HeroCycles_MFR_Financials_April_2026.xlsx

	A	B	C	D	E	F	G	H
1	HeroCycles - April 2026 MFR Snapshot
2	Prepared after April month-end close - India \| INR in thousands unless noted
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4	Metric	Actual	Budget	Variance	Var % / bps	Forecast	Prior Month	Initial CFO read
5	Net revenue	4660	4170	490	0.1175059952	4405	3865	Revenue ahead of plan, led by e-bikes and institutional sales
6	Gross profit	1660	1598	62	0.03879849812	1710	1484	Dollar gross profit ahead of budget but below forecast
7	Gross margin %	0.356	0.383	-0.027	-0.07049608355	0.388	0.384	Margin pressure despite revenue growth
8	EBITDA	233	301	-68	-0.2259136213	361	261	Revenue growth did not fully convert into EBITDA
9	Ending cash	5840	6310	-470	-0.07448494453	6090	6680	Cash down from inventory build and AR timing
10	Inventory	6250	5425	825	0.1520737327	5730	5200	Inventory build ahead of festive demand may be above plan
11	AR balance	1050	910	140	0.1538461538	960	920	Collections timing should be checked
12	Ending FTE	84	82	2	0.0243902439	83	80	Retail and service staffing ahead of plan
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