Accumulate Hero Motocorp; target of Rs 4095: Dolat Capital

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26 Aug, 2025 12:21

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Dolat Capital's research report on Hero Motocorp

HMCL posted good set of numbers with top line growth of 23% V/s our expectation of 19% YoY. Realizations improvement was ahead of our estimates. The EBITDA margin for the quarter were higher than our estimates by 30bps at 16%. The PAT was in-line with our estimates. The company is enhancing product profile in premium motorcycles and scooter segments to ensure further growth and to capture the preference shift happening across segment. With good monsoons on the card and strong presence in the rural market, HMCL can grow ahead of industry. With outperformance to the industry and strong return ratios, valuations can sustain / improve.

Outlook

We rollover valuation to FY20E EPS and maintain accumulate rating on the stock with a target price of ` 4,095.

For all recommendations report, click here

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