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Hero Motors Ltd IPO

Tech-led NBFC delivering AI/ML driven retail credit across Tier-2 & Tier-3 India.

Listed
Price Band ₹84 per share per share
Lot Size 178 Shares
Min. Investment ₹14952
Issue Size ₹1000 Cr
Face Value ₹10
IPO Open 16 September 2026
IPO Close 18 September 2026
Allotment 21 Sep 2026
Listing 23 Sep 2026
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Subscription status for Hero Motors Ltd IPO

As of 23 Oct 26, 2:43 AM. Will get Updated in every 30 minutes

QIB -

Qualified Institutional Buyers

NII -

Non-Institutional Investors

Retail -

Retail Individual Investors

Total -

Across all investor categories

Key dates

IPO schedule for Hero Motors Ltd

From the day bidding opens to listing — every milestone you need to track.

IPO Open 16 Sep 2026
IPO Close 18 Sep 2026
Allotment 21 Sep 2026
Refund / Unblock 22 Sep 2026
Listing 23 Sep 2026
About the company

Who is Hero Motors Ltd ?

Hero Motors Limited was initially incorporated as Hero Briggs & Stratton Auto Private Limited' as a Private Company, dated April 30, 1998. Thereafter, the name of the Company changed the name to Hero Auto Private Limited' dated April 10, 2003 at Delhi, ROC and again it changed the name to Hero Auto Limited' upon conversion to a Public company on October 30, 2003 and to 'Hero Motors Limited' dated September 15, 2004. A fresh certificate of Incorporation was issued by the Central Processing Centre.

Hero Motors Ltd. is an innovation-driven industry-leader recognized worldwide for offering the latest technology in all the products at a real cost advantage to clients, all leading global OEMs in their domains. It supply a wide range of best-in-class products and end-to-end solutions in Gears & Transmission, Alloy & Metallic parts and Bike Powertrain systems to premium brands in the Motorcycle, Automotive, Off Road and Electric Vehicle (EV) segments.

The Company commenced operations in 2001 with the A&M segment, focusing on sheet metal component manufacturing, machining of casting products and other sheet metal components. It entered into powertrain solutions segment in G&T and subsequently partnered with a US-based technology company, Enviolo, which owns patented technology known as continuous variable planetary transmission (CVP) or continuous variable transmission (CVT) in the automotive sector to grow the powertrain business further. The Company formed a joint venture with 'Yamaha Motors-Japan' in 2021 to manufacture electric motors which commenced operations in 2022.

In 2023, the Company launched a transmission manufacturing facility at Samut Prakan, Thailand, expanding gearbox supply within the ASEAN region. In 2024, the Company ventured into the electric drive unit (EDU) division for micro-mobility.

The Company incorporated 'Munjal STP Industries Pvt Ltd' as subsidiary on July 22, 2025.

The Company came up with IPO of 119,047,618 equity shares of Rs 10 each and raised funds aggregating to Rs 1000 crore, which comprise a fresh issue of 71,428,571 equity shares amounting to Rs 600 crore and the offer for sale of 47,619,047 equity shares amounting to Rs 400 crore on September 18, 2026.

Financial track record

Financials at a glance

Three-year trajectory of revenue, profit and assets — restated as per the RHP.

Revenue PAT Total Assets
FY 2026
FY 2025
FY 2024
Metric (₹ Cr)FY 2026FY 2025FY 2024
Total Income1,034.54917.00911.76
EBITDA141.2482.1464.72
PAT65.6223.6118.97
AUM1,132.50988.06958.15

Strengths & Risks

A balanced look at what works in the company's favour and what investors should watch.

Strengths

  • Among India's Leading Solutions Provider to Global E-Mobility Industry backed by Diversified Product and Service Offerings.
  • Growing Market Presence in the Electric Bikes and Premium Two-Wheelers Segments.
  • Longstanding Relationships with Premier Global Original Equipment Manufacturers and Expertise in Delivering Solutions.
  • Advanced Infrastructure with Geographically Diverse Operations.
  • Strong Research and Development Capabilities and Long-Term Partnerships.

Risks

  • The company generates a portion of its revenue from operations from jurisdictions outside India, in particular, from Europe which contributed 33.59%, 28.45% and 29.33%, of the company's revenue from operations, in Fiscal 2026, 2025 and 2024, respectively. Any adverse events affecting these jurisdictions could have an adverse impact on its revenue from operations.
  • The company's business is dependent on the performance of certain industries particularly e-bikes and two wheelers, both in the Indian and overseas markets. Any adverse changes in the conditions affecting these industries can adversely impact its business, results of operations, cash flows and financial condition.
  • The company depends on a certain limited set of suppliers for the supply of critical raw materials. Further, the company does not have definitive supply agreements with all its suppliers for the supply of raw materials. Interruptions in the supply of raw materials could adversely affect the company's business, financial condition, results of operations and cash flows.
  • The company is subject to strict performance requirements, including, but not limited to, quality and delivery, by its customers, and any failures by the company to comply with these performance requirements may lead to recalls or warranty liability claims, reduction of share of business or the cancellation of existing or future orders, which could have a material adverse effect on the company's business, financial condition, results of operations and cash flows.
  • The company's business largely depends upon its top 10 customers. In Fiscals 2026, 2025 and 2024 the company's revenue from operations from top 10 customers was Rs. 8,661.40 million, Rs. 8,501.96 million and Rs. 8,191.86 million, representing 72.89%, 78.03% and 76.96% of its revenue from operations, respectively. The loss of any of these customers could have a material adverse effect on the company's business, financial condition, results of operations and cash flows.
  • The company may not be able to anticipate and respond swiftly to changing technological and market trends, as well as to develop new products aligned with customer demands in the automotive sector, which could have an adverse impact on its financial condition.
  • The company may not be able to compete effectively in the global powertrain solutions industry which could have a material adverse effect on its business, financial condition, results of operations and cash flows.
  • The company operations involve activities and materials which are hazardous in nature and could result in a suspension of operations and/or the imposition of civil or criminal liabilities which could adversely affect its business, results of operations, cash flow and financial condition.
  • The company's inability to maintain and protect its brand and business reputation could adversely affect the company's business, prospects and financial performance.
  • The company's manufacturing facilities and technology centres are subject to operating risks. Any shutdown of its existing technology centres and manufacturing facilities or future technology centres and manufacturing facilities or any other operational problems caused by unforeseen events may reduce sales, market share and adversely affect the company's business, cash flows, results of operations and financial condition.

Hero Motors Ltd IPO — frequently asked questions

The Hero Motors Ltd IPO opens on 16 September 2026 and closes on 18 September 2026. Bidding is accepted from 10:00 AM on the open date until 5:00 PM on the close date. The IPO is available to all eligible investors including retail individual investors, non-institutional investors, and qualified institutional buyers.
The price band for Hero Motors Ltd IPO is Rs 84 to Rs 84 per share. The lot size is 178 shares per lot, requiring a minimum investment of Rs 14952 at the upper price band. Investors must apply for a minimum of one lot and can apply for up to 178 lots as per SEBI guidelines.
You can apply for the Hero Motors Ltd IPO through the Chola Securities app or web platform using UPI or ASBA. Log in to your account, navigate to the IPO section, select Hero Motors Ltd from the open IPOs list, enter your bid quantity and price within the price band, and submit your application. You need an active demat account, a linked bank account, and a valid PAN to apply. Bidding closes on 18 September 2026 at 5:00 PM.
Allotment for Hero Motors Ltd IPO is scheduled on 21 Sep 2026. Refunds or unblocking of funds for unsuccessful applicants will be processed on 22 Sep 2026. The shares are expected to list on 23 Sep 2026. You can check your allotment status on the Chola Securities IPO page or through the registrar's website using your PAN.
Chola Securities' research team has reviewed the Hero Motors Ltd IPO based on the company's financials, business model, valuation, and sector outlook. The recommendation is available on this page. Investors are advised to read the full IPO note along with the company's Red Herring Prospectus before making an investment decision.
Yes, you can revise or withdraw your Hero Motors Ltd IPO bid before the subscription window closes on 18 September 2026 at 5:00 PM. Revisions can include changing the quantity or price within the allowed price band. To withdraw, cancel your application through the platform before the closing time. Once the subscription period ends, no further changes are permitted.
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