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Tue, 15 Sept 2026
12:42:29 pm
Tue, 15 Sept 2026
12:42:29 pm
Rudransh Sangwan
Published at: September 15, 2026, 11:34 AM
Synopsis
Hero Motors IPO GMP, price band, lot size, listing details, financials, valuation and key insights for investors. Check the latest IPO details before applying.
The Hero Motors IPO is a ₹1,000 crore mainboard IPO opening on September 16, 2026. The issue includes a ₹600 crore fresh issue and a ₹400 crore Offer for Sale (OFS).
The Hero Motors IPO price band is ₹79 to ₹84 per share. The lot size is 178 shares, so the minimum retail investment is ₹14,952. The shares are proposed to list on BSE and NSE on September 23, 2026.
The latest Hero Motors IPO GMP is ₹22, updated on September 15, 2026, at 2:34 PM. At the upper price band of ₹84, the estimated listing price is ₹106, indicating a potential gain of 26.19%.
The GMP has increased from ₹8 on September 10 to ₹22 currently. However, GMP is unofficial and can change before listing.
| GMP Date | IPO Price | GMP | Est. Listing Price | Est. Profit* | Last Updated |
|---|---|---|---|---|---|
| 15-09-2026 | ₹84.00 | ₹22 ▼ | ₹106 (26.19%) | ₹3,916 | 15-Sep-2026 14:34 |
| 14-09-2026 | ₹84.00 | ₹23 ▼ | ₹107 (27.38%) | ₹4,094 | 14-Sep-2026 23:30 |
| 13-09-2026 | ₹84.00 | ₹24 ─ | ₹108 (28.57%) | ₹4,272 | 13-Sep-2026 23:33 |
| 12-09-2026 | ₹84.00 | ₹24 ▲ | ₹108 (28.57%) | ₹4,272 | 12-Sep-2026 23:31 |
| 11-09-2026 | ₹84.00 | ₹10 ▲ | ₹94 (11.90%) | ₹1,780 | 11-Sep-2026 23:31 |
| 10-09-2026 | ₹84.00 | ₹8 ─ | ₹92 (9.52%) | ₹1,424 | 10-Sep-2026 23:33 |
Estimated Profit/Loss per lot. GMP × Market Lot.
Note: GMP is based on unofficial grey-market activity and is indicative only. It does not guarantee the actual listing price.
| IPO Detail | Information |
|---|---|
| IPO Dates | September 16 to September 18, 2026 |
| Price Band | ₹79 to ₹84 |
| Issue Price | ₹84 |
| Face Value | ₹10 per share |
| Lot Size | 178 Shares |
| Minimum Investment | ₹14,952 |
| Total Issue Size | ₹1,000 crore |
| Fresh Issue | ₹600 crore |
| Offer for Sale | ₹400 crore |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Listing | BSE, NSE |
| Tentative Listing Date | September 23, 2026 |
| Market Cap at Upper Price | ₹3,815.41 crore |
The IPO opens on September 16 and closes on September 18, 2026. Allotment is expected on September 21.
Refunds and share credit are scheduled for September 22, followed by listing on September 23.
| IPO Event | Date |
|---|---|
| IPO Open | September 16, 2026 |
| IPO Close | September 18, 2026 |
| Allotment | September 21, 2026 |
| Refund | September 22, 2026 |
| Credit of Shares | September 22, 2026 |
| Listing | September 23, 2026 |
The Hero Motors IPO lot size is 178 shares. One retail lot requires ₹14,952 at the upper price band.
| Investor Type | Lots | Shares | Investment |
|---|---|---|---|
| Retail Minimum | 1 | 178 | ₹14,952 |
| Retail Maximum | 13 | 2,314 | ₹1,94,376 |
| S-HNI Minimum | 14 | 2,492 | ₹2,09,328 |
| S-HNI Maximum | 66 | 11,748 | ₹9,86,832 |
| B-HNI Minimum | 67 | 11,926 | ₹10,01,784 |
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Offer |
| Retail | Not less than 35% of the Offer |
| NII | Not less than 15% of the Offer |
Hero Motors Ltd. was incorporated in April 1998. It develops and manufactures powertrain solutions for automotive OEMs across India, Europe, the US and ASEAN markets.
Its products cover electric and non-electric powertrains, including CVTs, EV transmissions, electric motors, integrated drive units and gear sets.
The company serves two-wheelers, e-bikes, electric and hybrid cars, off-road vehicles, heavy-duty vehicles and eVTOL applications.
Hero Motors operates through Powertrain Solutions and Alloys and Metallics.
The company has relationships with global customers including BMW, Ducati, enviolo, Formula Motorsport, Hummingbird EV and HWA. It also has a strong focus on e-bike powertrain technology.
Hero Motors' total income increased to ₹1,216.74 crore in FY26 from ₹1,111.23 crore in FY25.
PAT increased to ₹41.17 crore from ₹32.80 crore during the same period.
| Financial Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Assets | ₹1,059.86 Cr | ₹1,164.62 Cr | ₹1,371.83 Cr |
| Total Income | ₹1,083.42 Cr | ₹1,111.23 Cr | ₹1,216.74 Cr |
| Profit After Tax | ₹17.04 Cr | ₹32.80 Cr | ₹41.17 Cr |
| EBITDA | ₹86.28 Cr | ₹114.00 Cr | ₹147.78 Cr |
| Net Worth | ₹385.44 Cr | ₹423.95 Cr | ₹482.45 Cr |
| Reserves and Surplus | ₹32.26 Cr | ₹67.71 Cr | ₹116.32 Cr |
| Total Borrowing | ₹304.00 Cr | ₹407.62 Cr | ₹400.79 Cr |
Amount in ₹ crore.
At the upper price of ₹84, the indicated market capitalisation is ₹3,815.41 crore.
The provided post-IPO P/E ratio is 92.31x.
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹1.08 | ₹0.91 |
| P/E | 77.78x | 92.31x |
| Market Cap at Offer Price | ₹3,215.41 Cr. | ₹3,815.41 Cr. |
Hero Motors reported FY26 ROE of 8.56% and ROCE of 19.77%. Its debt-to-equity ratio was 0.83.
| KPI | FY26 |
|---|---|
| ROE | 8.56% |
| ROCE | 19.77% |
| Debt/Equity | 0.83 |
| RoNW | 8.53% |
| PAT Margin | 3.46% |
| EBITDA Margin | 12.44% |
| NAV | 12.72 |
| Price to Book Value | 6.60 |
Promoters held 84.67% before the IPO. Their holding is expected to fall to 61.63% after the issue.
| Shareholder Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 84.67% | 61.63% |
| Public | 15.33% | 38.37% |
| Total | 100% | 100% |
Company Promoters: Pankaj Munjal, Charu Munjal, Abhishek Munjal and O P Munjal Holdings.
The OFS portion is worth ₹400 crore.
| Selling Shareholder | Category | Shares Offered | Amount |
|---|---|---|---|
| O.P. Munjal Holdings | Promoter | 4,70,23,809 | ₹395 Cr |
| Hero Cycles Ltd. | Promoter | 5,95,238 | ₹5 Cr |
| Total | 4,76,19,047 | ₹400 Cr |
Hero Motors has a diversified powertrain business and exposure to electric mobility, e-bikes and global automotive customers. Revenue and profit also increased in FY26.
The main point to watch is valuation. The post-IPO P/E is 92.31x, while the PAT margin is 3.46%. The current GMP indicates positive grey-market sentiment, but it does not guarantee listing gains.
Kfin Technologies Ltd. is the registrar of the Hero Motors IPO.
Investors can use the registrar's service to check their Hero Motors IPO allotment status after allotment.
The book-running lead managers are:
Disclaimer: Hero Motors IPO GMP is based on unofficial grey-market activity and is indicative only. Estimated listing prices and gains are not guaranteed. Investors should independently evaluate the IPO's valuation, financial performance, business prospects and risks before investing.
Financial journalist specializing in market analysis, stock research, and investment trends. Dedicated to providing accurate, timely insights for informed decision-making.
Credentials: Experienced financial journalist with expertise in equity markets and economic analysis
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