Hero MotoCorp shares extended their rally on Thursday, rising about 2.5 percent and crossing the ₹6,000 mark for the first time since September 2024. The stock surged to an intraday high of ₹6,016 on the National Stock Exchange (NSE), marking its fifth consecutive day of gains. Over this five-session period, the stock has risen more than 9 percent.

Contents

Macquarie Upgrades Hero MotoCorp to ‘Outperform’J.P. Morgan Also Turns Bullish; Upgrades to ‘Overweight’Market Momentum Strengthens as Stock Extends Rally Q2 FY26 Margin Performance Continues to Support Analyst Views Motilal Oswal’s View: Growth Supported by New Launches and Exports

The sharp upward momentum came after global brokerage houses Macquarie and J.P. Morgan issued back-to-back upgrades, boosting sentiment around India’s largest two-wheeler manufacturer.

Macquarie Upgrades Hero MotoCorp to ‘Outperform’

Macquarie upgraded Hero MotoCorp to “outperform” and raised its price target to ₹6,793 from the earlier ₹6,094.

According to the brokerage, Hero MotoCorp’s:

Domestic market share has stabilised,
There is potential upside in both motorcycles and scooters,
Electric two-wheeler traction is improving,
Margins remain steady,
And there are prospects of market share gains.

The upgrade reflected Macquarie’s view that the company is positioned for stronger performance across its product categories, aided by steady profitability and improving trends in electric mobility.

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J.P. Morgan Also Turns Bullish; Upgrades to ‘Overweight’

The positive call by Macquarie followed an earlier upgrade from J.P. Morgan, issued on Wednesday.

J.P. Morgan upgraded Hero MotoCorp to “overweight” from “neutral”, raising its target price to ₹6,850 from ₹5,640. The brokerage cited:

Stabilising market share,
An improving earnings outlook,
Tax cuts,
And rising electric vehicle penetration.

J.P. Morgan’s assessment added to the bullish tone in the market, reinforcing expectations of sustained growth and stronger profitability for the company.

Market Momentum Strengthens as Stock Extends Rally

On Thursday, the stock continued its upward move, touching ₹6,016, a level not seen since September 2024. With the stock gaining over 9 percent in just five trading sessions, Hero MotoCorp has seen a renewed surge in investor interest.

The double upgrade from two global brokerages contributed significantly to this positive sentiment, supporting expectations that Hero MotoCorp’s business outlook is improving across key segments.

Q2 FY26 Margin Performance Continues to Support Analyst Views

Brokerages also took note of Hero MotoCorp’s margin performance in the September quarter.

The company reported:

EBITDA margin of 15 per cent,
Up 55 basis points year-on-year in Q2 FY26.

While some analysts acknowledged the strength in margins, they remained cautious about the sustainability of the improvement over the medium term.

Motilal Oswal’s View: Growth Supported by New Launches and Exports

Motilal Oswal highlighted the role of upcoming model launches and export expansion in supporting the company’s growth outlook.

The brokerage said it expects:

6 per cent volume CAGR over FY26–28,
Supported by new model launches,
And a ramp-up in exports.

Motilal Oswal maintained its “buy” rating with a target price of ₹6,500.

Conclusion

Hero MotoCorp’s stock performance on Thursday reflects the strong confidence expressed by major global brokerages. With upgrades from both Macquarie and J.P. Morgan, rising traction in electric vehicles, stable market share, and improving margins, investor sentiment around the company has strengthened. The coming quarters will determine whether the margin gains and market share stabilisation can be sustained, but for now, the stock’s rally is supported by renewed optimism and improving fundamentals, as highlighted by multiple analyst reports.

Disclaimer:

The views, projections, and recommendations mentioned by brokerage firms belong to the respective analysts and do not represent the views of Moneycontrol or its management. Investors are advised to consult certified financial experts before making investment decisions.

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