29-Oct-2026 08:18:23

JEFFERIES ON HERO MOTOCORP ; HOLD | TP ₹6,000

• Q2 EBITDA: UP 8% YoY, in line with estimates. • Sales Volumes: UP 11% YoY, indicating healthy demand growth. • EBITDA Margin: Flat QoQ at 13.4%. • Net Profit: UP 5% YoY but misses estimates by 4%. • Earnings Miss: Lower financial income impacts net profit performance. • Operating Performance: EBITDA growth remains below volume growth. • Impact: Mixed 🟡

HERO MOTOCORP LIMITED

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