Hero MotoCorp Q3 Results Review: Motilal Oswal Reiterates 'Buy' On The Stock — Here's Why

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Motilal Oswal Report

Hero MotoCorp Ltd.'s Q3 FY25 margins remained stable QoQ despite higher festive-led discounts due to higher spare part sales and lower electric vehicles in mix. On the back of its new launches and a revival in rural demand, management expects Hero MotoCorp to post double-digit revenue growth for both FY25E and FY26E.

While the two-wheeler demand has moderated post-festive, FY26E is expected to be better, driven by rural demand recovery and tax-related announcements boosting buyer sentiment.

The stock looks attractive at ~17.4 times/16x FY26E/27E EPS. We reiterate Buy with a target price of Rs 5,000 (18 times Dec’26E EPS + Rs 124/264 for Hero FinCorp/Ather post 20% Holdco discount).

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