Hero Motors shares hit a 5% lower circuit on Thursday, 22 October, despite remaining around 42% above their IPO price of ₹84. The stock opened at ₹118.90 apiece on the BSE and touched an intraday high of ₹119.30 before slipping to a low of ₹116.60.
Gaurav Arora, Head of Research at SAHI, said Hero Motors has corrected sharply from its October highs and is now approaching a crucial support level of ₹112.
According to Arora, the stock's price structure indicates a deeper retracement within the broader trend. However, a break below ₹112 could trigger further downside. He added that the stock's ability to hold this support level will be crucial in determining whether it stabilises or extends its decline in the coming sessions.
On 13 October, the company reported a 115.6% year-on-year jump in net profit to ₹10.2 crore for the quarter ended September 2026, compared with ₹4.73 crore in the corresponding quarter last year. Revenue from operations increased 24.9% to ₹319.3 crore from ₹255.7 crore.
Operating performance also strengthened, with earnings before interest, tax, depreciation and amortisation (EBITDA) surging 92% year-on-year to ₹35.9 crore from ₹18.7 crore. The EBITDA margin expanded to 11.3% from 7.3% a year earlier, marking an improvement of around 400 basis points.