Hero MotoCorp stock draws JPMorgan Overweight call

Published on 09/30/2026 at 08:18 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Hero MotoCorp stock carries an INR 6,845.00 JPMorgan target after its September 18, 2026 Overweight call. Q1 FY27 revenue rose 35.70 percent year over year.

Hero MotoCorp, INE158A01026, Illustration mit AI erstellt.

Hero MotoCorp stock carries an INR 6,845.00 JPMorgan target after the brokerage maintained its Overweight rating on September 18, 2026. The company reported Q1 FY27 standalone revenue of INR 12,999 crore, up 35.70 percent year over year.

JPMorgan sets two conditions

According to CNBC TV18 on September 18, 2026, JPMorgan sees scope for a re-rating if Hero MotoCorp holds its market share through the festive period and narrows its medium-term growth gap with peers.

The brokerage said Hero MotoCorp has been losing 120 basis points of market share per year in recent years. Its framework also points to execution in ICE scooters, electric vehicles and exports, while the company targets exports of more than 1 million units by fiscal year 2030.

Revenue grows as margins narrow

As NDTV Profit reported on September 18, 2026, Q1 FY27 volumes increased 23.00 percent to 16.7 lakh units, EBITDA rose 25.00 percent to INR 1,727 crore and net profit increased 29.00 percent to INR 1,454 crore.

The margin trade-off is clear: EBITDA margin fell to 13.30 percent from 14.40 percent a year earlier as commodity costs and product mix weighed on profitability. Management retained a medium-term EBITDA margin guidance range of 14.00 percent to 16.00 percent.

EV capacity adds a second lever

Hero MotoCorp has increased electric-vehicle production capacity from 15,000 units per month to 30,000 units, with plans to reach 45,000 units per month before the end of fiscal year 2027, according to NDTV Profit.

For investors, the setup combines a quantified earnings recovery with a demanding operational test. Market-share performance during the festive period must offset the recent 120-basis-point annual loss identified by JPMorgan.

Hero MotoCorp trades below yearly high

Hero MotoCorp was trading at INR 5,296.00 on the NSE on September 30, 2026, at 11:48 a.m. IST, with a 52-week range of INR 4,671.50 to INR 6,388.50. Market capitalization was INR 1.1 trillion on the same date.