Eicher Motors Limited (EICHERMOT)

Automobile and Auto Components · Automobiles · NSE · Updated 15 July 2026

₹7,404.5 ↑ 32.44% (1Y)

🎯 Key Takeaways

Eicher Motors is in a strong growth phase, driven by robust performance at Royal Enfield and VECV, with record revenue and profitability in FY26. The company is transitioning from a turnaround to a mature cash-generative business, now prioritizing capital returns and operational scaling.
Revenue declined 0.9% QoQ to ₹6,114 in Q3FY26.
⚠️ 1) Rising labor cost obligations due to new Labour Codes, with ₹55.45 crores provisioned but state-level impacts unclear. 2) Employee stock option all

Market Cap

₹1.92 L Cr

P/E Ratio

35.9

P/B Ratio

9.04

ROE

25.2%

ROCE

28.6%

Debt/Equity

0.01

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About EICHERMOT 📊 Interactive Charts

📖 The Story

Eicher Motors is in a strong growth phase, driven by robust performance at Royal Enfield and VECV, with record revenue and profitability in FY26. The company is transitioning from a turnaround to a mature cash-generative business, now prioritizing capital returns and operational scaling.

📰 What's Happening

In the latest filings, Eicher Motors reported record FY'26 revenue of ₹23,408 crores (+24% YoY) and PAT of ₹5,515 crores (+17%), with Royal Enfield achieving 1.23 million unit sales (+22% YoY). The Board approved audited financials for Q4 and FY26, proposed a final dividend of ₹82 per share (up from ₹70), and allotted 183,326 shares to employees under stock option plans. A provision of ₹55.45 crores was made for labor law compliance costs, though state-level rules remain pending.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
Revenue	4,256	4,393	4,263	4,973	5,241	5,042	6,172	6,114
Operating Profit	1,434	1,447	1,442	1,490	1,638	1,649	1,863	1,839
OPM %	26.5%	26.5%	25.5%	24.1%	24.0%	23.9%	24.5%	25.5%
Net Profit	1,070	1,101	1,100	1,171	1,362	1,205	1,369	1,421
EPS	₹39.10	₹40.21	₹40.15	₹42.70	₹49.69	₹43.95	₹49.93	₹51.79

Revenue grew sequentially from ₹4,256 crores in Q4FY24 to ₹6,114 crores in Q3FY26, with OPM expanding from 26.5% to 25.5% and PAT rising steadily from ₹1,070 crores to ₹1,421 crores. This growth is underpinned by strong motorcycle sales and improved operational efficiency, as evidenced by consistent EBITDA margin expansion and rising net profit across quarters.

🔮 Management Outlook & What's Next

Management highlighted the record financial performance and proposed a final dividend of ₹82 per share, pending shareholder approval at the 44th AGM. No forward guidance was explicitly provided in the filings, but the focus on profitability and capital allocation suggests confidence in sustained cash generation.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	2023-2024	2023-2024	2024-2025	2024-2025	2025-2026
Equity Capital	27	27	27	27	27
Reserves	15,904	18,018	18,952	21,269	22,059
Borrowings	269	276	264	266	296
Total Liabilities	5,131	5,082	5,400	5,878	6,858
Fixed Assets	2,222	2,222	2,320	2,586	2,582
Investments	10,633	10,948	11,963	11,650	13,296
Total Assets	21,062	23,128	24,380	27,174	28,944

Equity rose to ₹27 crores with reserves at ₹22,059 crores, while total assets grew to ₹28,944 crores, reflecting strong asset base expansion. Borrowings increased slightly to ₹296 crores from ₹266 crores, indicating modest leverage growth, but the low D/E of 0.01 underscores a conservative capital structure.

💰 Cash Flow Statement (₹ Cr)

Item	2020-2021	2020-2021
Operating	+428	+1,714
Investing	-420	-1,648
Financing	-5	-15
Net Cash Flow	—	—

⚖️ Peer Comparison — Automobiles

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
TVS Motor Company Limited	8.24 L Cr	393.5	—	—	—
Maruti Suzuki India Limited	4.16 L Cr	27.8	19.8%	15.5%	0.00
Mahindra & Mahindra Limited	3.88 L Cr	22.2	14.6%	20.4%	1.57
Bajaj Auto Limited	2.90 L Cr	32.6	31.6%	25.3%	0.26
Eicher Motors Limited	1.92 L Cr	35.9	28.6%	25.2%	0.01
Hyundai Motor India Limited	1.48 L Cr	27.3	—	—	—
Tata Motors Passenger Vehicles Limited	1.31 L Cr	4.2	—	—	—
Hero MotoCorp Limited	1.01 L Cr	18.6	33.9%	28.2%	0.02
Ather Energy Limited	35,872	—	—	—	—
FORCE MOTORS LTD	26,530	53.0	—	—	—

🔗 Peer Stock Analyses

TVSMOTOR MARUTI M&M BAJAJ-AUTO HYUNDAI

⚠️ Risk Factors

1) Rising labor cost obligations due to new Labour Codes, with ₹55.45 crores provisioned but state-level impacts unclear. 2) Employee stock option allotments may dilute EPS over time. 3) VECV's 15% revenue growth lags Royal Enfield's 22%, raising questions about balance between commercial vehicle and motorcycle segments.

📋 Recent Filings

🧠 Analyst's Read

Eicher Motors is executing a disciplined growth strategy with strong cash flows and rising profitability, but investors should monitor labor cost exposure and segmental performance trends ahead of the AGM dividend approval.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on EICHERMOT

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

📡 Get AI alerts when EICHERMOT files new disclosures

Track EICHERMOT filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track EICHERMOT — Free

Free account · 2 AI queries/day