Analysts/Institutional Investor Meet/Con. Call Updates

it Hero August 11, 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 June 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 August 7, 2026, for the quarter ended on June 30, 2026. This is for your information and further dissemination. Thanking You, For Hero MotoCorp Limited, Prabhat Singh Company Secretary & Compliance Officer 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 t Hero “Hero MotoCorp Limited Q1 FY27 Earnings Conference Call” August 07, 2026 t Hero equirus CHOR • L L' 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 (EMBU) -- HERO MOTOCORP LIMITED MR. ANUJ DUA – CHIEF BUSINESS OFFICER – PREMIUM BUSINESS UNIT -- HERO MOTOCORP LIMITED MR. SARTHAK SIKKA – INVESTOR RELATIONS - HERO MOTOCORP LIMITED MODERATOR: MR. MIHIR VORA -- EQUIRUS SECURITIES Page 1 of 18 it Hero Hero MotoCorp Limited August 07, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Hero MotoCorp Q1 and FY '27 Earnings Conference Call hosted by Equirus Securities. 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mihir Vora from Equirus Securities. Thank you, and over to you, Mihir. Mihir Vora: Yes. Thank you, Danish. Good morning, everyone. Welcome to the Q1 FY '27 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'll now hand over the call to Sarthak from Investor Relations team of Hero to take this forward. Over to you, Sarthak. Sarthak Sikka: Hi. Thank you, Mihir. Good morning, everyone, and welcome to our earnings call. With us on the call today, we have Mr. Harshavardhan Chitale, who is our CEO; Mr. Vivek Anand, our CFO; Mr. Ashutosh Varma, who is the Chief Business Officer of the India Business Unit; Ms. Kausalya Nandakumar, Chief Business Officer of the Emerging Mobility Business Unit; and Mr. Anuj Dua, who is the Chief Business Officer of Premium Business Unit. We'll 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, Sarthak, and good morning, everyone, and thank you for joining us on this call today. I'm sure that all of you must have seen our results for Q1 fiscal year FY '27. Before we dive into analyzing our performance, I want to highlight that we have already uploaded our quarterly investor presentation on our website besides just the results. And those of you who want to refer to it, please feel free to do so. I and Vivek will also touch upon some of the key points that are highlighted there in that deck through this call. So let's begin with macro and industry trends. Starting first with the underlying demand trend in quarter 1 FY '27. As you all noticed, we had a good tailwind, and we had a good demand momentum throughout the quarter. And 2-wheeler industry volumes grew 14% year-on-year in terms of VAHAN or retail sales, of which 11% was growth in ICE and 67% was in EV. So both ICE and EV had strong demand momentum in quarter 1. This growth was broad-based, supported by improved affordability post GST rate cuts as well as healthy urban and rural demand and continued acceleration in EV adoption. It's heartening to see that this strong demand momentum has continued in quarter 2. And quarter 2 also saw a strong retail growth, year-on- year retail growth in July of 28%. Both ICE and EV again registered similar kind of strong momentum as we saw in quarter 1. Page 2 of 18 it Hero Hero MotoCorp Limited August 07, 2026 Moving to operational performance of Hero MotoCorp in quarter 1. When we look at our dispatches, our volume grew at 23% year-on-year, and our revenue grew 36%. So this extra 13% uplift between 36% and 23% came from improved price realization as well as mix. For the last few quarters, we've been talking about our emphasis on growing in EV, growing in premium, growing in our global business, and growing in scooters. All of these 4 actually performed very well for us this quarter, and that contributed to a positive mix of 8%. So a lot of our growth now as well as going forward, you will see in revenue is on top of volume growth, which is contributed by increasing shift to these higher-value products of scooter, premium, EV, and global businesses. Overall, we saw our wholesale market share increase by 30 basis points in quarter 1. And as I highlighted in the last quarter, our strategy of focusing on fast-growing segments continued to yield results as we consolidated our gains -- besides we consolidated our gains in the Commuter segment. ICE overall grew 21% year-on-year with 18% growth in domestic volumes and 63% growth in global business. Within ICE - scooters, we gained market share by 2.3%. So 230 basis point market share gain was in scooters alone. And now we have crossed close to 7% market share in ICE scooters. In EV, we had a wholesale growth of 151%. And this has helped us gain more than 400 basis points of market share here on -- within 1 year. Now we are consistently retailing at more than 20,000 units every month. And you will see that going forward increasing as we have just now introduced 2 very exciting new products, and later on, Kausalya can speak more about that. And we've also done the first leg of our capacity expansion, which comes on stream, has already come on stream on August 1st. So both these new launches as well as additional capacity will see a further boost to our EV sales going forward. On global business, we expanded our market share by 110 basis points within the quarter. And in parts and accessories business, which is a very profitable contributor to our financials, we saw strong growth of 30% year-on-year. Moving to some key new launches that we did in the quarter. We had a number of launches in ICE. We saw Super Splendor XTEC 2.0, which comes with a best-in-class mileage as well as the silent start. We also launched a Passion Plus Disc variant, so both of which actually expanded our -- so Passion Plus Disc variant expands our 100cc portfolio. And then in July, you heard from us about new launches in VIDA, where we've now launched a premium variant of VIDA VX2. It gives 187 kilometers of IDC range and also a superior fast charging capability. And if you want to learn more about it, Kausalya is on the call to talk more about it later. In terms of our technology advancements, we continue to do investments in new powertrains with our focus on the future of mobility, clean mobility. And hence, you heard from us in June about our flex fuel range that we introduced. We are the first ones to have introduced in the core commuter segment, flex fuel variants of our highest selling m [Showing first 8,000 characters — download PDF for full document]