Eicher Motors Q4 FY26 profit ₹1,520 cr, capex ₹3,400 cr

Record quarter lifts Eicher Motors’ earnings

Eicher Motors (EML), the maker of Royal Enfield motorcycles, reported its highest-ever quarterly earnings for the fourth quarter ended March 31, 2026 (Q4 FY26). Consolidated net profit rose to ₹1,519.95 crore (also reported as ₹1,520 crore), compared with ₹1,362.15 crore in Q4 FY25. The company said net profit, revenue and EBITDA were all at an all-time high for the quarter. The performance was supported by stronger volumes at Royal Enfield and growth at Volvo Eicher Commercial Vehicles (VECV). The update also set the tone for the company’s next phase of investment, with a planned FY27 capital expenditure of around ₹3,400 crore.

Q4 FY26 financial performance: profit, revenue, EBITDA

Eicher Motors’ revenue from operations in Q4 FY26 increased 16% year-on-year to ₹6,080.09 crore (also reported as ₹6,080 crore). EBITDA came in at ₹1,514 crore, up 20% year-on-year. Profit before tax (PBT) rose 16.03% to ₹1,936.86 crore from ₹1,669.16 crore a year earlier. The company also disclosed an EBITDA margin of 24.9% for the quarter, up from 24% in Q4 FY25. Separately, a results highlight snapshot listed operating profit of ₹1,282.02 crore and operating margin of 21.09%.

Royal Enfield volumes: best-ever Q4 and a FY26 milestone

A key driver was Royal Enfield’s highest-ever fourth-quarter sales at 313,811 motorcycles in Q4 FY26. The company said this marked a 12% increase over Q4 FY25. Eicher also highlighted a full-year milestone for FY26, with Royal Enfield surpassing 1.2 million units for the first time (also referenced as crossing 12 lakh units). The combination of record quarterly volumes and a new annual high helped underpin the quarter’s record financial metrics.

Commercial vehicles: VECV also shows higher sales

Eicher Motors said the quarter was supported not only by Royal Enfield but also by growth in its commercial vehicle business. VECV reported higher vehicle sales compared with the same period last year, according to the company’s disclosure. While the article does not provide specific VECV unit numbers for the quarter, Eicher’s capex allocation for the segment signals continued focus on the commercial vehicle cycle alongside the two-wheeler business.

FY26 full-year numbers: revenue and profit after tax

The March quarter capped what Eicher described as its strongest-ever financial performance for FY26. FY26 consolidated revenue rose 24% to ₹23,408 crore. Profit after tax (PAT) for FY26 increased 17% to ₹5,515 crore. The company framed the year as one marked by record volumes, global expansion, and new product direction, including steps into electric mobility.

FY27 capex plan: ₹3,400 crore across two businesses

Eicher Motors said it has lined up total capital expenditure of around ₹3,400 crore for FY27. The plan includes around ₹2,200 crore for Royal Enfield. For VE Commercial Vehicles, the planned capex is ₹1,000 crore to ₹1,200 crore. This split indicates that the larger share of investment remains directed toward motorcycles, while also reserving a substantial envelope for commercial vehicles.

Capacity expansion: Cheyyar brownfield project details

As part of its longer-term growth strategy, Eicher announced a ₹958-crore brownfield expansion at its Cheyyar manufacturing facility in Tamil Nadu. The company said the project will raise annual production capacity from 14.6 lakh units to 20 lakh units. The expansion aligns with management’s stated intent to support growth through capacity additions, and it sits alongside the broader FY27 capex plan.

Electric mobility: Flying Flea C6 marks April 2026 entry

Eicher said it entered electric mobility in April 2026 through the launch of the Flying Flea C6. B Govindarajan, managing director of Eicher Motors Ltd and chief executive officer of Royal Enfield, highlighted the launch as a major milestone. The company also described Flying Flea C6 as Royal Enfield’s first electric motorcycle under its new City+ mobility platform. The article positions the launch as a strategic expansion of Royal Enfield’s product roadmap beyond internal combustion engines.

Stock market reaction: shares rise intraday

Following the results and updates, the stock rose up to 2% intraday. It moved from a previous close of ₹6,899.65 to ₹7,039.50. The move reflects a positive immediate response to record quarterly earnings and the investment roadmap, though the article does not provide longer-term price performance or valuation context.

Key data table: Q4 FY26 snapshot and capacity plan

Why these numbers matter for investors

The combination of record profit, rising revenue and higher EBITDA suggests operating leverage from volume growth in Q4 FY26. The FY27 capex plan of ~₹3,400 crore provides a quantified view of management’s expansion priorities, with Royal Enfield receiving the larger allocation. The Cheyyar expansion and the higher capacity target of 20 lakh units add a concrete manufacturing datapoint, linking investment to output capability. The Flying Flea C6 launch in April 2026 adds a strategic layer, showing a defined entry into electric mobility rather than only an intent.

Conclusion: execution, capex rollout, and near-term watchpoints

Eicher Motors ended Q4 FY26 with record quarterly earnings, led by Royal Enfield’s highest-ever Q4 sales and supported by growth at VECV. The company has outlined a FY27 capex plan of around ₹3,400 crore and detailed a ₹958-crore expansion at Cheyyar to lift capacity to 20 lakh units annually. It has also marked April 2026 as its entry point into electric mobility through the Flying Flea C6. Separately, the company has flagged West Asia supply-chain risks, which investors will monitor alongside delivery timelines for the capex programme and further updates on the electric platform.