Sharekhan's research report on Hero MotoCorp
EBITDA and PAT missed estimates by 3.1% and 2.7%, respectively. In Q1FY25, the underlying EBITDA margin of the IC business reached to 16.4% (vs 15.3% in Q4FY24) as against blended EBITDA margin of 14.4%. Stock trades at P/E multiple of 18.4x and EV/EBITDA multiple of 12.4x its FY26 estimates.
Outlook
We retain a Buy rating on the stock with an unchanged PT of Rs. 6,057 on a healthy recovery in EBITDA margins, strong response to its latest products, continuous focus on premiumisation and expansion of its EV markets.
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