Hero Motors - IPO Report

Hero Motors is an automotive technology company engaged in designing, developing, manufacturing and supplying engineered powertrain solutions to OEMs across the United States, Europe, India and ASEAN. It is a fully integrated powertrain systems provider covering design, prototyping, validation and system- and component-level supply for both electric and non-electric powertrains.

Operations span two segments: Powertrain Solutions, comprising Gears & Transmissions and Bike Powertrain, which contributed 53.67% of FY26 revenue, and Alloys & Metallics, which contributed 46.33%. EV-linked revenue increased from 12.03% of revenue in FY24 to 23.00% in FY26.

The company is recognised for CVT, EV transmission, electric motors, integrated drive units and gear sets. It is the only player manufacturing and exporting CVT hubs to global e-bike OEMs from India and the only manufacturer of integrated electric powertrain products for e-bikes in India.

Customers include BMW, Ducati, enviolo, Hero MotoCorp, Formula Motorsport and HWA. Its capabilities have been strengthened through a majority stake in UK-based Hewland, a joint venture with Yamaha Motor Japan for electric motors under the HYM brand, the acquisition of STPL and the ESYNC electric drive unit platform.

As of March 31, 2026, Hero Motors operated six manufacturing facilities across India, the UK and Thailand and two technology centres at Southam in the UK and Gautam Buddha Nagar in Uttar Pradesh, with two more plants c...