Eicher Motors Limited has informed the Exchange regarding Monthly Business Updates for the month of May 2025 of VE Commercial Vehicles Limited, an unlisted material subsidiary of Eicher Motors Limited
EICHERMOT · price
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Eicher Motors shared May 2025 sales data for its unlisted subsidiary VECV, which makes Eicher and Volvo trucks and buses. Total VECV volumes rose 7.3% year-on-year to 7,402 units, with year-to-date (FY26) growth of 16% at 14,248 units. Domestic small and medium trucks (under 18.5 tonnes) led the growth at +15.2% YoY, and LMD bus volumes jumped 9.5% for the month and 31.5% YTD. However, domestic heavy trucks (18.5 tonnes and above) fell 8.1% YoY, and Volvo trucks and buses declined 20.9% to 144 units. Exports grew 20.7% YoY, with heavy-duty exports surging 520% from a small base of 15 units last year.
Overall positive momentum for VECV with broad-based growth, especially in small/medium trucks, buses and exports. The continued weakness in heavy trucks and Volvo volumes is a mild concern, but the strong year-to-date performance suggests the commercial vehicle business is on a healthy track, which is supportive for Eicher's earnings.