Hero Cycles Limited - automotive in Ludhiana, Punjab, India. FY 2026 financials & compliance.
CIN U35911PB1966PLC002667 Incorporated 29 August 1966 ROC Chandigarh HQ Ludhiana, Punjab, India
Active Public Limited Company automotive
Data last updated
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.

CINStatus
U35911PB1966PLC002667Current
L35911PB1966PLC002667Previous

Recognitions & Rankings of Hero Cycles

Contact Details
  • Email
    Locked
  • Telephone
    Locked
  • Social Media
  • Registered Address
    Hero Nagarg T Road Ludhiana, Punjab, India – 141003
  • Industry
    Automotive, Bicycle Mfg & Retail
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Financials, compliance, directors, charges, ownership and filings for Hero Cycles Limited in one report.

Financials from 2015 Directors & ownership Charges & compliance

Associated Brands with Hero Cycles Limited

Hero Cycles operates two associated brands: Hero Lectro and Hero Cycles. Each brand links to its own profile.

BrandDescriptionWebsite
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 CodeDescription of Main ActivityBusiness Activity CodeDescription of Business ActivityTurnover Percentage
CManufacturingC11Motor vehicles, trailers, semi trailers and other Transport VehiclesLocked
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Business activity turnover details

Turnover share and past changes in activity are in the company report.

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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

MetricsFY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 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

MetricsFY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Profitability
EBITDA Margin1.2%••••••••••••••••
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.

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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
NameDesignationAppointment DateTenureStatus
Pankaj MunjalDirector01 Jun 200620 Years 4 MonthsCurrent
Aditya MunjalWhole-Time Director16 Nov 20196 Years 11 MonthsCurrent
Shashi Kant RaiManaging Director13 Jan 198640 Years 9 MonthsCurrent
Freyan Jamshed DesaiDirector04 Mar 20242 Years 7 MonthsCurrent
Abhishek MunjalDirector16 Nov 20196 Years 11 MonthsCurrent
Tarun VohraDirector14 Mar 20197 Years 7 MonthsCurrent

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.

CompanyRevenueNet profitMarginGrowth (1 yr)EmployeesLocation
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.

NameStatusAppointment DateCessation Date
B D Bansal & CoLockedLockedLocked
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Ownership and Shareholding of Hero Cycles Limited

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Charges & Borrowings of Hero Cycles Limited

Open charges
₹802.99 Cr
Satisfied charges
₹1,803.66 Cr
Breakdown by lending institutions
Others₹802.99 Cr
Latest charge details
DateLenderAmountStatus
29 Aug 2025Others₹80 CrOpen
12 Mar 2024Others₹199.99 CrOpen
29 Feb 2024Others₹25 CrOpen
06 Oct 2022Others₹60 CrOpen
31 Jan 2022Others₹438 CrOpen

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)

WhenDealAmountParties
Jun 2021Secondary share transferUndisclosedSeller: O.P Munjal Holding, Bhagyoday Investments Pvt Ltd , 2 individuals
Nov 2020Debt financing₹100 CrInvestors: JM Financial Products Limited
Sep 2018Secondary share transferUndisclosedBuyer: an individual
Seller: an individual
Feb 2016Funding round₹6.4 LakhInvestors: Bhagyoday Investments Pvt Ltd , 3 individuals
May 2010Secondary share transferUndisclosedBuyer: 2 individuals
Seller: Hero Investcorp Private Limited , 3 individuals
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Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.

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)

SupplierAmount dueDue sinceReported 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.

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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.

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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 NameCINShares Held
Hero Motors LimitedU29299PB1998PLC039602Locked
Hero Transmission Private LimitedU35122HR2009PTC075575Locked
Hmc E-Valley Private LimitedU35911PB2020PTC050642Locked
Ut Bikes Private LimitedU35920PB1988PTC008589Locked
Firefox Bikes Private LimitedU35921HR2004PTC075576Locked
Hero Pbg Cycles Private LimitedU74900HR2007PTC073820Locked

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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Subsidiaries & Group Companies of Hero Cycles Limited

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Corporate group structure

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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
GSTINStateStatusRegistered on
03AAACH4073P1ZHPunjabActive01 Jul 2017
06AAACH4073P2ZAHaryanaActive01 Jul 2017
09AAACH4073P1Z5Uttar PradeshActive01 Jul 2017
10AAACH4073P1ZMBiharActive01 Jul 2017
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GST registrations and filing compliance

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MCA Filings & Documents of Hero Cycles Limited

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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:

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.

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