Eicher Motors
Eicher Motors
Automobiles F&OKey Fundamentals
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Key Insights
Strengths
3- Company is almost debt free.
- Company has delivered good profit growth of 32.8% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 38.7%
Weaknesses
2- Stock is trading at 7.56 times its book value
- Earnings include an other income of Rs.2,260 Cr.
Growth Rate
AI Analysis — Bull vs Bear
Eicher Motors, the parent of Royal Enfield and VE Commercial Vehicles, has a market capitalisation of about Rs 2,01,083 Cr. The stock trades at 35x earnings and 8.04x book value. The company is almost debt free and has earned a return on equity of 22-24% over 3, 5 and 10 years. Profit has compounded at 33% a year over 5 years and sales at 28% over the trailing twelve months. However, the stock returned only 4% over the past year, and earnings include Rs 2,260 Cr of other income.
- Profit has compounded at a 32.8% CAGR over the last 5 years and 24% over 3 years, well above the 10-year profit CAGR of 15%. Earnings growth has picked up in the recent period.
- ROE has held steady at 24% last year, 24% over 3 years, 22% over 5 years and 23% over 10 years. The business has earned high returns on capital consistently.
- The company is almost debt free, which limits financial risk and funds capex and growth internally. Its market cap is about Rs 2,01,083 Cr.
- TTM sales growth of 28% is well above the 3-year sales CAGR of 17% and the 10-year CAGR of 14%. Revenue momentum is improving.
- The dividend payout ratio is 38.7% and the dividend yield is 1.12%. The company returns a meaningful share of profit to shareholders while still reinvesting.
- Over the long run the stock has compounded at 28% over 3 years and 21% over 5 years. These returns are broadly in line with the 24% and 33% profit growth over the same periods.
- Five-year sales CAGR of 22% alongside 33% profit CAGR means profit grew faster than sales. This suggests margins or operating leverage improved over the period.
- The stock trades at 8.04x book value, a rich multiple even allowing for 24% ROE. Re-rating potential is limited if growth slows.
- A P/E of 35 assumes strong growth continues. TTM profit growth of 20% trails TTM sales growth of 28%, a sign that margins may be under pressure.
- Earnings include Rs 2,260 Cr of other income, mostly treasury income on cash reserves. Part of reported profit therefore comes from outside the core automobile business and depends on interest rates.
- The stock returned only 4% over the past year, far below its 3-year CAGR of 28%. Much of the growth may already be reflected in the price.
- Over 10 years sales grew at a 14% CAGR and profit at 15%, and the stock returned only 11% a year. Growth has been cyclical, and the recent 5-year period may not repeat.
- A dividend yield of 1.12% is modest in absolute terms. At a 35x P/E, investors rely mainly on growth rather than income for returns.
- A 38.7% payout on a heavily cash-rich balance sheet, with Rs 2,260 Cr of other income, suggests capital may be sitting idle. That can dilute return ratios over time.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- CV exports slip 4.7% Oct 1
CV exports fell 4.7% YoY in September even as domestic CV sales rose 57.5% to 10,479 units. Overseas CV demand is soft compared with the domestic market.
- CV sales beat estimates by 25% Oct 1
September CV sales jumped 50% YoY to 11,396 units, well above the analyst estimate of 9,100 units. LCV volumes surged 62% YoY to 6,156 units.
- Record motorcycle dispatches Oct 1
Royal Enfield motorcycle dispatches hit a record 133,958 units in September, up 8% YoY. This comes heading into the festive season.
- Himalayan 440 launched Sep 4
The new Himalayan 440 launched at ₹2.29 lakh with a 443cc engine and six-speed gearbox. Bookings opened on September 4, 2026.
- Flying Flea C6 enters Europe Sep 16
The electric brand Flying Flea expanded to five European cities with the C6, priced at €5,990 with a 104 km range. This marks early progress on the EV and international premium strategy.
- Classic 350 Signature White launched Sep 22
Royal Enfield introduced the Classic 350 Signature White at ₹2,24,275, with premium touring seats and an assist clutch. This refreshes its highest-volume franchise.
- Multiple analyst meets in September Sep 15
Management scheduled analyst and investor meetings on September 10–11 and September 18 and 21. These are routine investor relations engagements.
- ICICI Securities analyst meet Sep 1
An in-person analyst meet with ICICI Securities was held on September 4, 2026, starting at 11:30 am. It was disclosed under SEBI LODR Regulation 30.
TL;DR: Eicher Motors has strong momentum: CV volumes rose 50% YoY to 11,396 units, beating estimates by 25%, and Royal Enfield posted record dispatches of 133,958 units. A steady flow of launches across the Himalayan 440, Classic 350, and the Flying Flea EV brand broadens the portfolio. The only visible weak spot is a 4.7% decline in CV exports, and the EV venture is still early. Overall the trend is improving, and festive-season demand and new-model ramp-ups should support near-term volumes.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,986 | 4,115 | 4,179 | 4,256 | 4,393 | 4,263 | 4,973 | 5,241 | 5,042 | 6,172 | 6,114 | 6,080 | 6,632 |
| Expenses | 2,966 | 3,027 | 3,089 | 3,127 | 3,228 | 3,175 | 3,772 | 3,983 | 3,839 | 4,660 | 4,557 | 4,566 | 5,042 |
| Operating Profit | 1,021 | 1,087 | 1,090 | 1,129 | 1,165 | 1,088 | 1,201 | 1,258 | 1,203 | 1,512 | 1,557 | 1,514 | 1,591 |
| OPM % | 26% | 26% | 26% | 27% | 27% | 26% | 24% | 24% | 24% | 24% | 25% | 25% | 24% |
| Other Income | 344 | 375 | 368 | 437 | 457 | 468 | 452 | 628 | 603 | 486 | 465 | 675 | 634 |
| Interest | 10 | 13 | 12 | 15 | 12 | 13 | 13 | 16 | 15 | 19 | 17 | 20 | 22 |
| Depreciation | 142 | 143 | 148 | 165 | 169 | 180 | 179 | 201 | 198 | 200 | 211 | 232 | 278 |
| PBT | 1,212 | 1,307 | 1,298 | 1,385 | 1,441 | 1,362 | 1,461 | 1,669 | 1,593 | 1,779 | 1,793 | 1,937 | 1,925 |
| Tax % | 24% | 22% | 23% | 23% | 24% | 19% | 20% | 18% | 24% | 23% | 21% | 22% | 24% |
| Net Profit | 918 | 1,016 | 996 | 1,070 | 1,101 | 1,100 | 1,170 | 1,362 | 1,205 | 1,369 | 1,421 | 1,520 | 1,463 |
| EPS in Rs | 33.58 | 37.12 | 36.38 | 39.1 | 40.2 | 40.15 | 42.7 | 49.68 | 43.95 | 49.93 | 51.79 | 55.41 | 53.28 |
Profit & Loss
| Particulars | Dec 2014 | Mar 2016 15m | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 8,738 | 6,173 | 7,033 | 8,965 | 9,797 | 9,154 | 8,720 | 10,298 | 14,442 | 16,536 | 18,870 | 23,408 | 24,998 |
| Expenses | 7,621 | 4,484 | 4,859 | 6,156 | 6,893 | 6,971 | 6,937 | 8,120 | 10,996 | 12,206 | 14,148 | 17,618 | 18,825 |
| Operating Profit | 1,118 | 1,690 | 2,174 | 2,809 | 2,904 | 2,183 | 1,783 | 2,178 | 3,446 | 4,329 | 4,723 | 5,789 | 6,173 |
| OPM % | 13% | 27% | 31% | 31% | 30% | 24% | 20% | 21% | 24% | 26% | 25% | 25% | 25% |
| Other Income | 105 | 326 | 416 | 536 | 701 | 572 | 482 | 496 | 908 | 1,521 | 1,994 | 2,225 | 2,260 |
| Interest | 10 | 2 | 4 | 5 | 7 | 19 | 16 | 19 | 28 | 51 | 54 | 72 | 78 |
| Depreciation | 220 | 137 | 154 | 223 | 300 | 382 | 451 | 452 | 526 | 598 | 729 | 840 | 920 |
| PBT | 993 | 1,877 | 2,433 | 3,116 | 3,297 | 2,355 | 1,798 | 2,203 | 3,800 | 5,202 | 5,933 | 7,102 | 7,434 |
| Tax % | 29% | 29% | 30% | 30% | 33% | 22% | 25% | 24% | 23% | 23% | 20% | 22% | — |
| Net Profit | 702 | 1,338 | 1,667 | 1,960 | 2,203 | 1,827 | 1,347 | 1,677 | 2,914 | 4,001 | 4,734 | 5,515 | 5,773 |
| EPS in Rs | 22.71 | 49.27 | 61.27 | 71.89 | 80.75 | 66.91 | 49.28 | 61.32 | 107 | 146 | 173 | 201 | 210 |
| Div. Payout % | 22% | 20% | 16% | 15% | 15% | 19% | 34% | 34% | 35% | 35% | 41% | 41% | — |
Balance Sheet
| Particulars | Dec 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 |
| Reserves | 2,489 | 3,626 | 5,318 | 7,003 | 8,891 | 9,954 | 11,411 | 12,581 | 14,963 | 18,018 | 21,269 | 25,073 |
| Borrowings | 58 | 23 | 112 | 151 | 187 | 249 | 219 | 108 | 288 | 419 | 458 | 514 |
| Other Liabilities | 3,829 | 1,263 | 1,552 | 2,341 | 2,281 | 2,220 | 2,901 | 3,424 | 3,919 | 4,650 | 5,420 | 6,549 |
| Total Liabilities | 6,403 | 4,939 | 7,009 | 9,522 | 11,387 | 12,450 | 14,559 | 16,140 | 19,198 | 23,115 | 27,174 | 32,164 |
| Fixed Assets | 2,309 | 790 | 873 | 1,502 | 1,875 | 2,378 | 2,433 | 2,424 | 2,690 | 2,914 | 3,473 | 3,852 |
| CWIP | 419 | 94 | 374 | 333 | 450 | 312 | 314 | 505 | 472 | 555 | 491 | 736 |
| Investments | 1,078 | 3,388 | 4,987 | 5,581 | 4,923 | 5,749 | 3,902 | 7,721 | 12,321 | 13,527 | 14,791 | 17,496 |
| Other Assets | 2,597 | 667 | 775 | 2,106 | 4,140 | 4,011 | 7,909 | 5,490 | 3,715 | 6,119 | 8,419 | 10,080 |
| Total Assets | 6,403 | 4,939 | 7,009 | 9,522 | 11,387 | 12,450 | 14,559 | 16,140 | 19,198 | 23,115 | 27,174 | 32,164 |
Cash Flow
| Particulars | Dec 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,047 | 1,463 | 1,708 | 2,482 | 1,575 | 1,694 | 1,691 | 1,527 | 2,823 | 3,724 | 3,980 | 4,805 |
| Investing | -1,214 | -1,001 | -1,744 | -2,145 | -660 | -1,508 | -1,625 | -983 | -2,397 | -2,834 | -2,461 | -2,834 |
| Financing | -162 | -466 | 25 | -262 | -292 | -858 | -15 | -593 | -417 | -844 | -1,399 | -1,983 |
| Net Cash Flow | -329 | -4 | -10 | 75 | 623 | -673 | 51 | -50 | 8 | 45 | 121 | -12 |
| Free Cash Flow | 79 | 954 | 1,161 | 1,736 | 786 | 1,150 | 1,176 | 888 | 2,149 | 2,909 | 2,951 | 3,538 |
| CFO/OP | 119 | 117 | 109 | 117 | 86 | 106 | 120 | 94 | 104 | 111 | 107 | 106 |
Ratios
| Particulars | Dec 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 23 | 2 | 3 | 3 | 3 | 3 | 7 | 11 | 9 | 8 | 11 | 6 |
| Inventory Days | 41 | 33 | 33 | 31 | 46 | 42 | 62 | 69 | 57 | 57 | 55 | 55 |
| Days Payable | 96 | 77 | 75 | 92 | 89 | 74 | 108 | 110 | 80 | 85 | 90 | 76 |
| Cash Conversion Cycle | -31 | -42 | -40 | -58 | -40 | -28 | -39 | -29 | -14 | -19 | -24 | -16 |
| Working Capital Days | -35 | -47 | -55 | -64 | -42 | -44 | -30 | -15 | -14 | 5 | 31 | 22 |
| ROCE % | 28% | 51% | 53% | 49% | 41% | 25% | 17% | 18% | 27% | 31% | 30% | 31% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about Eicher Motors
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Company Information
Eicher Motors Limited, incorporated in 1982, is the listed company of the Eicher Group in India and a leading player in the Indian automobile industry and the global leader in middleweight motorcycles. Eicher has a joint venture with Sweden’s AB Volvo to create Volvo Eicher Commercial Vehicles Limited (VECV). VECV is engaged in truck and bus operations, auto components business, and technical consulting services business [1]
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