Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 22 Sep - Royal Enfield launches 2026 Classic 350 Signature White edition from today, priced from ₹2,24,275.
Source: Bse
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.
₹7,349
+64.50 · +0.89%
Market cap ₹1,94,090 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result30 Jul, 12:10 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
44NeutralSMA20 -7.7% / mo · MACD +
Stock trend: 42
Sector RS: 49
Sector 3M: -6.3% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
EICHERMOTD candles · FIT view+3.3%Latest close ₹7349.00 on 2026-10-19
Bar
+0.4%
RSI
52
MACD hist
52.74
52W pos
51%
2026-10-19O ₹7320.00H ₹7438.50L ₹7308.00C ₹7349.00Vol 4.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
EICHERMOTNifty AutoNifty 500
- EICHERMOT
- -2.8%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- +2.7 pp
Chart stats
19 Oct 2026- From 52W high
- -10.7%
- 52W range position
- 51%
- ATR (14)
- 2.0%
- Volume vs 20D
- 1.27x
- Avg traded value
- ₹278 Cr
- 20D price channel
- ₹6,767.5 - ₹7,569.5
₹8,230
₹6,442 - ₹8,230
₹149
Latest completed session
20-session average
27.3% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED61
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good62
Revenue +31.5% · PAT +21.4% YoY
Technical
Neutral44
Price trend and sector-relative-strength timing.
Valuation
Legacy model+9.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence86
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 62/100Rev +32% YoY · PAT +21% YoY · +9% QoQ · margin compression
Filed 29 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 33.40
- P/B
- 7.73
- EV/EBITDA
- 27.44
- Market Cap
- 194090.00Cr
Profitability
- ROE
- 24.00%
- ROCE
- 30.50%
- ROA
- 17.95%
- Dividend Y
- 1.14%
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
- 1.02%
- FCF Positive Y
- 10/5
- OCF
- 4805.00 Cr
- EPS TTM
- 210.41
Shareholding
- Promoter Hold
- 49.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 35%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 6,632+9.1% vs prev
Net Profit
₹ CrLatest: 1,463-3.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 52. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~8.3% over last month) — short-term momentum negative.
- RSI(14) at 52 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 11% off 52W high · 14% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
69
RS percentile
Stage 1 Base / Transition
1M return
-2.2%
3M return
-2.8%
6M return
+1.6%
1Y return
+4.9%
RS 1D
+1
RS 20D
+13
Sector rank
#10
Industry rank
-
Stage evidence
- Price is within 0.4% of the 30-week proxy.
- The 30-week proxy changed -0.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 107.46+1.93%
RS vs Nifty 500107
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation2/30
Growth19/25
Quality17/20
Balance Sheet11/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
61
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
61/100 · legacy band UNDERVALUED
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 7/10; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
33.4
PB
7.7
EV/EBITDA
27.4
ROE
24.0%
ROCE
30.5%
FCF Yield
1.0%
Debt/Equity
0.0
MoS
+9.4%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
61
Previous: 61
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+9.4%
Previous: +9.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
63
63
63
63
63
63
63
63
63
63
61
61
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹2,081.3
-253.1% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹8,111.31
+9.4% MoS
PEG
1.14
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HYUNDAI
Large
Hyundai Motor India Limited
Passenger Vehicles
match 100
58
32.2
29.9%
+17%
FAIR VALUE
TMCV
Large
Tata Motors Limited
Auto / Auto Ancillary
match 99
54
21.0
34.0%
-32%
FAIR VALUE
BAJAJ-AUTO
Large
Bajaj Auto Limited
Two Wheelers
match 97
57
24.0
29.2%
+37%
FAIR VALUE
TVSMOTOR
Large
TVS Motor Company Limited
Two Wheelers
match 97
47
55.2
33.6%
-46%
FAIR VALUE
HEROMOTOCO
Large
Hero MotoCorp Limited
Two Wheelers
match 96
71
18.1
28.1%
+50%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T15:13:07.068Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
86Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
104 docs text-extracted · 36 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
99th percentile
overall median 67 · Auto: 96th pctile, median 74 · Large: 96th pctile, median 73
Evidence depth
Financial-only
104 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸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.
Continue researching Eicher Motors Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Sep
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.