Hero MotoCorp's Margins Stable Despite Weak Q1 Volumes, Says Motial Oswal Maintaining 'Buy'

Hero MotoCorp’s Q1 FY26 PAT at Rs 11.2 billion came in above our estimate of Rs 10.5 billion, led largely by higher other income. Hero Motocorp was able to retain its margins despite weak volumes due to price hikes and an improved mix.