Hero MotoCorp

By Arpan Chaturvedi and Aditi Shah

NEW DELHI, July 8 (Reuters) - Indian Prime Minister Narendra Modi's government is facing mounting anger over a mandatory 20% ethanol-blended fuel policy, with vehicle owners demanding choice and an opposition politician asking carmakers Maruti Suzuki and Toyota to provide clarity.

The 20% ethanol-blended petrol, called E20, became the only fuel sold at India's 90,000 petrol pumps at the end of last year, triggering a public uproar that however dissipated within weeks.

But it's now again at the centre of controversy after a top government lawyer called E20 an "experiment" in court - and then backtracked on the comments - re-igniting concerns about the fuel affecting the performance of cars and what critics called its hasty rollout.

Hundreds of motorists have posted complaints on X alleging reduced fuel efficiency and increased wear ​and tear of car parts from E20. One of the main complaints is that they have no option to buy unblended petrol if they prefer.

"Auto companies need to stop hiding and tell us clearly ... can your pre-2023 models actually handle E20 fuel?" said X user Aashna. "Stop fooling the public."

While countries like Brazil have paced ethanol blend increases over decades, the U.S. has capped its standard blend at E10 and sells higher blends only as an option for compatible vehicles.

In India, however, E20 fuel replaced E10 nationwide in 2025, well ahead of its 2030 deadline, even though E20-compliant cars only began hitting the roads in 2023.

Late on Tuesday, opposition politician Arvind Kejriwal held a press conference during which he read from the owner's manuals of Maruti and Toyota cars, arguing many old cars were only E10 compliant, tapping into simmering public anger over the policy.

"People are only asking for one thing: please give us an option," said Kejriwal, a former chief minister of the capital Delhi. He has written to Toyota and others demanding clarity on whether their vehicles are E20 compliant, according to letters he posted on X on Wednesday.

Maruti MRTI.NS and Toyota Motor 7203.T did not immediately respond to requests for comment.

GOVERNMENT MINISTER CHALLENGES CRITICISM

Reuters has previously reported that a fuel tank flap and user manual of an Audi Q3 purchased in 2024 in India showed it recommended only E5 and E10 fuel. The fuel tank of a 2024 Mahindra MAHM.NS Scorpio SUV was pasted with a warning sticker: "CAUTION. PETROL/E10 FUEL ONLY".

Mahindra said in a statement that its E20-compliant vehicles could use the fuel, but it did not address what would happen with older cars.

The E20 debate has dominated prime-time television debates and newspaper editorials in recent days. The government says E20 saves imports of crude oil, helps farmers cultivating sugar, the base for ethanol, and lowers emissions.

A lawyer filed a new public interest case at the Supreme Court this week, echoing those concerns. It's not clear if the court will hear the case amid the new public uproar, given it dismissed challenges to the policy last year.

Modi's officials and state-run oil companies have been trying to calm nerves. On Tuesday, Transport Minister Nitin Gadkari said he was challenging anyone to prove that their vehicle was damaged because of using E20.

Tehseen Poonawalla, a New Delhi-based entrepreneur and opposition Congress party supporter, has sought a public conversation with the minister on the issue, saying he will bring affected customers to the gathering.

(Reporting by Arpan Chaturvedi and Aditi Shah; editing by Aditya Kalra and Raju Gopalakrishnan)

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July 6 (Reuters) - India's retail car sales rose 28.6% in June, with compressed natural gas and other alternative-fuel-powered vehicles accounting for a record 40.35% of total sales, after fuel prices jumped following the war in Iran, the Federation of Automobile Dealers Associations (FADA) said on Monday.

(Reporting by Kashish Tandon in Bengaluru; Editing by Rashmi Aich)

(([email protected]; 8800437922;))

By Dhwani Pandya

MUMBAI, July 4 (Reuters) - Indian government and auto industry officials on Saturday defended the mandatory rollout of petrol blended with 20% ethanol, saying years of testing and service data showed no evidence of widespread vehicle damage, despite public concerns over lower fuel efficiency and engine safety.

The fuel, known as E20, has faced rising criticism on social media in recent days, with motorists questioning whether older vehicles designed for lower ethanol blends could suffer corrosion, wear or reduced performance.

Automakers including Maruti Suzuki MRTI.NS, Hero MotorCorp HROM.NS and Toyota Kirloskar Motor said even older vehicles can run safely on E20. Maruti Suzuki, India's largest carmaker, said it had serviced more than 15 million older cars over the past two years that were not certified for E20 and found no fuel-related problems.

"As a manufacturer, we have tested E10 cars which were prevalent before 2023 on E20 fuel for all parameters and we have not found anything of concern," Rahul Bharti, Maruti Suzuki's senior executive officer for corporate affairs, said at a joint press conference with government officials.

Industry officials acknowledged a minor trade-off: E20 reduces fuel efficiency by about 3-3.5% because of its lower energy content. However, they said the fuel's higher octane rating can help carmakers design future engines with higher compression ratios, which could improve performance, torque, drivability and even fuel efficiency.

Officials also rejected viral claims that E20 had caused engine failures, saying at least one widely shared case was linked to contaminated fuel rather than standard E20.

They added that E20 is the highest ethanol blend currently tested for regular petrol vehicles and said any move to higher blends would need fresh trials.

(Reporting by Dhwani Pandya. Editing by Mark Potter)

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Hero MotoCorp laid the foundation stone for its second Global Parts Centre in Tirupati, Andhra Pradesh, on July 1, marking the start of a cumulative investment roadmap exceeding Rs 3,200 crores. The new parts facility alone will cost over Rs 750 crores and is designed to serve domestic and international spare parts operations. The investment will also see the company scale annual EV production capacity at its Tirupati plant to 1.2-1.5 million units, reinforcing its commitment to electric mobility. The expansion is expected to create around 4,000 jobs. At the ceremony, attended by Chief Minister N. Chandrababu Naidu and Hero Executive Chairman Pawan Munjal, the company also launched a merit-based scholarship programme for engineering students and announced the deployment of VIDA electric scooters for women police personnel.

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Adds details throughout

July 1 (Reuters) - India's Hero MotoCorp HROM.NS said on Wednesday it will invest more than 32 billion rupees ($336 million) in the southern state of Andhra Pradesh, including over 7.5 billion rupees for a global parts centre, to expand its manufacturing, logistics and electric mobility footprint.

The investment will increase the annual production capacity at Hero's plant in Tirupati to 1.2–1.5 million units. All of the company's electric vehicle portfolio is designed, engineered and manufactured at the Tirupati plant.

Andhra Pradesh has stepped up efforts to attract investment, targeting $1 trillion in commitments by 2029. In recent months, motorcycle maker Royal Enfield announced a 22 billion rupee manufacturing plant in the state.

Reuters had reported that Andhra Pradesh was also seeking to attract 500 billion rupees in investments in rare earth and titanium projects over the next decade.

Hero said the latest expansion is expected to generate around 4,000 jobs. It added that the global parts centre will serve as a hub for the company's domestic and international spare parts operations, strengthening its global supply chain.

($1 = 95.2475 Indian rupees)

(Reporting by Nishit Navin and Chandini Monnappa in Bengaluru; Editing by Shailesh Kuber)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

By Aditi Shah

NEW DELHI, June 29 (Reuters) - India's capital New Delhi will offer a cash incentive of over$1,000 to car owners willing to scrap their old vehicle for an EV, according to a new policy finalised by the government on Monday in a move aimed at reducing high levels of air pollution.

New Delhi is one of the world's most polluted cities with air quality worsening in the winters when dense, stagnant air traps emissions from crops burning in neighbouring states, vehicle exhaust and construction dust.

Here are some details:

• The local government in New Delhi finalises new electric vehicle policy with an outlay of 150 billion rupees ($1.59 billion) over four years to incentivise buyers of electric two-wheelers, cars and small trucks, as well as setting up EV chargers.

• To offer $1,060 as scrapping incentive to those who trade in cars bought before April 1, 2020 for an EV.

• Those buying a battery EV priced at up to 3 million rupees will be exempt from paying road tax and registration fees, which typically amount to 4%-10% of the car's price.

• Buyers of electric scooters and motorbikes will get a cash incentive of 30,000 rupees in the policy's first year, reducing to 10,000 rupees by year three.

• Delhi government will only register electric two-wheelers from April 1, 2028, forcing buyers to move away from gasoline and other powertrains.

• Will also incentivise setting up 32,000 EV charging points across Delhi.

• Hybrid vehicles have not been included in the policy which is expected to come into effect from July 1.

• Policy will provide a big boost to EV players like Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS as well as electric two-wheeler makers TVS Motor TVSM.NS, Bajaj Auto BAJA.NS and Ather Energy.

(Reporting by Aditi Shah; Editing by Susan Fenton)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

** India's Hero MotoCorp HROM.NS rises 2.2% at 5,000 rupees

** CLSA says concerns around El Nino and demand are largely priced in, reiterating its "outperform" rating on stock and PT of 5,728 rupees

** Adds, there is no meaningful historical correlation between rainfall and the co's domestic two-wheeler volumes, countering fears of weather-led weakness

** CLSA expects about 5% volume CAGR over FY27-28 and EBITDA margins near 14%, aided by GST cuts and upcoming scooter launches

** Stock's current valuation implies zero growth and lower margins and any weakness driven by El Niño concerns could offer a buying opportunity - CLSA

** Avg rating of 33 analysts on HROM at "buy"; median PT is 5,963.50 rupees - LSEG-compiled data

** YTD, stock down 13.3% vs Nifty auto index's .NIFTYAUTO 4.4% drop

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

By Rajendra Jadhav

MUMBAI, June 22 (Reuters) - India, once the world's second-largest sugar exporter, is expected to have little surplus for export for at least three more seasons as El Nino weather conditions threaten cane production and rising ethanol demand squeezes supply.

The twin pressures are poised to keep millions of tons of sugar off the world market, tightening supplies for importers across Asia, Africa and the Middle East and supporting benchmark prices in London LSUc1 and New York SBc1.

A prolonged absence by India from export markets would remove a key balancing supplier as weather risks and biofuel policies reshape global sugar trade flows.

Interviews with over a dozen trade and industry executives, government sources and farmers show that lower cane availability and rising ethanol demand will leave little for exports for several years, prompting dealers at global houses to warn head offices of shrinking opportunities in India, trade sources said.

GOVERNMENT EXPECTED TO CURB EXPORTS SEASON BY SEASON

Sugar is politically sensitive in global top consumer India, where sweets are highly popular and many poorer households rely on it as a cheap source of calories.

"Supplies are already tight in India, and now El Nino is emerging as a major risk," said Rahil Shaikh, managing director of MEIR Commodities India, a Mumbai-based trader.

"If rains disappoint as forecast, cane planting will suffer and this will keep India out of the sugar export market for at least three years, while Brazil and Thailand could also see their crops affected by El Nino."

Top exporter Brazil is also diverting more cane for ethanol. Thailand, another major exporter, could also have its output hit by El Nino-curtailed rains.

India exported 6.8 million metric tons of sugar annually on average in the five seasons through 2022-23 - about 10% of global shipments. This year, after exporting around 800,000 tons, India banned shipments until September 30, the end of the season.

Mills need government approval to export sugar, and New Delhi is likely to withhold export permissions each season rather than announce a multiyear ban, government and industry sources with knowledge of the matter said.

Last month, a top minister in Prime Minister Narendra Modi's government told mills to prioritise domestic availability and not lobby for exports, the sources said on condition of anonymity because the discussions were confidential.

India's Department of Food, Civil Supplies and Consumer Affairs did not respond to a request for comment on the prospects for exports or its restrictions on exports.

EL NINO CLOUDS CANE OUTLOOK

El Nino conditions are forecast to weaken India's monsoon rains this year to their lowest in 11 years.

Below-average rains, coupled with June precipitation running more than 40% below average, have prompted farmers to delay planting.

"I had planned to plant long-duration cane varieties in June, but since everyone is talking about lower rains, I decided to put that plan on hold," said Sambhaji Patil, who decided to grow soybeans instead on 2 acres (0.8 hectares) in Sangli district of the western state of Maharashtra.

Nursery owner Suraj Chavan said demand for cane seedlings had fallen sharply in recent weeks.

Farmers are likely to switch to less water-intensive crops, which could drag down cane acreage and availability in the 2027-28 season, said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories.

Local authorities have started promoting alternative crops such as soybeans, pigeon peas and other pulse varieties in most sugar-growing regions and have restricted water supplies for irrigation.

India was expected to produce 30.95 million tons of sugar this season, but output is now forecast at 27.9 million tons, below annual consumption of about 28.5 million tons, according to industry estimates.

As a result, inventories with mills at the start of the season on October 1 are likely to fall to about 3.5 million tons, the lowest in more than three decades, said MEIR's Shaikh.

At the same time, India is pushing for higher ethanol blending with petrol and wider adoption of flex-fuel vehicles to cut dependence on expensive imported crude.

Ethanol demand could more than double to some 30 billion litres (8 billion gallons) by 2039-40 from the current 12 billion to 13 billion litres as higher ethanol blending in petrol and adoption of flex-fuel vehicles gather pace, industry estimates suggest.

SUGAR IMPORTS POSSIBLE FOR FIRST TIME IN DECADE

"The trajectory for ethanol demand is incredibly strong," said Samir Somaiya, chairman and managing director of Godavari Biorefineries GODA.NS. "The next phase of demand evolution will be driven by the commercial rollout of flex-fuel vehicles."

Top Indian carmaker Maruti Suzuki MRTI.NS this month launched the nation's first flex-fuel passenger vehicle, while Hero MotoCorp HROM.NS launched a flex-fuel motorcycle.

India this month eliminated the production tax on petrol blended with higher levels of ethanol and launched fuel with up to 85% ethanol to support adoption of flex-fuel vehicles.

Future government policies will likely support ethanol production over sugar exports, said B.B. Thombare, managing director of Natural Sugar in Maharashtra state.

India could eventually be forced to import sugar if El Nino-related weather disruptions sharply cut cane cultivation area and output, the government sources and industry officials said, with traders warning that supplies could tighten further in the 2027-28 season.

India last imported sugar in 2016-17 and 2017-18 after an El Nino-induced drought in 2015 cut cane planting. In 2009 and 2010, India's heavy purchases helped push global prices to nearly three times their previous levels.

"Because of a severe El Nino and rising demand for ethanol, not only would exports from India be wiped out, but imports into India in the coming years could also become necessary," said Mohan Narang, director of K.S. Commodities, a trading house in New Delhi.

(Reporting by Rajendra Jadhav; Editing by Mayank Bhardwaj, Tony Munroe and William Mallard)

(([email protected]; Reuters Messaging: x.com/Rajendra1857))

June 15 (Reuters) -

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S MAY TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,38,854 UNITS

• SIAM - INDIA'S MAY 3-WHEELER SALES 70,720 UNITS

• SIAM - INDIA'S MAY 2-WHEELER SALES 19,02,209 UNITS

• SIAM - LOWER BASE EFFECT OF PREVIOUS MAY, DEMAND CREATED DUE TO REDUCED GST RATES GETTING REFLECTED IN HIGHER OFF-TAKE THIS MONTH

Further company coverage: ASOK.NS

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** Shares of Hero MotoCorp HROM.NS rise as much as 2.7% to 4,966 rupees, last up 1.4%; India's benchmark Nifty 50 index .NSEI up 0.9%

** HROM's CFO Vivek Anand, during fireside chat as part of JP Morgan India Auto CXO series, said margins could be weak in the near term but gradual price hikes and benefits from govt's production linked incentive in EVs should aid improvement going forward

** While HROM stock is attractively valued, investor concerns are centered on continued market-share loss - note

** "Market shift away from motorcycles should continue to be a headwind, but HROM did manage to offset some of this through gains in scooters and EVs in FY26," JP Morgan says

** JP Morgan says co's market share in scooters and EVs would continue to rise in the medium term

** HROM down ~15% YTD vs ~11% fall in NSEI

(Reporting by Vijay Malkar)

(([email protected];))

June 5 (Reuters) - India will start rolling out gasoline blended with 85% ethanol (E85) that will be about 20 rupees per litre cheaper than regular E20 fuel, Oil Minister Hardeep Singh Puri said on Friday.

Indian automakers have started launching flex-fuel vehicles that are compatible with the higher ethanol variant.

• E85 fuel will be cheaper than E20 due to its lower calorific value, Puri said. E20 sells for about 102 rupees ($1.07) per litre in New Delhi.

• India plans to roll out E85 at 50 to 100 fuel stations in 2026, scaling up to around 5,000 outlets by 2027, he added.

• E85 fuel is intended for flex-fuel vehicles, which can operate on gasoline blended with high amounts of ethanol.

• Puri said automakers and automobile industry associations are on board for the launch.

• Automakers such as Maruti Suzuki MRTI.NS and Hero MotoCorp HROM.NS have rolled out flex-fuel compatible variants of their popular WagonR and Splendor models.

• E85 fuel will help cut pollution and reduce the country's reliance on imported oil, Puri said.

• India, the world's third-largest oil importer and consumer, currently sells gasoline blended with 20% ethanol.

• Earlier in April, India proposed allowing higher ethanol blends such as E85 and E100 under vehicle rules.

• The move followed its 2025 achievement of 20% ethanol blending and aims to further reduce reliance on fuel imports.

• The Indian government faced a backlash from motorists after the nationwide rollout, on fears that it may affect the performance of vehicles.

• Separately, India's oil secretary Neeraj Mittal on Friday said the government is working on a programme to boost compressed biogas production.

($1 = 94.9450 Indian rupees)

(Reporting by Bipasha Dey in Bengaluru and Nidhi Verma in New Delhi; Editing by Sahal Muhammed)

(([email protected];))

** Shares of Hero MotoCorp HROM.NS rise 1.7% to 4,927 rupees

** Two-wheeler maker launches its first flex fuel motorcycles, Splendor+ and HF Deluxe

** The motorcycles are compatible with ethanol-blended fuels ranging from E20 to E85

** HROM down ~15% YTD

(Reporting by Vijay Malkar)

(([email protected];))

June 3 (Reuters) - Hero MotoCorp Ltd HROM.NS:

• HERO MOTOCORP - UNVEILS ITS FIRST FLEX FUEL MOTORCYCLES

• HERO MOTOCORP - NEW MOTORCYCLES COMPATIBLE WITH ETHANOL FUELS FROM E20 TO E85

Source text: ID:nBSE4tZ8Tn

Further company coverage: HROM.NS

(([email protected];))

Adds details from paragraph 3 onwards

May 22 (Reuters) - Indian automaker Eicher Motors EICH.NS beat quarterly profit estimates on Friday, as last year's tax cuts boosted demand for its high-margin 350-cc motorcycles.

The Royal Enfield Himalayan 450 adventure bike manufacturer posted a near 12% rise in consolidated net profit to 15.2 billion rupees ($158.85 million) for the March quarter from a year ago.

Analysts had estimated a quarterly profit of 14.87 billion rupees, according to data compiled by LSEG.

India's top premium motorcycle maker was the biggest beneficiary of the September tax cuts that lowered duties from 28% to 18% on the 350-cc category, which occupies a large chunk of the company's portfolio.

Its total revenue jumped 16% to 60.80 billion rupees, beating analysts' average estimate of 59.98 billion rupees.

After posting higher quarterly profits, peers Bajaj Auto BAJA.NS, TVS Motor TVSM.NS and Hero MotoCorp HROM.NS are relying on a premium product mix, export expansion and cost controls to cushion higher shipping expenses and commodity prices stemming from the closure of the Strait of Hormuz.

(Reporting by Kashish Tandon and Urvi Dugar in Bengaluru; Editing by Harikrishnan Nair and Shreya Biswas)

(([email protected]; 8800437922;))

May 14 -

• INDIA'S APRIL TOTAL DOMESTIC PASSENGER VEHICLE SALES UP 25.4% Y/Y -INDUSTRY BODY

• INDIA'S APRIL TOTAL DOMESTIC PASSENGER VEHICLE SALES AT 437,312 UNITS - INDUSTRY BODY

• INDIA'S APRIL TOTAL TWO-WHEELER SALES UP 28.4% Y/Y AT 18,72,691 UNITS - INDUSTRY BODY

• INDIA AUTO INDUSTRY BODY SIAM SAYS THOUGH THERE ARE CONCERNS OF HIGH COMMODITY PRICES DISRUPTIONS IN WEST ASIA, INDUSTRY WITNESSING GOOD DEMAND

Source text: [ID:]

** Shares of two-wheeler maker Hero MotoCorp HROM.NS up 4.4% for the week so far, on course for its best showing in a month

** The Splendor motorcycle maker posts a quarterly profit beat, on steady domestic demand and consumption tax cuts

** Multiple brokerages expect HROM to get market share in high-growth segments such as scooters and electric vehicles and see scope for valuation re-rating

** The average rating of 33 analysts tracking HROM is "buy"; median price target is 6,000 rupees, according to data compiled by LSEG

** Stock down 7.8% in 2026 so far, lagging the 3% drop in auto index .NIFTYAUTO, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

May 7 (Reuters) - ** Hero MotoCorp HROM.NS, India's top two-wheeler maker, beat quarterly profit estimates on Tuesday, driven by strong domestic demand

** Shares rise 2.8% to 5,319.50 rupees, extending gains from Wednesday

EV DRIVES OUTLOOK

** Morgan Stanley ("Overweight," PT: 6,537 rupees) highlights potential market share gains in high-growth segments such as scooters and EVs, with product launches and capacity expansion supporting growth

** J.P. Morgan ("Overweight," PT: 6,430 rupees) says improving demand, stronger positioning in EVs and exports, and scope for valuation re-rating underpin a constructive view

** Macquarie ("Outperform," PT: 6,408 rupees) points to solid growth visibility driven by premiumisation, export expansion and ramp-up in scooters and EVs

** Nomura ("Neutral," PT: 5,783 rupees) notes steady earnings delivery and continued progress in exports and scooters, with expectations of margin support over time from cost pass-throughs and EV incentives

(Reporting by Kashish Tandon in Bengaluru)

((kashish.tandon@thomsonreuters.com; Mobile: +91 8800437922))

** Shares of Hero MotoCorp up 1.91% to 5,206.5 rupees

** Splendor motorcycle maker posts profit beat; Q4 profit up 30% to 14.01 billion rupees ($147.5 million) YoY

** Q4 revenue rises 29% to 127.96 billion rupees

** Earnings benefit from tax cut on motorcycles with engines up to 350cc capacities, as well as expansion, exports and rising premium motorcycle sales amid improving rural demand

** Co's premium Harley Davidson portfolio posts 26% growth in dispatches YoY

** Stock rated "Buy" on average by 33 analysts; median PT at 6,227.5 rupees, as per data compiled by LSEG

** YTD, stock down 9.8%

($1 = 94.9600 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

May 5 (Reuters) - Hero MotoCorp Ltd HROM.NS:

• Q4 PAT 14.01 BILLION RUPEES; IBES PROFIT EST. 13.35 BILLION RUPEES

• Q4 REVENUE FROM OPERATIONS 127.97 BILLION RUPEES; IBES EST. 124 BILLION RUPEES

• RECOMMENDS FINAL DIVIDEND OF 75 RUPEES PER SHARE SUBJECT TO AGM APPROVAL

• RE-APPOINTS PAWAN MUNJAL AS EXECUTIVE CHAIRMAN FOR FIVE YEARS FROM OCTOBER 1, 2026

Further company coverage: HROM.NS

(([email protected];;))

Adds details throughout

May 4 (Reuters) - India's Ather Energy ATHR.NS posted a significantly narrower quarterly loss on Monday, supported by strong demand for its e-scooters, particularly its best-selling "Rizta" model.

The Bengaluru-based EV maker reported a loss of 1 billion rupees ($10.54 million) for the quarter ended March 31, down from a loss of 2.34 billion rupees last year.

Here are a few key details:

• The company's sales momentum remained strong, with fourth-quarter volumes surging 76% to a record 83,418 units. This pushed revenue up 73.8% to 11.75 billion rupees.

• Ather has been expanding its presence in northern and central India, banking on the Rizta, a family-focused scooter, to capture a larger share of the market.

• Although an early entrant in India's electric two-wheeler market, launching its 450 series of scooters in 2018, Ather faced intense competition from larger rivals such as TVS Motor TVSM.NS and Bajaj Auto BAJA.NS, which benefit from stronger financial resources and wider distribution networks.

• The company also highlighted challenges, noting that the past fiscal year was affected by multiple supply chain crises. It also expects commodity prices to remain volatile and elevated in the near term due to ongoing geopolitical uncertainties.

• Hero MotoCorp HROM.NS, India's largest two-wheeler maker, continues to hold a 30.14% stake in Ather Energy.

($1 = 94.8737 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru; Editing by Sherry Jacob-Phillips)

(([email protected]))

May 1 (Reuters) - Hero MotoCorp Ltd HROM.NS:

• HERO MOTOCORP - APRIL 2026 DISPATCHES RISE TO 566,086 UNITS FROM 305,406 UNITS YEAR AGO

Source text: ID:nBSE67bfpS

Further company coverage: HROM.NS

(([email protected];))

April 14 (Reuters) - India's auto industry body on Tuesday flagged concerns on the possible adverse impact of the Middle East war on automotive production, input and fuel prices, and freight rates.

Here are some key details:

• The West Asia conflict is expected to pose short-term challenges for the auto industry, Shailesh Chandra, president of Society of Indian Automobile Manufacturers (SIAM), said.

• Uncertainties arising from the West Asia conflict, particularly prices of crude oil and commodities, higher exchange rates and disruptions in shipping routes, remain a concern for the auto sector, the industry body said.

• In the near term, the conflict may weigh on export volumes, and the evolving situation reinforces the need for calibrated supply chains and diversification of energy inputs, analysts at Antique Stock Broking said.

• In the entry-level segment in April so far, buyer enquiries are strong, but converting them to sales is taking longer, the SIAM president said.

• Car sales by manufacturers to dealers in the world's third-largest car market rose 7.9% to 4.6 million units in the financial year 2026, industry data showed, compared to the previous fiscal year's 2%, as consumer sentiment improved due to tax cuts.

• In September 2025, India slashed taxes on larger SUVs to 40% as an additional levy was dropped and on small cars and two-wheelers to 18% from 28%, helping support demand across segments.

• Total domestic two-wheeler sales in the financial year 2026 rose 10.7% on-year compared to 9.1% growth last year, the industry data showed.

(Reporting by Aditi Shah and Anuran Sadhu; Editing by Harikrishnan Nair)

(([email protected]; +91 8697274436;))

Updates with comment from Roop polymers in paragraph 15, updates dateline

By Aditi Shah and Arpan Chaturvedi

MANESAR, India, April 11 (Reuters) - India's auto-making state of Haryana ordered a 35% hike in minimum wages on Friday, after factory workers boycotted work and staged protests this week over rising living costs as a result of the U.S.-Israeli war on Iran.

Haryana's government said it was raising the minimum wage for unskilled workers to $165 per month, from roughly $120, effective April 1, a move that helps workers but will raise cost pressures for India's auto industry at a time of rising input prices and supply chain disruptions.

The decision comes a day after clashes between the police and workers in Manesar, located 30 miles (48.28 km) south of New Delhi and home to companies like Maruti Suzuki MRTI.NS, as well as hundreds of ancillary units that feed into it.

"We urge the workers to ... peacefully carry on their work," Ajay Kumar, a state official, said in a video address on Friday.

Factory workers have been hit hard as prices at eateries have surged due to disrupted supplies of gas in recent weeks, prompting some to return to their villages.

India is the world's second-largest liquefied petroleum gas (LPG) importer and is battling its worst gas crisis in decades, with the government cutting supplies for industries to shield households from any shortage of cooking gas.

The government's move will increase costs for India's car industry, already dealing with higher raw material prices stemming from the Iran war. While the likes of Tata Motors TAMO.NS and Mahindra MAHM.NS have raised car prices, Maruti has warned of a similar move.

HEAVY RELIANCE ON GAS

India's heavy reliance on gas across the economy - businesses of all sizes, households, agriculture, public transport - makes its factories as well as lower-income earners among the most vulnerable in Asia.

Akash Kumar, 25, who works at Munjal Showa MNJL.NS, a supplier to motorbike maker Hero MotoCorp HROM.NS, said street vendors were charging him double the price for a meal of bread, curry and yogurt.

Friday's decision, he said, will bring some relief. "Whatever we get, we have to be happy," he said, adding that workers have resumed duties after being told about the pay hike.

Industrial unrest in Manesar affected various auto suppliers this week, according to Reuters' interviews with more than 30 workers. Workers said they were demanding pay rises to sustain their livelihoods as food was becoming expensive and gas supplies were erratic.

The federal government maintains there is no shortage of cooking gas for households and it is increasing availability of smaller cylinders for daily-wage earners and migrants.

Munjal Showa told Reuters its production was partially impacted this week.

At Roop Polymers, a supplier to Maruti and Honda 7267.T, notices on the factory-gate wall warned of disciplinary action against absent workers, and a company executive said "work was heavily disrupted inside" due to the protests.

In a statement on Saturday, Roop told Reuters that the impact of worker protests on production was "very minimal" and operations are now running normally.

Maruti, Honda and Hero did not respond to requests for comment.

While talks between Iran and the U.S. have raised hopes of de-escalation, auto industry executives said supply chains could take weeks to normalise, as a growing number of migrant workers head back home.

India has about 400 million local migrant workers heading to places such as Manesar to earn a minimum wage for an average 48 hours a week.

"Most employers are trying hard to hold on to the workforce that is running back by offering two meals a day or paying a small bonus," said Vinod Kumar, president of India SME Forum which represents thousands of small and medium-sized businesses.

The group is seeking government help to implement "emergency" measures and establish cluster-based common kitchens, as Kumar said "once labour leaves, it is very difficult to get them back."

(Reporting by Aditi Shah and Arpan Chaturvedi in Manesar, additional reporting by Dhwani Pandya in Mumbai, Saurabh Sharma in New Delhi and Sumit Khanna in Ahmedabad; Editing by Aditya Kalra, Miyoung Kim, Elaine Hardcastle and Alexander Smith)

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By Aditi Shah and Arpan Chaturvedi

MANESAR, India, April 10 (Reuters) - India's auto-making state of Haryana ordered a 35% hike in minimum wages on Friday, after factory workers boycotted work and staged protests this week over rising living costs as a result of the U.S.-Israeli war on Iran.

Haryana's government said it was raising the minimum wage for unskilled workers to $165 per month, from roughly $120, effective April 1, a move that helps workers but will raise cost pressures for India's auto industry at a time of rising input prices and supply chain disruptions.

The decision comes a day after clashes between the police and workers in Manesar, located 30 miles (48.28 km) south of New Delhi and home to companies like Maruti Suzuki MRTI.NS, as well as hundreds of ancillary units that feed into it.

"We urge the workers to ... peacefully carry on their work," Ajay Kumar, a state official, said in a video address on Friday.

Factory workers have been hit hard as prices at eateries have surged due to disrupted supplies of gas in recent weeks, prompting some to return to their villages.

India is the world's second-largest liquefied petroleum gas (LPG) importer and is battling its worst gas crisis in decades, with the government cutting supplies for industries to shield households from any shortage of cooking gas.

The government's move will increase costs for India's car industry, already dealing with higher raw material prices stemming from the Iran war. While the likes of Tata Motors TAMO.NS and Mahindra MAHM.NS have raised car prices, Maruti has warned of a similar move.

HEAVY RELIANCE ON GAS

India's heavy reliance on gas across the economy - businesses of all sizes, households, agriculture, public transport - makes its factories as well as lower-income earners among the most vulnerable in Asia.

Akash Kumar, 25, who works at Munjal Showa MNJL.NS, a supplier to motorbike maker Hero MotoCorp HROM.NS, said street vendors were charging him double the price for a meal of bread, curry and yogurt.

Friday's decision, he said, will bring some relief. "Whatever we get, we have to be happy," he said, adding that workers have resumed duties after being told about the pay hike.

Industrial unrest in Manesar affected various auto suppliers this week, according to Reuters' interviews with more than 30 workers. Workers said they were demanding pay rises to sustain their livelihoods as food was becoming expensive and gas supplies were erratic.

The federal government maintains there is no shortage of cooking gas for households and it is increasing availability of smaller cylinders for daily-wage earners and migrants.

Munjal Showa told Reuters its production was partially impacted this week.

At Roop Polymers, a supplier to Maruti and Honda 7267.T, notices on the factory-gate wall warned of disciplinary action against absent workers, and a company executive said "work was heavily disrupted inside" due to the protests.

Roop, Maruti, Honda and Hero did not respond to requests for comment.

While talks between Iran and the U.S. have raised hopes of de-escalation, auto industry executives said supply chains could take weeks to normalise, as a growing number of migrant workers head back home.

India has about 400 million local migrant workers heading to places such as Manesar to earn a minimum wage for an average 48 hours a week.

"Most employers are trying hard to hold on to the workforce that is running back by offering two meals a day or paying a small bonus," said Vinod Kumar, president of India SME Forum which represents thousands of small and medium-sized businesses.

The group is seeking government help to implement "emergency" measures and establish cluster-based common kitchens, as Kumar said "once labour leaves, it is very difficult to get them back."

(Reporting by Aditi Shah and Arpan Chaturvedi in Manesar, additional reporting by Dhwani Pandya in Mumbai, Saurabh Sharma in New Delhi and Sumit Khanna in Ahmedabad; Editing by Aditya Kalra, Miyoung Kim and Elaine Hardcastle)

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April 6 (Reuters) - India’s auto dealers warned of possible supply disruptions in the near term, from the West Asia conflict, even as Indian retail vehicle sales rose 25.28% in March, closing the financial year on a strong note on sustained momentum from tax cuts that improved affordability, the Federation of Automobile Dealers Associations (FADA) said on Monday.

Passenger vehicle sales rose 21.48% year-over-year in March, while two-wheeler sales rose 28.68% and commercial vehicle sales rose 15.12%, FADA said.

(Reporting by Meenakshi Maidas in Bengaluru)

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April 1 (Reuters) - Hero MotoCorp Ltd HROM.NS:

• HERO MOTOCORP - HERO MOTOCORP RECORDS 24% DISPATCH GROWTH IN Q4 2026

• HERO MOTOCORP - MARCH TOTAL SALES 598,198 UNITS

Source text: ID:nBSE5m7lJS

Further company coverage: HROM.NS

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By Aditi Shah

NEW DELHI, March 26 (Reuters) - India has asked automakers and parts suppliers to tighten production schedules to conserve fuel amid fears of shortages caused by disrupted oil and gas imports from the Gulf due to the Iran war, a government memo seen by Reuters shows.

The heavy industries ministry has also urged companies to shift factory operations from oil-based fuels to electricity and to use recycled aluminium or alternative materials as shortages and costs rise, according to the March 25 advisory.

For India, one of the world's largest oil and gas importers, the advisory underscores the government's mounting concern over the conflict and its disruption to energy flows, supply chains and availability of raw materials.

India's ministry of heavy industries did not immediately respond to a request for comment.

The government has already prioritised use of gas for households over industries, which get only about 80% of their average needs.

Some parts suppliers to India's leading carmakers like Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS and Mahindra MAHM.NS are already reporting a shortage of gas to power operations at a time when vehicle sales are booming.

The ministry wants the sector to do more.

"Wherever technically feasible, a transition from oil-based fuels to electricity may be considered. Further, production schedules may be optimised to minimise idle and standby fuel consumption," the ministry said in its note.

The government wants companies to use recycled aluminium where possible and explore the use of alternative materials for packaging and other non-critical applications to reduce "demand pressure" amid shortages which are already affecting beer makers.

"I don't know how much we can change in the factory, but the takeaway is that this war is going to go on for a long time and we should be prepared," said an executive at an Indian carmaker.

(Reporting by Aditi Shah, Editing by William Maclean)

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March 13 (Reuters) - India's domestic car dispatches to dealers rose for the fifth straight month in February, data from an industry body showed on Friday, helped by tax cuts that have lowered prices across most models.

"While the month of March has festive drivers... the recent conflict in West Asia remains a concern... could impact the manufacturing processes and exports," Rajesh Menon, Director General of Society of Indian Automobile Manufacturers (SIAM), said.

Here are some key details:

• Passenger vehicle dispatches jumped 10.6% to 417,705 units in February, compared with 377,689 units a year earlier.

• Tax reductions continue to fuel growth, extending momentum for fifth consecutive month.

• In September 2025, India slashed taxes on larger SUVs to 40% as an additional levy was dropped and on small cars and two-wheelers to 18% from 28%, helping support demand across segments.

• Vehicle sales picked up during the ongoing wedding season, supported by strong bookings, inventory build-up and new model launches.

• Domestic demand is expected to remain strong, though exports could soften on reduced shipments to Africa and the Middle East, analysts added.

• SIAM warns the ongoing Middle East crisis could hit production and exports if supply chains are disrupted.

• A shortage of gas - crucial for paint shops and component manufacturing - may affect production, analysts said, though they expect only near-term impact on Indian manufacturers due to inventory buffers.

• Domestic demand to stay robust but exports could weaken due to reduced shipments to Africa and the Middle East- Axis Capital

• India, the world's third-biggest car market, has an auto industry that accounts for 7.1% of its GDP.

• Tax cut-driven growth is likely to sustain for several quarters, a dealer's body said last week.

(Reporting by Meenakshi Maidas and Urvi Dugar in Bengaluru)

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March 12 (Reuters) - Hero MotoCorp Ltd HROM.NS:

• TAX DEMAND REDUCED FROM 1.78 BILLION RUPEES TO 270 MILLION RUPEES

Source text: ID:nBSE3qrSYs

Further company coverage: HROM.NS

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March 5 (Reuters) - India’s retail vehicle sales rose 25.6% in February on strong demand for two-wheelers and passenger vehicles, as the momentum from tax-cut measures persisted, the Federation of Automobile Dealers Associations (FADA) said on Thursday.

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected]; +91 8921483410;))