Buy Hero MotoCorp Ltd For Target Rs. 5478 By Choice Broking Ltd
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* The 125 cc segment's market share rose from 13% to 20% due to a surge in demand for Glamour, Super Splendor, and Xtreme 125. The reintroduction of the Glamour Magnetic has seen strong support, especially in Andhra Pradesh and Telangana. Super Splendor’s mileage campaign, “66km/l,” has driven customer interest significantly. Meanwhile, the Xtreme 125 has successfully brought new customers into dealerships, with capacity expansion underway to meet the high demand. Further, the production capacity of Xtreme 125R is being increased from 25,000 to 40,000 units per month over the next few months in response to excellent customer demand.
* Outlook: HMCL is expected to benefit from rural recovery on expectation of normal monsoon, traction in entry level bikes by new customers. Further as a long term strategy road map such as showroom revamp, upgradation of portfolio will support volume growth better than industry. We like to retain our positive view on HMCL due scaling up the EV portfolio and premium product portfolio with Harley, Mavrick, Karizma, XPulse and Xtreme. We recommend BUY rating on the stock with TP of Rs.5478 (18x of FY26E EPS).
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