Hero Motors Unlisted Shares

Hero Motors Limited (HML), as per its credit ratings, is engaged in the business of manufacturing and supplying auto components including gearboxes, BPTs, and other components for the two-wheeler and electric bicycles segment. It is part of the OP Munjal group. The company was incorporated in 1998 and has its registered office located in Ludhiana, Punjab.

Global Leader in Automotive Components and Solutions
Hero Motors Ltd. is a leading Indian manufacturer of automotive components, recognised globally for its innovation-driven approach and cost-effective technological solutions.

• As the automotive flagship of the Hero Group—one of the world’s largest two-wheeler and bicycle manufacturers—the company consistently delivers advanced, high-quality products to leading OEMs across various mobility segments in the United States, Europe, India and the Association of Southeast Asian Nations (“ ASEAN ”) region.
• HML specialises in advanced drivetrain technologies and mobility solutions.
• The company is recognised for its expertise in the development and production of continuously variable transmissions (CVT), Electric vehicle (EV) transmission systems, electric motors, integrated drive units (IDUs), and gear sets.
• According to a CRISIL report, Hero Motors holds a first-mover advantage in the global e-bike powertrain market and is the only company in India manufacturing and exporting CVT hubs to global e-bike OEMs.
• It also remains India’s only producer of integrated electric powertrain products for e-bikes.

Key Highlights: 

• 1,000+ employees
• 6 manufacturing units
• 1.2 million sq. ft. of covered production area
• 2 state-of-the-art R&D centres

Business Segments 

Hero Motors’ operations are structured into two key business segments:

1. Powertrain Solutions, and

2. Alloys & Metallics (A&M).

The Powertrain segment is further divided based on application:

• Gears & Transmissions (G&T): Serving a broad range of automotive and mobility applications.

• Bike Powertrain (BPT): Catering to the micro-mobility market, including e-bikes, scooters, and other lightweight electric vehicles used in urban areas.

The Alloys & Metallics segment focuses on sheet metal and tubular assemblies for automotive OEMs. 

Product Category	Products	End Use Segments
Gears & Transmissions	Shafts, bearings, chain sprockets, seals, engine gears, transmission gears, gearbox assemblies	Cars, two-wheelers, three-wheelers, ATVs, Motorsport, Performance Automotive and Aerospace
Bike powertrains	Continuous Variable transmission (CVT), Electronic Drive Unit (EDU), Electric drive motors	E-bikes, Electric two-wheelers and Electric three-wheelers
Alloys & Metallics	Chaincases, swing arms, mainstands, rims, Engine guards, handlebars, safeguards	Two-wheelers and bicycles/e-bikes

Gears and transmission units: 

    

Product Applications

• Two-wheelers (motorcycles and scooters)
• Performance automotive (high-torque ICE vehicles)
• E-bikes and micro-mobility
• Off-road and speciality vehicles
• Electric and hybrid cars
• Heavy-duty vehicles
• eVTOL (electric vertical take-off and landing aircraft)
• Aerospace and other advanced mobility platforms

Key Global Customers

• BMW AG – premium automotive
• Ducati Motor Holding S.P.A. – performance motorcycles
• Enviolo International Inc. – CVT technology partner (e-bikes)
• Formula Motorsport Ltd – motorsport segment
• Hummingbird EV Inc. – electric mobility
• HWA AG – motorsports and high-performance vehicles

Strategic Growth Milestones

• 2001: Commenced operations with the A&M segment, focusing on sheet metal component manufacturing, machining of casting products and other sheet metal components

• 2018: Partnership with Enviolo (US): To access patented Continuous Variable Planetary (CVP) technology and scale its CVT offerings.

• 2019: Secured contracts from European two-wheeler OEMs for full gearbox systems and entered the micro-mobility sector.

• 2021: Formed a joint venture with Yamaha Motors Japan to manufacture electric motors under the ‘HYM’ brand.

• 2022: Acquired a strategic stake in Hewland, a UK-based firm specialising in high-performance gearbox and transmission systems, followed by a majority stake in 2023. This acquisition enhanced Hero Motors’ design, validation, and prototyping capabilities and provided a UK manufacturing base for the EV segment.

• 2023:

  • Launched a transmission manufacturing plant in Thailand to expand gearbox supply across the ASEAN region.

  • Acquired STPL, a manufacturer of high-end components for premium bikes and e-bikes.

  • Ventured into the Electric Drive Unit (EDU) segment under the ‘ESYNC’ brand, delivering integrated propulsion systems for micro-mobility applications.

Manufacturing Footprint

• The company operates three advanced manufacturing facilities in India and Thailand, strategically positioned to capitalise on regional advantages.
• Hero Motors combines operational efficiency with global quality standards, leveraging collaborations with international technology leaders such as Hewland.
• Its production systems are powered by cutting-edge German and Japanese technologies, and supported by a robust design and R&D ecosystem.

  

Innovation & R&D

Hero Motors has significantly enhanced its in-house innovation and design capabilities. Dedicated technology centres have been established in:

• Southam, United Kingdom – focused on automotive systems, and
• Gautam Buddha Nagar, Uttar Pradesh, India – focused on micro-mobility applications.

These centres support advanced prototyping, testing, and co-development with OEM clients, enabling the company to move beyond traditional "build-to-print" manufacturing and offer end-to-end design and development solutions. 

Management