Hero MotoCorp Q2 Results, October 28, 2026: Profit Up 41% to ₹1,861 Crore as Scooters Surge

Hero MotoCorp Q2 results came out after the bell on Wednesday, October 28, 2026, and the headline is a big one. India’s largest two-wheeler maker reported consolidated net profit of ₹1,860.55 crore for the July-September quarter, up 41% from a year earlier, according to The Economic Times. Business Standard, working off the same regulatory filing, put the rise at 42%.

Read past the headline, though, and the picture gets more interesting. A chunk of that profit didn’t come from selling motorcycles.

Hero MotoCorp Q2 results: the key numbers

• Consolidated revenue from operations: ₹14,970.50 crore, up 23% from ₹12,218.39 crore in Q2 FY26.
• Consolidated net profit: ₹1,860.55 crore, up 41% year-on-year.
• Total expenses: ₹13,228 crore, up 25% from ₹10,584 crore, so costs grew a little faster than revenue.
• EBITDA: ₹1,968 crore, up 8%, with the EBITDA margin held at 13.4% despite commodity headwinds, as ET’s results report noted.
• Standalone: revenue from operations rose 21% to ₹14,687 crore, while standalone profit after tax grew just 5% to ₹1,456 crore.

The ₹397 crore one-off

The company said the quarter and half-year include a ₹397 crore gain from the equity consolidation of an associate company, after that associate raised capital through a qualified institutional placement and a private placement. Hero’s associates include Hero FinCorp, Ather Energy and Euler Motors, Business Standard reported, and Ather raised ₹1,300 crore through a QIP in July.

By our arithmetic, ₹397 crore is a little over a fifth of the reported consolidated profit. That’s why the standalone number matters here: a 5% rise in standalone profit and an 8% rise in EBITDA tell you the core business grew, but nowhere near 41%. Our guide on how to analyse quarterly results of a company walks through why consolidated and standalone lines can diverge like this.

Scooters and VIDA did the heavy lifting on volumes

Hero dispatched 18.68 lakh motorcycles and scooters in the quarter, up 10%. Scooters were the standout: volumes rose 47% to 2.40 lakh units. The Destini and Xoom petrol scooters grew 50% to 1.37 lakh units, and the electric brand VIDA posted 76% growth in retail sales to 66,531 units. Combined petrol and electric scooters made up 13% of the volume mix, against 10% a year ago, per ET.

“We delivered a strong performance this quarter, with scooters emerging as a key growth contributor,” CEO Harshavardhan Chitale said, adding that the 100cc motorcycle segment also kept contributing.

On the premium side, the Harley-Davidson business grew 30% sequentially and 19% year-on-year in the first half of the fiscal, the company said. Hero also entered Germany, taking it to 54 international markets, and its board approved up to ₹300 crore of additional investment in its wholly owned subsidiary HMCL Netherlands B.V., meant for its Colombia and Brazil units.

What it means for the stock

Hero shares closed Wednesday’s session at ₹5,322.50 on the NSE, up nearly 2% from ₹5,218.50, before the numbers were out. So Thursday’s trade will be the first real reaction. The volume story, especially scooters, looks solid. We’d keep the one-off gain in mind before reading the 41% as the business’s true growth rate, and watch whether margins hold as costs keep running ahead of sales. For more Q2 numbers from this week, see our Q2 results calendar for the week.

Sources: The Economic Times and ET Markets, and Business Standard, all reporting Hero MotoCorp’s October 28, 2026 regulatory filing and statement.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.