Hero Motors Limited

This section provides an overview of the industry and macroeconomic context, drawing data from various industry publications. It discusses the impact of global economic conditions, including the fallout from the West Asia conflict, on various regions. The text details projections for global and Indian GDP growth, highlights risks such as supply chain disruptions and inflationary pressures, and outlines the supportive role of government fiscal measures. It also covers inflation trends, noting spikes in wholesale price index inflation due to input costs and the potential for weather-related risks to impact agricultural output.

The global passenger vehicle industry experienced a transformation between 2020 and 2025, marked by a decline followed by a gradual recovery, though sales remain below pre-pandemic levels. The market shift involved a move towards automated transmission technologies, with Automatic Transmissions remaining dominant while other types saw changes in their market share. Electrification is a major trend, with Battery Electric Vehicles (BEVs) gaining dominance over Plug-in Hybrid Electric Vehicles (PHEVs). Furthermore, the global two-wheeler industry showed significant growth, particularly in the Battery Electric segment.

The global two-wheeler industry showed steady growth between CY20 and CY25, with sales increasing from 12.54 million to 16.89 million units, experiencing a strong growth phase until CY22 before moderating. Growth was supported by post-pandemic demand recovery, rising urbanization, and the increasing adoption of electric two-wheelers. Motorcycles remained the dominant segment, accounting for nearly 55% of total sales in CY25, while scooters showed slightly faster growth due to consumer preference for convenient urban mobility. The market is also seeing a transition towards electrification, with electric two-wheelers gaining traction, although established infrastructure still favors Internal Combustion Engine (ICE) vehicles.

The analysis covers trends in the European and ASEAN two-wheeler markets, highlighting the shift towards electrification alongside the continued dominance of Internal Combustion Engine (ICE) vehicles. In Europe, ICE motorcycles remained dominant, though electric motorcycle penetration showed growth. In ASEAN, while small-displacement ICE vehicles were crucial, the market saw increased traction for electric scooters, and a gradual shift towards higher-displacement scooters was observed. Globally, the two-wheeler market is projected for steady growth, driven by urbanization, with motorcycles maintaining a leading position, while scooters are expected to gain traction as urban mobility solutions.

The global two-wheeler industry is set for significant electrification, with electric motorcycles and scooters gaining traction across major markets. EV penetration in the motorcycle segment is projected to increase substantially, while the scooter segment is also expected to see strong growth. The transition towards cleaner mobility solutions is driven by improving battery technology, expanding charging infrastructure, and supportive government policies. Various regional outlooks show differing growth rates and segment dominance depending on local factors like urban usage and cultural acceptance.

The Indian two-wheeler industry showed a strong rebound following the pandemic slowdown, with the market expanding at a CAGR of 16.2% between fiscal 2022 and 2026. Sales volume showed significant growth, with industry sales reaching 20 million units in fiscal 2025 and 22.1 million units in fiscal 2026. Scooters experienced gradual expansion, with their market share increasing from 30.9% to 38.2% over the period, driven by new model launches and changing consumer preferences. Furthermore, there has been a clear trend towards premiumization, with an increasing share of motorcycles having higher engine capacities. The market structure shows that major players like Hero MotoCorp have seen their contribution decline due to traction in scooters and premium motorcycles.

The analysis covers various market dynamics within the Indian two-wheeler industry, detailing sales trends for different manufacturers and segments. It highlights shifts in market share among key players like TVS, Bajaj, and Honda across motorcycle and scooter categories. Furthermore, the text discusses the significant impact of electrification, noting the strong growth in the EV segment compared to the ICE segment. The industry outlook suggests continued growth driven by positive macroeconomic factors, R&D investments, and the expansion of the EV portfolio.

The Indian passenger vehicle market has shown strong recovery and steady growth, with sales volume increasing from 3.89 million units in Fiscal 23 to 4.64 million units in Fiscal 26, reflecting sustained demand. Exports have also demonstrated growth, with the share of exports fluctuating but generally remaining stable between 13.7% and 16.3% of total sales. Consumer preferences are shifting towards factors beyond just cost, such as driving experience and safety, leading OEMs to incorporate advanced features. The market is dominated by a few key players, with Maruti Suzuki leading in domestic sales volumes, followed by Hyundai Motor India, Tata Motors, and Mahindra & Mahindra.

The Indian passenger vehicle market is experiencing a transition towards electric mobility, with EV penetration increasing significantly. While Internal Combustion Engine (ICE) vehicles still dominate, the shift is evident in consumer preference towards electric options. This shift is supported by improvements in EV models, wider product availability, and growing awareness. Furthermore, the industry's foundation is being strengthened by advancements in battery technology, charging infrastructure, and the localization of EV components. Segmentally, consumer preferences are moving away from traditional budget-friendly small cars towards higher-priced, feature-loaded vehicles, particularly SUVs, due to increased awareness of safety, comfort, and performance.

The text discusses the supportive regulatory environment and government subsidies that are reducing the capital cost of purchasing electric three-wheelers (3Ws) and lowering various registration fees. Furthermore, the total cost of ownership (TCO) for electric 3Ws is significantly lower, ranging from 30 to 40% less than conventional diesel or CNG 3Ws, making the switch to electric autos appealing. The review of the global bicycle industry shows a notable shift towards electrification, with e-bikes gaining traction as a major growth segment, despite overall volume declines. E-bike sales have increased substantially, and the market is seeing a trend toward premiumization.

The global hub motor market for e-bikes is dominated by several key players from different regions, including China, Europe, Japan, and North America. Key manufacturers include Bafang, MXUS, QS Motor, Tongsheng, Bosch, Mahle, Heinzmann, Shimano, Panasonic, and Grin Technologies, each specializing in various aspects of hub motor technology. The bicycle industry shows evolving trends, with the global market driven by consumer focus on health, sustainability, and alternative urban transportation modes like cycling and e-bikes. Regional dynamics vary significantly, with Europe being the most developed e-bike market, China acting as a major manufacturing hub, and North America showing growing demand for premium products.

The analysis covers trends in the Japanese and ASEAN e-bike markets, alongside the broader global bicycle industry outlook. The Japanese e-bike market showed moderate growth, supported by factors like an aging population and technological innovation. The ASEAN e-bike industry is emerging, driven by urbanization and the push for sustainable mobility solutions in the region. Globally, the bicycle market is expected to remain relatively stable in volume but experience value growth due to the increasing adoption of e-bikes, which are driving premiumization and market share shifts.

The global bicycle industry is expected to see a gradual decline in conventional bicycle volumes, while the e-bike segment is set to be the primary growth driver. The global e-bike market is projected to experience significant growth, driven by increasing consumer preference for sustainable and convenient mobility solutions. This shift is expected to lead to a premiumization trend, where e-bikes contribute an increasingly larger share of the market value. Various regional analyses show different trends, with some regions like Europe and ASEAN expecting a notable shift towards electrification, while the overall market is shaped by advancements in battery technology and infrastructure.

The text discusses the market dynamics for motor technology, specifically hub motors, which are expected to maintain leadership in the global e-bike market through CY31P with projected sales growth. The Indian bicycle industry is characterized by its affordability and accessibility, serving as a crucial transport for millions, especially in rural and semi-urban areas. The industry is seeing a transition towards incorporating lifestyle and fitness segments, with the electric bicycle segment emerging as a key growth driver due to rising fuel costs and environmental awareness. Manufacturers are focusing on product innovation to meet evolving consumer preferences.

The provided text discusses market trends and growth forecasts for the All-Terrain Vehicle (ATV) industry in the United States and Europe. The US market witnessed a drop in 2020 to 2025, while the European market showed growth. The text also details various gearbox technologies, including manual, automatic, and Continuously Variable Transmissions (CVTs), highlighting their different operational mechanisms and performance characteristics.

This section details various mechanical components and transmission systems used across different machinery, focusing heavily on gearboxes and transmissions. It describes the function of core elements like gears, shafts, bearings, and seals in ensuring power transmission and longevity. Furthermore, it contrasts different transmission types, such as mass market versus high-performance systems, highlighting differences in technological innovation, construction materials, and performance features. Finally, the text covers transmission systems for bicycles and e-bikes, including the evolution from derailleur systems to internal gear hubs (IGH) and CVT technologies.

The text discusses various technologies and components related to e-bikes, focusing on CVT systems, electric drive units (EDUs), and different types of electric drive motors. CVTs are highlighted as a disruptive technology in the e-bike domain, offering advantages like smoothness and efficiency. The EDU integrates key components such as electric motors, batteries, and controllers, which work together to propel the vehicle. The text further details different motor types, including hub and mid-drive motors, and describes various mechanical components like chaincases, swing arms, mainstands, and rims.

This section details various components and manufacturing processes related to motorcycle and bicycle parts, including engine guards, different types of handlebars, saree guards, and the broader context of metalworking and forging in the automotive industry. It discusses the functions and materials of these components, the technologies used in their manufacturing, and the impact of the electric vehicle revolution on component design. Furthermore, it covers the role of forging in creating strong, durable components for various sectors and the specialized consultancy services available for gearbox and transmission design.

This section details the market sizing and growth projections for various components related to mobility solutions, including gears & transmissions, gear components, gear-box assembly, body components, and electric drive motors. It provides CAGR estimates and market size forecasts for different vehicle segments like motorcycles, cars, e-3W, and ATVs, distinguishing between domestic and global markets. Furthermore, it discusses the impact of electric vehicles on traditional gear systems and the emerging opportunities in EV-specific components.

This section provides market sizing data for various components related to variable transmission systems and electric mobility, including CVT hubs, electric drive motors, electric drive units, and body components. It details market growth projections for these segments across different calendar years, noting that the growth is largely driven by the increasing demand for electric bicycles and related technologies. Furthermore, the section profiles several key automotive component companies, including CIE Automotive India Limited, Endurance Technologies Limited, Sona BLW Precision Forgings Limited, Uno Minda Limited, Varroc Engineering Limited, and Hero Motors Ltd., highlighting their product focus, manufacturing capabilities, and involvement in the transition to electric vehicles.

Hero Motors has established itself as a pioneer in India by developing products that benefit from accelerated electrification trends. The company is uniquely positioned as the only manufacturer and exporter of CVT hubs to global e-bike OEMs and the sole manufacturer of integrated electric powertrain products for e-bikes in India, giving it a first-mover advantage. Furthermore, Hero addresses the requirements of the premium and performance ICE segments with high-performance transmission systems. The company has a joint venture, HYM Drive Systems, which combines automotive brands to develop high-quality hub motor products. Hero also expanded its presence in the UK by acquiring a strategic stake in Hewland Engineering.

The company is a leading automotive technology firm involved in designing, developing, manufacturing, and supplying highly engineered powertrain solutions to Original Equipment Manufacturers (OEMs) across the US, Europe, India, and the ASEAN region. They offer comprehensive solutions for both electric and non-electric powertrains, catering to various vehicle categories including two-wheelers, performance cars, e-bikes, and heavy-duty vehicles. The company possesses expertise in continuously variable transmissions (CVT), electric vehicle (EV) transmissions, electric motors, and gear sets. Key developments include securing first-mover advantages in the e-bike powertrain market and expanding capabilities through strategic acquisitions and joint ventures in various segments.

The company generates revenue from operations from sales to regions outside India, with India being the largest source of revenue. The company is led by an experienced board and management team with expertise in the automotive industry, including the Chairman who has extensive experience in the automotive and bicycle industries. The group comprises several companies, including the Hero Motors Company group, which includes various manufacturing entities. The company has demonstrated consistent revenue and gross profit growth, with increased gross margin, and has established track records in providing powertrain solutions for various vehicle categories.

The company demonstrates operational strength across diverse markets by strategically establishing manufacturing and assembly facilities globally in India, the United Kingdom, and Thailand to meet varied market demands. Key facilities include precision manufacturing setups in India for EV gears, a gearbox manufacturing plant in Thailand for the ASEAN region, and an end-to-end solution provider in the United Kingdom. The company has developed technology centers in the UK and India to spearhead design, testing, and validation efforts, particularly in EV powertrain technology. Furthermore, the company has expanded its capabilities through acquisitions and collaborations to cover the entire value chain, from design and engineering to manufacturing, and is focusing on building comprehensive systems and powertrain solutions for the e-mobility segment.

The company leverages expertise in design-to-cost solutions, integrating design concepts with manufacturing to ensure cost control and performance targets across various industries. They offer gearbox and transmission design consultancy services, covering everything from concept studies to high-volume manufacturing. The company has expanded its service offerings by enhancing design, validation, and prototyping capabilities, combining engineering expertise with testing facilities for conventional, hybrid, and electric power applications. Key product offerings include gear sets, assemblies, gearboxes, electric motors, and various structural components for different vehicle types. The company has established partnerships and joint ventures to access specialized technology and expand market reach in emerging segments like e-bikes and electric drive systems.

The company has commenced the second assembly line for CVT hubs in May 2022. They design, develop, and manufacture electric motors at a facility in Ludhiana, Punjab, in collaboration with Yamaha Motors Japan, where Yamaha acts as a design verification and validation partner. The company's motors cover the entire global e-bicycle market with various configurations. The manufacturing process employs a fully integrated poka yoke semi-automatic production line to ensure data traceability. The company designs and develops full drive systems for electric two-wheelers, sourcing various components from automotive suppliers, with motors from their joint venture. They manufacture alloys and metallics components at facilities in Gautam Buddha Nagar, Uttar Pradesh, and Ludhiana, Punjab.

The company offers a comprehensive range of design and engineering services, spanning from conceptual designs to full engineering solutions, including the design and enhancement of new and existing systems. Their proficiency involves design analysis and simulation, rapid prototyping, testing, and validation to ensure performance and efficiency, optimizing solutions for cost, design, processes, and materials. The company collaborates closely with customers through a co-development approach to create customized components and develop cost-effective manufacturing solutions across the entire product development journey. They utilize advanced simulation and CAD software for R&D and maintain testing labs equipped with specialized machinery for quality validation.

The company is engaged in the manufacturing and supply of a wide range of electrified and non-electrified powertrains and alloys and metallics components, which must meet precise quality and measurement requirements. The company maintains relationships with suppliers across various technologies, and it employs a procurement strategy that involves sourcing raw materials from multiple suppliers, including those outside India, while also developing a network of Indian suppliers to reduce dependency on certain countries. The company focuses on localizing components to gain cost advantages and control over the supply chain, though it may continue imports for critical components. Furthermore, the company has established robust systems for quality control, inventory management, and adheres to various environmental, social, and governance standards.

The issuer's business processes involve the collection, storage, and processing of information. The company has various facilities and operations, including those related to the design, development, and manufacturing of Electric Vehicle Motors, evidenced by various ISO certifications. The company holds intellectual property, including trademarks and patents, and has agreements regarding the use of certain brands with other entities. The company maintains insurance policies to cover various risks associated with its business and assets. Furthermore, the company has a Corporate Social Responsibility policy focused on education and waste management, and it operates within a competitive automotive technology sector.

This section details various laws and regulations in India applicable to the company's business operations, covering aspects from industrial development to environmental protection and intellectual property. It outlines numerous statutes, including those related to industry, batteries, e-waste, standards, trade, taxation, and labor. The text emphasizes that the company must comply with these laws, which may involve obtaining licenses, adhering to standards, and managing various aspects of commerce and industry.

This section details various Indian laws and regulations, including those related to wages, social security, consumer protection, information technology, and digital personal data. It also covers industry-specific plans and standards such as the Automotive Mission Plan, Bharat Stage (BS) VI emission standards, and the Production Linked Incentive (PLI-Auto) Scheme for the automotive sector. These regulations aim to standardize various aspects of commerce, protect consumers and data, and promote manufacturing competitiveness in the automotive industry.

The company's history involves several name changes and corporate conversions over time, starting with its incorporation in 1998. Key milestones include various court approvals for business transfers and the acquisition of stakes in entities like HEL and STPL. The company has also engaged in significant restructuring, such as the acquisition of shares from Hero Cycles Limited and Hero International B.V. to obtain stakes in HEL. Furthermore, the company has made amendments to its Memorandum of Association and increased its authorized share capital multiple times.

This section details significant corporate restructuring events involving the company and HCL, including a 2022 Scheme of Arrangement and a 2015 Scheme, which involved the demerger and transfer of a business unit. It outlines the consideration given to shareholders of HCL and the effective dates of these schemes. Furthermore, it clarifies the relationship between the company and HCL, noting that HCL is part of the Promoter Group and a Group Company, and mentions the directors' positions on HCL's board. The section also provides information on the company's current corporate structure, including the status of its holding company, associates, and joint ventures.

This section provides various definitions and abbreviations used throughout the Prospectus. Key terms define the Issuer as Hero Motors Limited, a public limited company incorporated under the Companies Act, 1956. It details various corporate terms, such as the Board, Key Managerial Personnel, and various committees. It also defines different types of equity shares and related offer terms, including various bidders and the process for allotment.

This section details various definitions used within the prospectus, covering terms related to legal entities, investment types, and financial metrics. It defines terms such as Fugitive Economic Offender, various types of bidders (like QIBs and Retail Individual Investors), different portions of the offer (like Fresh Issue and Offer for Sale), and various financial measures including GAAP and Non-GAAP metrics. It also defines operational segments like Powertrain and Alloy & Metallics, along with technical drawings and various financial ratios.

This section primarily lists various financial and legal terms used in the prospectus, such as ratios (e.g., Asset Turnover Ratio, EBITDA Margin), industry-specific terms (e.g., Powertrain, ICE, Micro-mobility), and regulatory definitions. It also defines various financial instruments, investor categories (like FPIs and AIFs), and relevant laws and bodies. The text includes definitions for concepts like Net Asset Value (NAV), various accounting standards (Ind AS), and market regulations.

This section outlines various conventions regarding the use of certain terms, financial data, currency, and industry information within the Prospectus. It specifies that financial information is derived from restated consolidated financial information, and it details the differences between Indian Accounting Standards (Ind AS), U.S. GAAP, and IFRS, advising readers to consult their own advisors. The text also covers definitions for Non-GAAP financial measures, currency conversions, and the sources for industry and market data, which is primarily from the CRISIL Report.

This section details the structure of the equity share offering, which includes a Fresh Issue and an Offer for Sale, broken down into various portions like QIB, Non-Institutional, and Retail categories. The offering specifies the number of equity shares, their face value, and how they are allocated among different investor types. It also outlines various rules regarding the allocation and spill-over of shares between different bidder categories, including provisions for under-subscription in certain portions.

The provided text details various financial statements and disclosures, including cash flows, contingent liabilities, and related party transactions. The cash flow section shows trends in operating, investing, and financing activities over three fiscal years. The contingent liabilities section outlines potential legal cases, claims against the company, and tax demands, with management's assessment on the likelihood of cash outflows. Furthermore, the related party transactions section lists numerous transactions involving various entities, including sales, purchases, loans, and remuneration paid to key management personnel.

This section details various corporate and advisory personnel, including Key Management, Statutory Auditors, Book Running Lead Managers, and Legal Counsel involved in the offering process. It lists the Board of Directors, including Chairman and Managing Director, along with their designations and DINs. Furthermore, it specifies the entities involved in the offering, such as the Registrar to the Offer, Bankers to the Offer, and Syndicate Members, along with their respective contact and registration details.

This section details various procedural aspects related to the issuance process, including the use of Unified Payments Interface (UPI) for bidding, lists of authorized entities like Syndicate Banks, Brokers, Registrars, and Depository Participants, and expert opinions provided for the prospectus. It further outlines the division of responsibilities among Book Running Lead Managers (BRLMs) for different aspects of the offer, such as due diligence, capital structuring, and marketing. The text also specifies the entities involved in the underwriting agreement and the process for book building.

This section details the share capital structure of the company as at the date of the Prospectus, including the authorized and issued share capital. It also provides a historical record of various share allotments and reductions, including transactions involving different classes of shares. The data covers equity share capital history, including allotments and reductions, as well as preference share capital history.

The section details various aspects of the company's capital structure, including historical allotments of preference shares and equity shares, as well as the shareholding pattern. It outlines several instances where shares were allotted or reduced pursuant to court-approved schemes or arrangements. Furthermore, it provides a breakdown of the equity shareholding pattern, showing the distribution among Promoter Group, Public, and Non-Promoter-Non-Public categories on a fully diluted basis.

The section details the shareholding structure of the company's promoters and promoter group as of the date of the Prospectus, showing significant ownership stakes. It lists various transactions and allotments over time, including transfers and issuances of equity shares. Furthermore, it confirms that none of the equity shares held by the promoters are currently pledged or otherwise encumbered. The data also includes a history of the build-up of equity shareholding by the promoters since the company's incorporation.

This section details various transactions and transfers of equity shares, including different dates and consideration types. It covers transactions involving transfers from various entities, such as Hero Financial Services Limited and Om Prakash Munjal, as well as allotments pursuant to schemes of arrangement with Hero Cycles Limited. Specific details are provided regarding the number of shares, the nature of the transaction, and the percentage of pre-offer and post-offer equity capital. Furthermore, it includes disclosures about promoter group selling shareholders and exemptions granted by SEBI regarding statutory lock-in on certain equity shares.

This section details the shareholding structure of the company's selling shareholders and the promoters, including the breakdown of equity shares pre- and post-offer. It specifies the composition of the promoter group and lists various shareholders, including individuals, entities, and public shareholders. Furthermore, the text outlines various lock-in provisions for promoter contributions and the conditions under which equity shares can be pledged as collateral for loans. It also confirms that no significant changes to the capital structure are planned during a specified period.

This section details various transactions involving the transfer and allotment of equity shares, including transactions between promoters and others, as well as information regarding the holding of equity shares by promoters and related parties. It also outlines compliance regarding financing arrangements, buy-back arrangements, and the nature of the equity shares issued. Furthermore, the text provides extensive details on the Employee Stock Option Plan (ESOP 2022), including the number of options granted, vested, outstanding, and exercised, along with the associated exercise prices and the methodology used for valuing the options.

The Offer for Sale details specify that selling shareholders will receive their portion of the proceeds after deducting their share of offer expenses and taxes, with the company not receiving any proceeds from the sale. The Fresh Issue proceeds are intended for several purposes, including debt repayment, capital expenditure for facility expansion, and funding inorganic growth through acquisitions and general corporate purposes. The net proceeds from the Fresh Issue amount to ₹561.99 Crore.

The company has obtained necessary consents from lenders for the Offer activities, and statutory auditors have confirmed the utilization of availed loans against the unaudited books of accounts. A significant portion of the net proceeds is proposed for capital expenditure to expand the capacity of the Gautam Buddha Nagar facility. Furthermore, the company intends to utilize a substantial amount of net proceeds for funding inorganic growth through acquisitions and general corporate purposes, with specific limits set on these allocations relative to the gross proceeds.

This section details various aspects related to the offer process, including the structure of bid charges and processing fees. It outlines different fee structures for various types of bidders, such as Syndicate Members, RTAs, CDPs, and Registered Brokers, with specified maximum caps. Furthermore, it specifies the handling of UPI mandates and the responsibility of Sponsor Banks for payments to third parties. The text also covers provisions regarding the interim use of funds, the absence of bridge loans, and the monitoring of fund utilization by an appointed agency.

The provided text details various Key Performance Indicators (KPIs) used by the company to monitor its financial and operating performance, including metrics like revenue, profit margins, and efficiency ratios. It also presents a comparison of these KPIs against a group of listed industry peers across different financial years. The text emphasizes that these KPIs serve as supplemental tools for investors and should not be considered in isolation from the full financial statements. Furthermore, it outlines the breakdown of revenue by segment and the level of Research and Development expenses.

This section details various aspects related to the offer, including definitions for price per share based on primary and secondary issuances, and disclosures regarding special tax benefits. It outlines conditions for primary issuances, such as the percentage of fully diluted paid-up share capital involved, and clarifies the basis for determining floor and cap prices. Furthermore, it includes a statement on possible special tax benefits available to the company and its shareholders under the Income Tax Act, 2025.

The provided text discusses various tax provisions related to deductions and benefits available to the company and its shareholders under the Income Tax Act, including rules concerning loss set-offs, employee deductions, inter-corporate dividends, amalgamation/demerger expenditures, and scientific research capital expenditure. It also details special direct tax benefits for shareholders, such as restrictions on surcharge for certain individuals and provisions for capital gains tax, as well as details on the simplified/new tax regime and Double Taxation Avoidance Agreement benefits for shareholders. Furthermore, the text outlines special indirect tax benefits related to various schemes like RoDTEP, EPCG, Advance Authorization (AA), duty drawback, and provisions under the GST law for exports.

This section details various aspects of UK tax legislation relevant to the company, including corporation tax rates, withholding tax rules, double taxation relief, corporate interest restrictions, loss relief provisions, and rules concerning trade losses. It also covers rules for capital gains, capital allowances, research and development tax relief, the Patent Box regime, transfer pricing requirements, and the implementation of OECD BEPS Pillar Two rules.

This section details the financial information for several entities, including HYM, Hero EDU, Hero Thai, STPL, and HEL, as of various dates. Key financial metrics such as revenue, profit after tax, earnings per share, net worth, and borrowings are provided for comparison across different periods. The data covers fiscal years ending March 31, 2026, March 31, 2025, and March 31, 2024 for most entities, with some entities having limited historical data.

This section primarily details various agreements and legal structures related to the company, including shareholder agreements, joint venture agreements, and trademark licensing. It outlines the terms between the company and various investors, as well as agreements with other entities like Yamaha Motor Co. Limited and ZF Hero Chassis Systems Private Limited. Furthermore, it specifies the structure of the Board of Directors, listing the number of directors, their designations, terms of directorship, and other relevant details.

This section details various aspects related to the company's directorships, including the appointments, terms, and addresses of several individuals. It lists directors from different categories, such as Indian and Foreign Companies, and provides brief biographies for some of the key personnel. The text also covers relationship disclosures between directors, key managerial personnel, and senior management personnel, along with confirmations regarding conflicts of interest and the list of directors in struck-off companies. Furthermore, it outlines the terms of appointment and remuneration for executive and non-executive directors for the financial year 2026.

This section primarily details aspects related to director remuneration, relationships with major shareholders and other parties, shareholding of directors, and the structure and powers of the Board's Audit Committee. It specifies that no remuneration was paid to Non-Executive Directors for the Financial Year 2026, except for professional services rendered by Amit Gupta to Hero Motors Thai Limited. Furthermore, it outlines various agreements with external entities, such as a consulting agreement with Nuvomax Nutritionals Private Limited and a consultancy agreement with Palmer Automotive Limited. The text also details the composition of the Board, the powers delegated to the Board regarding borrowing limits, and the extensive scope of work assigned to the Audit Committee concerning financial reporting, internal controls, and regulatory compliance.

This section details the composition and functions of several key committees within the company, including the Nomination and Remuneration Committee, the Stakeholders’ Relationship Committee, the Risk Management Committee, and the Corporate Social Responsibility Committee. It outlines the specific responsibilities these committees have regarding director qualifications, remuneration policies, investor grievances, risk management frameworks, and corporate social responsibility initiatives.

This section details the organizational structure, including the Board of Directors and Key Managerial Personnel, of the company. It lists various directors and their roles, such as Chairman, Managing Director and CEO, and various functional heads. It also provides details on the Key Managerial Personnel, including their appointments, tenure, and remuneration received during the Financial Year 2026. Furthermore, it outlines the promoters and the ownership structure of the company's equity shares.

This section details various corporate and promoter relationships, including the submission of necessary documents to stock exchanges and the identification of promoters following a Scheme of Arrangement. It outlines the interests of the promoters, restrictions on payments to them, and transactions related to land acquisition and leasing agreements with entities like Hero Cycles Limited. Furthermore, it lists numerous entities that form part of the Promoter Group and details the shareholding pattern and profit/loss sharing in certain entities.

This section details the policy for identifying group companies according to SEBI ICDR Regulations, which involves related party transactions and transactions exceeding 10% of consolidated revenue. It lists ten identified Group Companies. Furthermore, it provides links to the audited financial statements of the top five Group Companies for various fiscal years. The text also outlines various agreements, such as sale deeds and lease deeds, between the Company and its Group Companies, concerning land and premises. Finally, it presents the dividend policy, detailing the declaration and payment of dividends on Equity Shares and CCPS for the last three financial years and from April 1, 2026 to the date of the prospectus.

This section details the independent auditor's examination report on the restated consolidated financial information of Hero Motors Limited for the years ended March 31, 2026, March 31, 2025, and March 31, 2024. The report confirms that the financial information was compiled from audited consolidated Ind AS financial statements, and it addresses the reliance placed on the reports of other auditors for certain subsidiaries. The auditors confirmed that the restated financial information incorporated necessary adjustments for changes in accounting policies, material errors, and regrouping/reclassifications retrospectively. Furthermore, the information was prepared in accordance with the applicable accounting standards and regulatory requirements.

This section provides restated consolidated financial information for Hero Motors Limited for the years ended March 31, 2026, 2025, and 2024, including the statement of assets and liabilities, profit and loss, cash flow, and changes in equity. The financial information is prepared in accordance with various Indian accounting standards and regulations. The text also details the basis of preparation, consolidation, and the scope of the financial statements.

This section details various accounting policies related to the consolidation of financial information, business combinations, and the treatment of different asset classes. It outlines procedures for combining financial statements of the parent and subsidiaries, handling of non-controlling interests, and accounting for changes in ownership. Furthermore, it specifies recognition and measurement criteria for Property, Plant and Equipment (PPE), Intangible Assets, and the treatment of subsequent expenditure and amortization.

This section details various accounting policies related to financial statement presentation, including the treatment of inventories, employee benefits, provisions, contingent liabilities, and revenue recognition. It outlines specific rules for valuing inventories, recognizing employee benefits like short-term and post-employment benefits, and determining when provisions should be made based on legal or constructive obligations. Furthermore, the text covers aspects of revenue from contracts with customers, the recognition of interest income or expense, borrowing costs, and taxes.

This section details various accounting policies related to financial reporting, including tax recognition, lease accounting, financial instruments, and impairment testing. It outlines specific rules for recognizing deferred tax, handling GST, classifying leases under Ind AS 116, and measuring and classifying different types of financial assets and liabilities. Furthermore, it describes the processes for subsequent measurement of financial instruments, including impairment assessments for financial assets and the definition of operating segments.

This section details various accounting policies and disclosures related to the financial statements, including definitions for cash, cash flow reporting methods, government grants, cash dividends, earnings per share calculations, currency treatments, fair value measurement, exceptional items, and changes in accounting policies. It also covers updates to Indian Accounting Standards (Ind AS) that are effective from April 1, 2026, and notes on standards that have been issued but are not yet effective.

This section details various accounting judgements, estimates, and assumptions made by the management in preparing the financial statements in conformity with Ind AS. Judgements cover areas such as revenue recognition from contracts with customers, the accounting for intangible assets acquired in business combinations, the classification of preference shares, impairment testing for long-term investments, and the determination of lease terms. The text also outlines assumptions related to the useful life of assets, impairment testing for property, plant, and equipment (PPE), and the recoverability of deferred tax assets, all of which involve significant management judgment and estimates.

This section details various aspects of Hero Motors Limited's financial reporting, including disclosures related to government grants, the assessment of recoverability of intangible assets, and climate-related matters. It also presents detailed statements of cash flows, including operating, investing, and financing activities, along with breakdowns of property, plant and equipment, capital work in progress, and goodwill. The text provides figures for different reporting periods, such as for the years ended March 31, 2024, 2025, and 2026.

This section details various financial and asset information for Hero Motors Limited, including details on acquisitions, profit and loss performance, lease liabilities, and intangible assets. It covers the accounting for assets acquired from Hewland Engineering Limited, the performance of the company over a fiscal period, movements in right-of-use assets and lease liabilities, and the carrying amounts of computer software development costs and intangible assets under development. Furthermore, it includes disclosures regarding impairment analysis for goodwill and the status of various projects capitalized under intangible assets.

This section details the investment portfolio, loans, and other financial assets of Hero Motors Limited across three fiscal years. The investment portfolio includes various equity shares and debentures, while loans to employees and other financial assets are also disclosed. The section also covers various receivables, including trade receivables, which are categorized based on their ageing schedule and credit risk, along with provisions for expected credit losses.

This section details the restated consolidated financial information for Hero Motors Limited across three fiscal years, covering cash balances, equity share capital, various shareholder holdings, and movements in other equity components. The data includes figures for cash and cash equivalents, changes in share capital, and detailed breakdowns of various reserves and liabilities. Furthermore, it provides information on the movement of shareholding patterns and details regarding preference share capital and other equity items.

This section details various financial adjustments, borrowings, and liabilities for Hero Motors Limited across different reporting periods. It covers the accounting for share issuance, non-controlling interests, various types of borrowings, and current liabilities, including trade payables and provisions. The text provides figures for these items as of March 31, 2026, March 31, 2025, and March 31, 2024, with some details on the repayment profiles and security arrangements for the borrowings.

This section details various financial statement components for Hero Motors Limited across three fiscal years, including deferred tax liabilities, income tax recognition, revenue from operations, and cost of raw materials. The data spans from March 31, 2024, to March 31, 2026, providing insights into the company's tax provisions, top-line performance, and inventory movements. Key figures related to assets, liabilities, and operational revenues are presented for comparative analysis.

This section details various financial line items for Hero Motors Limited across three fiscal years, including finance costs, depreciation, other expenses, and provisions related to employee benefits. Finance costs include interest expense on term loans, various borrowings, and other costs. Depreciation and amortization expense covers property, plant and equipment, intangible assets, and right-of-use assets. Other expenses encompass rent, contract labour charges, power & fuel, consumption of stores, packing material, security charges, repair & maintenance, legal expenses, and various other operational costs. The section also provides details on payments to auditors and various stock option plans, including the details of granted options and their vesting schedules. Finally, it outlines the accounting for gratuity and other post-employment benefit plans, detailing contributions to provident funds, pension funds, and the capitalization of gratuity amounts.

This section details various actuarial assumptions, sensitivity analyses, and financial information related to gratuity plans, post-employment benefits of subsidiaries, and defined benefit pension schemes. It includes tables showing the effect of changes in discount rates and salary escalation rates on various liabilities, as well as details on mortality rates and the recognition of actuarial gains and losses.

Investors should be aware that the company faces various risks that could negatively impact its business, financial condition, and cash flows. Risks include adverse events in international jurisdictions, dependence on the performance of the e-bike and two-wheeler industries, reliance on limited suppliers for critical raw materials, potential issues with customer performance and liability claims, and vulnerability to changes in market trends and competition. Furthermore, the company's ability to innovate and keep up with technological advancements is a concern, as is the risk of facing increased competition in the global powertrain solutions industry.

The company faces various risks related to its operations, including potential accidents during manufacturing processes involving hazardous materials, and exposure to environmental risks. There are concerns regarding ongoing litigation with regulatory bodies concerning pollution discharge, and potential liabilities arising from non-compliance with various environmental and pollution control laws. Furthermore, the company's brand and intellectual property are subject to risks from third-party infringement claims and issues with trademark registration. Operational risks also include potential shutdowns, supply chain disruptions, and labor disputes. Finally, the company's ability to execute its business strategies, including market expansion, is uncertain, and there are concerns about the success of its subsidiaries and the ability to secure necessary capital and working capital.

The section outlines the absence of certain types of pending legal matters, including criminal proceedings, actions by statutory or regulatory authorities, tax claims, and other material litigations involving the Company, its Directors, Promoters, or Subsidiaries. It also specifies criteria for what constitutes 'material' litigation, including a monetary threshold based on the company's turnover or net worth, and criteria for civil litigation to be considered material based on its impact on the business. Several specific pending cases are detailed, including criminal complaints, industrial disputes, and various regulatory notices.

The section primarily details the absence of criminal proceedings against the Company's Key Managerial Personnel, Senior Management, and members of the Senior Management. It also confirms that there are no pending criminal proceedings initiated by these groups. Furthermore, the text outlines various material approvals, consents, and licenses obtained by the Company and its Material Subsidiary, HEL, for business activities, including numerous registrations and licenses related to factory operations, environmental compliance, and trade-related permits. Specific details are provided for approvals concerning facilities in Uttar Pradesh, Punjab, and Thailand.

The section details various aspects of the company's legal and regulatory compliance, including payments for statutory dues and approvals related to labor and various regulatory bodies. It also covers approvals concerning the company's material subsidiary, HEL, and lists trademarks obtained or applied for. The text indicates that no material approvals have been applied for but not received, nor have any expired approvals been subject to renewal applications as of the prospectus date.

The section details various authorizations related to the offer, including resolutions passed by the Board and Shareholders, and confirmations from Selling Shareholders regarding their participation in the Offer for Sale. It also confirms that the company has received in-principle approvals from BSE and NSE for listing the equity shares. Furthermore, the text outlines several disclaimers and compliance confirmations, such as the non-prohibition of company personnel from accessing capital markets or being declared as defaulters, and confirmations regarding the dematerialization of equity shares.

The section details various aspects related to the listing and issuance of equity shares, including conditions for applying for securities and requirements for obtaining necessary consents. It outlines timelines for completing formalities for listing and trading of equity shares, including potential penalties for delays. Furthermore, it lists numerous written consents obtained from various parties, including directors, legal counsel, and auditors, which were filed with the Registrar of Companies (RoC). The text also provides historical data on past issues, including the size, price, and performance of various IPOs handled by different Book Running Lead Managers.

This section primarily details the procedures and legal framework governing the offer, including the applicable laws and regulations under which the equity shares will be issued and transferred. It outlines various aspects related to the offer, such as the ranking of equity shares, the mode of dividend payment, and the pricing structure (Face Value, Floor Price, and Price Band). Furthermore, it specifies the requirements for compliance with disclosure and accounting norms set by SEBI and details the process for allotment in dematerialized form.

This section details various procedural aspects related to the offer, including nominee provisions, rights to withdraw the offer, and timelines for various events. It outlines the process for handling bids, including submission times and the conditions under which bids are processed. Furthermore, it specifies the basis for allotment based on different bidder categories and the allocation procedures for various portions of the offer.

This section details various aspects of the offer procedure, including the eligibility of different bidder categories, the allocation rules for various investor types, and the payment mechanisms used for bids. It outlines specific rules regarding the allocation of shares to Qualified Institutional Buyers (QIBs), Non-Institutional Bidders (NIBs), and Retail Individual Bidders (RIBs). Furthermore, the text discusses the various phases of the Unified Payments Interface (UPI) mechanism introduced by SEBI to streamline the process, including timelines for listing. It also covers requirements for investor grievance redressal related to the blocking and unblocking of funds.

This section details various procedural requirements and restrictions related to the submission and processing of bids, particularly concerning different categories of bidders such as Anchor Investors, UPI Bidders, and various institutional investors. It outlines rules regarding the submission of bid forms, the handling of bank accounts, and the conditions under which bids are accepted or rejected. Specific attention is given to the requirements for various investor types, including restrictions on holding limits for NRIs, FPIs, and the handling of multiple bids from FPIs.

This section details various requirements and restrictions concerning who can bid in the offer, including different categories of investors such as FPIs, insurance companies, limited liability partnerships, banking companies, and various funds. It outlines specific documentation that must be lodged with the bid, such as power of attorney or registration certificates, depending on the type of bidder. Furthermore, it specifies investment limits for different investor types based on regulations like SEBI AIF Regulations and FEMA NDI Rules. The section also covers procedures for Anchor Investors, including allocation limits and locking periods for allotted shares. Finally, it provides numerous 'Do's' related to ensuring correct details, proper submission procedures, and authorization of fund blocking for various bidding mechanisms.

This section details various instructions and prohibitions related to the bidding process, including requirements for submitting bid forms, handling blocked funds, and restrictions on the method and timing of bids. It outlines specific rules for different bidder categories such as UPI bidders, Anchor Investors, and various bid types. Furthermore, it specifies conditions under which bids or applications might be rejected, such as using incorrect handles or non-compliant bank accounts. The text also covers undertakings by the company regarding the collection of bid forms, timely processing of formalities, and procedures for refunds or unblocking funds.

The provided text primarily outlines undertakings by Selling Shareholders regarding the eligibility and transfer of Offered Shares, stipulating that these shares must be eligible for the Offer for Sale under Regulation 8 of the SEBI ICDR Regulations and that the legal and beneficial holder must have clear title, free of encumbrance. Furthermore, the text details procedures for the utilization of monies received from a Fresh Issue, requiring funds to be credited to separate bank accounts and details of utilization or unutilized amounts to be disclosed in the balance sheet. The section also discusses various provisions related to the issuance and disposal of new shares, including procedures for offering shares to existing holders and conditions under which the Board of Directors may issue shares for consideration.

This section details various provisions related to the issuance, transfer, and lien rights concerning the company's shares and debentures. It covers conditions for extending offer times, the conversion of debentures or loans into shares, restrictions on the allotment of shares, and the treatment of money due on shares as a debt to the company. Furthermore, it outlines rules for payments on shares, the application of premiums received on issue, and the rights of members regarding the variation of shareholder rights and the issuance of different types of preference shares.

This section details various provisions related to the payment of calls, forfeiture of shares, transfer and transmission of securities, and alterations to the company's capital structure. It outlines the consequences of non-payment for various securities, including the right of the Board to forfeit shares, and the procedures for transferring shares, including the requirements for instruments of transfer and the Board's discretion in refusing to register transfers. Furthermore, it covers rules for issuing share warrants, the conversion of shares into stock, and the power to reduce the share capital.

This section details various provisions related to the handling of securities, general meetings, and the composition and remuneration of the Board of Directors. It outlines the rules for dealing with securities in electronic form, the procedures for conducting annual and extraordinary general meetings, and the requirements for notice and quorum. Furthermore, it specifies the qualifications for directors, the composition of the Board, and the remuneration structure for directors and managing directors.

This section details various procedural aspects concerning the Board of Directors, including director rotation, meeting conduct, and powers of the Board. It outlines rules for the retirement and re-election of directors, the requirements for board meetings such as notice periods and quorum definitions, and the procedures for resolving questions arising during meetings. Furthermore, the text covers the delegation of powers to committees, the validity of acts done by the Board or committees, and provisions related to borrowing money and the appointment of nominee directors.

This section details various provisions related to the handling of dividends, profit distribution, and share transfers under the Companies Act. It outlines rules for handling unpaid or unclaimed dividends, the power of the Board to set aside profits as reserves, and provisions concerning the deduction of arrears from dividends. Furthermore, the text covers rules for the transfer of shares and dividends, capitalization of profits, and the Board's power to declare bonus issues. It also specifies procedures for the maintenance of company accounts, inspection rights, and service of legal documents on members and shareholders.

This section details various material contracts and documents that were either entered into or were to be entered into by the Company, which were attached to the Red Herring Prospectus filed with the RoC. It also lists various certificates of incorporation and resolutions passed by the Board and Shareholders concerning the offer and the Draft Red Herring Prospectus. Furthermore, the section includes numerous agreements, such as share purchase agreements, valuation reports, and joint venture agreements, which were executed between the Company and other entities. Finally, it mentions a written consent letter from Selling Shareholders to be included.

This section details various expert reports, consents, and documentation provided by auditors, company secretaries, and other professionals for the prospectus. It includes examination reports on financial information, statements regarding special tax benefits, and certificates concerning key performance indicators, acquisition costs, dividend policy, and tax litigation. Furthermore, it mentions consents from various company officials and external parties, as well as reports commissioned for the offer, and various agreements with regulatory bodies and book running managers. Finally, it references an application seeking exemption from a statutory lock-in regulation.

This section details various communications and undertakings related to the imposition of statutory lock-ins on shares under freeze provisions, primarily concerning SEBI regulations. It includes instances where the company received exemptions, submitted undertakings, and correspondence with various authorities like NCLT and the Income Tax Department regarding these lock-ins. Furthermore, it contains a declaration affirming compliance with relevant laws and regulations.

This section primarily consists of declarations from various directors certifying compliance with relevant laws and regulations. The declarations affirm that all statements in the Prospectus comply with the provisions of the Companies Act, 2013, and various rules and guidelines issued by the Government of India or the Securities and Exchange Board of India. These certifications are signed by different directors, including the Whole-time Director, Managing Director and CEO, Non-Executive and Non-Independent Director, and Non-Executive and Independent Director.

This section primarily consists of various declarations from company directors and officers affirming compliance with relevant laws and regulations. The declarations certify that all statements in the Prospectus have complied with the provisions of the Companies Act, 2013, and various rules and guidelines issued by the Government of India or the Securities and Exchange Board of India. Several individuals, including Nominee Directors, Non-Executive and Independent Directors, and the Chief Financial Officer, have signed these certifications.

This section contains declarations from two selling shareholders, O P Munjal Holdings and Hero Cycles Limited, confirming the truth and correctness of statements made in the Prospectus regarding their respective portions of the offered shares. Both declarations explicitly state that they assume no responsibility for statements made by or relating to the Company or other selling shareholders.

The company discloses that there are outstanding legal and regulatory proceedings involving the company, its subsidiaries, promoters, directors, key managerial personnel, and senior management at various levels of adjudication. These proceedings could potentially divert management's time and financial resources. The amounts claimed in these proceedings have been disclosed to the extent that they are ascertainable and quantifiable. Adverse decisions in these proceedings could negatively impact the company's reputation, continuity of management, cash flows, financial condition, and operating results. The text also notes dependencies on senior management and technical expertise, warning that difficulties in recruiting and retaining qualified personnel could adversely affect the business and growth prospects.

The section details various legal and regulatory proceedings involving the company, its subsidiaries, promoters, directors, key managerial personnel, and senior management, noting that adverse decisions could impact the company's reputation, financial condition, and operations. It discloses a criminal litigation against the company and certain entities. Furthermore, it outlines dependencies on senior management and technical expertise, and discusses risks related to statutory dues delays, guarantees provided to lenders, and potential risks associated with expansion into new geographic regions or undertaking strategic alliances and acquisitions.

The section details various transactions and relationships involving the company's directors and subsidiaries, including consultancy agreements and lease deeds with entities like Palmer Automotive Limited and HMC E-Valley Private Limited. It also outlines past corporate restructuring actions, such as a capital reduction and a scheme of arrangement involving the transfer of equity shares to HCL. Furthermore, the text discusses risks related to intellectual property protection and the potential for disruptions in the supply of raw materials like steel, as well as dependencies on power and fuel availability for operations. Finally, it covers the company's existing indebtedness and the potential for future issues with financial covenants and the ability to service debt.

This section details various risks and uncertainties related to the company's operations, funding, and regulatory compliance. It discusses reliance on management estimates for funding utilization, potential delays in project implementation, and exposure to various external factors such as economic trends and competition. Furthermore, the text highlights risks associated with counterparty credit, the timely acquisition of necessary licenses and permits, and potential issues with third-party logistics providers and lease agreements. It also mentions pending transactions related to the land for the Mangli facility and the process of setting up new manufacturing facilities.

The text details several issues related to the company's corporate records and the status of its promoters. The company has been unable to locate certain secretarial records, including shareholder resolutions and allotment forms for various equity and preference shares, and certain transfer documents involving promoters and selling shareholders. Furthermore, one of the Promoter Group entities, Nipman Fastener Industries Private Limited, is currently under the corporate insolvency resolution process under the IBC, and insolvency proceedings have been initiated against a Promoter Group member, Priyanka Malhotra. Certain Directors have served on the boards of companies that were struck off in the past by the registrar of companies for various reasons, and there is no assurance that further action will be taken against them. The text also highlights risks related to the loss of product certifications and the potential for adverse impacts from unforeseen events, such as natural disasters, and exchange rate fluctuations.

The provided text discusses various financial and operational risks for the company. It details contingent liabilities that could negatively impact results, including pending legal cases, claims against the company not acknowledged as debt, and bank guarantees. Furthermore, it addresses related party transactions, noting that future transactions may require approval and could pose conflicts of interest. The text also covers risks related to fraud, theft, employee negligence, and inventory loss, as well as potential disruptions from labor disputes, strikes, and industrial action. Finally, it mentions risks associated with contract labor, including potential liability for unpaid wages by contractors and regulatory orders to absorb contract laborers.

The provided text discusses various risks related to the company's operations, including technology failures, supply chain disruptions, vendor selection processes, and the potential for under-utilization of manufacturing capacities. It details risks associated with importing machinery and raw materials from foreign countries, such as changes in government policies or trade agreements, which could lead to increased costs or import restrictions. Furthermore, the text covers risks related to the leakage of proprietary technical know-how and the potential for disputes arising from joint venture agreements. The document also addresses the reliance on third-party research reports and the potential for issues with credit ratings affecting access to capital.

This section primarily outlines various external risks that could adversely affect the company's business and operations, including political instability, economic fluctuations, natural disasters, and financial market volatility. It details risks related to competition laws, changes in laws and regulations, and the potential impact of global financial turmoil on the Indian economy. Furthermore, it discusses risks associated with the uncertainty of regulatory changes, the potential for adverse changes in tax laws, and the impact of inflation on the company's ability to manage costs and pass them on to customers. The section also covers risks related to the treatment of the company under U.S. passive foreign investment rules and the potential for significant fluctuations in the market price of the equity shares.

This section primarily discusses various legal and regulatory aspects concerning the sale, transfer, and issuance of equity shares in India, including tax implications, foreign investment restrictions, and the potential impact of future equity issuances on investor holdings. It details rules regarding stamp duty, dividend tax changes, and the requirements for obtaining approvals for foreign investors. Furthermore, it addresses how future equity offerings might dilute investor shareholdings and the legal framework that may restrict takeovers of the company.

The section details various related party transactions and contingent liabilities for Hero Motors Limited. It lists several related parties, including subsidiaries and other entities, and outlines transactions such as the sale of goods, purchase of goods, consultancy fees, and loans. Specific provisions were made for contingent liabilities arising from legal cases, claims against the company, and tax demands. The text also mentions guarantees provided by the parent company for loans taken by subsidiaries and standby letters of credit for working capital facilities.

The provided section details various financial balances, related party transactions, and risk management policies for Hero Motors Limited. It lists loan receivables from subsidiaries, investment in equity shares, trade receivables, interest receivables, and various financial assets and liabilities. Furthermore, it outlines the company's policies regarding lending, guarantees, and receiving funds from or lending to other entities, as well as its framework for managing credit, liquidity, and market risks.

The provided section primarily contains financial statements and segment reporting details for Hero Motors Limited, including revenue, profit, assets, and liabilities across several years. It details segment performance, including revenue and operating profit for the Power Train and Alloy & Metallics segments. Furthermore, the text includes information on geographical revenue distribution and details regarding a scheme of arrangement involving a demerger of the Auto business of Hero Cycle Limited into Hero Motors Limited.

This section primarily details the movement of Corporate Social Responsibility (CSR) expenditure over several years, showing various amounts spent and unspent balances. It also presents various financial ratios, including liquidity, leverage, and profitability metrics, comparing performance across fiscal years. The data includes figures for different financial metrics such as current ratio, debt-equity ratio, debt service coverage ratio, and various turnover ratios.

The provided section details various compliance and financial disclosures related to the Group, including confirmations regarding the absence of benami property and the status of lenders. It also mentions dividend payments made by the Parent Company and the issuance of fully and compulsorily convertible preference shares (CCPS) with specific conversion terms. Furthermore, the text covers aspects of transfer pricing documentation, the status of CSR activities, and the company's process for launching an Initial Public Offer (IPO), including related expenses. Several financial transactions are noted, such as the agreement to buy land from Hero Cycles Limited and the capitalization of land and registration charges. Finally, the section presents various financial ratios and reconciliations for EBITDA, revenue growth, and the cash conversion cycle.

The provided section primarily details financial metrics, including Return on Capital Employed, Net Debt to Adjusted EBITDA ratios, and various turnover ratios. It also includes extensive information regarding financial indebtedness, outlining the aggregate borrowings of the Company and its Subsidiaries, as well as the principle terms of these borrowings such as interest rates, tenor, security requirements, and pre-payment provisions. Furthermore, it lists various events of default and the resulting consequences for the Company.

This section primarily details the company's capitalization statement as of March 31, 2026, showing changes in debt, equity, and total borrowings. It also discusses various factors affecting the company's results of operations, including macroeconomic conditions, changes in demand, and industry trends. Furthermore, the text outlines the company's relationships with customers and partners, including collaborations with global OEMs and joint ventures for technology development.

This section primarily discusses various operational and financial risks, including supply chain disruptions due to raw material cost fluctuations and the inability to pass these increases onto customers due to the nature of integrated systems. It details pressure to reduce costs through various efficiency measures, such as interchange of capacity, rationalization of suppliers, and cost reduction efforts. Furthermore, the text covers inorganic growth opportunities, specifically mentioning the acquisition of a strategic stake and majority stake in Hewland, which expanded design and validation capabilities and provided a manufacturing base in the UK for the EV segment. It also outlines the significant effort and costs associated with business combinations, including due diligence and integration challenges post-acquisition.

The provided section primarily details accounting policies related to the recognition, measurement, and treatment of various financial items, including property, intangible assets, inventories, employee benefits, provisions, and revenue recognition. It outlines specific rules for asset derecognition, capitalization of subsequent expenditure, amortization periods for different intangible assets, and various standards for handling contracts, receivables, and interest income. Furthermore, it specifies how different types of employee benefits, such as defined contribution and defined benefit plans, are accounted for, including the treatment of actuarial gains and losses.

This section primarily details accounting treatments for various financial and tax items, including current and deferred taxes, leases, financial instruments, and financial liabilities. It outlines the recognition, measurement, and subsequent treatment for these items according to accounting standards. Specific rules are provided for how tax items are recognized, how leases are assessed, how financial assets and liabilities are classified and measured, and procedures for impairment testing and derecognition of assets and liabilities.

This section primarily details various accounting policies and disclosures related to financial statement preparation, including the functional and presentation currency, treatment of foreign currency transactions, fair value measurement, and accounting standards changes. It outlines how transactions in foreign currencies are initially recorded, how monetary and non-monetary items are translated, and the recognition of exchange differences. Furthermore, the text discusses various accounting judgements, such as those related to revenue recognition, business combinations, and impairment testing, as well as considerations for contingent liabilities and the treatment of grants.

This section details the company's financial performance across fiscal years, including income, expenses, and cash flows. Revenue from operations showed growth between fiscal years, driven by increased offtake from customers. Expenses, such as cost of materials consumed, finance costs, and depreciation, also increased, although employee benefits expenses decreased. Cash flow analysis shows net cash generation from operating activities increasing over the period, alongside changes in cash and cash equivalents.

The provided section details various financial figures, including operating results, cash flows, and investing/financing activities for fiscal years 2024, 2025, and 2026. It also outlines contingent liabilities, contractual obligations, and information regarding related party transactions. The text emphasizes that transactions with related parties include managerial remuneration, retainers, consultants fees, and loans. Furthermore, it highlights significant dependence on a small number of customers for revenue generation and discusses various market risks.