Hero Motors IPO is a mainboard book-built public issue of Hero Motors Limited. The IPO comprises a fresh issue of 7,14,28,571 equity shares aggregating to ₹600 crore and an offer for sale of 4,76,19,047 equity shares aggregating to ₹400 crore. The total issue size is ₹1,000 crore. The price band has been fixed at ₹79 to ₹84 per equity share.
Hero Motors IPO will open for subscription on September 16, 2026 and close on September 18, 2026. The anchor investor bidding is scheduled for September 15, followed by the basis of allotment on September 21, refund initiation and credit of shares on September 22, and tentative listing on September 23, 2026. The shares are proposed to be listed on BSE and NSE.
Hero Motors Limited is an automotive technology and manufacturing company engaged in designing, developing, manufacturing and supplying engineered powertrain solutions and alloy and metallic components. The company serves automotive original equipment manufacturers across the United States, Europe, India and the ASEAN region. Its products are used across two-wheelers, e-bikes, performance vehicles, electric and hybrid vehicles, off-road vehicles and other mobility applications.
As of March 31, 2026, Hero Motors operated six manufacturing and assembly facilities across India, the United Kingdom and Thailand, supported by technology centres in the UK and India. The company also had 1,388 permanent employees, including personnel engaged in research and development activities.
The company intends to use a portion of the fresh issue proceeds to repay borrowings and another portion for equipment purchases to expand capacity at its Gautam Buddha Nagar facility in Uttar Pradesh. The remaining funds are proposed for unidentified acquisitions, strategic initiatives and general corporate purposes.
Table of Contents
Hero Motors IPO Details Information
| Particular | Details |
|---|---|
| IPO Name | Hero Motors IPO |
| Company Name | Hero Motors Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹79 – ₹84 Per Share |
| Issue Size | ₹1,000 Crore |
| Fresh Issue | ₹600 Crore |
| Offer for Sale | ₹400 Crore |
| IPO Open Date | 16 September 2026 |
| IPO Close Date | 18 September 2026 |
| Anchor Investor Bidding | 15 September 2026 |
| Basis of Allotment | 21 September 2026 |
| Refund Initiation | 22 September 2026 |
| Shares Credited to Demat Account | 22 September 2026 |
| Listing Date | 23 September 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 178 Shares |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | ICICI Securities Limited, DAM Capital Advisors Limited, JM Financial Limited |
Hero Motors IPO has a total issue size of ₹1,000 crore, comprising a fresh issue of ₹600 crore and an OFS of ₹400 crore. At the upper price band of ₹84, the company is valued at approximately ₹3,815 crore. The minimum application size is 178 shares, requiring ₹14,952 at the upper price band.
Hero Motors IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 15 September 2026 |
| IPO Opening Date | 16 September 2026 |
| IPO Closing Date | 18 September 2026 |
| Basis of Allotment | 21 September 2026 |
| Refund Initiation | 22 September 2026 |
| Shares Credited to Demat Account | 22 September 2026 |
| Listing Date | 23 September 2026 |
Hero Motors IPO will remain open for three days from September 16 to September 18, 2026. The tentative listing date is September 23, 2026, subject to completion of the allotment and listing process.
Hero Motors IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | 50% of Net Issue |
| Non-Institutional Investors (NII) | 15% of Net Issue |
| Retail Individual Investors (RII) | 35% of Net Issue |
The IPO follows the standard mainboard allocation structure, with up to 50% of the net issue reserved for QIBs, at least 15% for NIIs and at least 35% for retail investors.
Hero Motors IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 178 | ₹14,952 |
| Retail Maximum | 2,314 | ₹1,94,376 |
| S-HNI Minimum | 2,492 | ₹2,09,328 |
The minimum retail application consists of one lot of 178 shares. At the upper price band of ₹84, the minimum investment is ₹14,952. Retail investors can apply for up to 13 lots, or 2,314 shares, requiring ₹1,94,376. The minimum S-HNI application is 14 lots, or 2,492 shares.
About Hero Motors Limited
Hero Motors Limited was incorporated in 1998 and is part of the Munjal family’s automotive business ecosystem. The company operates as an automotive technology and manufacturing business providing system-level and component-level solutions to global automotive OEMs.
The company’s product portfolio covers powertrain systems, gears, transmissions, electric motors, drive systems and other engineered components. Its solutions are designed for both internal-combustion and electrified mobility platforms.
Hero Motors has developed a global operating footprint covering India, the United Kingdom and Thailand. It serves customers across multiple geographic markets, including the United States, Europe, India and ASEAN.
Its customer base includes global names such as BMW AG, Ducati Motor Holding, Enviolo International, Hero MotoCorp, Hummingbird EV, Formula Motorsport and HWA AG. The company is also expanding its capabilities in electric mobility and advanced drivetrain technologies.
Business Operations
Hero Motors operates through two principal business areas: Powertrain Solutions and Alloys & Metallics.
Powertrain Solutions includes transmission systems, gears, gearboxes, CVT hubs, electric motors, integrated drive units and other drivetrain technologies. These products serve two-wheelers, e-bikes, performance vehicles and other mobility applications.
The Alloys & Metallics business manufactures powertrain-neutral metallic and structural components used across internal-combustion, electric and hybrid vehicles.
The company has developed capabilities covering product design, engineering, manufacturing and testing. Its technology centres support product development, design and validation activities.
Hero Motors has six manufacturing facilities across India, the UK and Thailand. The company is also planning two additional manufacturing facilities in Karnataka and Punjab, India.
The company’s ability to serve global OEMs through multiple manufacturing locations gives it exposure to international automotive supply chains. Its product portfolio is also positioned across both conventional and electric mobility platforms.
Industry Overview
The global automotive component industry is undergoing structural changes due to electrification, advanced drivetrain technologies, stricter emission standards and increasing demand for efficient mobility solutions.
India continues to be an important manufacturing base for automotive components because of its engineering capabilities, manufacturing ecosystem and cost competitiveness. At the same time, global OEMs are increasingly looking for suppliers capable of providing engineered systems rather than individual components.
The transition towards electric mobility is creating opportunities in electric motors, integrated drive units, transmission technologies, lightweight components and other specialised systems. However, traditional internal-combustion powertrain technologies continue to represent an important part of the automotive market.
Hero Motors operates across both electrified and non-electrified mobility platforms. Its diversified geographic footprint and customer base provide exposure to several automotive markets.
The industry nevertheless remains competitive and is exposed to raw-material prices, foreign-exchange movements, automobile production cycles, customer concentration, technological changes and significant capital requirements.
Business Strategy
Hero Motors intends to strengthen its position as a global provider of engineered powertrain and mobility solutions.
The company plans to expand manufacturing capacity through additional equipment at its Gautam Buddha Nagar facility. The proposed capital expenditure is intended to support increased production capacity and future business requirements.
Hero Motors is also focused on strengthening its electric mobility capabilities through electric motors, integrated drive systems and other advanced technologies.
The company aims to deepen relationships with global OEM customers and increase its presence across international markets. Its technology capabilities and established customer relationships are expected to support new product development and business opportunities.
The company also intends to pursue inorganic growth through unidentified acquisitions and other strategic initiatives using a portion of the fresh issue proceeds.
Hero Motors IPO Financial Information
Hero Motors has reported improving revenue and profitability in recent financial years. The company’s FY2026 performance benefited from higher revenue and improved profitability compared with FY2025.
The company reported FY2026 revenue of approximately ₹1,188.4 crore and profit after tax of approximately ₹43.6 crore. Revenue increased by around 9.06% over FY2025, while profit increased by approximately 72.9%.
Hero Motors Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹1,083.42 Crore | ₹1,089.60 Crore | ₹1,188.40 Crore |
| Profit After Tax | ₹17.04 Crore | ₹25.20 Crore | ₹43.60 Crore |
| Net Worth | ₹385.44 Crore | — | — |
| Total Borrowings | ₹304.00 Crore | — | ₹289.50 Crore* |
*Borrowings of ₹289.5 crore refer to the July 2026 position disclosed in connection with the IPO.
Hero Motors recorded a significant improvement in profitability during FY2026. Profit after tax increased to approximately ₹43.6 crore from ₹25.2 crore in FY2025. Revenue also increased to approximately ₹1,188.4 crore.
The improvement in earnings is important because the company is entering the public market with a substantial fresh issue intended partly for debt reduction and capacity expansion. The company had borrowings of approximately ₹289.5 crore as of July 2026, against which ₹190 crore of fresh issue proceeds is proposed to be used for repayment or prepayment.
Hero Motors IPO Key Performance Indicators (KPIs)
| KPI | Value |
|---|---|
| Earnings Per Share (EPS) | ₹0.48* |
| Return on Equity (ROE) | 4.54%* |
| Return on Capital Employed (ROCE) | 22.59%* |
| Return on Net Worth (RONW) | 4.42%* |
| Revenue FY2026 | ₹1,188.40 Crore |
| PAT FY2026 | ₹43.60 Crore |
| Debt / Borrowings | ₹289.50 Crore* |
*Certain third-party IPO databases report these KPI figures differently depending on the financial-period and share-capital basis used. The RHP should be treated as the primary source for final valuation and ratio calculations.
Hero Motors’ FY2026 profitability improved substantially compared with the previous year. The company’s revenue growth, stronger PAT and proposed debt repayment are important factors to consider when evaluating the IPO.
Objects of the Hero Motors IPO
The company proposes to utilise the net proceeds from the fresh issue for the following purposes:
• Repayment or prepayment, in full or in part, of certain outstanding borrowings of the company.
• Capital expenditure through the purchase of equipment for capacity expansion at the Gautam Buddha Nagar facility in Uttar Pradesh.
• Funding inorganic growth through unidentified acquisitions and other strategic initiatives.
• General corporate purposes.
Approximately ₹190 crore of the fresh issue proceeds is proposed to be used towards repayment or prepayment of borrowings. Another ₹200 crore is proposed for equipment required for capacity expansion at the Gautam Buddha Nagar facility. The remaining proceeds are proposed to support unidentified acquisitions, strategic initiatives and general corporate purposes.
The proposed use of proceeds indicates that the IPO is intended not only to strengthen the balance sheet but also to support capacity expansion and potential inorganic growth.
Hero Motors IPO Listing Performance
Hero Motors IPO is scheduled to list on BSE and NSE on September 23, 2026. Since the IPO is yet to list, the actual listing price and listing gain are not available.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 23 September 2026 |
| Issue Price | ₹79 – ₹84 Per Share |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The listing performance will be known once Hero Motors shares commence trading. Investors should not rely solely on the listing-day movement and should evaluate the company’s financial performance, competitive position and long-term growth prospects.
Hero Motors IPO Subscription Status
Hero Motors IPO is scheduled to open on September 16, 2026 and close on September 18, 2026. Therefore, final subscription figures are not available as of September 10, 2026.
Subscription data will become available after bidding begins and will be updated as investors submit applications across QIB, NII and retail categories.
Hero Motors IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Employee Category | Not Applicable |
| Total Subscription | To be updated |
The final subscription figures will provide an indication of investor demand for the Hero Motors IPO. The company has reserved 50% of the net issue for QIBs, 15% for NIIs and 35% for retail investors.
Hero Motors IPO Review
Hero Motors IPO provides investors with exposure to an automotive technology company operating across powertrain solutions, electric mobility and alloy and metallic components. The company has a diversified product portfolio serving multiple vehicle and mobility categories.
One of the company’s key strengths is its international customer base. Hero Motors supplies engineered products and solutions to global OEMs including BMW and Ducati, while also serving customers across the US, Europe, India and ASEAN markets. This provides the company with access to multiple automotive markets rather than relying exclusively on domestic demand.
The company also has an established manufacturing footprint, with six facilities across India, the UK and Thailand as of March 31, 2026. Additional manufacturing facilities are planned in Karnataka and Punjab, indicating an intention to increase its production and geographic capabilities.
Financial performance has improved in FY2026. Revenue reached approximately ₹1,188.4 crore, while PAT increased to approximately ₹43.6 crore. The 72.9% year-on-year increase in profit is a positive factor, although investors should examine whether the improved profitability can be sustained over the longer term.
The IPO valuation also needs careful consideration. At the upper price band of ₹84, Hero Motors is valued at approximately ₹3,815 crore. The issue therefore needs to be assessed against the company’s earnings, growth prospects and listed automotive-component peers.
The fresh issue provides a meaningful balance-sheet and expansion opportunity. The planned ₹190 crore debt repayment can reduce financial pressure, while ₹200 crore allocated to equipment at the Gautam Buddha Nagar facility can support additional capacity. The proposed acquisition and strategic-investment component may also provide opportunities for inorganic growth.
However, Hero Motors operates in a highly competitive and capital-intensive automotive industry. Changes in vehicle technology, especially the shift towards electric mobility, could alter demand for particular powertrain products. The company must continue investing in research, development, engineering and manufacturing capabilities to remain competitive.
Overall, Hero Motors IPO has several positive factors, including a global customer base, diversified product portfolio, established manufacturing capabilities, improving FY2026 profitability and clearly defined uses of fresh issue proceeds. At the same time, investors should evaluate valuation, automotive-cycle risks, customer concentration, technological changes and execution risks before making an investment decision.
Hero Motors IPO Strengths
• Global automotive technology and manufacturing presence.
• Supplies engineered solutions to reputed international OEM customers.
• Diversified product portfolio covering powertrain, electric mobility and alloy and metallic components.
• Six manufacturing facilities across India, the UK and Thailand as of March 31, 2026.
• Presence across both internal-combustion and electric mobility platforms.
• Strong engineering and research capabilities supporting product development.
• Exposure to automotive markets across the United States, Europe, India and ASEAN.
• FY2026 revenue increased to approximately ₹1,188.4 crore.
• FY2026 PAT increased significantly to approximately ₹43.6 crore.
• Proposed debt repayment of ₹190 crore can strengthen the balance sheet.
• ₹200 crore proposed for equipment supporting capacity expansion at Gautam Buddha Nagar.
• Experienced leadership under the Munjal family and established Hero Group automotive legacy.
Hero Motors IPO Risk Factors
• The automotive component industry is highly competitive and subject to changing customer requirements.
• Changes in vehicle technology and faster electric-vehicle adoption could affect demand for existing products.
• The company is exposed to fluctuations in raw-material prices and manufacturing costs.
• Dependence on global automotive OEM customers creates customer concentration and order-related risks.
• Automobile production cycles and changes in consumer demand can affect customer orders.
• International operations expose the company to foreign-exchange and geopolitical risks.
• Capacity expansion projects may involve delays, cost overruns or lower-than-expected utilisation.
• The business requires continued investment in technology, research and development.
• Inorganic acquisitions may involve integration, valuation and execution risks.
• The company’s future growth depends on successfully expanding its product portfolio and customer base.
• Automotive suppliers face stringent quality, safety and regulatory requirements.
• Changes in global trade policies, tariffs and supply-chain conditions may affect international business.
Hero Motors IPO Promoters
The promoters of Hero Motors Limited are Pankaj Munjal, Charu Munjal, Abhishek Munjal and O P Munjal Holdings. The company forms part of the Munjal family’s automotive business ecosystem.
Pankaj Munjal has served as Chairman of Hero Motors since the company’s inception in 1998. The company’s leadership structure also includes Abhishek Munjal as Whole Time Director.
The revised IPO structure includes an OFS of ₹400 crore, primarily involving O P Munjal Holdings, with Hero Cycles also participating in the selling shareholder portion.
Hero Motors IPO Promoters Details
| Promoter | Designation |
|---|---|
| Pankaj Munjal | Promoter |
| Charu Munjal | Promoter |
| Abhishek Munjal | Promoter |
| O P Munjal Holdings | Promoter Entity |
The promoters have been associated with Hero Motors and its broader automotive business for several years. The company’s leadership combines promoter experience with professional management and independent board members.
Hero Motors IPO Management Team
Hero Motors has an experienced leadership team responsible for business strategy, manufacturing operations, technology development and corporate governance.
| Name | Designation |
|---|---|
| Pankaj Munjal | Chairman |
| Amit Gupta | Managing Director & CEO |
| Abhishek Munjal | Whole Time Director |
| Keshav Misra | Board Member |
| Sridhar Narayan | Board Member |
| Kulbir Singh | Board Member |
| Pratibha Goyal | Board Member |
| Andrew Charles Palmer | Board Member |
| Ashok Taneja | Board Member |
The company’s official leadership page identifies Pankaj Munjal as Chairman, Amit Gupta as Managing Director & CEO and Abhishek Munjal as Whole Time Director. The leadership team also includes board members with experience relevant to automotive technology, manufacturing and corporate governance.
Hero Motors IPO Registrar Details
KFin Technologies Limited is the registrar to the Hero Motors IPO. The registrar will handle application processing, allotment-related activities, refunds, share credit and investor queries.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | ipostatus.kfintech.com |
| IPO Allotment Status | KFin Technologies IPO Allotment Portal |
| Email ID | [email protected] |
| Contact Number | +91 40 6716 2222 |
KFin Technologies has been appointed as the registrar to the Hero Motors IPO. Investors can check allotment status after finalisation of the basis of allotment through the registrar’s IPO status platform.
Hero Motors IPO Lead Manager Details
The Hero Motors IPO is being managed by three Book Running Lead Managers.
| Particular | Details |
|---|---|
| Lead Managers | ICICI Securities Limited, DAM Capital Advisors Limited, JM Financial Limited |
| ICICI Securities | [email protected] |
| DAM Capital Advisors | [email protected] |
| JM Financial | [email protected] |
The three merchant bankers are responsible for managing the public issue and coordinating the IPO process. Their appointment is disclosed in the company’s IPO documents.
Hero Motors Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Hero Motors Limited |
| Registered Office | Hero Nagar, GT Road, Ludhiana, Punjab – 141 003, India |
| Website | www.heromotors.com |
| Email ID | [email protected] |
| Contact Number | +91 120 4412 000 |
The registered office of Hero Motors is located at Hero Nagar, GT Road, Ludhiana, Punjab. The company’s IPO disclosures provide investor communication through [email protected].
How to Check Hero Motors IPO Allotment Status
Investors can check the Hero Motors IPO allotment status after the basis of allotment is finalised through KFin Technologies or the BSE IPO platform.
Through KFin Technologies
- Visit the official KFin Technologies IPO allotment portal.
- Select Hero Motors IPO from the available issue list.
- Choose PAN Number, Application Number or DP/Client ID.
- Enter the required details.
- Submit the information to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Hero Motors IPO from the list of issues.
- Enter the PAN Number or Application Number.
- Complete verification if required.
- Click Search to view the allotment result.
The Hero Motors IPO basis of allotment is scheduled for September 21, 2026, with refunds and credit of shares expected on September 22 and listing on September 23, 2026.
Hero Motors IPO Conclusion
Hero Motors IPO offers investors exposure to an established automotive technology and manufacturing business with a global customer base and operations across India, the UK and Thailand.
The company has developed capabilities in powertrain solutions, electric mobility, gears, transmissions, electric motors and alloy and metallic components. Its products are used across conventional and electric mobility applications, giving the company exposure to the automotive industry’s ongoing technological transition.
Financial performance improved during FY2026, with revenue of approximately ₹1,188.4 crore and PAT of approximately ₹43.6 crore. The significant improvement in profit compared with FY2025 is a positive factor for the IPO.
The fresh issue also has clearly defined purposes. ₹190 crore is proposed for debt repayment, ₹200 crore for capacity-expansion equipment at Gautam Buddha Nagar, while the remaining proceeds are intended for acquisitions, strategic initiatives and general corporate purposes.
The company’s global OEM relationships, diversified product portfolio, manufacturing footprint and electric-mobility capabilities are important strengths. However, investors should also consider competitive pressures, raw-material costs, automotive demand cycles, technology changes, customer concentration and execution risks.
At the upper price band of ₹84, Hero Motors seeks a valuation of approximately ₹3,815 crore. Investors should therefore compare the IPO valuation with the company’s earnings, growth potential and comparable listed automotive-component businesses before taking an investment decision.
Hero Motors IPO FAQs
What is Hero Motors IPO?
Hero Motors IPO is a mainboard book-built public issue of Hero Motors Limited. The IPO has a total size of ₹1,000 crore, comprising a ₹600 crore fresh issue and ₹400 crore offer for sale.
What is the price band of Hero Motors IPO?
The Hero Motors IPO price band is ₹79 to ₹84 per equity share.
What is the issue size of Hero Motors IPO?
The total Hero Motors IPO issue size is ₹1,000 crore, including a fresh issue of ₹600 crore and an OFS of ₹400 crore.
When will Hero Motors IPO open?
Hero Motors IPO will open for subscription on September 16, 2026.
When will Hero Motors IPO close?
Hero Motors IPO will close for subscription on September 18, 2026.
What is the lot size of Hero Motors IPO?
The Hero Motors IPO lot size is 178 shares. At the upper price band of ₹84, the minimum investment is ₹14,952.
What is the Hero Motors IPO allotment date?
The tentative Hero Motors IPO allotment date is September 21, 2026.
When will Hero Motors IPO be listed?
Hero Motors shares are scheduled to be listed on BSE and NSE on September 23, 2026.
Who is the registrar for Hero Motors IPO?
KFin Technologies Limited is the registrar to the Hero Motors IPO.
What does Hero Motors Limited do?
Hero Motors Limited is an automotive technology and manufacturing company that designs, develops, manufactures and supplies powertrain solutions and alloy and metallic components to automotive OEMs across global markets.
