Guidance ledger · Q4 FY26

Hero MotoCorp HEROMOTOCO

3 revisions on record · 1 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

→ narrowed Medium-term EBITDA margin commitment - full FY27 lift Q3 FY26 → Q4 FY26

~~we will hold the margin (Q3FY26 stance)~~ → committed medium-term to 14-16%; refuses to commit FY27 full year

“it's difficult to really commit at this point in time that how the full year is going to be”

↓ lowered Industry growth horizon Q3 FY26 → Q4 FY26

~~double digit current quarter / high-single-digit FY27 (Q3FY26)~~ → high single-digit FY27 (current fiscal)

“anticipate high single -digit growth during the current f iscal year”

↑ raised EV capacity vs breakeven re-anchor Q3 FY26 → Q4 FY26

~~VIDA capacity expansion in FY27 (Q3FY26 qualitative)~~ → EV capacity 50% within month, further doubling before FY27 end

“the second phase will be before end of this financial year”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.