Hero Honda Motors

What Hero Honda Motors does

Hero Motors Limited is a B2B OEM supplier of automotive powertrain and transmission systems, incorporated in 1998 and headquartered in Ludhiana, India, with a corporate office in Noida and additional operations in Thailand and the United Kingdom. The company designs, develops, and manufactures complete gearboxes, transmission assemblies, alloy and sheet-metal components, and (via its HYM and ESYNC divisions) e-bike powertrains including hub motors, batteries, controllers, and chargers, serving global two-wheeler, passenger vehicle, commercial vehicle, performance/motorsport, off-road, marine, and aerospace-adjacent OEMs. Technology differentiation rests on vertical integration from concept-to-design through precision manufacturing (Klingelnberg G60, Matsuura MX-330 5-axis CNC, power honing to DIN 5/JIS 2 standards) and a UK-based R&D footprint inherited from the 2016 acquisition of Hewland Engineering, a 60+ year racing-transmission specialist.

The company operates two primary divisions: Powertrain Solutions (Gears & Transmissions, Bike Powertrain including HYM Drive Systems with Yamaha Japan and ESYNC, plus Hewland Engineering) and Alloys & Metallics. Manufacturing spans 6 facilities covering 1.2 million sq ft across India, Thailand, and the UK, producing both ICE and EV powertrain components. Hero Motors Limited sits within the Hero Motor Company (HMC) conglomerate controlled by the Munjal family; it is distinct from the legacy Hero Honda two-wheeler JV (dissolved 2011), with the company historically affiliated with Hero Cycles and now preparing for a ₹1,200 crore IPO. Headcount exceeds 1,000; FY25 revenue was ₹1,090 crore and PAT ₹33 crore.

Revenue is generated primarily through B2B hardware sales of components under long-term, directly negotiated OEM supply contracts, supplemented by engineering and development services that may be bundled with supply. Customers are exclusively enterprise OEMs and e-bike manufacturers; there is no consumer channel. The company's go-to-market relies on direct enterprise sales engagement with procurement and engineering teams, industry-event presence (e.g., the CII/WEF Davos roundtable on urban mobility alongside BMW, ZF Foxconn, Hyundai, Volvo, KKR), and technology partnerships that function as both capability-build and channel mechanisms. FY25 margins remain under pressure from capex and debt-funded expansion ahead of the planned IPO.

Name

Hero Honda Motors

Legal name

Hero Motors Limited

Website

https://heromotors.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Hero Motors Limited is a B2B OEM supplier of automotive powertrain and transmission systems, including complete gearboxes, e-bike powertrains, and alloy components, serving global two-wheeler, passenger, commercial, and performance vehicle manufacturers from facilities in India, Thailand, and the UK.

Ownership category

akta.pro rank

NAICS

Motor Vehicle Transmission and Power Train Parts Manufacturing (33635), Motorcycle, Bicycle, and Parts Manufacturing (336991)

SIC

Motor Vehicle Parts & Accessories (3714)

akta.pro primary industry

Powersports Powertrain & Drivetrain Manufacturing (Engines/Transmissions/Final Drive) (IMACAEAJ)

akta.pro secondary industries

Passenger Vehicle Transmission & Drivetrain Systems Manufacturing (ICE) (IMACAAAG), Hybrid Powertrain Integration Manufacturing (ICE-HEV/PHEV modules) (IMACAHAJ)

Keywords

• Automotive powertrain components
• Gear and transmission systems
• OEM parts manufacturing
• Electric vehicle drivetrains
• Alloy structural components

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. OEM Components Supply: Hero Motors generates revenue by designing, manufacturing, and supplying automotive powertrain components (gears, transmissions, alloy parts) directly to global automotive OEMs under long-term supply contracts. Revenue is primarily derived from high-volume production orders for motorcycles, passenger vehicles, commercial vehicles, and EVs.
2. Engineering and Development Services: The company provides concept-to-design solutions, prototyping, and validation services to OEM customers, which may be bundled with component supply or charged separately.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Hero Motors Limited designs, develops, and manufactures automotive powertrain solutions including complete gearboxes, transmission systems, hub motors, and lightweight alloy structural components. The company serves global automotive OEMs across motorcycles, passenger vehicles, commercial vehicles, e-bikes, and motorsport segments for both ICE and EV applications. It operates as a fully integrated B2B OEM supplier through two divisions: Powertrain Solutions (Gears & Transmissions, Bike Powertrain, Hewland Engineering) and Alloys & Metallics.

Product overview

Hero Motors Limited is a technology-led automotive powertrain specialist offering comprehensive solutions for both ICE (Internal Combustion Engine) and EV (Electric Vehicle) markets. The company operates as a fully integrated powertrain systems provider with two core business divisions: Powertrain Solutions (encompassing Gears & Transmission Systems, Bike Powertrain including HYM Drive Systems and ESYNC E-bike Division, and Hewland Engineering) and Alloys & Metallics Division. The product portfolio includes gear sets, transmission assemblies, complete gearboxes, hub motors, e-bike components, alloy and sheet metal components for auto OEMs. Hero Motors serves multiple automotive segments including motorcycles, passenger cars, sports cars, commercial vehicles, e-bikes, off-road vehicles, and eVTOL categories.

Differentiator

Problem solved

Functional benefit

Brands

• HYM Drive Systems: Electric mobility drive systems, hub motors for e-bike applications, a joint venture with Yamaha Japan
• ESYNC
• SPUR
• Hewland Engineering
• Hero Moto Sports

Quantifiable outcome

• 15-20% cost advantage compared to competitors
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• KPIT Technologies LtdcoreStrategic or Co-development Partner · 1 December 2025HMC E-Valley Pvt Ltd (HIVE), the electric mobility manufacturing arm of Hero Motors Company, signed an MoU with KPIT Technologies to establish a Centre of Excellence in Delhi-NCR for light electric vehicles. The partnership combines HIVE's manufacturing and prototyping capabilities with KPIT's mobility software and engineering expertise to develop next-generation, cost-effective LEV platforms. Hero Motors CMD Pankaj Munjal expressed ambitions to capture approximately 10% of the global LEV market through this collaboration.
• Confederation of Indian Industry (CII)minorStrategic or Co-development Partner · 1 December 2025Hero Motors Company, in collaboration with CII, hosted an exclusive roundtable discussion on urban mobility trends at the World Economic Forum in Davos, Switzerland. The event brought together global automotive OEMs, micromobility leaders, financial institutions, and technology organizations including BMW, ZF Foxconn, Hyundai Motor, Volvo Group, and investment firms KKR and Gulf International Bank.
• Yamaha Motor JapancoreStrategic or Co-development Partner · 1 January 2023Hero Motors India and Yamaha Japan inaugurated HYM Drive Systems plant at Hero Industrial Park in Ludhiana to produce hub motors for e-bike applications. The joint venture combines Hero Motors' manufacturing scale with Yamaha's electric mobility technology for developing electric bicycle powertrains.
• Hewland EngineeringcoreTechnology or IntegrationHewland Engineering, acquired by Hero Motors, provides race-bred transmission technology with over 60 years of experience working with top racing teams and OEM car manufacturers. Hewland serves as Hero Motors' UK-based R&D center for high-performance transmission design and development.

Scale indicators7 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Endurance Technologies: Indian automotive component manufacturer (aluminium die-castings, gear systems, transmission components) serving two-wheeler and passenger vehicle OEMs. Highly comparable in scale, geographic focus, and product overlap with Hero Motors.
• Sona Comstar: Indian-listed manufacturer of drivetrain components including differentials, gears, and EV motors serving passenger and commercial vehicle OEMs globally. Direct competitor in transmission/drivetrain systems with strong EV pivot comparable to Hero Motors.
• Bharat Forge: India's largest auto component manufacturer with global presence producing forged and machined drivetrain components for automotive OEMs worldwide. Comparable in scale, multi-country footprint, and tier-1 supplier positioning to Hero Motors.
• Linamar Corporation: Canadian Tier-1 automotive supplier manufacturing driveline, engine, and transmission components globally. Comparable business model as a large-scale precision powertrain/drivetrain component manufacturer serving global OEMs.
• American Axle & Manufacturing (AAM): US-headquartered drivetrain specialist manufacturing axles, driveshafts, and driveline components for automotive OEMs. Direct peer in drivetrain/driveline components with global manufacturing footprint.
• Meritor (now part of Cummins): Manufacturer of drivetrain components (axles, brakes, drivelines) for commercial and passenger vehicles globally. Direct peer in specialized drivetrain/driveline component manufacturing.

Broad incumbents

• ZF Friedrichshafen: Global Tier-1 automotive supplier with leading transmission and driveline technology portfolio, already a technology partner of Hero Motors. Massive broad incumbent across powertrain/chassis/passive safety.
• BorgWarner: Global automotive supplier with leading positions in transmission components, drivetrain systems, and EV products. Broad incumbent serving passenger/light vehicle OEMs across powertrain categories.
• Schaeffler Group: Global automotive and industrial supplier with extensive transmission, drivetrain, and chassis bearing product lines. Broad incumbent operating across powertrain, e-mobility, and chassis product categories.

Emerging players

• Yamaha Motor: Hero Motors' strategic JV partner in HYM Drive Systems producing e-bike hub motors. Also a motorcycle and e-mobility OEM competitor, and increasingly relevant peer in global e-bike powertrain space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/hero_cycles
• Facebookfacebook.com/HeroCyclesOfficial

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors2 records

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

M&A

Investments

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

Frequently asked questions about Hero Honda Motors