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Insights

View All

  • The spike in June sales indicated some element of pent up demand. But in July, there had been a dip on MoM basis, whether the element of pent up demand which led to spike in June over. August sales numbers should throw some light on it The factor which might help in coming months is the inventory build up for festive season.

  • The company has a strong distribution network in the rural and semi-urban areas, which had helped in pushing up the sales after the Covid lockdowns in 2020 and turned into pain point during second wave of covid . Will a normal monsoon, possible higher rural income help it recover faster needs to watched.

  • The company announced its price point for Harley-Davidson bikes, which it would distributing in India. While this take company into super premium bike space, whether it will deliver any significant result in terms of unit sales needs to be watched over next couple of quarters.

  • Company has consistently declining ROE in last 5 years. Majority of profits last year were disbursed as dividends to shareholders. (Source: Consolidated Financials)

InsightsHero MotoCorp Ltd.

  • July Sales - Is pent up demand over ?

    The spike in June sales indicated some element of pent up demand. But in July, there had been a dip on MoM basis, whether the element of pent up demand which led to spike in June over. August sales numbers should throw some light on it The factor which might help in coming months is the inventory build up for festive season.

  • Rural markets- Will good monsoon help

    The company has a strong distribution network in the rural and semi-urban areas, which had helped in pushing up the sales after the Covid lockdowns in 2020 and turned into pain point during second wave of covid . Will a normal monsoon, possible higher rural income help it recover faster needs to watched.

  • Partial entry into premium segment – will it pay off

    The company announced its price point for Harley-Davidson bikes, which it would distributing in India. While this take company into super premium bike space, whether it will deliver any significant result in terms of unit sales needs to be watched over next couple of quarters.

  • Passing Profits to Shareholders

    Company has consistently declining ROE in last 5 years. Majority of profits last year were disbursed as dividends to shareholders. (Source: Consolidated Financials)

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Key Metrics

  • 17.59
  • 155.90
  • 54,779.39
  • 6
  • 3.50
  • 3.83
  • 2.00
  • 2.08
  • 2,728.67

Returns

  • 1 Day0.57%
  • 1 Week2.47%
  • 1 Month-0.78%
  • 3 Months-8.83%
  • 1 Year-8.79%
  • 3 Years-15.73%
  • 5 Years-22.58%

Hero MotoCorp Stock Analysis

EARNINGS
FUNDAMENTAL
RELATIVE VALUATION
RISK
PRICE MOMENTUM

NO RATING (NR)

NEGATIVE (1-3)

NEUTRAL (4-7)

POSITIVE (8-10)

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Recommendations

Recent Recos

BUY

Current

Mean Recos by 42 Analysts

Strong
Sell
SellHoldBuyStrong
Buy

  • Target₹2850
  • OrganizationKotak Securities Limited
  • BUY

Analyst Trends

RatingsCurrent1 Week Ago1 Month Ago3 Months Ago
Strong Buy12121010
Buy11101212
Hold14141413
Sell5557
Strong Sell----
# Analysts42414142

Financials

  • Income (P&L)

  • Balance Sheet

  • Cash Flow

  • Ratios

  • MD&A

  • Insights

    • Employee & Interest Expense

      Company has spent less than 1% of its operating revenues towards interest expenses and 6.3% towards employee cost in the year ending Mar 31, 2021. (Source: Consolidated Financials)
    Quarterly | AnnualJun 2021Mar 2021Dec 2020Sep 2020Jun 2020
    Total Income5,648.208,758.0110,032.619,607.253,119.22
    Total Income Growth (%)-35.51-12.704.43208.00-51.94
    Total Expenses5,155.947,636.618,559.118,348.523,030.56
    Total Expenses Growth (%)-32.48-10.782.52175.48-48.02
    EBIT492.261,121.401,473.501,258.7388.66
    EBIT Growth (%)-56.10-23.9017.061,319.73-86.57
    Profit after Tax (PAT)256.08880.941,019.18958.4959.14
    PAT Growth (%)-70.93-13.566.331,520.71-90.22
    EBIT Margin (%)8.7212.8014.6913.102.84
    Net Profit Margin (%)4.5310.0610.169.981.90
    Basic EPS (₹)12.8244.1051.0247.992.96
    Quarterly | AnnualJun 2021Mar 2021Dec 2020Sep 2020Jun 2020
    Total Income5,625.668,773.359,978.459,508.673,120.00
    Total Income Growth (%)-35.88-12.084.94204.77-51.31
    Total Expenses5,135.227,637.948,531.988,254.083,034.25
    Total Expenses Growth (%)-32.77-10.483.37172.03-47.26
    EBIT490.441,135.411,446.471,254.5985.75
    EBIT Growth (%)-56.81-21.5015.291,363.08-86.90
    Profit after Tax (PAT)365.44864.971,084.47953.4561.31
    PAT Growth (%)-57.75-20.2413.741,455.13-90.12
    EBIT Margin (%)8.7212.9414.5013.192.75
    Net Profit Margin (%)6.509.8610.8710.031.97
    Basic EPS (₹)18.2943.3054.2947.733.07
    Quarterly | Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Revenue31,517.0929,984.5334,657.5532,981.5429,132.38
    Total Revenue Growth (%)5.11-13.485.0813.210.91
    Total Expenses27,621.2126,085.4529,614.0127,739.1024,563.99
    Total Expenses Growth (%)5.89-11.926.7612.930.19
    Profit after Tax (PAT)2,917.753,638.113,444.093,720.403,584.27
    PAT Growth (%)-19.805.63-7.433.8014.08
    Operating Profit Margin (%)12.7313.4814.9516.2416.06
    Net Profit Margin (%)9.4212.4310.1311.4612.52
    Basic EPS (₹)146.07182.15172.45186.30179.49
    Quarterly | Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Revenue31,380.4729,614.4334,341.7932,756.3129,022.89
    Total Revenue Growth (%)5.96-13.774.8412.860.11
    Total Expenses27,480.0925,718.1129,331.0627,512.1524,364.43
    Total Expenses Growth (%)6.85-12.326.6112.92-0.94
    Profit after Tax (PAT)2,964.203,633.263,384.873,697.363,377.12
    PAT Growth (%)-18.417.34-8.459.487.81
    Operating Profit Margin (%)12.7313.5814.9116.2916.36
    Net Profit Margin (%)9.6212.5910.0511.4711.84
    Basic EPS (₹)148.39181.91169.48185.14169.12

    All figures in Rs Cr, unless mentioned otherwise

  • Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Assets23,096.0919,674.0718,504.3617,396.7315,312.00
    Total Assets Growth (%)17.396.326.3713.6218.74
    Total Liabilities7,536.485,127.185,267.845,332.064,929.11
    Total Liabilities Growth (%)46.99-2.67-1.208.1723.01
    Total Equity15,559.6114,546.8913,236.5212,064.6710,382.89
    Total Equity Growth (%)6.969.909.7116.2016.81
    Current Ratio (x)1.752.021.912.011.81
    Total Debt to Equity (x)0.020.010.020.020.02
    Contingent Liabilities488.61510.10875.17444.05514.39
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Assets22,161.0518,749.3317,641.1916,738.8014,694.26
    Total Assets Growth (%)18.206.285.3913.9119.07
    Total Liabilities6,962.624,612.934,784.074,969.924,582.97
    Total Liabilities Growth (%)50.94-3.58-3.748.444.25
    Total Equity15,198.4314,136.4012,857.1211,768.8810,111.29
    Total Equity Growth (%)7.519.959.2516.3927.27
    Current Ratio (x)1.792.081.962.041.82
    Total Debt to Equity (x)0.000.000.000.000.00
    Contingent Liabilities248.55249.43821.50437.86480.68

    All figures in Rs Cr, unless mentioned otherwise

  • Insights

    • Decrease in Cash from Investing

      Company has used Rs 2289.32 cr for investing activities which is an YoY decrease of 18.79%. (Source: Consolidated Financials)
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Net Cash flow from Operating Activities4,110.455,518.131,032.274,017.214,007.19
    Net Cash used in Investing Activities-2,289.32-2,819.141,297.63-1,858.21-1,971.95
    Net Cash flow from Financing Activities-1,851.82-2,601.80-2,252.39-2,102.45-2,035.86
    Net Cash Flow-30.6997.1977.5156.55-0.62
    Closing Cash & Cash Equivalent274.62305.31208.12130.6174.06
    Closing Cash & Cash Equivalent Growth (%)-10.0546.7059.3476.36-0.83
    Total Debt/ CFO (x)0.080.040.300.060.06
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Net Cash flow from Operating Activities4,172.705,410.10979.053,980.864,028.02
    Net Cash used in Investing Activities-2,209.90-2,883.101,321.23-1,915.22-1,943.94
    Net Cash flow from Financing Activities-1,941.49-2,419.77-2,293.98-2,046.66-2,095.63
    Net Cash Flow21.31107.236.3018.98-11.55
    Closing Cash & Cash Equivalent169.22147.9140.6834.3815.40
    Closing Cash & Cash Equivalent Growth (%)14.41263.5918.32123.25-72.73
    Total Debt/ CFO (x)0.000.000.000.000.00

    All figures in Rs Cr, unless mentioned otherwise

  • Insights

    • Passing Profits to Shareholders

      Company has consistently declining ROE in last 5 years. Majority of profits last year were disbursed as dividends to shareholders. (Source: Consolidated Financials)
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Return on Equity (%)18.9225.2526.2431.0734.74
    Return on Capital Employed (%)23.7625.6236.0440.8241.27
    Return on Assets (%)12.6318.4918.6121.3823.40
    Interest Coverage Ratio (x)84.9484.60136.65171.21168.46
    Asset Turnover Ratio (x)134.04148.69183.58186.57186.84
    Price to Earnings (x)20.008.7614.8419.0517.99
    Price to Book (x)3.782.213.895.916.24
    EV/EBITDA (x)12.526.638.9712.1212.65
    EBITDA Margin (%)15.0416.3716.7918.0117.81
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Return on Equity (%)19.5025.7026.3231.4133.39
    Return on Capital Employed (%)24.4326.5237.1542.3544.00
    Return on Assets (%)13.3719.3719.1822.0822.98
    Interest Coverage Ratio (x)179.59177.94583.64840.07770.99
    Asset Turnover Ratio (x)138.98153.79190.74192.54193.95
    Price to Earnings (x)19.698.7715.0819.1619.08
    Price to Book (x)3.832.253.976.026.37
    EV/EBITDA (x)12.616.679.0612.1712.46
    EBITDA Margin (%)14.9316.4216.7018.0118.09
  • MANAGEMENT DISCUSSION AND ANALYSIS (FY 19-20)

    • Global concerns

      The virus outbreak weighed down growth in several of the emerging economies, which already had their own issues to contend with. India was caught amidst declining credit growth and stress in the non-banking finance sector, countries in the Middle East and North Africa (MENA) were witnessing weak oil output and civil unrest, and Latin America was in the grip of a weak investment climate.

    • Headwinds for industry

      Scooters contribute 32% of the industry and the segment declined due to increase in the overall cost of ownership and higher penetration levels. The 100-110cc segment declined by 21% in FY20, while for 125cc scooters, sales plateaued within the segment. The scooter industry volume stood at 5.57 million.

    • Tailwinds

      There could be a shift away from ?shared mobility? to own(ed) mobility. This is likely to benefit two-wheeler demand in the short and medium term FY22 is expected to be a crucial year for the industry, with recovery projected to pick up from the second half of FY21 around the festive season. The potential pent-up demand and economic revival are also expected to support recovery in the sector

Financial InsightsHero MotoCorp Ltd.

  • Income (P&L)
  • Cash Flow
  • Ratios
    • Employee & Interest Expense

      Company has spent less than 1% of its operating revenues towards interest expenses and 6.3% towards employee cost in the year ending Mar 31, 2021. (Source: Consolidated Financials)

    • Decrease in Cash from Investing

      Company has used Rs 2289.32 cr for investing activities which is an YoY decrease of 18.79%. (Source: Consolidated Financials)

    • Passing Profits to Shareholders

      Company has consistently declining ROE in last 5 years. Majority of profits last year were disbursed as dividends to shareholders. (Source: Consolidated Financials)

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Forecast

  • PRICE

  • REVENUE

  • EARNINGS

  • Forecast

    Forecast

    Current Year - 2021

    2,741.8515.60 (0.57%)

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  • Forecast

    • Estimated
    • Actual

    Forecast

    Analysis for

    All values are in (Cr), unless mentioned otherwise

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  • Forecast

    • Estimated
    • Actual

    Forecast

    Analysis for

    All values are in , unless mentioned otherwise

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Technicals

  • Buy / Sell Signals

  • Price Analysis

  • Pivot Levels & ATR

  • Chart

  • Bullish / Bearish signals for Hero MotoCorp Ltd. basis selected technical indicators and moving average crossovers.

    MACD Crossover

    Bullish signal on daily chart

    Appeared on: 31 Aug 2021

    Region: Negative

    Last 4 Buy Signals:17 Aug 2021

    Average price gain of 3.76% within 10 days of Bullish signal in last 10 years

    5 Day EMA Crossover

    Bullish signal on daily chart

    Appeared on: 30 Aug 2021

    5D EMA: 2694.38

    Last 4 Buy Signals:17 Aug 2021

    Average price gain of 2.16% within 7 days of Bullish signal in last 5 years

    Show More

  • 47%

    Positive Movement since
    1st Jan 2005 on basis

    53%

    Negative Movement since
    1st Jan 2005 on basis

    Exclude

  • Pivot Levels

    R1R2R3PIVOTS1S2S3
    Classic2758.202774.552819.452729.652713.302684.752639.85

    Average True Range

    5 DAYS14 DAYS28 DAYS
    ATR47.7847.3049.77

Peer Comparison

  • Stock Performance

  • Ratio Performance

    • CHART
    • TABLE

    Insights

    • Stock Returns vs Nifty 100

      Stock gave a 3 year return of -16.21% as compared to Nifty 100 which gave a return of 41.19%. (as of last trading session)
    • Stock Returns vs Nifty Auto

      Stock generated -16.21% return as compared to Nifty Auto which gave investors -11.03% return over 3 year time period. (as of last trading session)
    • 1D
    • 1W
    • 1M
    • 3M
    • 6M
    • 1Y
    • 5Y
  • Insights

    • Stock Returns vs Nifty 100

      Stock gave a 3 year return of -16.21% as compared to Nifty 100 which gave a return of 41.19%. (as of last trading session)
    • Stock Returns vs Nifty Auto

      Stock generated -16.21% return as compared to Nifty Auto which gave investors -11.03% return over 3 year time period. (as of last trading session)

    Ratio Performance

    NAMEP/E (x)P/B (x)ROE %ROCE %ROA %Rev CAGR [3Yr]OPMNPMBasic EPSCurrent RatioTotal Debt/ Equity (x)Total Debt/ CFO (x)
    Hero MotoCorp17.593.5218.9223.7612.63-1.4912.739.63146.071.750.020.08
    Bajaj Auto19.153.9617.8021.2514.453.2021.4116.40167.902.510.000.00
    Eicher Motors44.686.4011.7714.959.25-0.2620.4515.0849.303.350.010.09
    TVS Motor32.705.9215.5215.512.705.748.853.1612.510.972.448.12
    Atul Auto-54.461.4217.4121.7614.089.4710.858.3524.421.970.000.00
    Add More

    Annual Ratios (%)

    See All Parameters

Peers InsightsHero MotoCorp Ltd.

  • Stock Returns vs Nifty 100

    Stock gave a 3 year return of -16.21% as compared to Nifty 100 which gave a return of 41.19%. (as of last trading session)

  • Stock Returns vs Nifty Auto

    Stock generated -16.21% return as compared to Nifty Auto which gave investors -11.03% return over 3 year time period. (as of last trading session)

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Shareholding Pattern

  • QOQ Change

  • Total Shareholdings

  • Showing Shareholding as on 30 Jun 2021

    Category30 Jun 202131 Mar 202131 Dec 202030 Sep 2020
    Promoters34.7634.7634.7634.76
    Pledge0.000.000.000.00
    FII39.8642.2841.1538.65
    DII15.3413.5814.7217.50
    Mutual Funds6.294.655.917.47
    Others10.049.389.379.09
  • Showing Shareholding as on 30 Jun 2021

    CategoryNo. of SharesPercentage% Change QoQ
    Promoters6,94,42,08134.76 %0.00
    Pledge00.00 %0.00
    FII7,96,38,95439.86 %-2.42
    DII3,06,38,04715.34 %1.76
    MF1,25,60,8116.29 %1.64
    Others2,00,70,80710.04 %0.66

MF Ownership

    • 660.55

      Amount Invested (in Cr.)

    • 5.01%

      % of AUM

    • 22.28

      % Change (MoM basis)

    • 414.50

      Amount Invested (in Cr.)

    • 1.12%

      % of AUM

    • 0.00

      % Change (MoM basis)

    • 312.74

      Amount Invested (in Cr.)

    • 1.07%

      % of AUM

    • 0.00

      % Change (MoM basis)

MF Ownership as on 31 July 2021

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F&O Quote

  • Futures

  • Options

    • Expiry

    Price

    2,744.0014.90 (0.55%)

    Open Interest

    46,59,300-129,000 (-2.77%)

    OpenHighLowPrev CloseContracts TradedTurnover (₹ Lakhs)
    2,730.002,746.802,704.302,729.105,21428,450.30

    Open Interest as of 31 Aug 2021

Corporate Actions

  • Board Meeting/AGM

  • Dividends

  • Others
  • Meeting DateAnnounced onPurposeDetails
    Aug 12, 2021Jul 19, 2021Board MeetingQuarterly Results
    May 06, 2021Apr 15, 2021Board MeetingAudited Results & Final Dividend
    Feb 04, 2021Feb 01, 2021Board MeetingQuarterly Results & Interim Dividend
    Oct 28, 2020Oct 05, 2020Board MeetingQuarterly Results
    Aug 13, 2020Jul 23, 2020Board MeetingQuarterly Results
  • TypeDividendDividend per ShareEx-Dividend DateAnnounced on
    Special500%10.0Jul 22, 2021May 07, 2021
    Final1250%25.0Jul 22, 2021May 06, 2021
    Special250%5.0Feb 15, 2021Feb 06, 2021
    Interim3250%65.0Feb 15, 2021Feb 05, 2021
    Final1250%25.0Jul 30, 2020Jun 09, 2020
  • All TypesEx-DateRecord DateAnnounced onDetails
    SplitsMar 12, 2001Mar 26, 2001Jan 30, 2001Split: Old FV10.0| New FV:2.0
    BonusAug 10, 1998Sep 07, 1998Aug 04, 1998Bonus Ratio: 1 share(s) for every 1 shares held
    BonusNov 21, 1994Dec 16, 1994Oct 27, 1994Bonus Ratio: 1 share(s) for every 4 shares held

About Hero MotoCorp

Hero MotoCorp Ltd., incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 54,779.39 Crore) operating in Auto sector. Hero MotoCorp Ltd. key Products/Revenue Segments include Motorised Two Wheelers Upto 350cc Engine Capacity, Spares (Two Wheelers), Other Operating Revenue, Sale of services and Duty Drawback for the year ending 31-Mar-2021. Show More

  • Executives

  • Auditors

  • PM

    Pawan Munjal

    Chairman & M.D & CEO

    VS

    Vikram S Kasbekar

    Executive Director

    PD

    Pradeep Dinodia

    Non Executive Director

    SK

    Suman Kant Munjal

    Non Executive Director

    AC

    Air Chief Marshal B S Dhanoa

    Independent Director

    JS

    Jagmohan Singh Raju

    Ind. Non-Executive Director

    Show More

Key Indices Listed on

Nifty 50, Nifty 100, Nifty 200, + 34 more

Address

The Grand Plaza,Plot No. 2, Nelson Mandela Road,Vasant Kunj - Phase-II,New Delhi, Delhi - 110070

More Details

Brands

Hero MotoCorp Share Price Update

Hero MotoCorp Ltd. share price moved up by 0.57% from its previous close of Rs 2,726.25. Hero MotoCorp Ltd. stock last traded price is 2,741.85

Share PriceValue
Today/Current/Last2,741.85
Previous Day2,726.25

Trending in Markets

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