HeroMotoCorp

What HeroMotoCorp does

Hero MotoCorp Ltd. is India's largest two-wheeler manufacturer and the world's second-largest by volume, with approximately 28.5% domestic market share, 5.9 million units sold globally in 2025, and a presence in 52+ countries supported by 8 Indian manufacturing plants plus international facilities in Colombia, Bangladesh, and the Philippines. The company originated as Hero Honda Motors in 1984 as a Munjal family-Honda joint venture, was rebranded Hero MotoCorp in 2011 after Honda's exit, and is now publicly listed (NSE/BSE: HEROMOTOCO) with a market capitalization of approximately ₹99,718 crore as of June 2026.

The portfolio spans entry-level commuters (Splendor+, HF Deluxe), premium motorcycles (Xtreme 250R, Karizma XMR, Xpulse 210, the upcoming Xpulse 421), scooters (Xoom 160), and electric vehicles under the VIDA sub-brand (V2 Plus). Technology investments center on multi-powertrain flexibility: flex-fuel engines compatible with E20-E100 ethanol blends (India's first mass-market flex-fuel motorcycles, launched June 2026), the VIDA electric platform (144,000 units in FY26, 4th in India's EV two-wheeler market), and connected features such as i3S idle stop-start and Bluetooth integration. R&D is led from the Centre for Innovation and Technology in Jaipur, with a parallel facility in Germany focused on electrification, connected technologies, and AI-enabled engineering simulation.

Revenue is generated primarily through one-time unit sales of two-wheelers (domestic and export) plus aftermarket parts, accessories, and service revenue through over 9,000 customer touchpoints. Distribution combines an authorized dealer network, the premium Premia showroom format (130 upgraded outlets), dedicated VIDA brand showrooms, corporate fleet sales, and the DigiFin retail financing platform. The Harley-Davidson licensing partnership (since 2020) produces the X440 and X440 T at the Neemrana plant and is being expanded with three new premium models slated for FY27. Hero also holds a ~38% stake in Ather Energy and a stake in Euler Motors, and co-founded the LEAF charging consortium to anchor India's EV two-wheeler ecosystem.

Name

HeroMotoCorp

Legal name

Hero MotoCorp Ltd.

Website

https://heromotocorp.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Hero MotoCorp is India's largest two-wheeler manufacturer and the world's second-largest by volume, producing commuter motorcycles, premium bikes, scooters, and VIDA electric vehicles for mass-market and urban premium consumers across 52+ countries through a 9,000+ touchpoint dealer and service network.

Ownership category

akta.pro rank

Product category

Two-Wheeler Manufacturing

NAICS

Motorcycle, Bicycle, and Parts Manufacturing (336991), Motorcycle, ATV, and All Other Motor Vehicle Dealers (441227), Automotive Parts and Accessories Retailers (44133)

SIC

Motorcycles, Bicycles & Parts (3751), Motor Vehicle Parts & Accessories (3714), Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies (5010)

akta.pro primary industry

Electric Motorcycles & Electric Scooters Manufacturing (IMACAEAB)

akta.pro secondary industries

Adventure & Dual-Sport Motorcycle Rentals (THADAHAC), E-Mopeds & Light Electric Motorbikes (Consumer) (CRACASAG)

Keywords

• Two-wheeler manufacturing
• Motorcycle sales
• Electric scooters
• Flex-fuel motorcycles
• Automotive distribution

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Two-Wheeler Sales (Domestic): Hero MotoCorp generates the majority of its revenue from domestic sales of motorcycles and scooters in India through its extensive dealer network. Domestic dispatches reached 536,784 units in May 2026, up ~10% YoY. The company leads India's two-wheeler market with approximately 28.5% share (517,000+ units in May 2026 per JATO Dynamics).
2. Two-Wheeler Exports: International sales through distributors and exclusive dealers across 52+ countries in Africa, Latin America, and Europe. Exports surged 78% YoY to 33,284 units in May 2026, with approximately 40% annual growth rate over the past two years. Harley-Davidson partnership enables co-development and export of entry-level bikes to emerging markets.
3. Aftermarket Parts & Services: Sale of Hero genuine parts, accessories, lubricants, and bike care products through the company's service network and online shop (shop.heromotocorp.com). Also includes service/maintenance revenue through authorized service centers and the GoodLife membership program.
4. Retail Finance (DigiFin): Hero MotoCorp offers retail financing through DigiFin, a digital two-wheeler loan platform connecting customers with financial institutions for hassle-free financing of Hero vehicles.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels9 records

Core offering

Hero MotoCorp designs, manufactures, and sells two-wheelers — commuter and premium motorcycles, scooters, electric scooters under the VIDA brand, and Harley-Davidson X440 co-developed models — through an extensive dealer and distributor network in India and more than 52 international markets. Its portfolio spans entry-level 100cc commuter bikes (Splendor+, HF Deluxe) to 440cc premium motorcycles, supported by flex-fuel, ICE, and EV powertrain options, and aftermarket parts, service, retail financing (DigiFin), and the GoodLife loyalty program.

Product overview

Hero MotoCorp is India's largest two-wheeler manufacturer offering a diverse portfolio spanning entry-level commuters (Splendor+, HF Deluxe, Passion+), premium motorcycles (Xtreme 250R, Karizma XMR, Xpulse 210), scooters (Xoom, Destini, Pleasure+), and electric vehicles through its VIDA sub-brand. The company recently pioneered flex-fuel technology in India with the Splendor+ Flex Fuel and HF Deluxe Flex Fuel, capable of running on ethanol blends from E20 to E100. Through its Harley-Davidson partnership, Hero manufactures and sells the X440 series at its Neemrana plant. Hero operates across 52+ countries with products sold in 40+ global markets. The company is investing in electrification (VIDA EVs), alternative fuels (flex-fuel E85-E100), and premium segment expansion through its Premia retail format.

Differentiator

Problem solved

Functional benefit

Brands

• VIDA: Electric vehicle brand of Hero MotoCorp for electric scooters
• Hero Premia
• Hero MotoSports
• Harley-Davidson X440

Products and services

• Splendor+ Hero's flagship 100cc commuter motorcycle and India's highest-selling two-wheeler, featuring fuel efficiency up to 70 km/l with E20 compatibility and the i3S idle stop-start system; targeted at individual commuters and family buyers seeking affordable daily transportation.
• Splendor+ Flex Fuel India's first flex-fuel motorcycle, a variant of the Splendor+ capable of running on ethanol blends from E20 to E85; produces 7% more power and 3% more torque on E85 versus standard petrol; targeted at commuter buyers seeking alternative-fuel capability.
• HF Deluxe Flex Fuel Affordable flex-fuel motorcycle variant of the HF Deluxe capable of running on ethanol blends from E20 to E85; targeted at price-sensitive commuter buyers seeking ethanol-compatible personal mobility.
• VIDA V2 Plus Hero's electric scooter under the VIDA brand with 143 km IDC range and 6 kW peak motor power; targeted at urban Indian consumers transitioning to electric mobility for daily commuting.
• Harley-Davidson X440 Jointly developed 440cc premium motorcycle manufactured at Hero's Neemrana plant under the Harley-Davidson licensing and co-development partnership; targeted at Indian urban premium motorcycle buyers.
• Harley-Davidson X440 T Premium cruiser variant of the Harley-Davidson X440 manufactured at Hero's Neemrana plant, featuring a 440cc air-cooled engine producing 38 Nm torque; targeted at premium motorcycle buyers in India and emerging export markets.
• Xtreme 250R Premium performance motorcycle with a 250cc liquid-cooled 4-valve DOHC engine producing 25 Nm torque; targeted at Indian urban premium motorcycle buyers and sold through the Premia retail format.
• Xpulse 210 Adventure motorcycle with a 210cc liquid-cooled engine producing 20.7 Nm torque and advanced suspension for on- and off-road riding; targeted at Indian adventure-touring buyers through the Premia retail format.
• Xoom 160 Premium scooter with a 156cc liquid-cooled engine producing 14 Nm torque; targeted at urban Indian consumers seeking premium scooter performance and features through the Premia retail format.
• Karizma XMR Sport motorcycle with a 210cc liquid-cooled engine producing 20.4 Nm torque; targeted at Indian buyers seeking a premium sporty motorcycle in Hero's portfolio.
• DigiFin Digital retail financing platform connecting Hero two-wheeler buyers with financial institutions for hassle-free vehicle loans at competitive rates; supports consumer purchase decisions.
• Super Splendor XTEC 2.0 Premium commuter motorcycle variant in Hero's Splendor lineup with XTEC 2.0 connected features; targeted at Indian commuter buyers seeking upgraded technology and features within the mass-market commuter segment.
• DIRT.E K3 Electric Scooter Electric scooter offered by Hero as part of its electric two-wheeler portfolio expansion; targeted at Indian consumers seeking electric mobility options for daily commuting.

Quantifiable outcome

• Fuel efficiency of up to 70 km/litre with E20 compatibility on Splendor Plus
• +5 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability4 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Harley-DavidsoncoreStrategic or Co-development Partner · 1 January 2020Hero MotoCorp and Harley-Davidson have a licensing and co-development partnership established in 2020. The two companies jointly developed the Harley-Davidson X440 T and Hero Mavrick 440, manufactured at Hero's Neemrana plant. The partnership is expanding to co-develop and manufacture additional entry-level performance motorcycles and cruisers in India for global sale, with multiple launches planned in FY27 including the Harley-Davidson Sprint. Some jointly developed products will be exported to emerging markets for the first time. Harley-Davidson's volumes declined 40% between 2019 and 2025, driving its 'Back to Bricks' strategy to launch 20 new models over three years, leveraging Hero's manufacturing capabilities.
• Ather EnergycoreStrategic or Co-development PartnerHero MotoCorp holds a significant equity stake in Ather Energy (approximately 38% per news reports), India's leading electric scooter manufacturer. In addition to its financial stake, Hero and Ather co-founded the LEAF (Leading Electric Accelerated Framework) consortium to build a shared fast-charging network for electric two-wheelers across India, establishing uniform charging standards that benefit both brands and the broader Indian EV ecosystem. Ather Energy completed a closely watched IPO and is expanding manufacturing with a new Aurangabad facility targeting over 1 million units annual capacity, backed by Hero's investment.
• Amaury Sport Organisation (ASO)coreStrategic or Co-development PartnerHero MotoCorp extended its partnership with Amaury Sport Organisation (ASO), the promoter of the Dakar Rally and FIM World Rally-Raid Championship, for an additional five years (announced June 2026). The partnership supports Hero MotoSports Team Rally, which achieved World Rally-Raid Championship victory in 2024 and has competed at Dakar since 2016. ASO organizes and sanctions the rally events in which Hero competes, making this a core brand-building and motorsport partnership.
• LEAF Consortium (Charging Network)coreStrategic or Co-development PartnerHero MotoCorp co-founded the LEAF (Leading Electric Accelerated Framework) consortium alongside Ather Energy to build a shared fast-charging network for electric two-wheelers across India. The consortium aims to establish uniform EV charging standards across the Indian two-wheeler industry, reducing range anxiety for EV customers and creating infrastructure synergies for all participating OEMs. Hero is building out charging infrastructure to support its VIDA EV brand.
• Bharti Real EstateminorOthersHero MotoCorp signed a lease agreement for 231,109 sq ft of office space at Worldmark 6 in Delhi's Aerocity, with a total rental outlay of ₹593.8 crore over nine years. The property is owned by Bharti Real Estate, with the lease commencing March 1, 2026.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Ola Electric: India's largest electric two-wheeler maker by volume and Hero's primary competitor in the EV segment. Competes with Hero's VIDA brand on urban electric scooters and is investing in its own battery and platform technology.
• Ather Energy: Indian premium electric scooter maker in which Hero holds a ~38% stake. Both an investee and a direct EV competitor to VIDA, but also a co-development partner via the LEAF fast-charging consortium.
• Royal Enfield (Eicher Motors): India's premium motorcycle leader (Classic, Bullet, Himalayan 450) — Hero's primary competitor in the premium 200cc+ segment where Hero is pushing via Xpulse 421, Xtreme 250R, and the Harley-Davidson X440 partnership.
• Yamaha Motor India: Indian arm of Yamaha Motor — competitor in the 125-250cc premium commuter and sport segments (FZ, MT-15, R15). Smaller volume base than Hero but strong brand pull with younger urban buyers.
• Honda Motorcycle & Scooter India (HMSI): Indian arm of Honda Motor — Hero's closest direct competitor in India's two-wheeler market across motorcycles and scooters. Competes head-to-head in the commuter and premium segments and is the global #1 in two-wheeler sales (20.2M units in 2025).
• TVS Motor Company: India's #3 two-wheeler manufacturer and a top-5 global player by volume. Direct competitor in commuter motorcycles (Star City, Apache), scooters (Jupiter, NTORQ), and EVs (iQube). Particularly strong in South India and export markets.
• Suzuki Motorcycle India: Indian subsidiary of Suzuki Motor Corporation, competing directly with Hero in commuter motorcycles (Access, Burgman) and scooters. Has a smaller dealer footprint than Hero in India.
• Bajaj Auto: India's leading motorcycle exporter (Pulsar, Platina, CT series) and a top global two-wheeler manufacturer. Competes with Hero in commuter and performance segments and is a major player in three-wheelers and quadricycles.

Broad incumbents

• Honda Motor Co. (Global): Former JV partner of Hero (Hero Honda Motors until 2011) and the global #1 two-wheeler manufacturer. A broad incumbent with overlapping capabilities and a much larger R&D, financial, and global manufacturing base than Hero.
• Piaggio & C. SpA: Italian two/three-wheeler manufacturer (Vespa, Aprilia) with India operations via Piaggio Vehicles. Competes with Hero in scooters (Vespa) and is expanding in electric three-wheelers — adjacent category where Hero also has exposure via Euler Motors investment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/heromotocorp
• YouTubeyoutube.com/user/TheHeromotocorp
• Facebookfacebook.com/HeroMotoCorpIndia
• LinkedInlinkedin.com/company/heromotocorp
• Instagraminstagram.com/heromotocorp

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments18 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HeroMotoCorp