What are the open and close dates of the Hero Motors IPO ?

Hero Motors IPO will be open between 2026-09-16 and 2026-09-18.

What is the allotment date for the Hero Motors IPO ?

Hero Motors IPO allotment date is 2026-09-22. For Hero Motors IPO allotment status check, you can visit the website of the registrar of the IPO.

Who is the registrar of Hero Motors IPO ?

For Hero Motors IPO, the IPO registrar is KFin Technologies Limited . You can check Hero Motors IPO allotment status on the website of the registrar.

Where is the Hero Motors IPO getting listed?

The shares are proposed to be listed on the BSE and NSE.

When will Hero Motors IPO shares be credited to your demat account?

The Hero Motors IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.

What is the lot size and minimum order quantity of the Hero Motors IPO ?

The Hero Motors IPO lot size is 178 and minimum order quantity is 178.

What is the price band for the Hero Motors IPO ?

Hero Motors IPO has set the price band for its IPO at 84 per equity share with a face value of 10.

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0.74x

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Hero Motors IPO

Automobile Two & Three Wheelers

open

₹14,062Min. investment

Pre-apply
15 Sep
Bid start
16 Sep
Bid end
18 Sep
Allotment
21 Sep
Release of funds
22 Sep
Demat transfer
22 Sep
Listing
23 Sep

Hero Motors Limited IPO Details

Issue size

₹1,000Cr

IPO type

Mainboard

Market Cap

₹3,815CrLower than sector avg

Price range

₹79.00 – ₹84.00

Listing ExchangeBSE, NSE

RevenueApr 2025 - Mar 2026

₹1,188.3CrLower than sector avg

Lot size

178 shares

Red Herring Prospectus

Read

Growth rate3Y CAGR

5.60%Higher than sector avg

SectorAutomobile Two & Three Wheelers

Price range₹79.00 – ₹84.00

IPO type

Regular

Lot size178 shares

Issue size₹1,000Cr

Red Herring Prospectus

Read

Market Cap

₹3,815CrLower than sector avg

RevenueApr 2025 - Mar 2026

₹1,188.3CrLower than sector avg

Growth rate3Y CAGR

5.60%Higher than sector avg

Hero Motors Limited IPO Overview

Hero Motors IPO date

Hero Motors IPO will open for subscription on September 16, 2026, and the closing date for the IPO is September 18, 2026. After this, investors are expected to be updated about the allotment status on September 21, 2026.

Investors who got the IPO allotment can expect shares to be credited to their demat account on September 22, 2026. The shares will be listed on NSE and BSE on Wednesday, September 23, 2026.

Hero Motors IPO price band

The IPO includes fresh issues and an offer for sale. The IPO price band has been set between ₹79 and ₹84 per share. Interested investors can choose a price within this band to apply for the IPO. The IPO is a book-building issue, comprising a fresh issue of ₹600 crore and an offer for sale of ₹400 crore. Hero Motors IPO listing price will be determined on September 23, 2026.

Hero Motors IPO lot size

Hero Motors IPO lot size for retail individual investors is 178 shares, while the minimum investment is ₹14,952 per lot at the upper end of the price band. The total IPO issue size is ₹1,000 crore.

Checklist

Quality analysis

Revenue growth

Company valuation

Earnings expansion

Risk analysis

Debt to Equity ratio

Promoter holdings

Shares pledged

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue

Higher revenue means strong sales and good market demand

This IPO

₹1,188.3Cr

This sector

₹10,445.29Cr

Compare with companies

3Y growth

Strong 3-year growth shows consistent progress and potential

This IPO

5.60%

This sector

0.24%

Compare with companies

PAT

Higher PAT means strong profitability and efficient cost management

This IPO

₹41.16Cr

This sector

₹1,208.89Cr

Compare with companies

Market cap

Higher market cap means strong confidence but may suggest overvaluation

This IPO

₹3,815Cr

This sector

₹64,285.76Cr

Compare with companies

P/E ratio

Lower ratio usually means stock is undervalued

This IPO

73.04

This sector

26.30

Compare with companies

D/E ratio

Lower ratio usually means fewer liabilities

This IPO

0.83

This sector

0.75

Compare with companies

Objectives

General corporate purposes

35.00%

Capital expenditure

33.30%

Repayment of loan

31.60%

Strength and Weakness

Integration of Engineering and Manufacturing

Hero Motors supplies design, prototyping, validation and production of components and powertrain systems. The Gears and Transmissions and A&M product families serve applications, including electric, internal combustion and hybrid cars, but the bike powertrain serves electric mobility vehicles alone. This allows participation and collaboration with OEMs in the design and manufacturing process, even beyond the traditional auto sectors.

EV mobility revenue growth

The share of EV revenue rose from ₹128.09 crore in FY24 to ₹273.29 crore in FY26, increasing its revenue percentage from 12.03% to 23%. Hero Motors sells EV transmission components, and its transmission system has received orders from an Indian OEM of electric two-wheelers. Moreover, there are prospects of selling components to premium motorcycles as their customers are designing their EV counterparts.

Exclusive e-bike CVT hubs position

Hero Motors is the only company manufacturing and exporting CVT hubs from India to global e-bike OEMs. This company cooperates with enviolo, and together they have jointly launched the urban model designed for affordable e-bikes. The agreement grants exclusivity for global manufacture and sale in India and ASEAN markets of this model.

Established premium OEM relationships

Customers include BMW, Ducati, Hero MotoCorp, enviolo, Formula Motorsport and HWA. The average relationship with the top five customers exceeded 12 years at 31 March 2026, and Hero Motors is an exclusive supplier for several BMW projects. Close involvement from quotation and development through production supports continuity of these supply relationships.

Design and development capabilities

The majority investment in Hewland in 2023 expanded design, prototyping and transmission expertise, supporting customer-specific engineering solutions. Hero Motors operates technology centres in India and the UK, and its capabilities include electric-transmission design, analysis, testing and validation.

Manufacturing near customer markets

There were six manufacturing plants which were based in India, the United Kingdom, and Thailand as of 31 March 2026. Thailand enables the manufacture of gearboxes for customers in ASEAN countries, and the UK plant is used for the design, prototyping, and manufacturing of gearboxes for international customers.

Integrated systems and the Yamaha partnership

Hero Motors entered integrated electric drive units under the ESYNC brand in 2023 and has commenced supplies to e-bike OEMs. These systems combine motors, batteries, controllers and other components. Its HYM joint venture with Yamaha provides access to motor technology, design and validation, alongside a manufacturing base for the expanding bike powertrain offering.

Customer concentration risk

The biggest customer contributed 35.5%, with the top 5 and top 10 customers accounting for 61.4% and 72.8% of the revenues in FY26, respectively. Low orders, cancellations or financial problems on the side of the key customers may have an adverse effect on the firm's income.

Market demand and vehicle cycle

Two-wheelers accounted for 41% of FY26 revenue, motorsport and performance cars for 21.3%, and e-bikes for 12.9%. Demand for the company’s products is dependent on OEM production schedules and inventories. Shifts in consumer tastes or regulation and customers' own mix of products will influence the level of orders; the e-bike segment has already experienced some demand-driven revenue volatility.

Geographic risk and international customers

International customers comprised 41.3% of the FY26 revenue, with Europe making up 33.5% and including the UK. Economic and regulatory changes in such geographic locations as Europe may influence demand as well as costs of doing business there.

Subsidiary losses and poor utilisation

Losses in FY26 have been recorded by Hewland, Hero Motors Thai, HYM, Spur Technologies, Hero EDU and Munjal STP in their financial statements. Capacity utilisation in FY26 stood at 24.1% in the UK, 3.8% in Thailand and 14.5% at HYM, based on annual available capacity. Continuous loss and low demand may necessitate additional funding and restrict profit generation.

Capital needs and implementation

Capital expenditure in FY26 stood at ₹92.25 crore, while inventory and accounts receivable were ₹208.51 crore and ₹252.90 crore, respectively. Short-term borrowing was ₹302.02 crore. Any delay in procurement, poor utilisation and poor cash realisations may increase the capital needs of the company.

Supplier risk for raw materials

Consumption of raw material accounted for 54.9% of revenue in FY26. The company relies upon a select few suppliers for crucial raw material supplies and does not have concrete arrangements with all its suppliers. Any change in steel availability and price may influence its production cost and cash flow problems due to delayed customer price adjustments.

Quality, recall, and warranties

Customer agreements place severe restrictions on quality and delivery conditions, coupled with unlimited liability. A customer initiated a product recall for the FY26 period owing to a defective product. Hero Motors claims that the product was made to the customers' specifications and may face further claims. Defects or failure to deliver can mean the cost of replacement, fines, or loss of business.

Change in technology and competition

The company has to produce products that are according to changing specifications and viable in commercial terms. Foreign competitors have more money, patents, and production capacity than do Chinese motor manufacturers. Failure to keep up with changing technology, failing to safeguard intellectual property, and catering to consumer needs are vital for competitiveness.

About Hero Motors Limited

Hero Motors designs, develops, manufactures and supplies powertrain systems and components to automotive original equipment manufacturers (OEMs). Its services span design, prototyping, validation and production, with applications across premium motorcycles, performance cars, e-bikes, off-road vehicles, electric and hybrid vehicles, and aerospace.

The company began operations in 2001 in alloys and metallics and subsequently expanded into gears, transmissions and electric powertrains. Customers include BMW, Ducati, Hero MotoCorp, Enviolo, Formula Motorsport and HWA.

The company operates through powertrain solutions and Alloys and Metallics (A&M). Powertrain solutions contributed ₹637.75 crore, or 53.6%, and A&M ₹550.60 crore, or 46.3%. Within Powertrain solutions, gears and transmissions generated ₹488.88 crore and bike powertrain ₹148.87 crore. Products include gear sets, gearboxes, continuously variable transmission (CVT) hubs, electric motors and integrated electric drive units (EDUs), alongside sheet-metal, tubular and machined components. EV-related sales accounted for 23% of FY26 revenue, compared with 12% in FY24. As of 31st March 2026, Hero Motors operated six manufacturing and assembly facilities: four in India and one each in the United Kingdom and Thailand. It also operated technology centres in Southam, UK, and Gautam Buddha Nagar, India. Its Gautam Buddha Nagar facility had an installed capacity of 72.67 lakh powertrain parts and 2.06 crore sheet-metal parts; utilisation was 88.2% and 74.9%, respectively, measured against annual average available capacity. Two additional facilities in Ludhiana and the Bengaluru region were being established at the RHP date. India contributed 58.6% of FY26 revenue, Europe including the UK 33.5%, the US 3.8%, and other markets 3.9%.

The top one customer contributed 35.5% of revenue in FY26, down from 38.01% in FY24; the top five customers contributed 61.4%, and the top 10 customers contributed 72.8%. The average relationship tenure with the top five customers exceeds 12 years. Key long-standing customers include Hero MotoCorp (25 years), a European premium two-wheeler OEM (15 years), and Ducati (10 years). Hero Motors operates in automotive powertrain systems and precision components, with additional exposure to metal assemblies. Gears and transmissions transfer power to the wheels, while electric motors, CVT hubs and integrated drive units serve electric mobility and e-bikes. Demand reflects vehicle production, premiumisation, electrification and the adoption of complete system solutions by OEMs.

The gears and transmissions market across selected applications in India, the US, EU and ASEAN is estimated at ₹3.4 lakh to ₹3.5 lakh crore in CY25, rising to ₹4.85 lakh to ₹4.95 lakh crore by CY31, at a projected 6 to 8% CAGR. The CVT-hub market for bicycles and e-bikes across those regions plus Japan is projected to grow from ₹500 to ₹700 crore to ₹3,500 to ₹3,700 crore over the same period, at 33 to 38% CAGR. E-bike adoption, easier shifting, quieter operation and technological improvements are identified as CVT demand drivers.

Hero Motors serves these markets through high-end OEM partnerships, Hewland's design strength, enviolo-based CVT products, and motor/ESYNC technology associated with Yamaha. Hero Motors' EV-related sales rose from ₹128.09 crore in FY24 to ₹273.29 crore in FY26. Hero Motors is looking to strengthen its value proposition and ramp up powertrain production in Gautam Buddha Nagar, aligning product development and investments with these industry opportunities.

Now, Hero Motors is launching its initial public offering (IPO), which consists of a fresh issue of ₹600 crore and an offer for sale of ₹400 crore. The total issue size of IPO is ₹1,000 crore. Its shares will be listed on the NSE and BSE.

Hero Motors IPO Subscription Status

Date	QIB	NII	Retail	Total
16-Sep-26 (Today)	0.0 times (X)	1.1 times (X)	0.85 times (X)	0.59 times (X)

Frequently asked questions

How to invest in the Hero Motors IPO ?

Investors can apply for the Hero Motors IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Hero Motors IPO ?

The issue size of the Hero Motors IPO is 1000 Cr.

What is 'pre-apply' for Hero Motors IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Hero Motors IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.

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Hero Motors IPO

Bidding closes on 18 Sep 2026, 5:00 PM