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Hero revs up Q1 with a profit bump and an EV jolt to the system
MUMBAI: EVs, exports, and earnings, Hero MotoCorp’s first quarter of FY26 was anything but idle. The world’s largest two-wheeler maker posted a consolidated net profit of Rs 1,706 crore for the April–June 2025 quarter, a staggering 65 per cent jump from Rs 1,032 crore a year ago. A significant portion Rs 722 crore of that windfall came from a one-time gain following the partial dilution of Hero’s stake in Ather Energy, which went public this quarter.
On a consolidated basis, Hero Motocorp clocked revenue from operations at Rs 9,728 crore, while standalone revenue stood at Rs 9,579 crore. Profit after tax (PAT) on a standalone basis was Rs 1,126 crore, flat compared to Rs 1,123 crore in Q1 FY25.
Despite a slight drop in volumes 13.67 lakh units sold this quarter versus 15.35 lakh last year, the bottom line remained buoyant thanks to a steady 14.4 per cent EBITDA margin (Rs 1,382 crore), mirroring last year’s performance. The consolidated EBITDA margin nudged slightly higher at 14.5 per cent.
Hero’s electric vehicle (EV) arm, VIDA, continues to plug into new opportunities. It launched a subscription-based Battery-as-a-Service (BaaS) model and introduced the Evooter VX2. A campaign titled ‘Charging Simple Hai’, timed with the IPL, spotlighted VIDA’s swappable battery tech.
On the global front, Hero pushed four new products into the Sri Lankan market in collaboration with long-time distributor Abans Auto: the Xoom 110, Hunk 160R 4V, Xtreme 125R and HF Deluxe.
The 125cc scooter segment, led by Destini 125 and Xoom 125, and the newly launched HF Deluxe Pro in the 100cc segment helped maintain retail traction. VAHAN registrations remained healthy, and the upcoming festive season could accelerate demand.
Premium positioning also got a boost with the Harley-Davidson 2025 line-up rollout, including the return of Street Bob and new Road Glide and Street Glide variants. Hero also opened new Premia stores across the country, reaching the 100-store milestone.
Hero is also tackling regulatory curves. While the company awaits clarity on obligations under the End-of-Life Vehicle (ELV) Rules 2025, it has not yet accounted for any financial impact, citing lack of a defined pricing or certification framework.
Meanwhile, Hero continues to invest in brand visibility on and off the road. It signed golfers Akshay Bhatia and Sahith Theegala as global ambassadors and added young Austrian rider Tobias Ebster to the Hero Motosports Rally team.
Hero’s leadership sounds confident. Hero Motocorp chief financial officer Vivek Anand noted strong performance across electric, global and premium categories and flagged a “robust pipeline of new launches” for the coming quarters.
Investors also got good news earlier this year, with the Board approving a final dividend of Rs 65 per share, taking the FY25 total to Rs 165 per share (8,250 per cent).
Despite a temporary production pause that impacted dispatches, Hero appears ready to hit the throttle as it enters the festive season. With electric mobility gaining traction, international markets humming, and Ather’s IPO money in the bank, Hero seems geared for a smooth ride into the rest of FY26.
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YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
