Sharekhan's research report on Hero MotoCorp
The underlying margin for ICs business has reached an upper band of its guidance of 16%. Management expects the two-wheeler industry to register double-digit revenue growth in FY2025. The stock trades at a P/E multiple of 16.5x and EV/EBITDA multiple of 11.1x its FY2026 estimates.
Outlook
We retain our Buy rating on Hero MotoCorp with an unchanged PT of Rs. 6,057 on healthy recovery in EBITDA margin, strong response to its latest products, continuous focus on premiumization, and expansion of its EV markets.
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