{"id":23309,"date":"2026-09-17T10:30:06","date_gmt":"2026-09-17T05:00:06","guid":{"rendered":"https:\/\/www.moneyworks4me.com\/investmentshastra\/?p=23309"},"modified":"2026-09-18T12:36:18","modified_gmt":"2026-09-18T07:06:18","slug":"hero-motors-ipo-expert-review-and-recommendations","status":"publish","type":"post","link":"https:\/\/www.moneyworks4me.com\/investmentshastra\/hero-motors-ipo-expert-review-and-recommendations\/","title":{"rendered":"Hero Motors IPO: Expert Review and Recommendations"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"798\" height=\"174\" src=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2026\/09\/Capture.png\" alt=\"\" class=\"wp-image-23310\" title=\"\" srcset=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2026\/09\/Capture.png 798w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2026\/09\/Capture-150x33.png 150w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2026\/09\/Capture-600x131.png 600w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2026\/09\/Capture-766x167.png 766w\" sizes=\"auto, (max-width: 798px) 100vw, 798px\" \/><\/figure>\n\n\n\n<meta name=\"viewport\" content=\"width=device-width, initial-scale=1\">\n<style>\n@media (max-width: 768px) {\n\n  html, body { overflow-x: hidden; 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max-width: 700px; margin: 0 auto; padding: 0 24px;\">\n<p class=\"lede\" style=\"box-sizing: border-box; margin: 0 0 1em; font-size: 1.05rem; color: #333; max-width: 600px;\">Hero Motors does not sell vehicles to consumers. It supplies the parts that make them move \u2014 gearboxes, gears, electric motors, CVT hubs and metal assemblies \u2014 to vehicle makers. It earns when a vehicle maker selects its part for a model and builds that model in volume.<\/p>\n<div class=\"stat-grid is-fill-light\" style=\"box-sizing: border-box; display: grid; grid-template-columns: repeat(2,1fr) !important; gap: 1px; background: #e4e1d5; border: 1px solid #e4e1d5; margin: 28px 0 40px;\">\n<div class=\"stat is-fill-light\" style=\"box-sizing: border-box; background: #faf8f3; padding: 18px 8px !important; text-align:center;\">\n<div class=\"stat-label\" style=\"box-sizing: border-box; font-size: .66rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; margin-bottom: 6px;\">Issue opens<\/div>\n<div class=\"stat-value\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-weight: 600; font-size: 1.35rem; color: #122f27;\">16 Sep 2026<\/div>\n<\/div>\n<div class=\"stat is-fill-light\" style=\"box-sizing: border-box; background: #faf8f3; padding: 18px 8px !important; text-align:center;\">\n<div class=\"stat-label\" style=\"box-sizing: border-box; font-size: .66rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; margin-bottom: 6px;\">Issue closes<\/div>\n<div class=\"stat-value\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-weight: 600; font-size: 1.35rem; color: #122f27;\">18 Sep 2026<\/div>\n<\/div>\n<div class=\"stat is-fill-light\" style=\"box-sizing: border-box; background: #faf8f3; padding: 18px 8px !important; text-align:center;\">\n<div class=\"stat-label\" style=\"box-sizing: border-box; font-size: .66rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; margin-bottom: 6px;\">Price band<\/div>\n<div class=\"stat-value\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-weight: 600; font-size: 1.35rem; color: #122f27;\">79\u201384 <small style=\"box-sizing: border-box; font-size: .6em; font-weight: 500; color: #5d665f;\">Rs<\/small><\/div>\n<\/div>\n<div class=\"stat is-fill-light\" style=\"box-sizing: border-box; background: #faf8f3; padding: 18px 8px !important; text-align:center;\">\n<div class=\"stat-label\" style=\"box-sizing: border-box; font-size: .66rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; margin-bottom: 6px;\">Lot size<\/div>\n<div class=\"stat-value\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-weight: 600; font-size: 1.35rem; color: #122f27;\">178 <small style=\"box-sizing: border-box; font-size: .6em; font-weight: 500; color: #5d665f;\">shares<\/small><\/div>\n<\/div>\n<div class=\"stat is-fill-light\" style=\"box-sizing: border-box; background: #faf8f3; padding: 18px 8px !important; text-align:center;\">\n<div class=\"stat-label\" style=\"box-sizing: border-box; font-size: .66rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; margin-bottom: 6px;\">Issue size<\/div>\n<div class=\"stat-value\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-weight: 600; font-size: 1.35rem; color: #122f27;\">1,000 <small style=\"box-sizing: border-box; font-size: .6em; font-weight: 500; color: #5d665f;\">Rs Cr<\/small><\/div>\n<\/div>\n<div class=\"stat is-fill-light\" style=\"box-sizing: border-box; background: #faf8f3; padding: 18px 8px !important; text-align:center;\">\n<div class=\"stat-label\" style=\"box-sizing: border-box; font-size: .66rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; margin-bottom: 6px;\">FY26 revenue<\/div>\n<div class=\"stat-value\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-weight: 600; font-size: 1.35rem; color: #122f27;\">1,188 <small style=\"box-sizing: border-box; font-size: .6em; font-weight: 500; color: #5d665f;\">Rs Cr<\/small><\/div>\n<\/div>\n<div class=\"stat is-fill-light\" style=\"box-sizing: border-box; background: #faf8f3; padding: 18px 8px !important; text-align:center;\">\n<div class=\"stat-label\" style=\"box-sizing: border-box; font-size: .66rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; margin-bottom: 6px;\">FY26 EBITDA margin<\/div>\n<div class=\"stat-value\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-weight: 600; font-size: 1.35rem; color: #122f27;\">12.4<small style=\"box-sizing: border-box; font-size: .6em; font-weight: 500; color: #5d665f;\">%<\/small><\/div>\n<\/div>\n<div class=\"stat is-fill-light\" style=\"box-sizing: border-box; background: #faf8f3; padding: 18px 8px !important; text-align:center;\">\n<div class=\"stat-label\" style=\"box-sizing: border-box; font-size: .66rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; margin-bottom: 6px;\">FY26 ROCE<\/div>\n<div class=\"stat-value\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-weight: 600; font-size: 1.35rem; color: #122f27;\">19.8<small style=\"box-sizing: border-box; font-size: .6em; font-weight: 500; color: #5d665f;\">%<\/small><\/div>\n<\/div>\n<div class=\"stat is-fill-light\" style=\"box-sizing: border-box; background: #faf8f3; padding: 18px 8px !important; text-align:center;\">\n<div class=\"stat-label\" style=\"box-sizing: border-box; font-size: .66rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; margin-bottom: 6px;\">P\/E at cap<\/div>\n<div class=\"stat-value\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-weight: 600; font-size: 1.35rem; color: #122f27;\">73.7<small style=\"box-sizing: border-box; font-size: .6em; font-weight: 500; color: #5d665f;\">x<\/small><\/div>\n<\/div>\n<div class=\"stat is-fill-light\" style=\"box-sizing: border-box; background: #faf8f3; padding: 18px 8px !important; text-align:center;\">\n<div class=\"stat-label\" style=\"box-sizing: border-box; font-size: .66rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; margin-bottom: 6px;\">Anchor book<\/div>\n<div class=\"stat-value\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-weight: 600; font-size: 1.35rem; color: #122f27;\">300 <small style=\"box-sizing: border-box; font-size: .6em; font-weight: 500; color: #5d665f;\">Rs Cr<\/small><\/div>\n<\/div>\n<\/div>\n<div class=\"cover-lower\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1.3fr 1fr; gap: 40px; margin-bottom: 32px;\">\n<div class=\"proof\" style=\"box-sizing: border-box;\">\n<h3 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .08em; text-transform: uppercase; margin-bottom: 14px;\">What needs proof<\/h3>\n<ul style=\"box-sizing: border-box; margin: 0; padding: 0; list-style: none;\">\n<li style=\"box-sizing: border-box; position: relative; padding: 6px 0 6px 18px; font-size: .92rem; color: #333;\">Capacity utilisation and programme wins<\/li>\n<li style=\"box-sizing: border-box; position: relative; padding: 6px 0 6px 18px; font-size: .92rem; color: #333;\">Customer concentration improves<\/li>\n<li style=\"box-sizing: border-box; position: relative; padding: 6px 0 6px 18px; font-size: .92rem; color: #333;\">Receivable days stabilise<\/li>\n<li style=\"box-sizing: border-box; position: relative; padding: 6px 0 6px 18px; font-size: .92rem; color: #333;\">Margin and ROCE gains endure<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<section id=\"the-business\" class=\"note-section\" style=\"box-sizing: border-box; padding: 5px 0; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"wrap\" style=\"box-sizing: border-box; max-width: 700px; margin: 0 auto; padding: 0 24px;\">\n<h2 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1.7rem;\">Hero Motors makes the parts that move a vehicle<\/h2>\n<p class=\"dek\" style=\"box-sizing: border-box; margin: 0 0 1em; font-family: 'Source Serif 4',serif; font-style: italic; color: #5d665f; font-size: 1.05rem; margin-bottom: 26px; max-width: 600px;\">It sells to vehicle makers, not consumers. Revenue begins when a vehicle brand chooses its part for a model and builds that model in volume.<\/p>\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 40px;\">How the business earns money<\/h4>\n<div class=\"process-flow\" style=\"box-sizing: border-box; display: grid; grid-template-columns: repeat(2,1fr); gap: 20px; margin: 18px 0 30px;\">\n<div class=\"process-step\" style=\"box-sizing: border-box; border-top: 3px solid #bd8a35; padding-top: 12px;\"><span class=\"step-num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.1rem; color: #8f671f; font-weight: 600; display: block; margin-bottom: 6px;\">01<\/span><p><\/p>\n<h5 style=\"box-sizing: border-box; margin: 0 0 6px; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27;\">Vehicle maker chooses a model<\/h5>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .82rem; color: #5d665f;\">A motorcycle, e-bike, car or specialist vehicle needs a transmission or component system.<\/p>\n<\/div>\n<div class=\"process-step\" style=\"box-sizing: border-box; border-top: 3px solid #bd8a35; padding-top: 12px;\"><span class=\"step-num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.1rem; color: #8f671f; font-weight: 600; display: block; margin-bottom: 6px;\">02<\/span><p><\/p>\n<h5 style=\"box-sizing: border-box; margin: 0 0 6px; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27;\">Hero Motors develops the part<\/h5>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .82rem; color: #5d665f;\">It designs a gearbox, CVT hub, electric motor or metal assembly to the vehicle maker&#8217;s specification.<\/p>\n<\/div>\n<div class=\"process-step\" style=\"box-sizing: border-box; border-top: 3px solid #bd8a35; padding-top: 12px;\"><span class=\"step-num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.1rem; color: #8f671f; font-weight: 600; display: block; margin-bottom: 6px;\">03<\/span><p><\/p>\n<h5 style=\"box-sizing: border-box; margin: 0 0 6px; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27;\">It makes and delivers the part<\/h5>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .82rem; color: #5d665f;\">Approved components are produced in India, the UK and Thailand and supplied to the factory.<\/p>\n<\/div>\n<div class=\"process-step\" style=\"box-sizing: border-box; border-top: 3px solid #bd8a35; padding-top: 12px;\"><span class=\"step-num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.1rem; color: #8f671f; font-weight: 600; display: block; margin-bottom: 6px;\">04<\/span><p><\/p>\n<h5 style=\"box-sizing: border-box; margin: 0 0 6px; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27;\">It earns as vehicles are built<\/h5>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .82rem; color: #5d665f;\">More vehicles produced with Hero Motors parts generally means more component revenue.<\/p>\n<\/div>\n<\/div>\n<div class=\"with-side\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr 260px; gap: 36px; align-items: start;\">\n<div style=\"box-sizing: border-box;\">\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 75px;\">What it actually sells \u2014 FY26 revenue mix (% of revenue from operations)<\/h4>\n<div class=\"hbar-chart\" style=\"box-sizing: border-box; margin: 8px 0 24px;\">\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 0px !important;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Metal assemblies and components<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 46.3%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">46.3%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 0px !important;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Gears and transmissions<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c2 is-fill-dark\" style=\"width: 41.1%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #4a8069;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">41.1%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 0px !important;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Bike powertrain for EVs<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c3 is-fill-dark\" style=\"width: 12.5%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #bd8a35;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">12.5%<\/span><\/p><\/div>\n<\/div>\n<div class=\"two-col\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr 1fr; gap: 32px; margin: 18px 0 26px;\">\n<div style=\"box-sizing: border-box;\">\n<h5 style=\"box-sizing: border-box; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27; margin: 0 0 8px;\">Who pays Hero Motors<\/h5>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .92rem; color: #333;\">Vehicle and e-bike makers pay for approved parts supplied to their programmes. Winning a place on a model can create repeat orders while that model remains in production.<\/p>\n<\/div>\n<div style=\"box-sizing: border-box;\">\n<h5 style=\"box-sizing: border-box; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27; margin: 0 0 8px;\">What drives revenue<\/h5>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .92rem; color: #333;\">Revenue depends on programme wins, the number of Hero Motors parts on each vehicle, production volumes and pricing. A rise in consumer vehicle sales helps only if its parts are fitted.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"big-stat\" style=\"box-sizing: border-box; border-left: 3px solid #bd8a35; padding-left: 18px; margin: 10px 0 24px;\">\n<div class=\"num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 2.6rem; font-weight: 600; color: #122f27; line-height: 1;\">6<\/div>\n<div class=\"cap\" style=\"box-sizing: border-box; font-size: .68rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; font-weight: 600; margin: 6px 0 4px;\">Manufacturing facilities<\/div>\n<p class=\"note\" style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .88rem; background:none; color: #333; max-width: 320px;\">India, the United Kingdom and Thailand. The footprint helps serve global vehicle makers, but requires reliable quality, delivery and working capital.<\/p>\n<\/div>\n<\/div>\n<div class=\"takeaway is-fill-light\" style=\"box-sizing: border-box; background: #f5edd9; border-left: 4px solid #bd8a35; padding: 16px 20px; margin-top: 18px;\">\n<div class=\"lbl\" style=\"box-sizing: border-box; font-weight: bold; font-size: .86rem; color: #8f671f; margin-bottom: 4px;\">Key takeaway<\/div>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #2a2a24;\">This is a business-to-business supplier, not a vehicle brand. The key question is whether it can win and retain profitable vehicle programmes, then turn those programmes into dependable volume and cash flow.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<p><!-- ================= 01 REVENUE MIX ================= --><\/p>\n<section id=\"revenue-diversified\" class=\"note-section\" style=\"box-sizing: border-box; padding: 52px 0; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"wrap\" style=\"box-sizing: border-box; max-width: 700px; margin: 0 auto; padding: 0 24px;\">\n<div class=\"sec-head\" style=\"box-sizing: border-box; display: flex; align-items: baseline; gap: 16px; margin-bottom: 6px;\"><span class=\"sec-badge\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.6rem; font-weight: 600; color: #9dc6ac;\">01<\/span><p><\/p>\n<div style=\"box-sizing: border-box;\">\n<h2 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1.7rem;\">Revenue is diversified, customers are not<\/h2>\n<\/div>\n<\/div>\n<p class=\"dek\" style=\"box-sizing: border-box; margin: 0 0 1em; font-family: 'Source Serif 4',serif; font-style: italic; color: #5d665f; font-size: 1.05rem; margin-bottom: 26px; max-width: 600px;\">End markets and geographies provide breadth, but a small set of OEM customers controls a large share of sales.<\/p>\n<div class=\"two-col\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr 1fr; gap: 32px; margin: 18px 0 26px;\">\n<div style=\"box-sizing: border-box;\">\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 40px;\">FY26 revenue by end-use<\/h4>\n<div class=\"hbar-chart\" style=\"box-sizing: border-box; margin: 8px 0 24px;\">\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px ; align-items: center; gap: 12px; margin-bottom: 0px !important;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Two wheelers<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 41.0%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">41.0%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px;margin-bottom: 0px !important;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Others incl. aerospace<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c2 is-fill-dark\" style=\"width: 24.7%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #4a8069;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">24.7%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 0px !important;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Motorsport \/ performance<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c3 is-fill-dark\" style=\"width: 21.4%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #bd8a35;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">21.4%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 0px !important;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">E-bikes<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c4 is-fill-light\" style=\"width: 12.9%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #9dc6ac;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">12.9%<\/span><\/p><\/div>\n<\/div>\n<\/div>\n<div style=\"box-sizing: border-box;\">\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 14px;\">FY26 revenue by geography<\/h4>\n<div class=\"hbar-chart\" style=\"box-sizing: border-box; margin: 8px 0 24px;\">\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px ; align-items: center; gap: 12px; margin-bottom: 0px !important;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">India<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 58.6%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">58.6%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 0px !important;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Europe<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c2 is-fill-dark\" style=\"width: 33.6%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #4a8069;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">33.6%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 0px !important;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Others<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c3 is-fill-dark\" style=\"width: 3.9%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #bd8a35;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">3.9%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">United States<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c4 is-fill-light\" style=\"width: 3.9%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #9dc6ac;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">3.9%<\/span><\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"with-side\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr 260px; gap: 36px; align-items: center;\">\n<div style=\"box-sizing: border-box;\">\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 14px;\">Customer concentration \u2014 top ten customers (% of revenue from operations)<\/h4>\n<div class=\"vbar-chart\" style=\"box-sizing: border-box; display: flex; gap: 26px; align-items: flex-end;  margin: 16px 0 8px; padding-left: 4px;\">\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">77.0<\/span>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 98.7%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY24<\/span><\/p><\/div>\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">78.0<\/span>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 100%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY25<\/span><\/p><\/div>\n<div class=\"vbar-col is-accent\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">72.9<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 93.5%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY26<\/span><\/p><\/div>\n<\/div>\n<p style=\"font-size: .82rem; color: #5d665f; margin-top: 2px; box-sizing: border-box; margin: 0 0 1em;\">Top ten customers. The FY26 easing still leaves a material OEM-programme dependency.<\/p>\n<\/div>\n<div class=\"big-stat\" style=\"box-sizing: border-box; border-left: 3px solid #bd8a35; padding-left: 18px; margin: 10px 0 24px;\">\n<div class=\"num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 2.6rem; font-weight: 600; color: #122f27; line-height: 1;\">72.9%<\/div>\n<div class=\"cap\" style=\"box-sizing: border-box; font-size: .68rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; font-weight: 600; margin: 6px 0 4px;\">Top ten customers, FY26<\/div>\n<p class=\"note\" style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .88rem; color: #333; max-width: 320px;\">The top customer alone represented 35.6% of revenue.<\/p>\n<\/div>\n<\/div>\n<div class=\"assessment\" style=\"box-sizing: border-box; margin: 22px 0 18px;\">\n<h4 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1rem; margin-bottom: 6px;\">Our assessment<\/h4>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #333;\">The geographic mix, especially Europe at 33.6%, is a source of diversification. It does not offset the commercial exposure created by concentration in a few customers and platforms.<\/p>\n<\/div>\n<div class=\"takeaway is-fill-light\" style=\"box-sizing: border-box; background: #f5edd9; border-left: 4px solid #bd8a35; padding: 16px 20px; margin-top: 18px;\">\n<div class=\"lbl\" style=\"box-sizing: border-box; font-weight: bold; font-size: .86rem; color: #8f671f; margin-bottom: 4px;\">Key takeaway<\/div>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #2a2a24;\">Customer concentration is the key operational risk: a programme loss, customer production slowdown or pricing reset could affect revenue disproportionately.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<p><!-- ================= 02 GROWTH OPTION ================= --><\/p>\n<section id=\"ebike-growth\" class=\"note-section\" style=\"box-sizing: border-box; padding: 52px 0; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"wrap\" style=\"box-sizing: border-box; max-width: 700px; margin: 0 auto; padding: 0 24px;\">\n<div class=\"sec-head\" style=\"box-sizing: border-box; display: flex; align-items: baseline; gap: 16px; margin-bottom: 6px;\"><span class=\"sec-badge\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.6rem; font-weight: 600; color: #9dc6ac;\">02<\/span><p><\/p>\n<div style=\"box-sizing: border-box;\">\n<h2 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1.7rem;\">E-bike capability creates the growth option<\/h2>\n<\/div>\n<\/div>\n<p class=\"dek\" style=\"box-sizing: border-box; margin: 0 0 1em; font-family: 'Source Serif 4',serif; font-style: italic; color: #5d665f; font-size: 1.05rem; margin-bottom: 26px; max-width: 600px;\">Electrification expands the addressable market, but capacity investment and OEM adoption still determine the outcome.<\/p>\n<div class=\"with-side\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr 260px; gap: 36px; align-items: center;\">\n<div style=\"box-sizing: border-box;\">\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 14px;\">Addressable-market growth cited in the RHP (CAGR, 2025 or 2026 to 2031)<\/h4>\n<div class=\"hbar-chart\" style=\"box-sizing: border-box; margin: 8px 0 24px;\">\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">India e-bike market<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 23%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">19\u201323%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Bike Powertrain market<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c2 is-fill-dark\" style=\"width: 18%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #4a8069;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">16\u201318%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Global e-bike volumes<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c3 is-fill-dark\" style=\"width: 9%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #bd8a35;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">6\u20139%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Gears &amp; Transmissions<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c4 is-fill-light\" style=\"width: 8%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #9dc6ac;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">6\u20138%<\/span><\/p><\/div>\n<\/div>\n<\/div>\n<div class=\"big-stat\" style=\"box-sizing: border-box; border-left: 3px solid #bd8a35; padding-left: 18px; margin: 10px 0 24px;\">\n<div class=\"num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 2.6rem; font-weight: 600; color: #122f27; line-height: 1;\">200<\/div>\n<div class=\"cap\" style=\"box-sizing: border-box; font-size: .68rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; font-weight: 600; margin: 6px 0 4px;\">Rs Cr of Gautam Buddha Nagar (GBN) equipment<\/div>\n<p class=\"note\" style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .88rem; color: #333; max-width: 320px;\">Fresh-issue allocation towards capacity expansion at Gautam Buddha Nagar.<\/p>\n<\/div>\n<\/div>\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 14px;\">What must happen<\/h4>\n<div class=\"process-flow\" style=\"box-sizing: border-box; display: grid; grid-template-columns: repeat(2,1fr) !important; gap: 20px; margin: 18px 0 30px;\">\n<div class=\"process-step\" style=\"box-sizing: border-box; border-top: 3px solid #bd8a35; padding-top: 12px;\"><span class=\"step-num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.1rem; color: #8f671f; font-weight: 600; display: block; margin-bottom: 6px;\">01<\/span><p><\/p>\n<h5 style=\"box-sizing: border-box; margin: 0 0 6px; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27;\">Capex<\/h5>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .82rem; color: #5d665f;\">Equipment is purchased and commissioned<\/p>\n<\/div>\n<div class=\"process-step\" style=\"box-sizing: border-box; border-top: 3px solid #bd8a35; padding-top: 12px;\"><span class=\"step-num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.1rem; color: #8f671f; font-weight: 600; display: block; margin-bottom: 6px;\">02<\/span><p><\/p>\n<h5 style=\"box-sizing: border-box; margin: 0 0 6px; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27;\">Programme win<\/h5>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .82rem; color: #5d665f;\">OEM demand converts into orders<\/p>\n<\/div>\n<div class=\"process-step\" style=\"box-sizing: border-box; border-top: 3px solid #bd8a35; padding-top: 12px;\"><span class=\"step-num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.1rem; color: #8f671f; font-weight: 600; display: block; margin-bottom: 6px;\">03<\/span><p><\/p>\n<h5 style=\"box-sizing: border-box; margin: 0 0 6px; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27;\">Utilisation<\/h5>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .82rem; color: #5d665f;\">Added capacity runs at productive levels<\/p>\n<\/div>\n<div class=\"process-step\" style=\"box-sizing: border-box; border-top: 3px solid #bd8a35; padding-top: 12px;\"><span class=\"step-num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.1rem; color: #8f671f; font-weight: 600; display: block; margin-bottom: 6px;\">04<\/span><p><\/p>\n<h5 style=\"box-sizing: border-box; margin: 0 0 6px; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27;\">Returns<\/h5>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .82rem; color: #5d665f;\">Margin and ROCE improve<\/p>\n<\/div>\n<\/div>\n<div class=\"assessment\" style=\"box-sizing: border-box; margin: 22px 0 18px;\">\n<h4 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1rem; margin-bottom: 6px;\">Our assessment<\/h4>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #333;\">The market forecasts support an opportunity, not a revenue forecast. The RHP sections reviewed do not give a plant-level utilisation or a disclosed revenue ramp for this equipment expansion.<\/p>\n<\/div>\n<div class=\"takeaway is-fill-light\" style=\"box-sizing: border-box; background: #f5edd9; border-left: 4px solid #bd8a35; padding: 16px 20px; margin-top: 18px;\">\n<div class=\"lbl\" style=\"box-sizing: border-box; font-weight: bold; font-size: .86rem; color: #8f671f; margin-bottom: 4px;\">Key takeaway<\/div>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #2a2a24;\">E-bike capability can justify a premium only if added capacity converts into profitable programmes and lifts returns rather than merely adding assets.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<p><!-- ================= 03 FINANCIAL PERFORMANCE ================= --><\/p>\n<section id=\"margins-improved\" class=\"note-section\" style=\"box-sizing: border-box; padding: 52px 0; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"wrap\" style=\"box-sizing: border-box; max-width: 700px; margin: 0 auto; padding: 0 24px;\">\n<div class=\"sec-head\" style=\"box-sizing: border-box; display: flex; align-items: baseline; gap: 16px; margin-bottom: 6px;\"><span class=\"sec-badge\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.6rem; font-weight: 600; color: #9dc6ac;\">03<\/span><p><\/p>\n<div style=\"box-sizing: border-box;\">\n<h2 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1.7rem;\">Margins improved in FY26<\/h2>\n<\/div>\n<\/div>\n<p class=\"dek\" style=\"box-sizing: border-box; margin: 0 0 1em; font-family: 'Source Serif 4',serif; font-style: italic; color: #5d665f; font-size: 1.05rem; margin-bottom: 26px; max-width: 600px;\">Revenue accelerated and profitability strengthened, although the base from FY24 was modest.<\/p>\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 14px;\">Revenue, EBITDA and PAT (Rs Cr; each series uses its own scale)<\/h4>\n<div class=\"charts-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: repeat(3,1fr); gap: 28px; margin: 20px 0 8px;\">\n<div style=\"box-sizing: border-box;\">\n<h5 style=\"box-sizing: border-box; font-size: .78rem; text-transform: uppercase; letter-spacing: .05em; color: #5d665f; font-weight: 600; margin: 0 0 4px; text-align: center;\">Revenue<\/h5>\n<div class=\"vbar-chart\" style=\"box-sizing: border-box; display: flex; gap: 26px; align-items: flex-end;  margin: 16px 0 8px; padding-left: 4px;\">\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">1,064<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 89.6%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY24<\/span><\/p><\/div>\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">1,090<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 91.8%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY25<\/span><\/p><\/div>\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">1,188<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 100%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY26<\/span><\/p><\/div>\n<\/div>\n<\/div>\n<div style=\"box-sizing: border-box;\">\n<h5 style=\"box-sizing: border-box; font-size: .78rem; text-transform: uppercase; letter-spacing: .05em; color: #5d665f; font-weight: 600; margin: 0 0 4px; text-align: center;\">EBITDA<\/h5>\n<div class=\"vbar-chart\" style=\"box-sizing: border-box; display: flex; gap: 26px; align-items: flex-end;  margin: 16px 0 8px; padding-left: 4px;\">\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">86<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 58.1%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY24<\/span><\/p><\/div>\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">114<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 77.0%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY25<\/span><\/p><\/div>\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">148<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 100%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY26<\/span><\/p><\/div>\n<\/div>\n<\/div>\n<div style=\"box-sizing: border-box;\">\n<h5 style=\"box-sizing: border-box; font-size: .78rem; text-transform: uppercase; letter-spacing: .05em; color: #5d665f; font-weight: 600; margin: 0 0 4px; text-align: center;\">PAT<\/h5>\n<div class=\"vbar-chart\" style=\"box-sizing: border-box; display: flex; gap: 26px; align-items: flex-end;  margin: 16px 0 8px; padding-left: 4px;\">\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">17<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 41.5%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY24<\/span><\/p><\/div>\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">33<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 80.5%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY25<\/span><\/p><\/div>\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">41<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 100%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY26<\/span><\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"with-side\" style=\"margin-top: 8px; box-sizing: border-box; display: grid; grid-template-columns: 1fr 260px; gap: 36px; align-items: center;\">\n<div style=\"box-sizing: border-box;\">\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 14px;\">Margin expansion (% of revenue)<\/h4>\n<div class=\"hbar-chart\" style=\"box-sizing: border-box; margin: 8px 0 24px;\">\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px ; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">FY26 gross margin<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 41.7%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">41.7%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">FY26 adjusted EBITDA<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c2 is-fill-dark\" style=\"width: 13.5%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #4a8069;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">13.5%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">FY26 PAT margin<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c3 is-fill-dark\" style=\"width: 3.5%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #bd8a35;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">3.5%<\/span><\/p><\/div>\n<\/div>\n<\/div>\n<div class=\"big-stat\" style=\"box-sizing: border-box; border-left: 3px solid #bd8a35; padding-left: 18px; margin: 10px 0 24px;\">\n<div class=\"num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 2.6rem; font-weight: 600; color: #122f27; line-height: 1;\">+166bps<\/div>\n<div class=\"cap\" style=\"box-sizing: border-box; font-size: .68rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; font-weight: 600; margin: 6px 0 4px;\">Adjusted EBITDA margin<\/div>\n<p class=\"note\" style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .88rem; color: #333; max-width: 320px;\">From 11.8% in FY25 to 13.5% in FY26, with revenue growth accelerating to 9.1%.<\/p>\n<\/div>\n<\/div>\n<div class=\"assessment\" style=\"box-sizing: border-box; margin: 22px 0 18px;\">\n<h4 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1rem; margin-bottom: 6px;\">Our assessment<\/h4>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #333;\">The FY26 earnings trend is encouraging. Yet the PAT margin is still low compared with most listed peer companies, so the quality of further improvement matters more than a single year&#8217;s percentage growth.<\/p>\n<\/div>\n<div class=\"takeaway is-fill-light\" style=\"box-sizing: border-box; background: #f5edd9; border-left: 4px solid #bd8a35; padding: 16px 20px; margin-top: 18px;\">\n<div class=\"lbl\" style=\"box-sizing: border-box; font-weight: bold; font-size: .86rem; color: #8f671f; margin-bottom: 4px;\">Key takeaway<\/div>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #2a2a24;\">The company is showing operating improvement, but the market price already assumes that better margins can be sustained and compounded.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<p><!-- ================= 04 CAPITAL EFFICIENCY ================= --><\/p>\n<section id=\"capital-turns\" class=\"note-section\" style=\"box-sizing: border-box; padding: 52px 0; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"wrap\" style=\"box-sizing: border-box; max-width: 700px; margin: 0 auto; padding: 0 24px;\">\n<div class=\"sec-head\" style=\"box-sizing: border-box; display: flex; align-items: baseline; gap: 16px; margin-bottom: 6px;\"><span class=\"sec-badge\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.6rem; font-weight: 600; color: #9dc6ac;\">04<\/span><p><\/p>\n<div style=\"box-sizing: border-box;\">\n<h2 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1.7rem;\">Capital turns remain the constraint<\/h2>\n<\/div>\n<\/div>\n<p class=\"dek\" style=\"box-sizing: border-box; margin: 0 0 1em; font-family: 'Source Serif 4',serif; font-style: italic; color: #5d665f; font-size: 1.05rem; margin-bottom: 26px; max-width: 600px;\">Leverage improved from FY25, but asset turnover fell and receivable days rose in FY26.<\/p>\n<div class=\"with-side\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr 260px; gap: 36px; align-items: start;\">\n<div style=\"box-sizing: border-box;\">\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 14px;\">FY26 capital efficiency against listed peers (ROCE, %)<\/h4>\n<div class=\"hbar-chart\" style=\"box-sizing: border-box; margin: 8px 0 24px;\">\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px ; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Endurance Technologies<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 38.6%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">38.6%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Varroc Engineering<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 36.5%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">36.5%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">UNO Minda<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 28.8%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">28.8%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">CIE Automotive India<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 24.5%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">24.5%<\/span><\/p><\/div>\n<div class=\"hbar-row is-accent\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333; font-weight: 600;\">Hero Motors<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill accent is-fill-dark\" style=\"width: 19.8%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #a8452f;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">19.8%<\/span><\/p><\/div>\n<\/div>\n<p class=\"peer-disclaimer\" style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .76rem; font-style: italic; color: #5d665f; border-top: 1px solid #e4e1d5; padding-top: 8px;\">Peer companies are presented solely for comparative reference and should not be construed as a recommendation, solicitation or offer to buy, sell or subscribe to any security.<\/p>\n<\/div>\n<div class=\"big-stat\" style=\"box-sizing: border-box; border-left: 3px solid #bd8a35; padding-left: 18px; margin: 10px 0 24px;\">\n<div class=\"num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 2.6rem; font-weight: 600; color: #122f27; line-height: 1;\">2.24x<\/div>\n<div class=\"cap\" style=\"box-sizing: border-box; font-size: .68rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; font-weight: 600; margin: 6px 0 4px;\">Net debt \/ adjusted EBITDA<\/div>\n<p class=\"note\" style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .88rem; color: #333; max-width: 320px;\">Down from 2.79x in FY25, before the proposed debt repayment from fresh proceeds.<\/p>\n<\/div>\n<\/div>\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 80px;\">Capital productivity and working capital<\/h4>\n<div class=\"charts-row\" style=\"grid-template-columns: repeat(4,1fr); box-sizing: border-box; display: grid; gap: 28px; margin: 20px 0 8px;\">\n<div class=\"vbar-chart\" style=\" box-sizing: border-box; display: flex; justify-content:center; gap: 26px; align-items: flex-end; margin: 16px 0 8px; padding-left: 4px;\">\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">1.00x<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"height: 70px; box-sizing: border-box; width: 100%; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 100%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY24 asset turnover<\/span><\/p><\/div>\n<\/div>\n<div class=\"vbar-chart\" style=\"box-sizing: border-box; display: flex; justify-content:center; gap: 26px; align-items: flex-end; margin: 16px 0 8px; padding-left: 4px;\">\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">0.94x<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"height: 70px; box-sizing: border-box; width: 100%; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 94%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY25 asset turnover<\/span><\/p><\/div>\n<\/div>\n<div class=\"vbar-chart\" style=\"box-sizing: border-box; display: flex; justify-content:center; gap: 26px; align-items: flex-end; margin: 16px 0 8px; padding-left: 4px;\">\n<div class=\"vbar-col is-accent\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">0.87x<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"height: 70px; box-sizing: border-box; width: 100%; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 87%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY26 asset turnover<\/span><\/p><\/div>\n<\/div>\n<div class=\"vbar-chart\" style=\" box-sizing: border-box; display: flex; justify-content:center; gap: 26px; align-items: flex-end; margin: 16px 0 8px; padding-left: 4px;\">\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">78d<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"height: 70px; box-sizing: border-box; width: 100%; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 100%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">FY26 receivables<\/span><\/p><\/div>\n<\/div>\n<\/div>\n<div class=\"assessment\" style=\"box-sizing: border-box; margin: 22px 0 18px;\">\n<h4 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1rem; margin-bottom: 6px;\">Our assessment<\/h4>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #333;\">The balance sheet is serviceable, but it is not yet a high-turn, high-return model. Debt repayment will help financing flexibility; it does not by itself solve lower asset productivity or rising collections days.<\/p>\n<\/div>\n<div class=\"takeaway is-fill-light\" style=\"box-sizing: border-box; background: #f5edd9; border-left: 4px solid #bd8a35; padding: 16px 20px; margin-top: 18px;\">\n<div class=\"lbl\" style=\"box-sizing: border-box; font-weight: bold; font-size: .86rem; color: #8f671f; margin-bottom: 4px;\">Key takeaway<\/div>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #2a2a24;\">The post-issue case relies on better utilisation and cash discipline to lift ROCE, not only on a lower debt balance.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<p><!-- ================= 05 USE OF PROCEEDS ================= --><\/p>\n<section id=\"fresh-capital\" class=\"note-section\" style=\"box-sizing: border-box; padding: 52px 0; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"wrap\" style=\"box-sizing: border-box; max-width: 700px; margin: 0 auto; padding: 0 24px;\">\n<div class=\"sec-head\" style=\"box-sizing: border-box; display: flex; align-items: baseline; gap: 16px; margin-bottom: 6px;\"><span class=\"sec-badge\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.6rem; font-weight: 600; color: #9dc6ac;\">05<\/span><p><\/p>\n<div style=\"box-sizing: border-box;\">\n<h2 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1.7rem;\">Fresh capital pays debt and funds capacity<\/h2>\n<\/div>\n<\/div>\n<p class=\"dek\" style=\"box-sizing: border-box; margin: 0 0 1em; font-family: 'Source Serif 4',serif; font-style: italic; color: #5d665f; font-size: 1.05rem; margin-bottom: 26px; max-width: 600px;\">Two-thirds of the fresh issue has identified debt-repayment and equipment uses; the balance retains flexibility.<\/p>\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 14px;\">Fresh issue deployment (Rs Cr; balance subject to stated caps for acquisitions and general corporate purposes)<\/h4>\n<div class=\"seg-bar\" style=\"box-sizing: border-box; display: flex; border-radius: 2px; overflow: hidden; height: 140px; margin: 6px 0 22px;\">\n<div class=\"seg c1\" style=\"flex: 190; box-sizing: border-box; background: #1d4d3e; display: flex; flex-direction: column; justify-content: center; padding: 0 14px; color: #fff;\"><span class=\"seg-label\" style=\"box-sizing: border-box; font-size: .68rem; letter-spacing: .03em; text-transform: uppercase; opacity: .85;\">Debt repayment<\/span><span class=\"seg-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .95rem;\">Rs 190 Cr<\/span><\/div>\n<div class=\"seg c3\" style=\"flex: 200; box-sizing: border-box; background: #bd8a35; display: flex; flex-direction: column; justify-content: center; padding: 0 14px; color: #fff;\"><span class=\"seg-label\" style=\"box-sizing: border-box; font-size: .68rem; letter-spacing: .03em; text-transform: uppercase; opacity: .85;\">Gautam Buddha Nagar (GBN) equipment<\/span><span class=\"seg-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .95rem;\">Rs 200 Cr<\/span><\/div>\n<div class=\"seg c2\" style=\"flex: 210; box-sizing: border-box; background: #4a8069; display: flex; flex-direction: column; justify-content: center; padding: 0 14px; color: #fff;\"><span class=\"seg-label\" style=\"box-sizing: border-box; font-size: .68rem; letter-spacing: .03em; text-transform: uppercase; opacity: .85;\">Other permitted uses<\/span><span class=\"seg-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .95rem;\">Balance<\/span><\/div>\n<\/div>\n<div class=\"with-side\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr 260px; gap: 36px; align-items: center;\">\n<div style=\"box-sizing: border-box;\">\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 80px;\">Offer structure (Rs Cr)<\/h4>\n<div class=\"vbar-chart\" style=\"box-sizing: border-box; display: flex; gap: 26px; justify-content: center; align-items: flex-end; margin: 16px 0 8px; padding-left: 4px;\">\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">600<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"height: 90px; box-sizing: border-box; width: 100%; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 100%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">Fresh issue<\/span><\/p><\/div>\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">400<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"height: 90px; box-sizing: border-box; width: 100%; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 66.7%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">Offer for sale<\/span><\/p><\/div>\n<\/div>\n<\/div>\n<div class=\"big-stat\" style=\"box-sizing: border-box; border-left: 3px solid #bd8a35; padding-left: 18px; margin: 10px 0 24px;\">\n<div class=\"num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 2.6rem; font-weight: 600; color: #122f27; line-height: 1;\">390<\/div>\n<div class=\"cap\" style=\"box-sizing: border-box; font-size: .68rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; font-weight: 600; margin: 6px 0 4px;\">Rs Cr, identified uses<\/div>\n<p class=\"note\" style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .88rem; color: #333; max-width: 320px;\">Debt repayment and Gautam Buddha Nagar (GBN) equipment together account for 65% of the proposed fresh issue.<\/p>\n<\/div>\n<\/div>\n<div class=\"two-col\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr 1fr; gap: 32px; margin: 18px 0 26px;\">\n<div style=\"box-sizing: border-box;\">\n<h5 style=\"box-sizing: border-box; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27; margin: 0 0 8px;\">Better balance-sheet use<\/h5>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .92rem; color: #333;\">Repaying Rs 190 Cr of borrowings directly lowers debt and interest burden, subject to the final net-proceeds amount.<\/p>\n<\/div>\n<div style=\"box-sizing: border-box;\">\n<h5 style=\"box-sizing: border-box; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27; margin: 0 0 8px;\">Discretion remains<\/h5>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .92rem; color: #333;\">Unidentified acquisitions, strategic initiatives and general corporate purposes make the eventual return on part of the fresh capital uncertain.<\/p>\n<\/div>\n<\/div>\n<div class=\"takeaway is-fill-light\" style=\"box-sizing: border-box; background: #f5edd9; border-left: 4px solid #bd8a35; padding: 16px 20px; margin-top: 18px;\">\n<div class=\"lbl\" style=\"box-sizing: border-box; font-weight: bold; font-size: .86rem; color: #8f671f; margin-bottom: 4px;\">Key takeaway<\/div>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #2a2a24;\">The issue is predominantly growth and balance-sheet funding, but the return on the discretionary portion remains a post-listing governance and capital-allocation monitorable.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<p><!-- ================= 06 RISK LENS ================= --><\/p>\n<section id=\"concentration-risk\" class=\"note-section\" style=\"box-sizing: border-box; padding: 52px 0; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"wrap\" style=\"box-sizing: border-box; max-width: 700px; margin: 0 auto; padding: 0 24px;\">\n<div class=\"sec-head\" style=\"box-sizing: border-box; display: flex; align-items: baseline; gap: 16px; margin-bottom: 6px;\"><span class=\"sec-badge\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.6rem; font-weight: 600; color: #9dc6ac;\">06<\/span><p><\/p>\n<div style=\"box-sizing: border-box;\">\n<h2 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1.7rem;\">Concentration remains the key risk<\/h2>\n<\/div>\n<\/div>\n<p class=\"dek\" style=\"box-sizing: border-box; margin: 0 0 1em; font-family: 'Source Serif 4',serif; font-style: italic; color: #5d665f; font-size: 1.05rem; margin-bottom: 26px; max-width: 600px;\">The company&#8217;s technical capability does not protect it from customer concentration, raw-material exposure and quality claims.<\/p>\n<div class=\"with-side\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr 260px; gap: 36px; align-items: center;\">\n<div style=\"box-sizing: border-box;\">\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 14px;\">Revenue and raw-material concentration (FY26, % of revenue or costs as stated)<\/h4>\n<div class=\"hbar-chart\" style=\"box-sizing: border-box; margin: 8px 0 24px;\">\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px ; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Top ten customers<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 72.9%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">72.9%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Raw materials \/ revenue<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c2 is-fill-dark\" style=\"width: 55.0%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #4a8069;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">55.0%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Top customer \/ revenue<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c3 is-fill-dark\" style=\"width: 35.6%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #bd8a35;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">35.6%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Top ten suppliers \/ materials<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c4 is-fill-light\" style=\"width: 20.9%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #9dc6ac;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">20.9%<\/span><\/p><\/div>\n<\/div>\n<\/div>\n<div class=\"big-stat\" style=\"box-sizing: border-box; border-left: 3px solid #bd8a35; padding-left: 18px; margin: 10px 0 24px;\">\n<div class=\"num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 2.6rem; font-weight: 600; color: #122f27; line-height: 1;\">1<\/div>\n<div class=\"cap\" style=\"box-sizing: border-box; font-size: .68rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; font-weight: 600; margin: 6px 0 4px;\">Product recall in FY26<\/div>\n<p class=\"note\" style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .88rem; color: #333; max-width: 320px;\">The RHP discloses a customer claim relating to a faulty product; discussions were ongoing.<\/p>\n<\/div>\n<\/div>\n<div class=\"two-col\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr 1fr; gap: 32px; margin: 18px 0 26px;\">\n<div style=\"box-sizing: border-box;\">\n<h5 style=\"box-sizing: border-box; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27; margin: 0 0 8px;\">What can go wrong<\/h5>\n<ul style=\"box-sizing: border-box; margin: 0; padding-left: 18px; font-size: .92rem; color: #333;\">\n<li style=\"box-sizing: border-box; margin-bottom: 6px;\">OEM volume or pricing reset<\/li>\n<li style=\"box-sizing: border-box; margin-bottom: 6px;\">Steel and supplier disruption<\/li>\n<li style=\"box-sizing: border-box; margin-bottom: 6px;\">Warranty or recall costs<\/li>\n<li style=\"box-sizing: border-box; margin-bottom: 6px;\">Technology shifts in e-mobility<\/li>\n<\/ul>\n<\/div>\n<div style=\"box-sizing: border-box;\">\n<h5 style=\"box-sizing: border-box; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27; margin: 0 0 8px;\">What partially mitigates it<\/h5>\n<ul style=\"box-sizing: border-box; margin: 0; padding-left: 18px; font-size: .92rem; color: #333;\">\n<li style=\"box-sizing: border-box; margin-bottom: 6px;\">Multiple end markets and geographies<\/li>\n<li style=\"box-sizing: border-box; margin-bottom: 6px;\">471 raw-material suppliers in FY26<\/li>\n<li style=\"box-sizing: border-box; margin-bottom: 6px;\">Engineering and quality processes<\/li>\n<li style=\"box-sizing: border-box; margin-bottom: 6px;\">Existing OEM relationships<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"assessment\" style=\"box-sizing: border-box; margin: 22px 0 18px;\">\n<h4 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1rem; margin-bottom: 6px;\">Our assessment<\/h4>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #333;\">The highest-impact risk is loss or dilution of a major OEM programme. Diversification in markets helps, but it does not fully reduce a top-customer share of more than one-third of revenue.<\/p>\n<\/div>\n<div class=\"takeaway is-fill-light\" style=\"box-sizing: border-box; background: #f5edd9; border-left: 4px solid #bd8a35; padding: 16px 20px; margin-top: 18px;\">\n<div class=\"lbl\" style=\"box-sizing: border-box; font-weight: bold; font-size: .86rem; color: #8f671f; margin-bottom: 4px;\">Key takeaway<\/div>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #2a2a24;\">For Hero Motors, customer retention and quality execution are more important monitorables than a broad industry-growth headline.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<p><!-- ================= 07 VALUATION ================= --><\/p>\n<section id=\"cap-price\" class=\"note-section\" style=\"box-sizing: border-box; padding: 52px 0; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"wrap\" style=\"box-sizing: border-box; max-width: 700px; margin: 0 auto; padding: 0 24px;\">\n<div class=\"sec-head\" style=\"box-sizing: border-box; display: flex; align-items: baseline; gap: 16px; margin-bottom: 6px;\"><span class=\"sec-badge\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.6rem; font-weight: 600; color: #9dc6ac;\">07<\/span><p><\/p>\n<div style=\"box-sizing: border-box;\">\n<h2 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1.7rem;\">Cap price requires a premium outcome<\/h2>\n<\/div>\n<\/div>\n<p class=\"dek\" style=\"box-sizing: border-box; margin: 0 0 1em; font-family: 'Source Serif 4',serif; font-style: italic; color: #5d665f; font-size: 1.05rem; margin-bottom: 26px; max-width: 600px;\">The historical earnings multiple is above the disclosed peer median while Hero Motors trails most peers on return and margin metrics.<\/p>\n<div class=\"with-side\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr 260px; gap: 36px; align-items: start;\">\n<div style=\"box-sizing: border-box;\">\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 14px;\">FY26 P\/E at the disclosed reference date (times; Hero Motors uses cap price \/ FY26 diluted EPS)<\/h4>\n<div class=\"hbar-chart\" style=\"box-sizing: border-box; margin: 8px 0 24px;\">\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Sona BLW Precision<\/span><div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 100%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">76.5x<\/span><\/p><\/div>\n<div class=\"hbar-row is-accent\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333; font-weight: 600;\">Hero Motors at Rs 84<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill accent is-fill-dark\" style=\"width: 96.3%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #a8452f;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">73.7x<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">UNO Minda<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 78.2%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">59.8x<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Varroc Engineering<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 73.5%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">56.2x<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Endurance<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 53.3%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">40.8x<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">CIE Automotive India<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 23.1%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">17.7x<\/span><\/p><\/div>\n<\/div>\n<p class=\"peer-disclaimer\" style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .76rem; font-style: italic; color: #5d665f; border-top: 1px solid #e4e1d5; padding-top: 8px;\">Peer companies are presented solely for comparative reference and should not be construed as a recommendation, solicitation or offer to buy, sell or subscribe to any security.<\/p>\n<\/div>\n<div class=\"big-stat\" style=\"box-sizing: border-box; border-left: 3px solid #bd8a35; padding-left: 18px; margin: 10px 0 24px;\">\n<div class=\"num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 2.6rem; font-weight: 600; color: #122f27; line-height: 1;\">73.7x<\/div>\n<div class=\"cap\" style=\"box-sizing: border-box; font-size: .68rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; font-weight: 600; margin: 6px 0 4px;\">Historical P\/E at cap price<\/div>\n<p class=\"note\" style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .88rem; color: #333; max-width: 320px;\">Rs 84 divided by FY26 diluted EPS of Rs 1.14.<\/p>\n<\/div>\n<\/div>\n<div class=\"with-side\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr 260px; gap: 36px; align-items: center;\">\n<div style=\"box-sizing: border-box;\">\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 14px;\">FY26 PAT margin comparison (%)<\/h4>\n<div class=\"hbar-chart\" style=\"box-sizing: border-box; margin: 8px 0 24px;\">\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px ; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Sona BLW Precision<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 14.1%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">14.1%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">CIE Automotive India<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 8.8%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">8.8%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">UNO Minda<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 6.5%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">6.5%<\/span><\/p><\/div>\n<div class=\"hbar-row is-accent\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333; font-weight: 600;\">Hero Motors<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill accent is-fill-dark\" style=\"width: 3.5%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #a8452f;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">3.5%<\/span><\/p><\/div>\n<\/div>\n<\/div>\n<div class=\"basis-note\" style=\"box-sizing: border-box; background: #faf8f3; border: 1px solid #e4e1d5; padding: 14px 16px; font-size: .86rem; color: #333; margin: 0;\"><strong style=\"box-sizing: border-box; display: block; font-size: .78rem; text-transform: uppercase; letter-spacing: .04em; color: #5d665f; margin-bottom: 6px;\">Important basis<\/strong> This is a historical, pre-offer earnings reference. It does not annualise future capacity, count future debt savings as earnings, or present historical diluted EPS as post-issue EPS.<\/div>\n<\/div>\n<div class=\"assessment\" style=\"box-sizing: border-box; margin: 22px 0 18px;\">\n<h4 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1rem; margin-bottom: 6px;\">Our assessment<\/h4>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #333;\">The market is valuing Hero Motors closer to the premium end of the peer set. A premium could be justified by successful e-bike growth, but current profitability and return metrics do not yet establish that outcome.<\/p>\n<\/div>\n<div class=\"takeaway is-fill-light\" style=\"box-sizing: border-box; background: #f5edd9; border-left: 4px solid #bd8a35; padding: 16px 20px; margin-top: 18px;\">\n<div class=\"lbl\" style=\"box-sizing: border-box; font-weight: bold; font-size: .86rem; color: #8f671f; margin-bottom: 4px;\">Key takeaway<\/div>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #2a2a24;\">At the cap price, investors are paying for improved execution and differentiated growth before both are fully visible in returns.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<p><!-- ================= 08 ANCHOR BOOK ================= --><\/p>\n<section id=\"anchor-book\" class=\"note-section\" style=\"box-sizing: border-box; padding: 52px 0; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"wrap\" style=\"box-sizing: border-box; max-width: 700px; margin: 0 auto; padding: 0 24px;\">\n<div class=\"sec-head\" style=\"box-sizing: border-box; display: flex; align-items: baseline; gap: 16px; margin-bottom: 6px;\"><span class=\"sec-badge\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.6rem; font-weight: 600; color: #9dc6ac;\">08<\/span><p><\/p>\n<div style=\"box-sizing: border-box;\">\n<h2 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1.7rem;\">Institutional interest in the anchor book<\/h2>\n<\/div>\n<\/div>\n<p class=\"dek\" style=\"box-sizing: border-box; margin: 0 0 1em; font-family: 'Source Serif 4',serif; font-style: italic; color: #5d665f; font-size: 1.05rem; margin-bottom: 26px; max-width: 600px;\">The anchor allocation at the cap price provides context on institutional participation.<\/p>\n<div class=\"with-side\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr 260px; gap: 36px; align-items: center;\">\n<div style=\"box-sizing: border-box;\">\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 14px;\">Selected anchor allocations (% of total anchor shares, 15 Sep 2026)<\/h4>\n<div class=\"hbar-chart\" style=\"box-sizing: border-box; margin: 8px 0 24px;\">\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px ; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">ICICI Pru Smallcap Fund<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c1 is-fill-dark\" style=\"width: 25.0%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">25.0%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">Kotak Multi Asset<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c2 is-fill-dark\" style=\"width: 17.7%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #4a8069;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">17.7%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">BOI Small Cap Fund<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c3 is-fill-dark\" style=\"width: 9.0%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #bd8a35;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">9.0%<\/span><\/p><\/div>\n<div class=\"hbar-row\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 150px 1fr 56px; align-items: center; gap: 12px; margin-bottom: 11px;\"><span class=\"hbar-label\" style=\"box-sizing: border-box; font-size: .86rem; color: #333;\">JM Flexi Cap Fund<\/span>\n<div class=\"hbar-track is-fill-light\" style=\"box-sizing: border-box; background: #e4e1d5; height: 11px; border-radius: 2px; overflow: hidden;\">\n<div class=\"hbar-fill c4 is-fill-light\" style=\"width: 8.3%; box-sizing: border-box; height: 100%; border-radius: 2px; background: #9dc6ac;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"hbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27; text-align: right;\">8.3%<\/span><\/p><\/div>\n<\/div>\n<\/div>\n<div class=\"big-stat\" style=\"box-sizing: border-box; border-left: 3px solid #bd8a35; padding-left: 18px; margin: 10px 0 24px;\">\n<div class=\"num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 2.6rem; font-weight: 600; color: #122f27; line-height: 1;\">300<\/div>\n<div class=\"cap\" style=\"box-sizing: border-box; font-size: .68rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; font-weight: 600; margin: 6px 0 4px;\">Rs Cr anchor book<\/div>\n<p class=\"note\" style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .88rem; color: #333; max-width: 320px;\">3.57 Cr shares allocated at Rs 84 per share, the cap price.<\/p>\n<\/div>\n<\/div>\n<h4 class=\"block-label\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: .72rem; letter-spacing: .06em; text-transform: uppercase; margin-bottom: 90px;\">Anchor composition (% of anchor allocation)<\/h4>\n<div class=\"vbar-chart\" style=\" box-sizing: border-box; display: flex; gap: 26px; align-items: flex-end; margin: 16px 0 8px; padding-left: 4px;\">\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">81.7<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 81.7%; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0; background: #1d4d3e;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">Domestic MFs<\/span><\/p><\/div>\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">6.7<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill c2 is-fill-dark\" style=\"height: 6.7%; background: #4a8069; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">Life insurers<\/span><\/p><\/div>\n<div class=\"vbar-col\" style=\"box-sizing: border-box; display: flex; flex-direction: column; align-items: center; gap: 8px; flex: 1; max-width: 90px;\"><span class=\"vbar-value\" style=\"box-sizing: border-box; font-weight: 600; font-size: .86rem; color: #122f27;\">11.7<\/span><p><\/p>\n<div class=\"vbar-track\" style=\"box-sizing: border-box; width: 100%; height: 100px; display: flex; align-items: flex-end; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"vbar-fill is-fill-dark\" style=\"height: 11.7%; background: #bd8a35; box-sizing: border-box; width: 100%; border-radius: 3px 3px 0 0;\">&nbsp;<\/div>\n<\/div>\n<p><span class=\"vbar-label\" style=\"box-sizing: border-box; font-size: .76rem; color: #5d665f;\">Other anchors<\/span><\/p><\/div>\n<\/div>\n<div class=\"assessment\" style=\"box-sizing: border-box; margin: 22px 0 18px;\">\n<h4 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1rem; margin-bottom: 6px;\">Our assessment<\/h4>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #333;\">The anchor book shows institutional participation at the cap price. Subscription data are excluded because the defined decision point is offer close and the report cutoff is before that point.<\/p>\n<\/div>\n<div class=\"takeaway is-fill-light\" style=\"box-sizing: border-box; background: #f5edd9; border-left: 4px solid #bd8a35; padding: 16px 20px; margin-top: 18px;\">\n<div class=\"lbl\" style=\"box-sizing: border-box; font-weight: bold; font-size: .86rem; color: #8f671f; margin-bottom: 4px;\">Key takeaway<\/div>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #2a2a24;\">Anchor participation indicates institutional interest at the cap price.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<p><!-- ================= 09 FINAL ASSESSMENT ================= --><\/p>\n<section id=\"final-assessment\" class=\"note-section\" style=\"box-sizing: border-box; padding: 52px 0; border-bottom: 1px solid #e4e1d5;\">\n<div class=\"wrap\" style=\"box-sizing: border-box; max-width: 700px; margin: 0 auto; padding: 0 24px;\">\n<div class=\"sec-head\" style=\"box-sizing: border-box; display: flex; align-items: baseline; gap: 16px; margin-bottom: 6px;\"><span class=\"sec-badge\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 1.6rem; font-weight: 600; color: #9dc6ac;\">09<\/span><p><\/p>\n<div style=\"box-sizing: border-box;\">\n<h2 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; color: #122f27; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 1.7rem;\">Final assessment<\/h2>\n<\/div>\n<\/div>\n<p class=\"dek\" style=\"box-sizing: border-box; margin: 0 0 1em; font-family: 'Source Serif 4',serif; font-style: italic; color: #5d665f; font-size: 1.05rem; margin-bottom: 26px; max-width: 600px;\">The analysis is complete. The appropriate action is to wait for listing before taking a view.<\/p>\n<div class=\"decision-box\" style=\"box-sizing: border-box; background: #122f27; color: #f2f0e8; padding: 32px; margin-bottom: 26px;\">\n<div class=\"kicker\" style=\"box-sizing: border-box; font-size: .7rem; letter-spacing: .1em; text-transform: uppercase; color: #9dc6ac; font-weight: 600; margin-bottom: 10px;\">IPO Decision<\/div>\n<h3 style=\"box-sizing: border-box; font-family: 'Source Serif 4',Georgia,'Times New Roman',serif; margin: 0 0 .4em; line-height: 1.18; font-weight: 600; font-size: 2rem!important; margin-bottom: 10px; color: #ffffff!important;\">Wait for listing<\/h3>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; color: #d7ddd6; max-width: 520px; font-size: .95rem;\">Do not take a subscription action at this stage. Reassess after listing, when the market price and early demand are visible.<\/p>\n<\/div>\n<div class=\"with-side\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr !important; gap: 36px; align-items: start;\">\n<table class=\"assess-table\" style=\"box-sizing: border-box; border-collapse: collapse; margin: 0 auto 6px; font-size: .92rem;\">\n<thead style=\"box-sizing: border-box;\">\n<tr style=\"box-sizing: border-box;\">\n<th style=\"box-sizing: border-box; text-align: left; font-size: .68rem; text-transform: uppercase; letter-spacing: .06em; color: #5d665f; padding: 8px 12px 8px 12px; border-bottom: 2px solid #122f27;\">Question<\/th>\n<th style=\"box-sizing: border-box; text-align: left; font-size: .68rem; text-transform: uppercase; letter-spacing: .06em; color: #5d665f; padding: 8px 12px 8px 12px; border-bottom: 2px solid #122f27;\">View<\/th>\n<th style=\"box-sizing: border-box; text-align: left; font-size: .68rem; text-transform: uppercase; letter-spacing: .06em; color: #5d665f; padding: 8px 12px 8px 12px; border-bottom: 2px solid #122f27;\">Why<\/th>\n<\/tr>\n<\/thead>\n<tbody style=\"box-sizing: border-box;\">\n<tr style=\"box-sizing: border-box;\">\n<td style=\"box-sizing: border-box; padding: 12px 12px 12px 12px; border-bottom: 1px solid #e4e1d5; vertical-align: top;\">Business quality<\/td>\n<td class=\"view view-promising\" style=\"box-sizing: border-box; padding: 12px 12px 12px 12px; border-bottom: 1px solid #e4e1d5; vertical-align: top; font-weight: bold; white-space: nowrap; color: #1d4d3e;\">Promising<\/td>\n<td style=\"box-sizing: border-box; padding: 12px 12px 12px 12px; border-bottom: 1px solid #e4e1d5; vertical-align: top;\">Specialist powertrain and e-bike capability with global OEM relationships<\/td>\n<\/tr>\n<tr style=\"box-sizing: border-box;\">\n<td style=\"box-sizing: border-box; padding: 12px 12px 12px 12px; border-bottom: 1px solid #e4e1d5; vertical-align: top;\">Financial quality<\/td>\n<td class=\"view view-improving\" style=\"box-sizing: border-box; padding: 12px 12px 12px 12px; border-bottom: 1px solid #e4e1d5; vertical-align: top; font-weight: bold; white-space: nowrap; color: #8f671f;\">Improving<\/td>\n<td style=\"box-sizing: border-box; padding: 12px 12px 12px 12px; border-bottom: 1px solid #e4e1d5; vertical-align: top;\">FY26 margin and PAT trend improved, but returns trail most peers<\/td>\n<\/tr>\n<tr style=\"box-sizing: border-box;\">\n<td style=\"box-sizing: border-box; padding: 12px 12px 12px 12px; border-bottom: 1px solid #e4e1d5; vertical-align: top;\">Valuation<\/td>\n<td class=\"view view-demanding\" style=\"box-sizing: border-box; padding: 12px 12px 12px 12px; border-bottom: 1px solid #e4e1d5; vertical-align: top; font-weight: bold; white-space: nowrap; color: #a8452f;\">Demanding<\/td>\n<td style=\"box-sizing: border-box; padding: 12px 12px 12px 12px; border-bottom: 1px solid #e4e1d5; vertical-align: top;\">73.7x historical P\/E at cap price versus 56.2x disclosed peer median<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"big-stat\" style=\"box-sizing: border-box;  border-left: 3px solid #bd8a35; padding-left: 18px; margin: 10px auto 24px;\">\n<div class=\"num\" style=\"box-sizing: border-box; font-family: 'Source Serif 4',serif; font-size: 2.6rem; font-weight: 600; color: #122f27; line-height: 1;\">3.46%<\/div>\n<div class=\"cap\" style=\"box-sizing: border-box; font-size: .68rem; letter-spacing: .06em; text-transform: uppercase; color: #5d665f; font-weight: 600; margin: 6px 0 4px;\">FY26 PAT margin<\/div>\n<p class=\"note\" style=\"box-sizing: border-box; margin: 0 0 1em; padding-bottom:4px; font-size: .88rem; color: #333; max-width: 320px;\">The earnings base is improving, but it remains narrow for a company valued near premium peer multiples.<\/p>\n<\/div>\n<\/div>\n<div class=\"reasons\" style=\"box-sizing: border-box; margin: 18px 0 26px;\">\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #333;\"><strong style=\"box-sizing: border-box; color: #122f27;\">Reason 1:<\/strong> FY26 adjusted EBITDA margin improved to 13.5% and PAT reached Rs 41.2 Cr.<\/p>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #333;\"><strong style=\"box-sizing: border-box; color: #122f27;\">Reason 2:<\/strong> E-bike powertrain capability and global OEM relationships create a credible differentiated growth option.<\/p>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .94rem; color: #333;\"><strong style=\"box-sizing: border-box; color: #122f27;\">Reason 3:<\/strong> The cap-price historical P\/E of 73.7x is above the disclosed peer median while current return metrics remain lower than most peers.<\/p>\n<\/div>\n<div class=\"two-col\" style=\"box-sizing: border-box; display: grid; grid-template-columns: 1fr 1fr; gap: 32px; margin: 18px 0 26px;\">\n<div style=\"box-sizing: border-box;\">\n<h5 style=\"box-sizing: border-box; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27; margin: 0 0 8px;\">Strongest counterargument<\/h5>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .92rem; color: #333;\">If e-bike growth and GBN capacity convert into higher-return programmes, the premium valuation can be supported by faster earnings growth than history reflects.<\/p>\n<\/div>\n<div style=\"box-sizing: border-box;\">\n<h5 style=\"box-sizing: border-box; font-size: .95rem; font-family: 'Inter',sans-serif; font-weight: 600; color: #122f27; margin: 0 0 8px;\">What would change our view<\/h5>\n<p style=\"box-sizing: border-box; margin: 0 0 1em; font-size: .92rem; color: #333;\">Verified close-stage demand, post-offer share count and valuation, and evidence that new capacity wins programmes while ROCE improves without further collection-day stretch.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/article>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hero Motors does not sell vehicles to consumers. It supplies the parts that make them move \u2014 gearboxes, gears, electric motors, CVT hubs and metal assemblies \u2014 to vehicle makers.<\/p>\n","protected":false},"author":715,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_is2025_no_summary":false,"footnotes":""},"categories":[822],"tags":[141],"class_list":["post-23309","post","type-post","status-publish","format-standard","hentry","category-ipo-fpo-analysis","tag-ipo"],"_links":{"self":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/posts\/23309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/users\/715"}],"replies":[{"embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/comments?post=23309"}],"version-history":[{"count":18,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/posts\/23309\/revisions"}],"predecessor-version":[{"id":23366,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/posts\/23309\/revisions\/23366"}],"wp:attachment":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/media?parent=23309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/categories?post=23309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/tags?post=23309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}