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Eicher Motors

EICHERMOT NSE
₹7,420.00 −20.00 (−0.27%)
P/E
35.26
View as Markdown
MCP
Close 4 Nov 2026 ₹7,420.00 +613.50 +9.01% 1Y
Start ₹6,806.50

Key Fundamentals

LargecapAutomobilesConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
30.50%
Debt to Equity
0.02
EPS (TTM)
₹210.41
Book Value
₹914.32
Market Cap
—
P/E (TTM)
35.26
P/B
8.12
ROE
24.00%
Dividend Yield
1.10%
EBITDA
₹7,272 Cr
52W High
₹8,230.00
52W Low
₹6,442.00
Day Range
₹7,332.00 – ₹7,449.50
Volume
5,61,452

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

62 Good

Data confidence 100/100

Category scores

Quality
63
Good
Returns, margins, earnings quality 22% weight
Valuation
69
Strong
Cheap vs sector & own history 24% weight
Growth
82
Strong
Sales & profit trajectory 9% weight
Financial Health
85
Strong
Solvency, leverage, coverage 9% weight
Momentum
39
Weak
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 7.46 times its book value
  • Earnings include an other income of Rs.2,260 Cr.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4312
OscillatorsNeutral333
Moving AveragesStrong Bullish109

Key readings

RSI (14)
57.32
Neutral
MACD (12,26,9)
−2.44
Bullish
SMA (50)
7,413.09
Bullish
SMA (200)
7,389.23
Bullish

As of

Analyst Rating

Based on 36 analysts
BUY75%

27 of 36 analysts rate Buy, 8 Hold, 1 Sell.

As of

BUY
27
75%
HOLD
8
22%
SELL
1
3%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10YIrregular period
5Y+21.83%
3Y+17.47%
1Y+24.05%
TTM+28.07%

Net profit

Net profit growth by window
10YIrregular period
5Y+32.57%
3Y+23.69%
1Y+16.50%
TTM+19.35%

Operating cash flow

Operating cash flow growth by window
10YIrregular period
5Y+23.23%
3Y+19.40%
1Y+20.73%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10YIrregular period
5Y+4.28 pp
3Y+0.87 pp
1Y−0.30 pp
TTM+0.36 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹7,033 Cr
Mar 2018₹8,965 Cr
Mar 2019₹9,797 Cr
Mar 2020₹9,154 Cr
Mar 2021₹8,720 Cr
Mar 2022₹10,298 Cr
Mar 2023₹14,442 Cr
Mar 2024₹16,536 Cr
Mar 2025₹18,870 Cr
Mar 2026₹23,408 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹1,667 Cr
Mar 2018₹1,960 Cr
Mar 2019₹2,203 Cr
Mar 2020₹1,827 Cr
Mar 2021₹1,347 Cr
Mar 2022₹1,677 Cr
Mar 2023₹2,914 Cr
Mar 2024₹4,001 Cr
Mar 2025₹4,734 Cr
Mar 2026₹5,515 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹1,773 Cr −14.8% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

Eicher Motors trades at ₹7,220 as of 2026-10-30 with a market cap of ₹1,99,509 Cr, a PE of 34.31x, and ROE of 21.97%. The company is virtually debt-free with a debt-to-equity ratio of 0.02, and has delivered 22% compounded sales growth over five years alongside 33% compounded profit growth over the same period.

Bull Case 7
  • The company is virtually debt-free with a debt-to-equity ratio of just 0.02, providing significant financial flexibility and resilience against interest rate cycles.
  • Compounded profit growth of 33% over 5 years and 24% over 3 years demonstrates consistent and accelerating earnings expansion.
  • ROE has remained robust at 22-24% across 3-year, 5-year, and 10-year periods, with the last year at 24%, indicating sustained high-quality capital allocation.
  • ROCE stands at 26.43%, well above typical cost of capital, reflecting strong operating efficiency and pricing power in the premium motorcycle segment.
  • TTM revenue growth of 28% outpaces the 5-year compounded sales growth of 22%, suggesting the business is in an acceleration phase.
  • The company maintains a healthy dividend payout ratio of 38.7% with a current dividend yield of 1.13%, rewarding shareholders while retaining capital for growth.
  • Compounded sales growth of 14% over 10 years and 17% over 3 years shows a long track record of top-line expansion, with 5-year growth at 22% indicating improved momentum.
Bear Case 6
  • The stock trades at 7.9x book value, which is elevated and prices in substantial future growth; any earnings disappointment could lead to a sharp de-rating.
  • Earnings include other income of ₹2,260 Cr, meaning a material portion of reported profits comes from non-operating sources, which may not be sustainable or recurring.
  • TTM profit growth of 20% has decelerated from the 5-year CAGR of 33%, suggesting the period of fastest earnings expansion may be behind.
  • The 1-year stock CAGR stands at -2%, indicating the market has already begun to price in slowing momentum despite solid fundamentals.
  • The 10-year stock CAGR of 10% trails the 10-year compounded profit growth of 15%, suggesting returns have lagged earnings growth over the long term, partly due to valuation compression.
  • EPS of ₹210.41 on a share price of ₹7,220 implies the market is pricing in significant future earnings growth; at 34.31x PE, any macro slowdown or competitive pressure in the premium motorcycle segment could weigh on multiples.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Eicher Motors is firing on both cylinders — Royal Enfield motorcycle volumes grew 7% with strong 47% international export growth, while VECV commercial vehicles delivered a robust 35% YoY jump in October led by domestic trucks. Key risks include a sharp decline in heavy duty bus sales and softness in lighter CV exports. The trend is firmly improving across motorcycles and trucks, though bus segment weakness and the premium segment's YTD softness bear watching in coming quarters.

Headwinds 2
  • HD bus sales drop sharply Nov 1

    Heavy duty bus sales fell 29.7% YoY to just 78 units in October 2026, and light medium duty bus sales slipped 1.9% to 826 units, potentially impacting capacity utilization.

  • SCV/LMD export volumes decline Nov 1

    Exports of SCV and LMD vehicles declined 22.9% to 314 units in October 2026 from 401 units a year earlier, partially offsetting strong HD export growth.

Positives 4
  • VECV sales surge 35% in Oct Nov 1

    VECV sold 10,861 vehicles in October 2026, up 34.9% YoY, with domestic Eicher truck and bus sales rising 36.9% to 9,676 units and HD truck volumes jumping 44.9% to 2,719 units.

  • Motorcycle sales grow 7% YoY Nov 2

    Royal Enfield motorcycle sales rose 7% YoY to 1,33,442 units in October 2026, with the premium >350cc segment growing 18% and international exports surging 47% to 11,915 units.

  • HD truck exports jump 151% Nov 1

    Heavy duty truck exports soared 151.3% to 196 units in October 2026, and bus exports rose 85.6% to 401 units, driving total export growth of 30.0% to 911 units.

Neutral 2
  • New 750cc twins at EICMA Nov 3

    Royal Enfield unveiled the Himalayan 750 and Continental GT 750 with a new 743cc twin engine delivering 63 Nm torque, priced from £6,999 in the UK and €7,390 in Italy.

  • Electric scrambler announced for 2027 Nov 3

    Royal Enfield introduced the Flying Flea S6 electric scrambler at EICMA 2026, scheduled for a summer 2027 launch.

Quarterly Results

₹ Cr
EICHERMOT quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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 (₹)
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

₹ Cr
EICHERMOT profit and loss, annual, ₹ crore
Particulars Dec 2014Mar 2016 15mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
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

₹ Cr
EICHERMOT balance sheet, annual, ₹ crore
Particulars Dec 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
EICHERMOT cash flow, annual, ₹ crore
Particulars Dec 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

EICHERMOT financial ratios, annual
Particulars Dec 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Eicher Motors insights

64 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 49.02%
  • FIIs 24.02%
  • DIIs 17.60%
  • Public 7.44%
  • Others 1.92%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Eicher Motors

What does Eicher Motors Ltd do?
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.
Where is Eicher Motors Ltd (EICHERMOT) listed?
Eicher Motors Ltd trades as EICHERMOT on the NSE and under code 505200 on the BSE.
Which sector does Eicher Motors Ltd belong to?
Eicher Motors Ltd is classified under the Automobiles sector, in the Bikes industry.
What is the PE ratio of Eicher Motors Ltd?
Eicher Motors Ltd trades at a PE ratio of 35.26 as of 4 Nov 2026, on earnings per share of ₹210.41, against a book value of ₹914.32 per share.
What is the 52-week high and low of Eicher Motors Ltd?
Over the last 52 weeks Eicher Motors Ltd has traded between ₹6,442 and ₹8,230 as of 4 Nov 2026.
Does Eicher Motors Ltd pay dividends?
Eicher Motors Ltd has a dividend yield of 1.10%.
What is the Return on Equity (ROE) of Eicher Motors Ltd?
Eicher Motors Ltd reported a return on equity of 24.00%. Its debt-to-equity ratio is 0.02.

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

Website eicher.in
CEO Mr. Siddhartha Vikram Lal PGDME
Employees 5,178
Listed 7 Sep 2004
Face Value ₹1

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