Hero Motors IPO
UPCOMINGMAINBOARDUpcoming Issue
₹1000.00 Cr
Opens
16 Sep 2026
Fresh / OFS
₹600.00 Cr / ₹400.00 Cr
- Price Band
- ₹79 – ₹84
- Lot Size
- 178
- Lot Value
- ₹14,952
- Open Date
- 16 Sep 2026
- Close Date
- 18 Sep 2026
- Min Investment
- ₹14,952
About Hero Motors
Manufactures powertrain components and solutions for two-wheelers, e-bikes, motorsport and automotive applications, selling to OEM customers globally.
Use of IPO Proceeds
Total allocation: ₹390.00 Cr (excludes issue expenses)
Promoters
Pankaj Munjal
Chairman, Non-Executive and Non-Independent Director · age 63
See 'Our Management' on page 315 for complete professional experience details.
Pre-issue: 2.43%
Charu Munjal
Promoter · age 60
Luxury and Lifestyle business
Bachelor of Arts (Honours Course) in Sociology from the University of Delhi
Pre-issue: 0.24%
Abhishek Munjal
Whole time Director · age 35
See 'Our Management' on page 315 for complete professional experience details.
Pre-issue: 0.18%
Investment Analysis
Quick Analysis: 5 strengths · 6 risk factors· Exchange: BSE, NSE
Strengths (5)
- •Diversified customer base across multiple geographies and end-use industries
- •Established presence in Europe with 33.59% of FY26 revenue
- •Strong customer relationships with global OEMs including Hero MotoCorp, BMW, Ducati
- •Material subsidiary with specialised transmission design technology expertise
- •Quality certifications and accreditations for products and manufacturing practices
Risk Factors (6)
- •Revenue concentration in Europe (29-34% of operations) exposes company to adverse geopolitical and economic events in that jurisdiction.
- •Geopolitical instability, conflicts, and wars globally may adversely impact business operations and financial performance unpredictably.
- •Indian economic slowdown or policy changes could materially reduce business growth and profitability across operations.
- •Natural disasters, pandemics, and acts of war may disrupt operations, supply chains, and increase costs significantly.
- •India macroeconomic factors including interest rates and inflation could increase borrowing costs and reduce operating margins.
- •First public offering lacks market history; offer price may not reflect post-listing market value or trading activity.
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
ANALYSIS PENDINGRating will be available once IPO opens for subscription.
This is algorithmic analysis, not investment advice. Always read the DRHP before investing.
GMP Trend
GMP data will appear a few days before the IPO opens.
Quick Profit Calculator
Pre-filled: Issue Price = ₹84, Lot Size = 178 shares
Number of Lots
| Lots | Investment |
|---|---|
| 1 | ₹14,952 |
| 2 | ₹29,904 |
| 3 | ₹44,856 |
| 5 | ₹74,760 |
| 10 | ₹1,49,520 |
Estimated profit based on GMP. Actual listing price may vary.
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 178 | ₹14,952 |
| Retail (max) | 13 | 2,314 | ₹1,94,376 |
| S-HNI (min) | 14 | 2,492 | ₹2,09,328 |
| S-HNI (max) | 66 | 11,748 | ₹9,86,832 |
| B-HNI (min) | 67 | 11,926 | ₹10,01,784 |
Subscription Status
Subscription data will appear once bidding begins.
IPO Timeline
Issue Opens
16 Sep 2026 · Wed
Issue Closes
18 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
18 Sep 2026 · 5:00 PM IST
Allotment
21 Sep 2026 · Mon
Listing
23 Sep 2026 · Wed
Issue Opens
16 Sep 2026 · Wed
Issue Closes
18 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
18 Sep 2026 · 5:00 PM IST
Allotment
21 Sep 2026 · Mon
Listing
23 Sep 2026 · Wed
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | BSE, NSE |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹1000.00 Cr |
| Fresh Issue | ₹600.00 Cr |
| OFS Size | ₹400.00 Cr |
| Lead Managers | — |
3-Year Financial Summary
Revenue trend
↑ FY24→FY26
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY26 | 1,188.35 | 41.17 | 1.08 | 78.10 | — |
| FY25 | 1,089.59 | 32.8 | 0.86 | 98.04 | — |
| FY24 | 1,064.39 | 17.04 | 0.45 | 188.75 | — |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 1,083.42 | 1,111.23 | 1,216.74 |
| Cash Flow — Operating | 131.97 | 48.34 | 144.04 |
| Cash Flow — Investing | -76.93 | -135.23 | -69.39 |
| Cash Flow — Financing | -20.36 | 53.69 | -61.8 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
78.1x
Price ÷ EPS
EPS (FY26)
₹1
Earnings per share
RoNW
—
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
—
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | — |
| Equity Shares (Pre-Issue) | 38,27,87,005 |
| Equity Shares (Post-Issue) | — |
Source: Hero Motors offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Hero Motors's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Hero Motors's filing.
Source: Hero Motors offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- O P Munjal Holdings₹400.00 Cr
- Hero Cycles Limited77,52,750 sh
Source: Hero Motors offer document (DRHP/RHP).
Board & Management
Board of Directors (1)
- Andrew Charles Palmer
Non-Executive and Independent Director
founder and director of Palmer Automotive Limited
Source: Hero Motors offer document (DRHP/RHP).
Industry & Market
one of India's leading automotive technology companies engaged in designing, developing, manufacturing and supplying highly engineered powertrain solutions
Per CRISIL Intelligence Report - Industry assessment Powertrain Solutions and Alloys & Metallics Components, August 2026, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Hero Motors Limited | — | 1.15 | 8.53 | 12.72 |
| CIE Automotive India Limited | 17.68 | 21.69 | 13.18 | 164.65 |
| Endurance Technologies Limited | 40.84 | 67.66 | 15.29 | 442.54 |
| Sona BLW Precision Forgings Limited | 76.5 | 10.3 | 10.77 | 93.93 |
| UNO Minda Limited | 59.84 | 20.78 | 19.59 | 113.77 |
| Varroc Engineering Limited | 56.15 | 14.73 | 18.7 | 80.45 |
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Documents
Frequently Asked Questions
When is the Hero Motors IPO opening?
The Hero Motors IPO opens on 16 Sep 2026 and closes on 18 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Hero Motors IPO?
The price band for the Hero Motors IPO is ₹79 to ₹84. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Hero Motors IPO?
The minimum lot size is 178 shares with a minimum investment of ₹14,952. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Hero Motors IPO today?
Grey Market Premium data for Hero Motors is not available yet. It typically starts appearing a few days before the IPO opens.
When will the Hero Motors IPO list on NSE and BSE?
The Hero Motors IPO is expected to list on 23 Sep 2026 on BSE, NSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Hero Motors IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Hero Motors IPO a mainboard or SME issue?
Hero Motors is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Hero Motors IPO?
You can apply for the Hero Motors IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
Should I subscribe to Hero Motors IPO?
Based on our algorithmic analysis, Hero Motors IPO is rated UNRATED with low confidence. Rating will be available once subscription and GMP data is collected. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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