NSE: EICHERMOT · BSE: 505200
EICHER MOTORS LTD
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ AUTO LIMITED | 2,93,447 | 24.9 | 7.30 | 20.6 | 26.3 | 23.1 | 17.8 | 24.1 |
| TVS MOTOR COMPANY LTD | 2,01,395 | 58.8 | 18.80 | 27.4 | 29.7 | 19.9 | 23.6 | 15.4 |
| EICHER MOTORS LTD ◆ | 2,00,385 | 34.7 | 7.98 | 27.8 | 22.0 | 23.2 | 21.8 | 31.0 |
| HERO MOTOCORP LIMITED | 1,06,503 | 19.5 | 4.88 | 13.3 | 26.5 | 29.9 | 8.9 | 16.8 |
| ATHER ENERGY LIMITED | 63,212 | — | — | — | — | — | — | 0.8 |
| OLA ELECTRIC MOBILITY LTD | 16,718 | — | 4.99 | — | (54.7) | (37.0) | — | (29.9) |
| Zelio E Mobility Limited | 2,200 | 69.1 | — | — | — | 29.9 | — | — |
| WARDWIZARD INNO & MOB L | 91 | 43.4 | 0.61 | 8.8 | 1.3 | 1.8 | — | 6.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.7 | 34.7 | 4 of 7 | 50% |
| P/B | 8.0 | 6.1 | 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 | 200385 | 63212 | 3 of 9 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Newspaper ad on SEBI special window for physical share transfer | compliance | minimal | — | — |
| 14 Oct 2026 · Reg 74(5) compliance certificate for Q2 FY27 share dematerialisation | compliance | minimal | — | — |
| 1 Oct 2026 · VECV September 2026 sales up 49.6% YoY at 11,396 units | business updates | medium | — | — |
| 1 Oct 2026 · Royal Enfield hits record 1.33 lakh sales in September 2026, up 8% | business updates | medium | — | — |
| 25 Sept 2026 · Trading window closure for insider trading compliance | compliance | minimal | — | — |
| 22 Sept 2026 · Reminder to physical shareholders to update KYC details | compliance | minimal | — | — |
| 22 Sept 2026 · Royal Enfield launches Classic 350 Signature White Edition at Rs 2.24 lakh | business updates | low | — | — |
| 17 Sept 2026 · Royal Enfield's Flying Flea C6 electric bike launches in 5 European cities | business updates | medium | — | — |
| 15 Sept 2026 · Eicher Motors schedules analyst meetings with Jefferies and J.P. Morgan | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Eicher Motors schedules analyst and investor meetings on Sep 10-11, 2026 | investor communications | low | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
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.