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Today's prices ask more of TVS Motor than of Hero MotoCorp.
At current prices, buyers of Hero MotoCorp are assuming about 1% growth against 12% in its own record; for TVS Motor it is 17% against 23%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: both on discounted cash flow.
- Size: TVS Motor is worth about 2.0 times Hero MotoCorp on the stock market.
- Record: TVS Motor has grown revenue faster: Hero MotoCorp compounded at about 5% a year (FY2018–FY2026) and TVS Motor at about 16% (FY2018–FY2026).
- What to watch: rural demand at Hero MotoCorp; domestic share gains at TVS Motor.
| Hero MotoCorp | TVS Motor | |
|---|---|---|
| Price | ₹5,385 | ₹4,495 |
| Market cap | ₹1.08L Cr | ₹2.14L Cr |
| P/E | 18.0 | 55.8 |
| P/B | 4.99 | 22.33 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
The world's biggest motorcycle maker
Hero MotoCorp, controlled by the Munjal family, was Hero Honda until the two partners separated in 2011. It is the world's largest two-wheeler maker by volume, dominant in commuter motorcycles such as the Splendor and HF Deluxe, especially in rural India.
The fastest-growing big two-wheeler maker
TVS Motor Company, part of Chennai's TVS group, makes scooters such as the Jupiter and Ntorq, motorcycles such as the Apache and Raider, three-wheelers and the iQube electric scooter. It builds BMW's smaller motorcycles under a long-standing partnership and owns the British brand Norton.
02The records side by side
TVS Motor has grown revenue faster: Hero MotoCorp compounded at about 5% a year (FY2018–FY2026) and TVS Motor at about 16% (FY2018–FY2026). By revenue the two are of broadly similar size. Hero MotoCorp kept 12.2% of revenue as net profit in FY2026; TVS Motor kept 5.7% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Hero MotoCorp · TVS Motor.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Rural demandCommuter bike sales follow farm incomes.
- Premium pushHigher-priced bikes would lift margins.
- Domestic share gainsScooters and premium bikes have taken share.
- EV scaleiQube profitability shapes the long-term picture.
05What could go wrong
- Share lossRivals have taken share in scooters and premium bikes.
- EV transitionBeing late to EVs could cost share.
- EV competitionStart-ups and incumbents crowd the electric scooter market.
- Export currenciesDevaluations hit overseas sales.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Hero MotoCorp or TVS Motor better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Hero MotoCorp trades at 18.0 times earnings and 4.99 times book value, and TVS Motor at 55.8 times earnings and 22.33 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Hero MotoCorp and TVS Motor?
Hero MotoCorp, controlled by the Munjal family, was Hero Honda until the two partners separated in 2011. TVS Motor Company, part of Chennai's TVS group, makes scooters such as the Jupiter and Ntorq, motorcycles such as the Apache and Raider, three-wheelers and the iQube electric scooter.
Are Hero MotoCorp and TVS Motor valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for Hero MotoCorp and TVS Motor?
Worked backwards from the share price, Hero MotoCorp needs about 1% growth and TVS Motor about 17% growth, against 12% and 23% in their own records.