Hero MotoCorp's business continued to grow this quarter.

Key numbers (Consolidated): ❥ Revenue: ₹13,126 Cr (+35% YoY) ❥ PAT: ₹1,418 Cr ❥ EPS: ₹70.59 The first thing I checked was the profit. It looks lower than last year, but that's because Q1 FY26 included a one-time gain of ₹722 Cr from Hero's investment in an associate. So, comparing PAT directly with last year doesn't give the real picture. Things I liked: ➤ Two-wheeler sales increased 23% to 16.77 lakh units. ➤ VIDA EV business grew 151%. ➤ Exports were up 63%. ➤ Harley-Davidson sales more than doubled. ➤ Parts & Accessories business also reported good growth. One thing to note is that the company reported a loss from associates this quarter, while last year's numbers included that one-time gain. The core business looks strong. Sales were healthy across motorcycles, scooters, exports and EVs. The reported profit may not look exciting, but the business itself had a much better quarter than the headline PAT suggests.