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Investing.com - Macquarie has upgraded Hero MotoCorp Ltd. (HMCL:IN) from Neutral to Outperform and raised its price target to INR6,793.00 from INR6,094.00.
The GST rate cut is expected to accelerate demand in the entry-level two-wheeler segment, where Hero maintains approximately 80% market share, according to Macquarie. This tax reduction should boost replacement demand and make the second-hand market less attractive for consumers.
Hero’s market share has stabilized in the executive motorcycles category, while the company has gained market share in scooters following recent internal combustion engine (ICE) model launches, despite facing capacity constraints.
The company has also seen improvement in its export volumes with enhanced products and dealer access, though current export numbers remain at approximately 25% of TVS and 18% of Bajaj’s export volumes in FY26 year-to-date.
In the electric two-wheeler (E2W) segment, Hero has increased its market share from approximately 5% in FY25 to 11% in October 2025, with Macquarie noting potential upside as the company expands its dealer network.
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