Prabhudas Lilladher Recommends Accumulate on Hero Motocorp, Sets Target at Rs 6575

• Prabhudas Lilladher maintains an 'Accumulate' rating for Hero Motocorp with a target price of Rs 6575.
• HMCL's Q3FY26 standalone operating revenue and adjusted PAT slightly exceeded street estimates.
• Gross margin was impacted by commodity inflation and INR depreciation, but mitigation levers are in place.
• Company sees growth opportunities in scooters, premium motorcycles, EVs, global markets, and PAM business.
• Valuation includes core business at 21x P/E Sep’27E, Hero Fincorp at Rs50, and Ather Energy at Rs300.