Hurun India Rich List 2026 edition · 1 director
- #793 Pankaj Munjal & family ₹3,900 Cr
Revenue · FY 2024
₹1,840.75 Cr
▼ 10% YoY
Net loss · FY 2024
₹44.57 Cr
Net margin -2.4%
EBITDA · FY 2024
₹21.97 Cr
EBITDA margin 1.2%
Authorised capital
₹40 Cr
Registered with MCA
Paid-up capital
₹39.48 Cr
Issued & subscribed
Open charges
₹802.99 Cr
Satisfied ₹1,803.66 Cr
Company age
60 yrs
Est. 1966
Employees · EPFO
2,472
Provident fund records
About Hero Cycles Limited
Data last updated:
Hero Cycles Limited is a public limited company based in Ludhiana, Punjab, India. It operates in the bicycle mfg and retail segment of the automotive sector. It was incorporated on 29 August 1966 and has been in existence for over 60 years.
Its director Pankaj Munjal and family are #793 on the Hurun India Rich List 2026.
The company is registered with the Registrar of Companies (ROC), Chandigarh, under CIN U35911PB1966PLC002667. Its GSTIN is 03AAACH4073P1ZH (Punjab). The company holds 27 GST registrations, of which 18 are active.
The company has an authorised share capital of ₹40 Cr and a paid-up capital of ₹39.48 Cr. It was formerly known as Hero Cycles Private Limited. It is led by directors including Shashi Kant Rai (Managing Director) and Aditya Munjal (Whole-Time Director).
Its last annual general meeting (AGM) was held on 30 September 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office is at Hero Nagarg T Road Ludhiana, Punjab, India – 141003.
As per the financials filed for FY 2024, the company reported a revenue of ₹1,840.75 Cr, a decline of 10% compared to the previous year. For the same year it recorded a net loss of ₹44.57 Cr (net margin -2.4%) and EBITDA of ₹21.97 Cr (EBITDA margin 1.2%). Revenue has declined at a compounded annual rate (CAGR) of 10% over three years and 5% over five years.
The company has about 2,472 employees on its provident fund (EPFO) records. Its group structure includes 6 subsidiaries and 3 joint ventures.
The company is associated with 2 brands: Hero Lectro and Hero Cycles. As per MCA filings, the company has open charges of ₹802.99 Cr and satisfied charges of ₹1,803.66 Cr on record. Court records list 293 cases involving the company, including 159 filed by the company and 113 filed against it; 24 cases are pending. The company has 8 deals on record (6 secondary share transfers, 1 funding round, 1 debt financing), with disclosed funding of ₹100.06 Cr; the latest was in June 2021. Its 6 peer companies in the Automobiles industry (Cycles) are compared by revenue, 1 larger and 5 smaller; the largest is Tube Investments of India Limited with revenue of ₹19,836 Cr. The company has 8 MSME Form 1 returns on record between 2019 and 2023, listing 333 overdue payments to 159 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website herocycles.com.
Company Details of Hero Cycles Limited
CIN U35911PB1966PLC002667
Registration Number 002667
Incorporation Date 29 August 1966
ROC Chandigarh
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2024
Date of Balance Sheet 31 March 2024
Compliance Status Active Compliant
CIN History of Hero Cycles Limited
Hero Cycles has one previous CIN (Corporate Identification Number): L35911PB1966PLC002667. The current CIN is U35911PB1966PLC002667, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U35911PB1966PLC002667 | Current |
| L35911PB1966PLC002667 | Previous |
Key People
Shashi Kant Rai Managing Director Aditya Munjal Whole-Time Director Pankaj Munjal Director Recognitions & Rankings of Hero Cycles
Contact Details
- EmailLocked
- TelephoneLocked
- Website
- Social Media
- Registered AddressHero Nagarg T Road Ludhiana, Punjab, India – 141003
- IndustryAutomotive, Bicycle Mfg & Retail
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Associated Brands with Hero Cycles Limited
Hero Cycles operates two associated brands: Hero Lectro and Hero Cycles. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Offers electric bicycles, cargo e-bikes, and accessories for daily transportation. | herolectro.com | |
| Bicycle manufacturing, sales, and accessory services in India. | herocycles.com |
Business Activity of Hero Cycles Limited
The main business activity of Hero Cycles is manufacturing. In detail, this covers motor vehicles, trailers, semi trailers and other transport vehicles.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| C | Manufacturing | C11 | Motor vehicles, trailers, semi trailers and other Transport Vehicles | Locked |
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Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of Hero Cycles Limited FY 2024 filings available
Hero Cycles Limited reported revenue of ₹1,840.75 Cr (down 10% YoY) for FY 2024.
Revenue · FY 2024
₹1,840.75 Cr ▼ 10%
Net loss · FY 2024
₹44.57 Cr margin -2.4%
EBITDA · FY 2024
₹21.97 Cr margin 1.2%
Compounded Annual Growth Rate (CAGR) of Hero Cycles Limited
Revenue CAGR growth
1 year
▼ 10%
3 years · compounded
▼ 10%
5 years · compounded
▼ 5%
EBITDA CAGR growth
1 year
▼ 82%
3 years · compounded
▼ 55%
5 years · compounded
▼ 21%
Revenue has declined at a compounded annual rate (CAGR) of 5% over five years, including a 10% fall in the latest year. EBITDA fell 82% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary of Hero Cycles Limited
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | •••• | •••• | •••• | •••• | •••• |
| Other Income | •••• | •••• | •••• | •••• | •••• |
| Total Revenue | •••• | •••• | •••• | •••• | •••• |
| Cost of Materials Consumed | •••• | •••• | •••• | •••• | •••• |
| Employee Benefit Expense | •••• | •••• | •••• | •••• | •••• |
| Finance Costs | •••• | •••• | •••• | •••• | •••• |
| Depreciation and Amortisation | •••• | •••• | •••• | •••• | •••• |
| Other Expenses | •••• | •••• | •••• | •••• | •••• |
| Total Expenses | •••• | •••• | •••• | •••• | •••• |
| EBITDA | ₹21.97 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | -₹44.57 Cr | •••• | •••• | •••• | •••• |
| Balance Sheet | |||||
| Share Capital | •••• | •••• | •••• | •••• | •••• |
| Reserves and Surplus | •••• | •••• | •••• | •••• | •••• |
| Net Worth (Total Equity) | •••• | •••• | •••• | •••• | •••• |
| Long-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Short-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Trade Payables | •••• | •••• | •••• | •••• | •••• |
| Total Liabilities | •••• | •••• | •••• | •••• | •••• |
| Fixed Assets | •••• | •••• | •••• | •••• | •••• |
| Investments | •••• | •••• | •••• | •••• | •••• |
| Inventories | •••• | •••• | •••• | •••• | •••• |
| Trade Receivables | •••• | •••• | •••• | •••• | •••• |
| Cash and Bank Balance | •••• | •••• | •••• | •••• | •••• |
| Total Assets | •••• | •••• | •••• | •••• | •••• |
Financial Ratios of Hero Cycles Limited
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 1.2% | •••• | •••• | •••• | •••• |
| Net Profit Margin | -2.4% | •••• | •••• | •••• | •••• |
| Return on Equity (ROE) | •••• | •••• | •••• | •••• | •••• |
| Return on Capital Employed (ROCE) | •••• | •••• | •••• | •••• | •••• |
| Return on Assets (ROA) | •••• | •••• | •••• | •••• | •••• |
| Liquidity and Debt | |||||
| Current Ratio | •••• | •••• | •••• | •••• | •••• |
| Quick Ratio | •••• | •••• | •••• | •••• | •••• |
| Debt-to-Equity Ratio | •••• | •••• | •••• | •••• | •••• |
| Interest Coverage Ratio | •••• | •••• | •••• | •••• | •••• |
| Efficiency and Growth | |||||
| Asset Turnover | •••• | •••• | •••• | •••• | •••• |
| Receivable Days | •••• | •••• | •••• | •••• | •••• |
| Payable Days | •••• | •••• | •••• | •••• | •••• |
| Inventory Days | •••• | •••• | •••• | •••• | •••• |
| Revenue Growth | •••• | •••• | •••• | •••• | •••• |
| Net Profit Growth | •••• | •••• | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Hero Cycles are in the company report.
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Financial statements from 2015
Earlier years and trend charts are in the company report.
- Income statements
- Balance sheets
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Verified entity values are shown only after access is granted.
Board of Directors of Hero Cycles Limited
Hero Cycles has 6 current directors and 34 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
Peer Comparison of Hero Cycles Limited
Hero Cycles Limited is compared with the companies closest to it by revenue in the Automobiles industry (Cycles). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Tube Investments of India Limited Listed | ₹19,836 Cr (FY 2025) | •••• | •••• | 16.0% | •••• | Chennai, Tamil Nadu, India |
| Hero Cycles Limited this company | ₹1,840.75 Cr (FY 2024) | •••• | •••• | -10.0% | •••• | Ludhiana, Punjab, India |
| Avon Cycles Ltd | ₹976.6 Cr (FY 2025) | •••• | •••• | -18.0% | •••• | Punjab, India |
| Hero Ecotech Limited | ₹715.75 Cr (FY 2025) | •••• | •••• | 47.0% | •••• | Village Mangli, Punjab, India |
| S K Bikes Private Limited | ₹423.56 Cr (FY 2024) | •••• | •••• | 33.0% | •••• | Ludhiana, Punjab, India |
| Hindustan Cycles and Tubes Private Limited | ₹297.06 Cr (FY 2025) | •••• | •••• | 5.0% | •••• | Punjab, India |
| Navyug Namdhari Eco Drive Private Limited | ₹246.68 Cr (FY 2025) | •••• | •••• | 21.0% | •••• | Ludhiana, Punjab, India |
Peers are the five companies nearest above and the five nearest below Hero Cycles by revenue in the Automobiles industry (Cycles), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details of Hero Cycles Limited
Hero Cycles Limited is audited by B D Bansal & Co for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| B D Bansal & Co | Locked | Locked | Locked |
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Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
- Appointment status
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Ownership and Shareholding of Hero Cycles Limited
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Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
- Ownership categories
- Historical changes
- Group structure
- FII and DII holdings
Verified entity values are shown only after access is granted.
Charges & Borrowings of Hero Cycles Limited
Open charges
₹802.99 Cr
Satisfied charges
₹1,803.66 Cr
Breakdown by lending institutions
Latest charge details
| Date | Lender | Amount | Status |
|---|---|---|---|
| 29 Aug 2025 | Others | ₹80 Cr | Open |
| 12 Mar 2024 | Others | ₹199.99 Cr | Open |
| 29 Feb 2024 | Others | ₹25 Cr | Open |
| 06 Oct 2022 | Others | ₹60 Cr | Open |
| 31 Jan 2022 | Others | ₹438 Cr | Open |
Total charge records: 30 View all charges
Deals & Funding of Hero Cycles Limited
Hero Cycles Limited has 8 deals on record (6 secondary share transfers, 1 funding round, 1 debt financing), with disclosed funding of ₹100.06 Cr; the latest was in June 2021.
Total deals
8
Secondary share transfers
6
Funding round
1
Debt financing
1
Disclosed funding
₹100.06 Cr
Deals on record (5 of 8)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jun 2021 | Secondary share transfer | Undisclosed | Seller: O.P Munjal Holding, Bhagyoday Investments Pvt Ltd , 2 individuals |
| Nov 2020 | Debt financing | ₹100 Cr | Investors: JM Financial Products Limited |
| Sep 2018 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Feb 2016 | Funding round | ₹6.4 Lakh | Investors: Bhagyoday Investments Pvt Ltd , 3 individuals |
| May 2010 | Secondary share transfer | Undisclosed | Buyer: 2 individuals Seller: Hero Investcorp Private Limited , 3 individuals |
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Full deal history
All 8 deals with amounts, valuations, instruments and every party are in the company report.
- Every funding round and share transfer
- Amounts and valuations
- Investors, buyers and sellers
- Instruments and deal dates
Verified entity values are shown only after access is granted.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal Cases of Hero Cycles Limited
Hero Cycles Limited has 293 court cases on record: 159 filed by Hero Cycles, 113 filed against it, 21 where it is another party. 24 cases are pending and 269 are disposed. Status as checked between 21 Sep 2026 and 05 Oct 2026.
Total cases
293
Filed by the company
159
Filed against the company
113
Pending
24
Disposed
269
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 159 | 89 | 8 |
| District courts | 116 | 16 | 15 |
| Supreme Court | 18 | 8 | 1 |
Cases on record (5 of 293)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Punjab and Haryana | Appeal | Filed against the company by Punjab State Power Corporation Limited | Pending |
| District court, Ludhiana, Punjab | Civil suit | Filed by the company against Avon Cycles Ltd | Pending |
| District court, Ludhiana, Punjab | Civil suit | Filed by the company against Trinity Cycles India Private Limited | Pending |
| High Court of Punjab and Haryana | Appeal | Filed against the company by JVM Steels Private Limited | Pending |
| High Court of Punjab and Haryana | Arbitration matter | Filed by the company against Arkhi Operators Private Limited | Disposed |
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Full case history
All 293 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
- Every case with its case number
- Year-wise trend
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- Decision dates and orders
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Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME Payment Delays by Hero Cycles Limited
Hero Cycles Limited has 8 MSME Form 1 returns on record between 2019 and 2023, listing 333 overdue payments to 159 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 159)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Satnam Engineers | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
| Trbex Impex Private Limited | •••• | •••• | •••• |
| Hansa Tubes Private Limited | •••• | •••• | •••• |
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Full MSME payment history
Every supplier, amount and due date from all 8 MSME Form 1 returns is in the company report.
- Every reported supplier due
- Amounts and due dates
- Reasons given in each return
- Period-by-period history
Verified entity values are shown only after access is granted.
Individuals and sole proprietors among the suppliers are not named. Amounts, due dates and filing dates are in the company report.
Employees and EPFO Compliance at Hero Cycles Limited
Hero Cycles Limited has a workforce of 2,472 employees as of Apr 07, 2024.
Employee count
2,472
Active EPFO establishments
3
Employee growth
-7.35%
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Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
Group Structure of Hero Cycles Limited
Hero Cycles has 6 subsidiary companies, 3 joint ventures, and 2 associated companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
6
Subsidiary companies
3
Joint ventures
2
Associated companies
Key Subsidiaries
| Company Name | CIN | Shares Held |
|---|---|---|
| Hero Motors Limited | U29299PB1998PLC039602 | Locked |
| Hero Transmission Private Limited | U35122HR2009PTC075575 | Locked |
| Hmc E-Valley Private Limited | U35911PB2020PTC050642 | Locked |
| Ut Bikes Private Limited | U35920PB1988PTC008589 | Locked |
| Firefox Bikes Private Limited | U35921HR2004PTC075576 | Locked |
| Hero Pbg Cycles Private Limited | U74900HR2007PTC073820 | Locked |
Showing major subsidiaries. Total: 6.
Recent Activity on Hero Cycles Limited
Hero Cycles Limited has 35 board changes on record since 1986: 6 appointments and 29 cessations. The latest: Freyan Jamshed Desai ceased to be Additional Director on 29 Sep 2024.
Charges
A charge registered on 02 Mar 2023 via Charge ID 100681716 with Others was fully satisfied on 08 Dec 2025.
Charges
A charge with Others amounted to Rs. 80.00 Cr with Charge ID 101157916 was registered on 29 Aug 2025.
Charges
A charge registered on 27 Sep 2021 via Charge ID 100491851 with Others was fully satisfied on 18 Mar 2025.
AGM
Hero Cycles Limited last Annual general meeting of members was held on 30 Sep 2024 as per latest MCA records.
Ceased
Freyan Jamshed Desai ceased to be Additional Director.
Charges
A charge with Others of Rs. 199.99 Cr registered on 12 Mar 2024 with Charge ID 100894517 was modified on 27 Aug 2024.
Charges
A charge registered on 06 Jan 2021 via Charge ID 100403058 with Others was fully satisfied on 06 Aug 2024.
Ceased
Mayank Kumar Jain ceased to be CFO.
Charges
A charge registered on 30 Nov 2022 via Charge ID 100649357 with Others was fully satisfied on 22 Apr 2024.
Ceased
Tanu Singla ceased to be Company Secretary.
Charges
A charge registered on 01 Oct 2021 via Charge ID 100497332 with Axis Bank Limited was fully satisfied on 03 Apr 2024.
Filing
Hero Cycles Limited has filed its annual Financial statements for the year ended 31 Mar 2024 with Roc Chandigarh.
96 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Hero Cycles Limited
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Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
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- Director-linked violations
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Subsidiaries & Group Companies of Hero Cycles Limited
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Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
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- Entity investments
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GST Compliance of Hero Cycles Limited
Hero Cycles has 27 GST registrations: 18 active and 9 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
27
Active
18
Cancelled / inactive
9
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 03AAACH4073P1ZH | Punjab | Active | 01 Jul 2017 |
| 06AAACH4073P2ZA | Haryana | Active | 01 Jul 2017 |
| 09AAACH4073P1Z5 | Uttar Pradesh | Active | 01 Jul 2017 |
| 10AAACH4073P1ZM | Bihar | Active | 01 Jul 2017 |
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GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
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MCA Filings & Documents of Hero Cycles Limited
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MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
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Related news about Hero Cycles Limited
Frequently Asked Questions about Hero Cycles Limited
Hero Cycles is an active public limited company based in Ludhiana, Punjab, India. The company works in bicycle mfg and retail, within the automotive industry. It was incorporated on 29 August 1966 (60+ years old) and is registered under CIN U35911PB1966PLC002667.
Hero Cycles reported revenue of ₹1,840.75 Cr for FY 2024 (down 10% YoY).
Hero Cycles has 6 current directors:
- Shashi Kant Rai - Managing Director
- Aditya Munjal - Whole-Time Director
- Pankaj Munjal - Director
- Freyan Jamshed Desai - Director
- Abhishek Munjal - Director
- Tarun Vohra - Director
Hero Cycles reported a net loss of ₹44.57 Cr (net margin -2.4%) and EBITDA of ₹21.97 Cr (EBITDA margin 1.2%) for FY 2024, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Hero Cycles is -10% over three years and -5% over five years. In the latest year (FY 2024) revenue fell 10%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Hero Cycles is 03AAACH4073P1ZH, registered in Punjab. The company has 27 GST registrations in all, of which 18 are active and 9 are cancelled or inactive. Other active GSTINs include 06AAACH4073P2ZA (Haryana), 09AAACH4073P1Z5 (Uttar Pradesh), 10AAACH4073P1ZM (Bihar).
The CIN (Corporate Identification Number) of Hero Cycles is U35911PB1966PLC002667. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Hero Cycles has 293 court cases on record: 159 filed by the company and 113 filed against it. 24 are pending. Most are in the high courts.
Hero Cycles was incorporated on 29 August 1966, making it 60+ years old. It is registered with the Registrar of Companies, Chandigarh.
Hero Cycles has 8 deals on record (6 secondary share transfers, 1 funding round, 1 debt financing), with disclosed funding of ₹100.06 Cr; the latest was in June 2021.
The peers of Hero Cycles by revenue are Tube Investments of India Limited, Avon Cycles Ltd, Hero Ecotech Limited, S K Bikes Private Limited, Hindustan Cycles and Tubes Private Limited and 1 more, all in the Automobiles industry (Cycles).
Freyan Jamshed Desai ceased to be Additional Director on 29 Sep 2024. Mayank Kumar Jain ceased to be CFO on 31 Jul 2024. Tanu Singla ceased to be Company Secretary on 16 Apr 2024. Hero Cycles has 35 board changes on record in total.