Eicher Motors Ltd

EICHERMOT

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Market Cap

₹ 1,98,221 Cr

P/E

38.81

Turned 1 L into 2.89 L in last 5 Years

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Eicher Motors Limited is a leading automotive company primarily engaged in manufacturing the iconic Royal Enfield motorcycles and commercial vehicles through its joint venture with Volvo, VECV.

Royal Enfield, a segment leader in premium motorcycles, has demonstrated strong market growth with increased production capacity, driven by favorable GST reforms and strategic product refreshes.

Leveraging deep customer engagement and robust brand loyalty, Royal Enfield has achieved its highest festive season sales, reflecting sustained demand and dominance in the mid-size motorcycle segment.

Eicher Motors, through Flying Flea, is investing in the evolving electric vehicle landscape, showcasing a strategic pivot to next-generation mobility solutions, earning accolades like the Red Dot Design Award.

Strategic partnerships with notable entities like Flipkart and Duperre Design School position Royal Enfield to enhance its digital retail presence and creative product portfolio, expanding its global footprint.

Sector

Automobile

Industry

Automobiles - Motorcycles / Mopeds

Market Cap

1,98,221 Cr

Volatility

Moderate Risk

P/E Ratio

38.8

Industry P/E

37.8

PEG Ratio

4.0

P/B Ratio

9.0

52W High

7,324.00

52W Low

4,644.10

Sales CAGR

14.12%

22.15%

15.24%

10Y

11.40%

Profit CAGR

18.33%

39.21%

17.58%

10Y

14.06%

ROE

TTM

23.12%

21.44%

18.72%

10Y

20.89%

ROCE

TTM

28.27%

25.80%

22.86%

10Y

26.90%

Technicals

Oscillators

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Forecasts

No. of Analysts

37

1Y Price Target

7035.71 ▼ 1.28%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Nov 14, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
EICHERMOT	7220.00	1,98,221 Cr	38.81	8.97	0.97	23.12	28.27	17.65
TVSMOTOR	3655.00	1,73,554 Cr	66.64	21.38	0.27	32.28	15.86	5.36
HEROMOTOCO	5959.00	1,19,229 Cr	22.57	5.68	2.77	25.15	32.25	16.24
OLAELEC	36.70	16,188 Cr	—	3.73	0.00	-52.51	-24.50	-23.63
URJA	11.65	613 Cr	389.00	3.50	0.00	0.86	1.49	0.92
WARDINMOBI	9.76	298 Cr	25.68	2.70	0.88	10.89	14.50	3.23
TUNWAL	39.25	226 Cr	22.43	1.99	0.24	12.26	13.36	5.64

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	3,986	4,115	4,179	4,256	4,393	4,263	4,973	5,241	5,042	6,172
Expenses	2,966	3,027	3,089	3,127	3,228	3,175	3,772	3,983	3,839	4,660
Operating Profit	1,021	1,087	1,090	1,129	1,165	1,088	1,201	1,258	1,203	1,512
OPM %	25.61	26.42	26.09	26.52	26.53	25.51	24.15	24.00	23.86	24.50
Other Income	344	375	368	437	457	468	452	628	603	486
Interest	10	13	12	15	12	13	13	16	15	19
Depreciation	142	143	148	165	169	180	179	201	198	200
Profit Before Tax	1,212	1,307	1,298	1,385	1,441	1,362	1,461	1,669	1,593	1,779
Tax %	24.22	22.27	23.26	22.71	23.56	19.22	19.87	18.39	24.34	23.02
Net Profit	918	1,016	996	1,070	1,101	1,100	1,171	1,362	1,205	1,369
EPS in Rs	33.42	36.99	36.24	38.96	40.07	40.03	42.59	49.56	43.89	49.85

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	7,939	9,219	9,797	9,154	8,720	10,298	14,442	16,536	18,870	19,519
Expenses	4,859	6,157	6,894	6,973	6,939	8,126	10,999	12,209	14,158	14,770
Operating Profit	3,080	3,062	2,903	2,180	1,781	2,172	3,444	4,327	4,712	4,749
OPM %	38.79	33.21	29.63	23.82	20.43	21.09	23.84	26.17	24.97	24.33
Other Income	417	537	702	575	484	501	910	1,524	2,005	2,151
Interest	3.56	5.34	7.33	19	16	19	28	51	54	57
Depreciation	154	223	300	382	451	452	526	598	729	759
Profit Before Tax	2,433	3,116	3,297	2,355	1,798	2,203	3,800	5,202	5,933	6,085
Tax %	29.60	30.04	32.66	22.40	25.11	23.88	23.31	23.09	20.20	20.49
Net Profit	1,713	2,180	2,220	1,827	1,347	1,677	2,914	4,001	4,734	4,838
EPS in Rs	60.60	71.28	80.22	47.82	50.86	61.07	106.06	145.62	172.25	185.88
Dividend Payout %	16.35	15.31	15.49	186.79	34.52	34.28	34.78	34.95	40.61	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	27	27	27	27	27	27	27	27	27	27
Reserves	3,626	5,318	7,003	8,891	9,954	11,411	12,581	14,963	18,018	21,269
Borrowings	23	112	151	187	249	219	108	288	419	458
Other Liabilities	1,263	1,552	2,341	2,281	2,220	2,901	3,424	3,919	4,663	5,420
Total Liabilities	4,939	7,009	9,522	11,387	12,450	14,559	16,140	19,198	23,128	27,174
Fixed Assets	790	869	1,498	1,871	2,374	2,433	2,424	2,690	2,914	3,473
CWIP	94	374	333	450	312	314	505	472	555	491
Investments	3,388	4,991	5,585	4,926	5,752	3,902	7,721	12,321	13,527	14,791
Other Assets	667	775	2,106	4,140	4,011	7,909	5,490	3,715	6,131	8,419
Total Assets	4,939	7,009	9,522	11,387	12,450	14,559	16,140	19,198	23,128	27,174

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1,463	1,708	2,482	1,575	1,694	1,691	1,527	2,823	3,724	3,980
Cash from Investing Activity	-1,001	-1,744	-2,145	-660	-1,508	-1,625	-983	-2,397	-2,834	-2,461
Cash from Financing Activity	-466	25	-262	-292	-858	-15	-593	-417	-844	-1,399
Net Cash Flow	-3.84	-10	75	623	-673	51	-50	8.42	45	121

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	49.21%	49.20%	49.17%	49.16%	49.15%	49.15%	49.11%	49.10%	49.09%	49.08%	49.07%	49.06%
FIIs	29.85%	28.63%	30.27%	28.89%	30.27%	28.95%	28.81%	27.62%	25.43%	25.03%	25.83%	26.98%
DIIs	10.06%	11.28%	10.12%	10.58%	9.83%	11.14%	11.95%	13.77%	16.20%	16.64%	15.76%	14.72%
Public	10.89%	10.88%	10.43%	11.38%	10.75%	10.76%	10.13%	9.52%	9.29%	9.25%	9.34%	9.24%
Total Shareholders	2,60,161	2,66,168	2,45,461	2,80,530	2,48,486	2,63,132	2,56,978	2,47,951	2,46,190	2,49,483	2,54,118	2,52,901

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
May 27, 2023	Siddhartha lal trust	Insider - Promoter Group	Acquisition	3,597.00	10.24 Cr	28,470	0.00
May 27, 2023	Siddhartha vikram lal	Insider - Promoter & Director	Disposal	3,597.00	10.24 Cr	28,470	0.01
Mar 13, 2023	Siddhartha lal trust	Insider - Promoter Group	Acquisition	3,110.00	10.26 Cr	33,000	—
Mar 13, 2023	Siddhartha vikram lal	Insider - Promoter & Director	Disposal	3,110.00	10.26 Cr	33,000	0.01

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