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 8.23 times its book value
- Earnings include an other income of Rs.2,260 Cr.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoEicher Motors, with a market cap of ₹2,07,465 Cr, trades at a PE of 36.6x and PB of 8.42x. The company is virtually debt-free, has delivered 24% ROE in the last year, and posted 28% TTM sales growth alongside 20% TTM profit growth, while maintaining a 38.7% dividend payout ratio.
- Company is almost debt-free, providing significant financial flexibility and resilience against economic downturns
- Consistent ROE of 24% in the last year and 23% average over 10 years indicates efficient capital allocation and durable competitive advantage
- Compounded profit growth of 33% CAGR over 5 years demonstrates strong earnings momentum well above sector averages
- TTM sales growth of 28% signals robust demand and successful product cycle execution in the current period
- Healthy dividend payout of 38.7% with a 1.07% yield reflects shareholder-friendly capital return policy despite being a growth company
- Stock CAGR of 32% over 3 years shows sustained market re-rating driven by improving fundamentals
- 10-year compounded sales CAGR of 14% and profit CAGR of 15% reflect a long track record of consistent secular growth
- PE of 36.6x is elevated, leaving limited margin of safety if earnings growth decelerates from the current 20% TTM pace
- Stock trades at 8.42x book value, well above typical manufacturing sector multiples, implying high expectations are already priced in
- Earnings include other income of ₹2,260 Cr, which inflates reported profitability and may not be sustainable or recurring
- TTM profit growth of 20% has decelerated compared to the 5-year CAGR of 33%, suggesting potential moderation in earnings momentum
- 1-year stock CAGR of 14% has cooled sharply from the 3-year CAGR of 32%, indicating the re-rating cycle may be maturing
- 10-year stock CAGR of only 13% compared to 10-year profit CAGR of 15% shows that valuation expansion has been modest over longer periods
- Dividend yield of 1.07% is modest relative to the premium valuation, offering limited income cushion during potential drawdowns
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- CV export volumes decline Sep 1
VECV export CV volumes fell 2.5% to 578 units in August 2026, driven by falling heavy-duty demand in overseas markets.
- Himalayan 440 launched at ₹2.29L Sep 4
Eicher launched the Himalayan 440 with a 443cc engine and six-speed gearbox at ₹2.29 lakh, with bookings opening September 4, 2026.
- August motorcycle sales up 11% Sep 1
Motorcycle sales rose 11% YoY to 1,26,479 units in August 2026. VECV domestic CV sales surged 19.8%, led by a 29% jump in SCV/LMD trucks.
- ₹82 per share dividend approved Aug 20
The 44th AGM on August 20 approved an ₹82 per share dividend for FY26 and ratified Vinod Kumar Aggarwal as Executive Vice-Chairman.
- Classic 350 Gorkha Edition launch Aug 18
Royal Enfield Classic 350 Gorkha Edition launched at ₹2,10,684 featuring Gorkha Green colorway and Assist & Slipper Clutch.
- Multiple analyst meets scheduled Sep 7
Eicher Motors scheduled analyst and investor meetings on Sep 4 (ICICI Securities), Aug 31–Sep 1 (Goldman Sachs Asia Leaders Conference), and Sep 10–11, engaging actively with the investment community.
TL;DR: Eicher Motors is firing on multiple cylinders — motorcycle sales grew 11% YoY in August, domestic CV volumes surged nearly 20%, and new product launches (Himalayan 440, Classic 350 Gorkha Edition) keep the portfolio fresh. The only soft spot is a modest 2.5% decline in CV export volumes. Active engagement with institutional investors via multiple analyst meets and a healthy ₹82 dividend signal management confidence. The momentum looks positive heading into H2 FY27 provided domestic demand holds and export headwinds remain contained.
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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64 extracted metrics + investor summaries across FY11–FY27.
Documents
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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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