ET Intelligence Group: Hero Motors, an automotive company, plans to raise ₹600 crore through a fresh issue towards capital expenditure, repayment of debt, and strategic investments. It will also raise ₹400 crore through an offer for sale. The promoter group’s stake will fall to 61.1% after the IPO from 84.7%. It offers integrated powertrain solutions for electric and non-electric vehicles across segments such as two-wheelers, e-bikes, performance automotive, off-road, hybrid and electric cars, heavy-duty vehicles, and electric vertical take-off and landing (eVTOLs). The EV segment’s revenue share increased to 23% in FY26 from 12% in FY24. About 41% of the revenue comes from international markets. Nearly 36% of the revenue comes from the top customer and 73% from top 10 clients, signalling customer concentration. Given these factors, investors with high-risk appetite may consider the IPO.

Business
Incorporated in 1998, Hero Motors supplies products across the United States, Europe, India and Association of Southeast Asian Nations region. The company operates through two segments, powertrain solutions, which contributes 54% to revenue, and alloys & metallics (A&M). Powertrain solutions includes gears & transmissions for automotive and mobility applications and bike powertrain for micro-mobility and e-bike makers, while A&M supplies sheet metal and tubular assemblies to automotive OEMs.

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Hero Motors has six manufacturing plants globally, including four in India. It caters to global customers such as BMW AG, Ducati Motor Holding S.P.A., Enviolo International Inc, Formula Motorsport, Hummingbird EV and HWA AG.

Financials
Between FY24 and FY26, revenue from operations rose 5.7% annually to ₹1,188.4 crore and net profit surged 55.5% annually to ₹41.2 crore. Operating margin before depreciation and amortization (EBITDA margin) improved to 12.4% from 8.1% during the period. Net debt increased to ₹428.2 crore in FY26 from ₹245.7 crore in FY24 though net debt-EBITDA ratio remained at around 2.9, implying profitable deployment of borrowed funds. Trade receivable days increased to 78 days in FY26 from 67 days in FY24, while trade payable days declined to 43 days from 47 days, implying higher working capital requirements.Read more: Prashant Jain’s 3P India among anchors as Hero Motors raises Rs 300 crore ahead of IPO

Valuation

The company has no direct listed peer. Considering the post-IPO equity and FY26 net profit, it demands price-earnings (P/E) multiple of 93 and price-sales (P/S) multiple of three. Some of the other auto-component suppliers such as CIE Automotive India, Endurance Technologies, UNO Minda, Varroc Engineering and Sona BLW Precision Forgings have P/Es in the range of 18-79 and P/S between two and 11.

Western Australians injured on the road face a different compensation system than the rest of the country, and lawyers say understanding it early is critical to protecting a claim. Most car accident claims in WA are managed through the Motor Injury Insurance Scheme (MIIS), a fault-based compulsory third party (CTP) insurance scheme run by the Insurance Commission of Western Australia (ICWA). Claimants must lodge a Notice of Intention to Make a Claim with ICWA, while catastrophic injuries can fall under a separate no-fault Catastrophic Injuries Support Scheme, also managed by ICWA.

The Motor Vehicle (Third Party Insurance) Act 1943 (WA) governs the process, and compensation for a successful claim can include medical treatment, ambulance transport, hospital care, allied health support such as physiotherapy, dental treatment, scans and medication, surgery, past and future economic loss, pain and suffering, and in some cases gratuitous services or paid care provided by family members. Legal specialists say the process can be daunting for someone still recovering physically and emotionally from a crash, which is why a claimant’s choice of lawyer can materially affect the outcome and speed of a claim.

Five firms have built a reputation across Perth and Western Australia for handling car accident injury claims: Bradford Legal, Maurice Blackburn Lawyers, TGB Lawyers, Trusted Injury Lawyers and Foyle Legal.

Bradford Legal, founded in 1991 as Bradford & Co, is one of the most established and trusted personal injury law firms in Western Australia. The firm is known throughout Perth for its work in workers’ compensation, work-related injury and car accident claims, and its team brings together decades of combined experience in the personal injury field. Partner Tim Heard has practised in personal injury law since 1990, graduating from the University of Western Australia before joining Bradford Legal in 1997. He has built a track record particularly in the District and Supreme Courts of Western Australia, and the firm says its lawyers prioritise open and honest communication with clients throughout the claims journey. Bradford Legal was ranked among the state’s top personal injury practices in Doyle’s Guide 2022 WA Plaintiff Personal Injury & Compensation Law Rankings, including recognition as a Leading Motor Vehicle Accident Compensation Law Firm, Leading Work Injury Compensation Law Firm and Leading Public Liability Compensation Law Firm. The firm handles motor vehicle accidents, workers’ compensation, public liability, medical negligence and catastrophic injury claims, and offers a free, no-obligation first consultation.

Maurice Blackburn Lawyers, which describes itself as Australia’s largest plaintiff law firm, operates a Perth team that has helped thousands of people navigate CTP claims. The firm explains that WA’s compensation system works on two tracks: the fault-based MIIS scheme, which covers most claims and requires the claimant to establish that another driver was responsible, and a no-fault scheme for catastrophic injuries that applies regardless of who caused the crash. Both schemes are administered by ICWA. Maurice Blackburn represents drivers, passengers, cyclists and pedestrians who were not at fault in a crash, and says successful claims can cover medical treatment, hospital care, allied health support, lost income for time unable to work, pain and suffering, and paid or gratuitous care. The firm positions its road injury team as focused on getting rehabilitation costs covered quickly so clients can access treatment without waiting for a final settlement.

TGB Lawyers, known formally as Tindall Gask Bentley, has more than 50 years of experience helping injured Western Australians pursue motor vehicle accident claims. The firm handles claims under the Motor Vehicle (Third Party Insurance) Act 1943 (WA), covering car crashes, motorcycle accidents, bicycle and scooter accidents, pedestrian injuries, and truck and bus collisions. TGB also represents passengers in rideshare, taxi and public transport vehicles, as well as the dependents of people fatally injured in a crash. The firm operates offices beyond Western Australia, including in South Australia and the Northern Territory, giving it broader cross-border experience across different state and territory compensation schemes. TGB offers a free initial interview to assess whether a claim is likely to succeed and to explain the steps involved, including lodging a Notice of Intention to Make a Claim with ICWA and providing supporting medical certificates.

Trusted Injury Lawyers, also known as RZ Injury Lawyers, is led by Principal Lawyer Radek Zacharek, who has more than a decade of personal injury litigation experience and says he has helped hundreds of people secure compensation. The firm markets itself on a one-on-one model, meaning clients deal directly with a senior lawyer rather than being handed off to a paralegal or legal clerk. It also offers a mobile service that comes to clients rather than requiring them to travel to an office, with availability seven days a week. The firm handles motor vehicle accidents, public liability, workers’ compensation, medical negligence, criminal injury, dog attacks, total and permanent disability, military service injuries and Comcare claims, all on a no-win, no-fee basis.

Foyle Legal, based in Malaga, WA, specialises in personal injury compensation across car accidents, workers’ compensation, public liability, criminal injury compensation and fatal accident claims. The firm operates on a no-win, no-fee basis across its personal injury practice and represents people injured at work, in a car crash or other motor vehicle accident, in a public place, as a victim of a criminal act, or living with a total and permanent disability.

Across all five firms, the common thread is a no-win, no-fee model paired with a free or no-obligation initial consultation, giving injured claimants an early, low-risk read on whether they have a valid case before committing to legal costs. As with car accident schemes in other states, timing matters in Western Australia. Lawyers recommend notifying ICWA as soon as possible after an accident, lodging a Notice of Intention to Make a Claim promptly, and keeping thorough records of medical treatment, lost income and correspondence with insurers from the outset. Legal specialists say early documentation can make a meaningful difference later in the claims process, particularly in disputed liability cases where an insurer may challenge the extent or cause of an injury.

With Perth’s population and traffic volumes continuing to grow, and motor vehicle accidents remaining one of the most common sources of personal injury claims in Western Australia, legal specialists expect demand for experienced CTP and MIIS claims guidance to stay strong through 2026. Firms across the state say the earlier an injured person seeks legal advice, the better positioned they are to understand their entitlements and pursue the compensation they are owed under WA’s motor accident insurance schemes.

This article was written by

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With a loaded calendar this week that includes the September Fed meeting, housing sector data and earnings, and more headlines out of the US-Iran war that should keep energy prices front and center, traders should be ready for high-volatility equity moves.

Old-school market analysis tells us that new 4-week highs and lows act as key pivot points for price action. This week’s 4-week low for the Invesco QQQ Trust (QQQ), which proxies the benchmark Nasdaq-100 Index ($IUXX), comes in at 702.70.

More News from Barchart

A QQQ close below this level brings into play a move down to the 690-688 area, and raises the prospect of a challenge of the July low close at 661.73.

September standard options expiration is upon us this week, too, which means it’s particularly timely to layer in some options market analysis. 

QQQ is currently in negative gamma exposure, and there’s a large accumulation of put open interest at the 690 strike – underscoring the significance of this level in the short term, as suggested by the technical analysis.

For a simple explainer on options gamma and how gamma exposure (GEX) moves asset prices, check out this quick video clip from our official YouTube channel.

– John Rowland, CMT, is Barchart’s Senior Market Strategist and host of Market on Close.

On the date of publication, Barchart Insights did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com