Operates two distinct businesses: a standalone motorcycle business under the Royal Enfield brand and a commercial vehicle joint venture (VECV) with Volvo Group. Royal Enfield designs, manufactures and sells premium mid-size motorcycles and in FY26 sold 12.27 lakh units, of which around 1.1 million were domestic and 1,20,634 were exported; it opened its electric motorcycle line with the Flying Flea C6 launched in Bangalore in April 2026. VECV, an unlisted subsidiary JV, manufactures and sells trucks and buses including Eicher branded trucks, Volvo trucks, and the Pro X range, and delivered 1,03,404 vehicles in FY26 (+15% YoY). A new 50:50 joint venture with Volvo for captive vehicle financing was announced against an investment of up to ₹750 crore for a 50% stake in Volvo Financial Services India. Capacity is being expanded with a ₹958 crore brownfield project at Cheyyar (taking capacity to 2 million units by Q2 FY28) and a ₹1,225 crore Phase I greenfield plant in Andhra Pradesh targeted for FY29-30. The biggest cost line is materials at 53.4% of revenue, with employees at 7.0% and other operating expenses at 12.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Royal Enfield motorcycles (86%), VECV commercial vehicles (JV with Volvo), Volvo Financial Services India (new JV). Cyclical auto OEM with a dominant premium motorcycle franchise and a Volvo-partnered commercial vehicle and financing JV.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10,298 | 14,442 | 16,536 | 18,870 | 23,408 |
| EBITDA (ex other income) | 2,172 | 3,444 | 4,327 | 4,712 | 5,730 |
| margin % | 21.1 | 23.8 | 26.2 | 25.0 | 24.5 |
| Owners' profit | 1,677 | 2,914 | 4,001 | 4,734 | 5,515 |
| EPS, as reported (₹) | 61.33 | 106.56 | 146.18 | 172.76 | 201.09 |
| ROE % · ROCE % | 13.3 · 16.4 | 19.4 · 22.0 | 22.2 · 24.6 | 22.2 · 23.1 | 22.0 · 23.5 |
| Debt / equity (x) | 0.00 | 0.01 | 0.02 | 0.01 | 0.01 |
| Cash from operations | 1,527 | 2,847 | 3,742 | 3,980 | 4,805 |
| Capex | (641) | (682) | (819) | (1,039) | (1,275) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,263 | 4,973 | 5,241 | 5,042 | 6,172 | 6,114 | 6,080 | 6,632 |
| Profit before tax | 1,248 | 1,297 | 1,421 | 1,436 | 1,644 | 1,610 | 1,614 | 1,758 |
| Net profit | 1,100 | 1,171 | 1,362 | 1,205 | 1,369 | 1,421 | 1,520 | 1,463 |
| EPS (₹) | 40.15 | 42.70 | 49.69 | 43.95 | 49.93 | 51.79 | 55.41 | 53.30 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ AUTO LIMITED | 3,26,400 | 27.7 | 8.12 | 22.7 | 26.3 | 23.1 | 17.8 | 24.1 |
| EICHER MOTORS LTD ◆ | 2,06,699 | 35.8 | 8.23 | 28.7 | 22.0 | 23.2 | 21.8 | 31.0 |
| TVS MOTOR COMPANY LTD | 1,95,979 | 57.2 | 18.29 | 26.7 | 29.7 | 19.9 | 23.6 | 15.4 |
| HERO MOTOCORP LIMITED | 1,04,482 | 19.2 | 4.79 | 13.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Eicher Motors schedules analyst and investor meetings on Sep 10-11, 2026 | investor communications | low | — | — |
| 7 Sept 2026 · Analyst meet schedule: Axis Capital and UBS conferences on Sep 10-11 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Royal Enfield launches Himalayan 440 priced at Rs 2.29 lakh | business updates | medium | — | — |
| 4 Sept 2026 · Eicher Motors schedules Investec group meeting on Sep 9, cancels ICICI Sec meet | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Eicher Motors to meet ICICI Securities analysts on September 4, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · VECV August 2026 sales rise 17.7 percent | business updates | medium | — | — |
| 1 Sept 2026 · Royal Enfield August 2026 sales up 11 percent at 1.26 lakh units | business updates | medium | — | — |
| 25 Aug 2026 · Eicher Motors schedules analyst meeting at Goldman Sachs conference | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Shareholders approve two director appointments at 44th AGM | management changes | high | — | — |
| 20 Aug 2026 · Eicher Motors 44th AGM: All 7 resolutions passed, Rs. 82 dividend approved | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 26.5 |
| 29.9 |
| 8.9 |
| 16.8 |
| ATHER ENERGY LIMITED | 63,441 | — | — | — | — | — | — | 0.8 |
| OLA ELECTRIC MOBILITY LTD | 17,824 | — | 5.32 | — | (54.7) | (37.0) | — | (29.9) |
| Zelio E Mobility Limited | 1,788 | 56.2 | — | — | — | 29.9 | — | — |
| WARDWIZARD INNO & MOB L | 172 | 81.7 | 1.14 | 11.7 | 1.3 | 1.8 | — | 6.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.8 | 35.8 | 4 of 7 | 50% |
| P/B | 8.2 | 6.7 | 5 of 6 | 20% |
| ROCE | 23.2 | 21.5 | 3 of 8 | 71% |
| ROE | 22.0 | 24.1 | 4 of 6 | 40% |
| Debt / Equity | 0.0 | 0.6 | 1 of 6 | 100% |
| EBITDA margin | 31.0 | 15.4 | 1 of 7 | 100% |
| Revenue growth | 31.6 | 32.5 | 4 of 6 | 40% |
| Profit growth | 21.4 | 21.4 | 4 of 6 | 40% |
| Market cap | 206699 | 63441 | 2 of 9 | 88% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
