Hero MotoCorp reported a 40 percent year-on-year increase in total two-wheeler dispatches in December 2025, continuing the growth momentum seen in November, though overall volumes declined on a month-on-month basis after the festive season.
The company dispatched 456,479 units in December, compared with 324,906 units in December 2024, and above market expectations of around 400,000 units. This compares with November 2025 sales of over 600,000 units, when dispatches rose 31 percent year-on-year, supported by festive demand and strong retail traction. Sales therefore fell sequentially in December, in line with typical post-festive trends, while remaining strong on an annual basis.
Domestic and Export Sales
Domestic two-wheeler dispatches in December stood at 419,243 units, marking a 43 percent year-on-year increase from 294,152 units a year earlier. Exports rose 21 percent year-on-year to 37,236 units, compared with 30,754 units in December 2024.
In November, export volumes were lower on a sequential basis, reflecting a stronger domestic contribution during the festive period, while December saw relatively higher overseas traction despite lower total volumes.
Segment Performance
Motorcycles, which form the bulk of Hero MotoCorp’s portfolio, recorded 402,374 units in December, up 35 percent year-on-year. Scooter dispatches more than doubled to 54,105 units, compared with 26,390 units a year earlier, aided by a low base and new model introductions.
In November, both motorcycles and scooters benefited from festive buying, resulting in higher absolute volumes than December, though December growth rates were stronger due to base effects.
Quarterly and Year-to-Date Trends
For the October–December quarter (Q3 FY26), Hero MotoCorp reported total dispatches of 1.70 million units, up from 1.46 million units in the corresponding quarter last year, reflecting growth across both motorcycles and scooters.
On a year-to-date basis, cumulative volumes stood at 4.75 million units, representing a 5 percent increase year-on-year, indicating a more measured recovery when viewed beyond the festive period.
Hero MotoCorp expects single-digit growth in FY26, supported by factors such as potential GST rationalisation, improving rural demand and new product launches, even as the broader two-wheeler market shows signs of normalization after recent volatility.
Hero MotoCorp is India’s largest two-wheeler manufacturer with a presence across motorcycles, scooters and electric mobility. The company’s November performance was driven by festive demand and higher retail registrations, while December reflected a return to more typical monthly volumes, albeit at higher levels than last year.