of March 31, 2026, Hero Motors operated six manufacturing and assembly facilities across India, the United Kingdom and Thailand, supported by technology centres for product development, design and validation across automotive and micro-mobility applications.
Hero Motors serves a diverse global customer base, including BMW, Ducati, enviolo, Hero MotoCorp, TACO Punch Powertrain, Hummingbird EV, Formula Motorsport and HWA Engineering, across conventional, electric, micro-mobility and high-performance vehicle segments.
As of March 31, 2026, Hero Motors had approximately 1,388 permanent employees, including 84 R&D personnel supporting its technology and product development capabilities.
Hero Motors IPO – Details
| IPO Opening Date | 16 September 2026 |
| IPO Closing Date | 18 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 11,90,47,618 Shares Worth ₹1,000.00 Crore Fresh Issue: 7,14,28,571 Shares Worth ₹600.00 Crore Offer For Sale: 4,76,19,047 Shares Worth ₹400.00 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹79 – ₹84 per share |
| Market Lot | 178 Shares |
| Min Order | 178 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Hero Motors IPO – Date Schedule
| IPO Open Date | 16 September 2026 |
| IPO Close Date | 18 September 2026 |
| Basis of Allotment | 21 September 2026 |
| Initiation of Refund | 22 September 2026 |
| Credit of Shares to Demat Account | 22 September 2026 |
| IPO Listing Date | 23 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 18, 2026 |
Hero Motors IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 178 | ₹14,952 |
| Retail (Max) | 13 | 2,314 | ₹1,94,376 |
| S-HNI (Min) | 14 | 2,492 | ₹2,09,328 |
| S-HNI (Max) | 66 | 11,748 | ₹9,86,832 |
| B-HNI (Min) | 67 | 11,926 | ₹10,01,784 |
Competitive Strength
- Strong R&D and engineering capabilities.
- Long-term relationships with global OEMs.
- Strong presence in the global e-mobility industry.
- Diversified powertrain product and service offerings.
- Experienced management and strong corporate governance.
- Growing presence in electric bikes and premium two-wheelers.
Company Promoters
- Pankaj Munjal
- Charu Munjal
- Abhishek Munjal
- O P Munjal Holdings
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹1,083.42 Cr | ₹1,059.11 Cr | ₹17.04 Cr | ₹304.00 Cr |
| 31 March 2025 | ₹1,111.23 Cr | ₹1,072.16 Cr | ₹32.80 Cr | ₹407.62 Cr |
| 31 March 2026 | ₹1,216.74 Cr | ₹1,153.78 Cr | ₹41.17 Cr | ₹400.79 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 8.56% |
| ROCE | 19.77% |
| Debt/Equity | 0.83 |
| RoNW | 8.53% |
| PAT Margin | 3.46% |
| EBITDA Margin | 12.44% |
| NAV | 12.72 |
| Price to Book Value | 6.60 |
| Pre IPO | Post IPO | |
| EPS (₹) | 1.08 | 0.91 |
| P/E (x) | 77.78 | 92.31 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings availed by the Company. | ₹190.00 |
| Capital expenditure of Company through purchase of equipment for expansion in capacity of Gautam Buddha Nagar, Uttar Pradesh facility. | ₹200.00 |
| Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes. |
Hero Motors IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | CIE Automotive India Ltd | 17.68 |
| 2 | 10 | Endurance Technologies Ltd | 40.84 |
| 3 | 10 | Sona BLW Precision Forgings Ltd | 76.50 |
| 4 | 2 | UNO Minda Ltd | 59.84 |
| 5 | 1 | Varroc Engineering Ltd | 56.15 |
✅Strengths
- Integrated Technology Capabilities across design, engineering, prototyping and manufacturing.
- Strong Global Customer Base with relationships across automotive and mobility markets.
- Diversified Mobility Portfolio serving conventional, electric and micro-mobility applications.
- Global Manufacturing Presence across India, the United Kingdom and Thailand.
⚠️Risks
- Customer Concentration Risk with significant revenue dependence on major customers.
- Raw Material Price Risk which may impact costs and margins.
- Automotive Industry Dependence as demand is linked to global automotive market conditions.
- Quality and Delivery Risk as failure to meet customer requirements could affect business relationships.
Hero Motors IPO Promoter Holding
| Pre Issue Share Holding | 84.65% |
| Post Issue Share Holding | 61.97% |
Hero Motors IPO Prospectus
Company Contact Information
| Hero Motors Ltd. Hero Nagar, GT Road, Ludhiana, Punjab, 141003 Phone: 91 120441200 Email: investorrelations@heromotors.com Website: https://www.heromotors.com/ |
Hero Motors IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: heromotors.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Hero Motors IPO Lead Manager(s)
| 1. JM Financial Limited 2. ICICI Securities Limited 3. DAM Capital Advisors Limited |
Hero Motors IPO FAQs
| What is the Hero Motors IPO? Hero Motors IPO is a main-board IPO. The issue is priced at ₹79 to ₹84 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Hero Motors IPO open? The IPO is to open on 16 September 2026 for QIB, NII, and Retail Investors. |
| What is Hero Motors IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Hero Motors IPO Size? Hero Motors IPO size is ₹1000.00 Crore. |
| What are the Hero Motors IPO Minimum and maximum lot sizes for Retail? The minimum bid is 178 Shares with ₹14,952, while the maximum bid is 2314 Shares with ₹1,94,376. |
| What is the Hero Motors IPO Allotment Date? Hero Motors IPO allotment date is 21 September 2026. |
| What is the Hero Motors IPO Listing Date? Hero Motors IPO listing date is 23 September 2026. The IPO is to be listed on the BSE and the NSE. |
