Hero Motors IPO Review, Financial Analysis & Valuation

Hero Motors Limited, established in 1998, is an Indian automotive technology and manufacturing company that develops powertrain solutions for vehicle manufacturers in India and international markets. The company works with customers across the United States, Europe, India and the ASEAN region, supplying products and technologies used in both conventional and electric mobility. Its product portfolio includes gears and transmissions, continuously variable transmissions (CVTs), EV transmissions, electric motors, integrated drive units and other precision powertrain components. These products are used across a wide range of applications, including two-wheelers, e-bikes, performance vehicles, off-road vehicles, electric and hybrid cars, heavy-duty vehicles and emerging eVTOL mobility platforms. Hero Motors is also active in the global e-bike market, where it manufactures and exports powertrain products such as CVT hubs and integrated electric drive solutions. Beyond manufacturing individual components, the company supports customers across different stages of product development, including design, prototyping, validation, development and final production. The business operates mainly through two segments: Powertrain Solutions and Alloys & Metallics. The Powertrain Solutions business includes Gears & Transmissions (G&T), which caters to automotive and mobility applications, and Bike Powertrain (BPT), which focuses primarily on e-bikes and other micro-mobility applications. The Alloys & Metallics segment manufactures sheet-metal and tubular assemblies and components for automotive manufacturers. Hero Motors serves a mix of Indian and global customers, including companies such as BMW, Ducati, enviolo, Formula Motorsport, Hummingbird EV and HWA. As of March 31, 2026, the company had 1,388 permanent employees along with 707 contract workers.