Eicher Motors Limited (EICHERMOT)
Large CapAuto stocks · Large cap · NSE
Eicher Motors Ltd. (EML) manufactures Royal Enfield motorcycles, leading the Indian mid-size segment and expanding globally. It also operates VE Commercial Vehicles (VECV), a joint venture with Volvo Group, producing trucks and buses, focusing on modernization and EV solutions for commercial transportation.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 62/100Rev +32% YoY · PAT +21% YoY · +9% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,632 Cr | +31.5% | +9.1% |
| EBITDA | ₹1,591 Cr | +32.3% | +5.1% |
| Operating margin | 24.0% | +0 bps | -100 bps |
| PAT | ₹1,463 Cr | +21.4% | -3.8% |
| PAT margin | 22.1% | -184 bps | -294 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
EML (Consolidated) reported strong FY26 performance with total volumes up 22.4%, revenue up 24.0%, and PAT up 16.5% YoY. Q4 FY26 also saw robust growth across volumes, revenue, and profit, with VECV JV contributing significantly.
EML demonstrated robust growth in FY26, driven by Royal Enfield's new product launches and international expansion, alongside VECV's market share gains in CVs. Strategic focus on EV and customer experience positions the company for continued growth, though competitive intensity remains a watchpoint.
New Royal Enfield Models
Launch of Guerrilla 450, Bear 650, Classic 650, and Goan Classic 350 in 2024-2026, expanding product portfolio.
International Expansion
Royal Enfield entered Taiwan and Hong Kong, and launched Bear 650 in Brazil, Classic 650 in NA & Thailand, and Goan Classic 350 in Korea & Indonesia.
VECV Small Commercial Vehicle (SCV) Segment
Eicher Pro X SCV volumes grew 993.7% in Q4 FY26, demonstrating reliability with K2K EV drive.
Allied Business Growth
Expansion of range and reach in spare parts, service, accessories, and apparel, contributing to revenue.
Royal Enfield Cheyyar Plant
Brownfield expansion underway at Cheyyar for chrome plating and adjunct operations.
VECV AMT Manufacturing Facility
Investment of ₹544 Crs for a greenfield factory at Vikram Udyogpuri, MP, with initial capacity of 40,000 AMT units p.a.
VECV Axle Assembly Plant
Inaugurated a new 12,228 sqm axle assembly plant with capacity aligned to Eicher Trucks and Buses production, including an all-women SCV Axle line.
Strong Brand Perception (Royal Enfield)
Royal Enfield ranks #1 in FADA Dealer Satisfaction Survey 2025, with 55% Top of Mind Awareness and 84% Top Two Box Consideration in 200cc+ category.
VECV Customer Satisfaction
Eicher retains No.1 position in LMD and HD Trucks customer satisfaction (CSI 2026) and No.2 in Bus Division.
VECV Market Share Gains
VECV crossed 100,000 units sales in FY26, with 14.7% growth vs 13% CV Industry growth, gaining market share across key segments.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation consistently provides Q4 FY26 vs Q4 FY25 and FY26 vs FY25 comparisons, indicating that year-over-year analysis is the standard for evaluating performance.
Royal Enfield India Mid-size Market Share
87% for FY26 as per SIAM.
Royal Enfield Total Volumes
1,227,977 units in FY26, up 22.4% YoY.
VECV Total Volumes
103,404 units in FY26, up 14.7% YoY.
VECV LMD Trucks Market Share
34.9% in FY26, retaining #1 position.
Royal Enfield Long Term Strategic Vision (REBALANCE)
Management aims to balance EV as a game changer with ICE products, focus on growth & profitability, brand-led customer experience, and sustainability.
VECV Vision
VECV aims to be recognized as the industry leader driving modernization in commercial transportation in India and the developing world.
VECV Service Business Growth Target
Management plans to drive service business to grow 6X by FY30 to 12 BINR.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Royal Enfield Total Volumes | 1,227,977 units (FY26) | Sustained volume growth and market share in the mid-size segment, especially from new models. |
| VECV Total Volumes & Market Share | 103,404 units (FY26), #1 in LMD Trucks, #3 in HD Trucks and Buses | Continued market share gains in HD and Bus segments, and successful ramp-up of the SCV segment. |
| EV Product Development & Acceptance | Eicher Pro X EV launched, REBALANCE vision includes EV. | Further EV product launches and market acceptance for both Royal Enfield and VECV offerings. |
| International Business Growth (Royal Enfield) | Stellar growth in revenues from International business, new market entries. | Expansion into new markets and sustained market share gains in global middleweight segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
48NeutralSMA20 +3.4% / mo · MACD − · sector -3.3pp vs Nifty (3M)
Technical chart
EICHERMOTdaily · 1Y · AUTO-1.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 35. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.3% over last month) — short-term momentum positive.
- RSI(14) at 35 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 7% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 2.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.4%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 60 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 60 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 17/20 to the score.
- Growth contributes 19/25 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 96th percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Auto: 96th pctile, median 74 · Large: 97th pctile, median 73
98 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.9%.
- ▸10 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 36.00
- P/B
- 8.34
- EV/EBITDA
- 29.60
- Market Cap
- 209474.00Cr
Profitability
- ROE
- 24.00%
- ROCE
- 30.50%
- ROA
- 17.95%
- Dividend Y
- 1.07%
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 33.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 79.14×
- Altman Z
- 8.78
- Book Value
- 915.00
Cash Flow
- FCF Yield
- 0.94%
- FCF Positive Y
- 10/5
- OCF
- 4805.00 Cr
- EPS TTM
- 210.41
Shareholding
- Promoter Hold
- 49.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Auto, ranked by similarity
Peers
Business-comparable names in Auto, ranked by similarity
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.