Hero MotoCorp’s total wholesales increased by 3% while the street had estimated an increase of 7%. However, its retail growth momentum remained strong as it increased 19% from the previous year.
Total sales in August were at 5.68 lakh units, up 2.65% from the previous year’s 5.54 lakh units. However, it was below the CNBC-TV18 poll of 5.9 lakh units.
The company’s motorcycle sales declined by 1.5% to 4.94 lakh units compared to 5.02 lakh units in August last year, but its scooter sales increased 42%.
Its export sales also declined by 24.6% in August to 26,093 units from 34,588 units in the year-ago period, while its domestic sales increased to 5.42 lakh units from 5.19 lakh units last year.
In comparison, Honda Motorcycle & Scooter India (HMSI) recorded total sales of 5.79 lakh units in August 2026, registering 8% year-on-year growth from 5.34 lakh units in August 2025. Honda’s domestic sales increased 8% to 5.17 lakh units from 4.81 lakh units, while exports rose 15% to 0.61 lakh units from 0.53 lakh units a year earlier.
For the April-August 2026 period, HMSI’s total sales stood at 27.33 lakh units, up 13% from 24.25 lakh units in the year-ago period. Domestic sales rose 11% to 24.07 lakh units from 21.76 lakh units, while exports increased 31% to 3.26 lakh units from 2.49 lakh units during April-August 2025.
Last month, last month Hero MotoCorp said it was expecting to increase its electric vehicle production capacity to 45,000 units a month by the end of the financial year 2027, tripling its output from where it stood at then end of FY26.
The two-wheeler maker had a monthly EV capacity of 15,000 units at the end of the previous fiscal. This has now risen to nearly 30,000 units, Hero MotoCorp’s CEO Harshvardhan Chitale, said.
On another note, last week, Ather Energy’s board approved the allotment of 16.3 lakh equity shares and 79.4 lakh convertible warrants, as part of its ₹1,200 crore preferential fundraise.
Of this, Hero MotoCorp, which is Ather’s largest shareholder, was allotted 76.2 lakh convertible warrants at ₹1,260 each, which represented an investment of nearly ₹1,000 crore if the warrants are fully converted into shares. Post the transaction, Hero MotoCorp is set for its stake to rise to 29.88% in Ather Energy from 28.69% on a fully-diluted basis.
The warrants do not immediately convert into shares. As per the terms of the issue, investors are needed to pay 25% of the warrant price upfront and the remaining 75% is payable when they choose to convert the warrants into equity. The same can be converted in one or more tranches within 18 months of the convertible warrants’ allotment.
Shares of Hero MotoCorp are now trading 6.2% lower at ₹5,211.5. With this fall, the stock has extended its losses for 2026 to 11%. The stock is currently the top loser on the Nifty 500 index.
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