Sharekhan's research report on Hero MotoCorp
HMCL can build up dealer stocks from Q4FY24 as inventories are normal on strong festive sales. A new premium product from the 440 CC platform would strengthen its premium image.
Outlook
We maintain a Buy with a revised price target (PT) of Rs. 4579 on healthy recovery in EBITDA margin, strong response to HD X 440, continuous focus on premiumisation, expansion of its EV market and a likely revival in rural sales. Stock trades at a P/E multiple of 16.1 and EV/EBITDA multiple of 10.2x its FY2026 estimates.
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