Hold Hero Motocorp; target of Rs 3960: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss' research report on Hero MotoCorp
Hero MotoCorp’s (HMCL) Q1FY18 EBITDA of ~INR12.9bn (up 5.4% YoY) surpassed our estimate by 2.7% due to the gross margin beat, as price hikes helped offset higher commodity and BS-IV transition costs. Key con-call highlights:  2W industry to grow in high single digits in FY18; scooters to outperform with double digit growth;

Outlook

We maintain ‘HOLD/SU’ with a target price of INR3,960 (19x FY19E core EPS plus INR361 cash per share). At CMP, the stock trades at 17x FY19E PER.

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