In April, the Delhi-based player saw senior exports, including CEO Niranjan Gupta and Chief Commercial Officer Ranjivjit Singh.
The company has appointed Vikram Kasbekar as acting CEO, replacing Gupta, who was promoted to the position in 2023.
Honda motorcycles and Indian Private challenged the hero’s dominance and these exits emerged. Limited
Hero’s sales grew 4% in fiscal 2025 to 5.6 million scooters and motorcycles, while Honda’s growth rate was 18% to 5.3 million pair-wheel sales. The Delhi-based company started its final fiscal year, leading 900,000 units, and by 31 March 2025, the company shrank to less than 300,000 units.
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Additionally, the company lags behind famous traditional competitors such as Bajaj Auto Ltd and TVS Motor Co. Ltd.
Hero sold only 48,674 electric VIDA scooters in fiscal 2025, with its market share increasing from 1.8% to 4.2% in a year to 48,674 units. However, this lags far behind competitors, TVS Motor and Bajaj Auto, who sold 237,576 and 230,806 scooters respectively in the year.
Worse, Hero’s scooter sales fell 2% from 400,453 in FY24 to 391,419 in FY24, even as the overall scooter volume grew 17% to surpass the pre-competition level.
Munjal, who first became managing director and CEO in 2001, was when the combination of Hero-Honda had become the world’s largest two-wheeler manufacturer and he might have to help the company prepare to compete better with its competitors.
Munjal faces three challenges: finding a full-time CEO, adding two rounds of sales growth and helping the company build its business in the electric vehicle market.
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So far, investors have taken clues from the company’s performance. In 2025, its share price fell 4.5%, while Nifty Auto grew 1.1%.
In this context, Mint When the company announces its results for January and March on Tuesday, there are five things to watch out for.
income
According to an average estimate by four analysts, the company’s revenue could rise by 2.1% to ₹January-March quarter was Rs 97.1 crore.
Moderate growth in the quarter is behind the slow growth in sales in the market. However, the increasing premiums on its portfolio will help the company.
“The volume growth is still softened because 2W (two-wheeler) demand lags expectations, resulting in a 1% year-on-year growth (year-on-year growth). However, we expect its average selling price to increase by about 3% by about 3%, which is increased by 125cc improvement rate. This could increase revenue by 2% and increase the 2% growth rate.
Profitability
Four analysts estimate profitability will grow nearly 8% to reach ₹This quarter was 10.97 million.
According to analysts, this will be behind the increase in the company’s profit margins. “EBITDA margins could increase by 27/9 BPS YOY/QOQ due to product portfolio and cost control efforts,” Axis Securities analysts wrote in the April 9 note.
Analysts also expect the company’s promotional spending will drop compared to the previous quarter, which should help improve profit margins and profitability.
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Improve the performance of electric vehicles
Its recent launch of Electric Vida Scooter managed to drive sales of its electric car, but it still lags far behind the leaders.
Management’s comments on product release pipelines, investments, and how to see bids from players like Ola Electric and Ather Energy develop Electric Motorcycles, which remains its stronghold.
Analysts recently pointed out that the lower total cost of ownership has prompted several cost-conscious buyers to switch to electric two-wheelers.
Premium trends
As the market share of 125cc motorcycles increases, the rise in average sales prices is a trend, and even heroes can protect Topline’s growth.
With weak consumer sentiment in the overall motorcycle economy market, the share of 75-110 cc motorcycles fell from 62% in fiscal 2019 to 46.5% in January 2025.
“Given the low market share in the scooter and premium motorcycle sectors, we think it will continue to weigh the overall market share of HMCL,” analysts at Kotak Institutional Equities said in a March 12 note.
“So we expect HMCL’s market share in the motorcycle sector to drop from 43.1% in fiscal 2024 to 41.4% in fiscal 2024.”
Management’s comments on how to navigate in the market will be a key key result.
Plan export
The company’s exports of 289,668 units increased by 44% in 2025, becoming the company’s main growth driver in the previous fiscal year.
Analysts say the surge can partially offset the impact of slow sales in the domestic market.
Considering the trade uncertainty affecting global supply chains, management’s comments on how plans can further increase exports will be closely watched.
