Analysts/Institutional Investor Meet/Con. Call Updates

it Hero November 3, 2026 Asst. Vice President, Listing Deptt., The Secretary, National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Plot C-1, Block G, 25th Floor, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (E), Dalal Street, Mumbai - 400 051 Mumbai - 400 001 Scrip Code: HEROMOTOCO Scrip Code: 500182 Subject: Transcript of the Earnings Call for the quarter ended September 30, 2026 Dear Sir / Madam, Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, please find attached the transcript of the earnings conference call held on October 29, 2026, for the quarter ended on September 30, 2026. Kindly take the above information on records. Thanking You, For Hero MotoCorp Limited, Prabhat Singh Company Secretary & Compliance Officer Encl. as above Hero MotoCorp Ltd. Regd. Office: The Grand Plaza, Plot No.2, Nelson Mandela Road, Vasant Kunj - Phase -II, New Delhi - 110070, India Tel. +91-11-46044220, Fax +91-11-46044399 I Email: corporate.communicationfteromotocorp.com I www.heromotocorp.com CIN: L35911 DL1904PLC017354 I: Hero “Hero MotoCorp Limited Q2 FY27 Earnings Conference Call” October 29, 2026 l ; Hero PhillipCapital Your Partner In Finance MANAGEMENT: MR. HARSHAVARDHAN CHITALE – CHIEF EXECUTIVE OFFICER – HERO MOTOCORP LIMITED MR. VIVEK ANAND – CHIEF FINANCIAL OFFICER – HERO MOTOCORP LIMITED MR. ASHUTOSH VARMA – CHIEF BUSINESS OFFICER, INDIA BUSINESS UNIT – HERO MOTOCORP LIMITED MS. KAUSALYA NANDAKUMAR – CHIEF BUSINESS OFFICER, EMERGING MOBILITY BUSINESS UNIT – HERO MOTOCORP LIMITED MR. ANUJ DUA – CHIEF BUSINESS OFFICER, PREMIUM BUSINESS UNIT – HERO MOTOCORP LIMITED MR. NITIN VAID – HEAD, INVESTOR RELATIONS – HERO MOTOCORP LIMITED MODERATOR: MR. AMIT HIRANANDANI – PHILLIPCAPITAL INDIA PRIVATE LIMITED Page 1 of 17 l: Hero Hero MotoCorp Limited October 29, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Hero MotoCorp Limited Q2 FY27 Earnings Conference Call, hosted by PhillipCapital India Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is now being recorded. I now hand the conference over to Mr. Amit Hiranandani from the PhillipCapital India Private Limited. Thank you, and over to you, sir. Amit Hiranandani: Thank you, and good morning, everyone. Welcome to the Q2 FY27 Post Results Conference Call of Hero MotoCorp. I would like to thank the management team of Hero MotoCorp for giving us the opportunity to host this call. I will now hand over the call to Mr. Nitin Vaid, who recently joined as Head of Investor Relations team of Hero MotoCorp, to take this forward. Over to you, Nitin. Nitin Vaid: Thank you, Amit, and it's an absolute pleasure to be hosting my first earnings call for Hero. Good morning, everyone, and welcome to the second quarter fiscal year ended March 31, 2027 Earnings Call. We put out a press release and an earnings presentation announcing the results yesterday. A copy of the press release and the earnings presentation is now available in the Investor Relations section of our website. With us on the call today are Mr. Harshavardhan Chitale, our CEO; Mr. Vivek Anand, our CFO; Mr. Ashutosh Varma, Chief Business Officer- India Business Unit; Ms. Kausalya Nandakumar, Chief Business Officer- Emerging Mobility Business Unit; and Mr. Anuj Dua, Chief Business Officer- Premium Business Unit. Please note that our safe harbor statements are contained within our presentation and other materials available on our website. These statements are important and integral to all our remarks. We will begin the call with opening remarks from Harsh and Vivek followed by a Q&A session. And with that, let me hand over to Harsh. Harshavardhan Chitale: Thank you, Nitin, and welcome to Hero MotoCorp. Good morning, everyone, and welcome to this earnings call. But before I begin with our prepared remarks on our business and financial highlights, I would like to wish you all and your families a very happy and prosperous Diwali in advance. And to those of you who are also celebrating Karva Chauth, best wishes on Karva Chauth. We ended H1 FY27 with a strong revenue growth of 28% and profit after tax growth of 16% Y- o-Y. And Vivek will deep dive further into our financial performance for Q2 as well as H1 both standalone as well as consolidated entity. Let's begin with what we see happened in the industry as a whole. Q2 was another strong quarter for the 2-wheeler industry, with VAHAN retail growing by over 27%. ICE grew 23% and EV Page 2 of 17 l: Hero Hero MotoCorp Limited October 29, 2026 at 82%. Growth continued to be broad based. And since this question gets asked often and it's very topical right now, we see growth both in urban and rural markets. And when I look at HMCL performance, actually our rural performance is equal or better than the urban performance last quarter as well as in this quarter, quarter to date. For H1 FY27, this industry growth translated also into strong retail growth of over 20% Y-o-Y. And for those of you who want to understand the impact of pent-up demand of GST, what was the impact of that, to take that impact away we also looked at what was the growth over a 2-year period. And over a 2-year period, it was an 11% CAGR, which shows that industry as a whole has a healthy growth momentum even after discounting the impact of a pent-up demand. With the festive season underway, we do see demand fundamentals continue to hold up, and we expect the industry as a whole to deliver mid to high single-digit growth during the festival period, and we are seeing that already in the festival to-date performance. Let's now move to Hero MotoCorp's operational performance. We continue to execute on our key pillars of our business strategy of expanding market share in fast-growing segments of the 2-wheeler industry. And I'm happy to report that with that execution, we gained market share in our ICE portfolio every month of the last quarter. So in all the 3 months, every month, we gained VAHAN share. Our ICE retails outpaced industry growth, recording a strong growth of 24% year-on-year during the quarter. Now let me highlight some key drivers behind this performance. Scooter was a big contributor of this growth and scooter portfolio continued to gain traction with the fifth quarter of year-over- year expansion in our market share. In some of the key markets of South, for example, which is a big scooter market, our ICE scooter market share has now crossed 10% level, and we are scaling our products to other regions rapidly. Our ICE scooter dispatches have grown 34% year- on-year in quarter 2 and for the full half year, the disparate growth has been in excess of 50%. If you look at how the business mix of scooters has grown over the last 2 years, for the corresponding quarters, when you compare them, our scooters and mix has now increased by 3 percentage points in our entire business mix. Moving to 100cc motorcycles, and this is also a question we get quite often that you have a large exposure as a company to this category, how is this category doing? Is it underperforming versus the rest? In quarter 2, we see 10% growth in 100cc as a whole and in H1, we have seen 11% growth. So this category also continues to expand and contribute to our business performance. Splendor has grown at over 20%. And what's also interesting to note is Splendor's XTEC variant which is the premium variant of Splendor now contributes to over 25% of Splendor volumes. Moving to our EV portfolio. Retail in our VIDA grew by 105% year-on-year and now we've gained 170 basis point market share in H1 of FY27. Earlier this fiscal, we had launched new variants of our VIDA, the VX2 Go 3.1 k [Showing first 8,000 characters — download PDF for full document]