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PL Capital Report
Hero MotoCorp Ltd.'s reported Q3 FY26 standalone op revenue and adjusted net profit modestly beat street estimates and in line with the brokerage's estimate, while gross margin was dragged by commodity inflation and INR depreciation. However, the company has mitigation levers in place to further minimise the impact and sees headroom for growth opportunities in scooters, premium motorcycles, EVs, global market, and PAM business with focus on supply chain and capacity increase amid global uncertainties.
PL Capital estimate volume/ realisation CAGR of 6.0%/3.2% over FY25- 28E translating to revenue/EBITDA/APAT CAGR of 9.5%/10.7%/10.0%.
The brokerage retain ‘Accumulate' rating with target price of Rs 6,575 (previous Rs 6,620). The brokerage values the core business at 21x P/E Sep'27E and its stake in Hero Fincorp at Rs 50 and Ather Energy at Rs 300.
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