Buy Hero MotoCorp; target of Rs 3000: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Hero MotoCorp

HMCL’s 2QFY22 performance was broadly in-line, as QoQ volume recovery and commodity costs benefits supported margin recovery. The company has recorded a 20% retail sales growth over the 32-day festive season and the demand momentum is expected to continue, led by the season. We lower our FY23/FY24 EPS estimates by 3%/2% as we tweak our volumes, realization, and margin estimates.

Outlook

We reiterate our Buy rating with a TP of INR3,000 (15x Sep'24E EPS + INR175 for Hero FinCorp after the 20% holding company discount).

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Hero MotoCorp - 05-11-2022 - moti