EICHERMOT

Eicher Motors share price & financials

Price
₹7,563.5
Market cap
₹2.2L Cr
Sector
Automobile and Auto Components
Calls analysed
8
Latest concall · Q1 FY27 · call held 04 Aug 2026

Eicher Motors Limited Q1 FY27

Consolidated Revenue ₹6,632 cr +32%Consolidated EBITDA ₹1,591 cr +32%Consolidated PAT ₹1,463 cr +21%

What went well

  • Consolidated revenue of INR 6,632 crores, up 32% over Q1 FY26.
  • Consolidated EBITDA of INR 1,591 crores, up 32.25% over Q1 FY26.
  • Consolidated PAT of INR 1,463 crores, up 21% over Q1 FY26.

What to watch

  • VECV EBITDA margin declined to 8.4% from 9.2% in Q1 FY26.
  • Significant input cost inflation (aluminum, crude oil, steel, copper, precious metals) impacted gross margins.
Read the full call →

What Eicher Motors Limited does

Eicher Motors designs and manufactures Royal Enfield motorcycles, the world's oldest motorcycle brand in continuous production, focused on the mid-size (250-750cc) segment, and earns additional revenue from spares, service, accessories and apparel. It sells through more than 1,130 retail outlets in India and outlets across 65+ countries, producing at four facilities near Chennai plus CKD assembly plants abroad. Through VE Commercial Vehicles (VECV), a 54.4%-owned joint venture with the Volvo Group, it also makes Eicher trucks and buses and Volvo Buses and handles exclusive distribution of Volvo Trucks in India.

Segments

  • Royal Enfield (Motorcycles)
  • VE Commercial Vehicles (VECV)
Brand heritage
Royal Enfield, world's oldest motorcycle brand in continuous production (since 1901, 124+ years)
Royal Enfield motorcycles sold (FY26)
Over 1.2 million (1.1M domestic, 120,634 international)
Annual installed capacity
~1.4 million motorcycles
Motorcycle plants
4 facilities near Chennai (Thiruvottiyur, Vallam, Oragadam, Cheyyar)
Retail outlets in India
1,130+
International retail reach
Outlets across 65+ countries
Founded 1982Headquarters Gurugram, Haryana, India Company website

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 4 delivered 2 missed 14 open
  • EV Launch Timeline delivered said Q2 FY25 Promised: Early 2026 Q1 FY27: Promise was achieved in Q1 FY27 with the launch of the Flying Flea C6. No further updates.
  • FY26 Capex went quiet said Q4 FY25 Promised: INR 1,200-1,300 crores Q1 FY27: No update provided on the final FY26 capex figure. Promise remains ghosted.
  • Annual Production Capacity revised up said Q4 FY25 Promised: about 1.2 million Q1 FY27: Management confirms the initial module has kicked in on time in July, increasing daily production to 5,000+ units. The long-term capacity target has been further clarified to 2.45 million by FY29-30, continuing the trend of upward revisions.

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 31.5%, net profit up 21.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue4,263 4,973 5,241 5,042 6,172 +45%6,114 +23%6,080 +16%6,632 +32%
EBITDA1,088 1,201 1,258 1,203 1,512 +39%1,557 +30%1,514 +20%1,591 +32%
Net profit1,100 1,170 1,362 1,205 1,369 +24%1,421 +21%1,520 +12%1,463 +21%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +10.1% 1Y

₹6.5k₹7.0k₹7.5k₹8.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q3 FY26 — 10 Feb 2026Q4 FY26 — 22 May 2026Q1 FY27 — 4 Aug 2026

1Y: ₹6,836.5 on 10 Sept 2025 → ₹7,530. High ₹8,190 (26 Feb 2026), low ₹6,586 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−1.4%
4 Aug
Q4 FY26
+1.3%
22 May
Q3 FY26
+1.4%
10 Feb
Q2 FY26
−0.3%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 17.5% a year over 3 years, FY23 to FY26. Operating margin widened to 24.7%.

Year endingFY23FY24FY25FY26
Revenue₹14.4k Cr₹16.5k Cr₹18.9k Cr₹23.4k Cr
Operating profit₹3.4k Cr₹4.3k Cr₹4.7k Cr₹5.8k Cr
Operating margin23.8%26.2%25.0%24.7%
Interest₹28 Cr₹50 Cr₹54 Cr₹71 Cr
Depreciation₹526 Cr₹598 Cr₹729 Cr₹841 Cr
Net profit₹2.9k Cr₹4.0k Cr₹4.7k Cr₹5.5k Cr
Net margin20.2%24.2%25.1%23.6%
Cash from operations₹2.8k Cr₹3.7k Cr₹4.0k Cr₹4.8k Cr
Free cash flow₹2.1k Cr₹2.9k Cr₹3.0k Cr₹3.5k Cr
ROCE27.0%31.0%30.0%31.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹27 Cr₹27 Cr₹27 Cr₹27 Cr₹27 Cr₹27 Cr
Reserves₹11.4k Cr₹12.6k Cr₹15.0k Cr₹18.0k Cr₹22.1k Cr₹25.1k Cr
Borrowings₹219 Cr₹108 Cr₹288 Cr₹419 Cr₹446 Cr₹514 Cr
Other liabilities₹2.9k Cr₹3.4k Cr₹3.9k Cr₹4.7k Cr₹6.4k Cr₹6.5k Cr
Total liabilities₹14.6k Cr₹16.1k Cr₹19.2k Cr₹23.1k Cr₹28.9k Cr₹32.2k Cr
Fixed assets₹2.4k Cr₹2.4k Cr₹2.7k Cr₹2.9k Cr₹4.0k Cr₹3.9k Cr
Capital work in progress₹314 Cr₹505 Cr₹472 Cr₹555 Cr₹129 Cr₹736 Cr
Investments₹3.9k Cr₹7.7k Cr₹12.3k Cr₹13.5k Cr₹16.5k Cr₹17.5k Cr
Other assets₹7.9k Cr₹5.5k Cr₹3.7k Cr₹6.1k Cr₹8.3k Cr₹10.1k Cr
Total assets₹14.6k Cr₹16.1k Cr₹19.2k Cr₹23.1k Cr₹28.9k Cr₹32.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −0.30 pp while DIIs added +0.30 pp. The shareholder count grew 12% to 2,83,648.

Promoters
49.0%
FIIs
25.5%
DIIs
16.0%
Government
0.1%
Public
9.4%

Since Jun 2025

  • FIIs −0.30 pp
  • DIIs +0.30 pp
  • Public +0.05 pp

How it drifted, 12 quarters

Over this window DIIs went from 10.5% to 16.0% — +5.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 49.1%, FIIs 28.9%, DIIs 10.5%, Government 0.1%, Public 11.4%.Dec '23: Promoters 49.1%, FIIs 30.3%, DIIs 9.7%, Government 0.1%, Public 10.8%.Mar '24: Promoters 49.1%, FIIs 28.9%, DIIs 11.0%, Government 0.1%, Public 10.8%.Jun '24: Promoters 49.1%, FIIs 28.8%, DIIs 11.8%, Government 0.1%, Public 10.1%.Sep '24: Promoters 49.1%, FIIs 27.6%, DIIs 13.7%, Government 0.1%, Public 9.5%.Dec '24: Promoters 49.1%, FIIs 25.4%, DIIs 16.1%, Government 0.1%, Public 9.3%.Mar '25: Promoters 49.1%, FIIs 25.0%, DIIs 16.6%, Government 0.1%, Public 9.3%.Jun '25: Promoters 49.1%, FIIs 25.8%, DIIs 15.7%, Government 0.1%, Public 9.3%.Sep '25: Promoters 49.1%, FIIs 27.0%, DIIs 14.6%, Government 0.1%, Public 9.3%.Dec '25: Promoters 49.1%, FIIs 27.0%, DIIs 14.6%, Government 0.1%, Public 9.2%.Mar '26: Promoters 49.1%, FIIs 26.8%, DIIs 14.7%, Government 0.1%, Public 9.3%.Jun '26: Promoters 49.0%, FIIs 25.5%, DIIs 16.0%, Government 0.1%, Public 9.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Eicher Motors Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
THE SIMRAN SIDDHARTHA TARA BENEFIT TRUST (Name of trustees are mentioned in Note-4) 43.83%unchanged
HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund2.83%unchanged
SBI Nifty 50 ETF Mutual fund2.23%−0.49 pp
THE BRINDA LAL TRUST (Mrs Anita Lal, Mr. Vikram Lal & Mr. Ravi Prakash) 1.77%unchanged
Life Insurance Corporation Of India Insurer1.76%+0.62 pp
NPS Trust- A/C SBI Pension Fund Scheme - State Govt Pension / PF1.57%+0.33 pp
Simran Lal 1.15%unchanged
Tara Lal 1.15%unchanged
ICICI Prudential Large Cap Fund Mutual fund1.14%newly disclosed
UTI Nifty 50 ETF Mutual fund1.11%−0.23 pp
Siddhartha Vikram Lal 1.05%unchanged
Karvansarai Investments Private Limited 0.06%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in EICHERMOT

Filings to Aug 2026

0 new, 18 added, 12 trimmed, 1 sold out — net −0.10 L shares (−0.1%).

Held by funds
₹11.1k Cr
53 schemes
Biggest holder
HDFC Flexi Cap Fund
₹2.7k Cr · 2.5% of that fund
SchemeHoldingLast month
HDFC Flexi Cap Fund HDFC Mutual Fund₹2.7k Crheld
SBI Nifty 50 ETF SBI Mutual Fund₹2.1k Cr+0.14 L
SBI Focused Fund SBI Mutual Fund₹1.1k Crheld
Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund₹667 Cr+0.17 L
SBI Flexicap Fund SBI Mutual Fund₹605 Crheld
HDFC Defence Fund HDFC Mutual Fund₹431 Crheld
HDFC Large Cap Fund HDFC Mutual Fund₹404 Crheld
SBI Automotive Opportunities Fund SBI Mutual Fund₹358 Cr−0.70 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

18 added, 12 trimmed — net −10,385 shares (−0.1%)

Funds are sitting on
+50%
vs est. average cost
Held by funds
₹11.1k Cr
53 schemes · ≈ 4.9% of the company
Biggest holder
HDFC Flexi Cap Fund
₹2.7k Cr · 2.5% of that fund
Longest holder
Nippon India ETF Nifty 100
11y 7m · since Feb '15

Shares held by these funds +145%

Aug '23 1.41 cr shares Jul '26

What the price assumes

Expensive

To justify its price of ₹7530, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~24%. At that growth it is worth ₹6269 — downside of 17%.

Growth the price implies
27.2% a year
for 7 years, fading to 4%
It has actually compounded at
23.7% a year
net profit, FY23–FY26 · EPS 23.6%
The gap
0.0 pp
-17% downside if it only repeats history
Price today ₹7,530 Value at the reference growth ₹6,269.43

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse Eicher Motors Limited

Guides on how to read this kind of business and the numbers that matter.