Eicher Motors Limited (EICHERMOT)
₹7,284.50 +0.82% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Eicher Motors' revenue was ₹6,632 Cr (+31.5% year on year, +9.1% on the previous quarter), and net profit ₹1,463 Cr (+21.3% year on year); the operating margin was 24.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹6,632 | +31.5% | +9.1% |
| Operating profit | ₹1,591 | +32.2% | +5.1% |
| Net profit | ₹1,463 | +21.3% | -3.8% |
| EPS (₹) | 53.30 | +21.3% | -3.8% |
| Operating margin | 24.0% | — | — |
EICHERMOT delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 59.12% of the EICHERMOT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 58.6%. That is close to its usual level. In EICHERMOT futures, open interest fell 1.67% while the futures price rose 0.38%: short covering (shorts closing out).
Delivery in the last 5 sessions: 54.6% · 48.4% · 59.3% · 50.9% · 59.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Eicher Motors Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was provided by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited. It confirms that share certificates received for dematerialisation during the period were properly verified, cancelled, and substituted in the register of members within mandated timelines. This is a standard administrative filing with no financial or operational impact.
- Regulation 74(5) compliance submitted for the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited
- RTA confirmation issued on October 3, 2026 and filed on October 14, 2026
- Securities received for dematerialisation confirmed, mutilated, and cancelled within prescribed timelines
Eicher Motors reported September 2026 sales volume for its unlisted subsidiary, VE Commercial Vehicles (VECV), which jumped 49.6% YoY to 11,396 units compared to 7,619 units in September 2025. Growth was spearheaded by domestic Eicher trucks and buses, which rose 57.5% YoY to 10,479 units, driven by strong gains in both LMD (+62.0%) and HD (+57.9%) trucks. Total exports contracted slightly by 4.7% YoY to 667 units, while Volvo Trucks & Buses saw a 6.4% YoY dip to 250 units. On a year-to-date basis (FY 2026-27), total VECV volumes are up 21.5% YoY to 52,886 units.
- Total VECV sales grew 49.6% YoY to 11,396 units in Sept 2026 vs 7,619 units in Sept 2025
- Domestic Eicher commercial vehicle sales rose 57.5% YoY to 10,479 units
- Domestic SCV/LMD trucks jumped 62.0% YoY to 6,156 units, while HD trucks rose 57.9% YoY to 3,086 units
- Total exports fell 4.7% YoY to 667 units from 700 units
- YTD FY 2026-27 total VECV volume expanded 21.5% YoY to 52,886 units
Eicher Motors announced its highest-ever monthly dispatches for Royal Enfield, selling 1,33,958 motorcycles in September 2026, up 8% YoY from 1,24,328 units. Growth was primarily driven by sub-350cc models and EVs, which rose 13% YoY to 1,21,495 units, while >350cc models declined 26% YoY to 12,463 units. Domestic sales grew 7% YoY to 1,21,326 units, while exports expanded 17% YoY to 12,632 units. For H1 FY27 (Apr-Sep 2026), total volumes grew 20% YoY to 7,09,096 units.
- Highest-ever monthly sales of 1,33,958 motorcycles in Sep 2026, up 8% YoY from 1,24,328 units
- Sub-350cc and EV volumes expanded 13% YoY to 1,21,495 units, while >350cc segment declined 26% to 12,463 units
- Exports surged 17% YoY to 12,632 units in Sep 2026, although H1 exports remain down 5% YoY at 67,075 units
- YTD (Apr-Sep 2026) total motorcycle sales up 20% YoY reaching 7,09,096 units compared to 5,91,903 units in the prior year
- Newly launched Himalayan 440 announced as fully booked for six months
Eicher Motors' Royal Enfield division has introduced the 2026 Classic 350 'Signature White' edition, priced starting at ₹2,24,275 (ex-showroom, Chennai). Positioned as a top-end variant alongside the Emerald Green Edition, it comes equipped with standard features such as an assist and slipper clutch, Tripper Pod navigation, and USB Type-C charging. The launch is part of Royal Enfield's regular product refresh strategy aimed at sustaining volumes and premium pricing power ahead of festive demand. In the context of Eicher Motors' TTM revenue of ₹24,998 crore, this variant launch represents an incremental product refresh rather than a major operational shift.
- Prices start at ₹2,24,275 (ex-showroom, Chennai) for the new variant
- Introduced on September 22, 2026, and available immediately across all authorised stores
- Offered as a top-end variant in the 250cc–750cc portfolio alongside the Emerald Green Edition
- Comes standard with Tripper Pod navigation and USB Type-C Fast Charging port
Eicher Motors' brand Royal Enfield has expanded its urban electric mobility footprint with the launch of its first electric motorcycle, Flying Flea C6, across 5 European and UK cities (Paris, Barcelona, Rome, Berlin, and London). The motorcycle is priced at €5,990 in Europe and £5,300 in the UK, with deliveries scheduled to begin by October 2026. The vehicle features a 3.91 kWh battery, 104 km WMTC range, and a top speed of 115 km/h, developed by an in-house team of over 200 engineers with 45+ patent applications. This marks Royal Enfield's maiden international electric commercial push following its initial launch in Bengaluru, India.
- Launched in 5 major European and UK cities: Paris, Barcelona, Rome, Berlin, and London
- Priced at €5,990 across Europe and £5,300 in the UK, with deliveries starting by October 2026
- Technical specifications include a 3.91 kWh lithium-ion battery, 104 km WMTC range, 115 km/h top speed, and 60 Nm peak torque
- Fast-charging capability charges battery from 20% to 80% in just over 60 minutes
- Developed by 200+ engineers across India and the UK, supported by 45+ patent applications
Eicher Motors Limited has disclosed the schedule of two upcoming in-person physical group meetings with analysts and institutional investors. The company will participate in the Jefferies 5th India Forum on September 18, 2026, at 10:00 AM IST. Following this, it will attend the J.P. Morgan India Conference on September 21, 2026, at 10:00 AM IST. This filing represents routine investor relations activity with no immediate material financial impact.
- In-person group meeting scheduled at the Jefferies 5th India Forum on September 18, 2026, at 10:00 A.M. (IST)
- In-person group meeting scheduled at the J.P. Morgan India Conference on September 21, 2026, at 10:00 A.M. (IST)
- Filing submitted pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015
Eicher Motors Limited has announced the schedule for two upcoming in-person group meetings with analysts and institutional investors under Regulation 30 of SEBI LODR. The company will attend Axis Capital's Consumer & Tech Conference on September 10, 2026, at 11:00 AM IST. Following this, it will participate in the UBS India Summit 2026 on September 11, 2026, at 10:00 AM IST. This is a routine administrative disclosure with no immediate financial or operational impact.
- Participation in Axis Capital's Consumer & Tech Conference on September 10, 2026, at 11:00 AM IST
- Participation in UBS India Summit 2026 on September 11, 2026, at 10:00 AM IST
- Both meetings are scheduled as physical in-person group interactions
Royal Enfield, a division of Eicher Motors, has launched the new Himalayan 440 priced starting at ₹2,29,000 (ex-showroom) with bookings opening September 4, 2026. The motorcycle is powered by an upgraded 443cc engine producing 25.4 bhp and 34 Nm of torque paired with a six-speed gearbox. Over the past decade, the Himalayan brand portfolio has sold over 320,000 units globally across the original 411 and Himalayan 450 platforms. This launch expands Royal Enfield's mid-size motorcycle lineup to address demand for an accessible adventure tourer.
- Launched Himalayan 440 starting at an ex-showroom price of ₹2,29,000
- Powered by a 443cc single-cylinder long-stroke engine generating 25.4 bhp at 6,250 rpm and 34 Nm at 4,000 rpm
- Equipped with a new 6-speed gearbox, 15-litre fuel tank, 220mm ground clearance, and 800mm seat height
- Cumulative global sales of the Himalayan platform exceeded 320,000 units over the past 10 years
- Bookings opened on September 4, 2026 across dealerships and online
Eicher Motors Limited has submitted a regulatory update regarding its analyst and institutional investor interactions. The company is scheduled to hold an in-person group meeting with Investec on September 09, 2026, at 10:30 AM IST. Additionally, the group meeting with ICICI Securities scheduled for September 04, 2026, has been cancelled. This is a routine administrative disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015.
- In-person group meeting scheduled with Investec on September 09, 2026, at 10:30 AM IST
- Cancellation of ICICI Securities group meeting previously scheduled for September 04, 2026
- Filing submitted under Regulation 30 of SEBI Listing Regulations
Eicher Motors Limited has informed stock exchanges about a scheduled group meeting with analysts and institutional investors. The meeting will be organized by ICICI Securities and conducted in person on September 4, 2026, at 11:30 AM IST. This is a standard statutory disclosure under Regulation 30 of SEBI LODR Regulations, 2015. No unpublished price-sensitive information or strategic business updates were disclosed in this intimation.
- Meeting Date: Scheduled for September 04, 2026
- Meeting Time: 11:30 A.M. IST
- Organizer / Attendees: ICICI Securities
- Meeting Type: In-person group meeting
VE Commercial Vehicles Limited (VECV), an unlisted material subsidiary of Eicher Motors, reported total sales volume of 8,434 units in August 2026, up 17.7% YoY from 7,167 units in August 2025. Growth was spearheaded by the domestic market, which rose 19.8% YoY to 7,584 units, supported by a 29.0% surge in SCV/LMD trucks (4,623 units) and a 13.0% rise in Heavy Duty trucks (1,960 units). Total exports witnessed a minor contraction of 2.5% YoY to 578 units, while Volvo Trucks & Buses increased 11.9% YoY to 272 units. On a year-to-date basis (FY27), total VECV sales expanded by 15.6% YoY to 41,490 units.
- Total VECV sales rose 17.7% YoY to 8,434 units in August 2026 vs 7,167 units in August 2025
- Domestic SCV/LMD truck sales registered strong growth of 29.0% YoY at 4,623 units
- Domestic Heavy Duty (HD) trucks increased 13.0% YoY to 1,960 units
- Total export sales declined 2.5% YoY to 578 units, impacted by a 39.7% drop in HD truck exports
- YTD FY27 sales grew 15.6% YoY to 41,490 units compared to 35,892 units in YTD FY26
Eicher Motors reported an unlisted subsidiary VE Commercial Vehicles (VECV) sales volume of 8,434 units for August 2026, marking a 17.7% YoY increase compared to 7,167 units in August 2025. Growth was primarily led by domestic Eicher SCV/LMD trucks (<18.5T), which jumped 29.0% YoY to 4,623 units, alongside a 13.0% rise in heavy-duty trucks to 1,960 units. Total domestic sales expanded 19.8% YoY to 7,584 units, while total exports marginally declined by 2.5% YoY to 578 units. For FY27 YTD, total VECV volumes stand at 41,490 units, up 15.6% YoY from 35,892 units.
- Total VECV sales (including EVs) rose 17.7% YoY to 8,434 units in August 2026 vs 7,167 units in August 2025.
- Domestic SCV/LMD truck sales surged 29.0% YoY to 4,623 units from 3,585 units.
- Total domestic commercial vehicle sales grew 19.8% YoY to 7,584 units.
- YTD FY27 VECV sales reached 41,490 units, a 15.6% growth over 35,892 units in the prior year period.
- VECV total exports fell 2.5% YoY to 578 units compared to 593 units in August 2025.
Eicher Motors Limited has informed the exchanges regarding its scheduled participation in an upcoming institutional investor conference. The company will attend the Goldman Sachs Asia Leaders Conference 2026 on August 31, 2026, and September 01, 2026, starting at 06:30 A.M. IST. The interaction will be an in-person group meeting format. Such intimations are standard regulatory disclosures under SEBI LODR Regulation 30.
- Scheduled to attend the Goldman Sachs Asia Leaders Conference 2026
- Meeting dates set for August 31, 2026, and September 01, 2026
- Sessions scheduled starting at 06:30 A.M. (IST) in an in-person group meeting format
Shareholders of Eicher Motors Limited approved key board resolutions at the 44th Annual General Meeting held on August 20, 2026. Mr. Siddhartha Vikram Lal has been re-appointed as a Director following retirement by rotation. Additionally, the appointment of Mr. Vinod Kumar Aggarwal as Executive Vice-Chairman for a tenure of 3 years with effect from May 21, 2026, was officially approved.
- Shareholders approved resolutions at the 44th Annual General Meeting held on August 20, 2026
- Re-appointment of Mr. Siddhartha Vikram Lal as Director retiring by rotation
- Appointment of Mr. Vinod Kumar Aggarwal as Executive Vice-Chairman for 3 years effective May 21, 2026
- Neither appointee is debarred by SEBI or any regulatory authority
Eicher Motors Limited announced the conclusion of its 44th Annual General Meeting held on August 20, 2026, where shareholders approved all seven ordinary resolutions with requisite majority. Key approvals include the declaration of a dividend of Rs 82 per equity share (face value Re 1) for FY26 and the re-appointment of Mr. Siddhartha Vikram Lal as Director. In addition, shareholders approved the appointment and remuneration of Mr. Vinod Kumar Aggarwal as Executive Vice-Chairman effective May 21, 2026, alongside material related party transactions between subsidiary VECV and Volvo Group India.
- Approved dividend of Rs 82 per equity share of face value Re 1 for FY26 with 99.49% votes in favour.
- Approved appointment and remuneration of Mr. Vinod Kumar Aggarwal as Executive Vice-Chairman w.e.f. May 21, 2026.
- Shareholders approved material related-party transactions between subsidiary VECV and Volvo Group India Private Limited.
- Re-appointment of Director Mr. Siddhartha Vikram Lal retiring by rotation was passed with 96.03% votes in favour.
- Ratified cost auditor remuneration of Rs 5,00,000 for FY26.
Financial Performance
Revenue Growth by Segment
EML Consolidated revenue reached its best-ever at INR 6,172 Cr in Q2 FY26, growing 45% YoY from INR 4,263 Cr. VE Commercial Vehicles (VECV) standalone revenue stood at INR 6,106 Cr in Q2 FY26, up 10.2% from INR 5,538 Cr, while H1 FY26 revenue grew 11% to INR 11,777 Cr.
Geographic Revenue Split
The company remains exposed to geographic concentration risk with approximately 89% of its revenues emanating from the domestic Indian market as of FY24. International markets contribute the remaining 11%, though exports for Royal Enfield saw a 49% YoY volume increase in the 7M FY26 period.
Profitability Margins
EML Consolidated EBITDA for Q2 FY26 was INR 1,512 Cr with a margin of 24.5%, compared to INR 1,088 Cr (25.5% margin) in Q2 FY25. VECV improved its EBITDA margin to 8% (INR 479 Cr) in Q2 FY26 from 7.3% (INR 395 Cr) in the previous year. Consolidated PAT grew 25% to INR 1,369 Cr in Q2 FY26.
EBITDA Margin
EML's consolidated EBITDA margin stood at 24.5% in Q2 FY26, a slight compression from 25.5% YoY due to higher operating and marketing expenses. VECV's EBITDA margin improved by 70 bps to 8% in Q2 FY26, driven by higher volumes and product excellence.
Capital Expenditure
EML maintains a robust liquidity profile with cash and investments of INR 17,700 Cr as of September 30, 2025. The company plans to fund all future capacity expansions and new product developments entirely through internal accruals, as it has done historically.
Credit Rating & Borrowing
EML maintains a robust financial risk profile with a negative net-debt position. Total debt stood at a minimal INR 446 Cr as of September 30, 2025. ICRA ratings reflect healthy profitability with RoCE at approximately 28% in H1 FY26.
Operational Drivers
Raw Materials
Specific raw materials include steel, aluminum, and rubber components. For the VECV segment, the cost of raw materials and components consumed was INR 7,543.9 Cr in H1 FY26, representing 64.05% of its total revenue.
Capacity Expansion
VECV recorded its highest-ever second-quarter sales of 21,901 units in Q2 FY26, exceeding the previous record of 20,774 units. Royal Enfield continues to scale up production for new models like the Guerrilla 450 to meet robust festive demand.
Raw Material Costs
VECV raw material costs stood at INR 7,543.9 Cr for H1 FY26, which is 64.05% of revenue. The company uses timely price interventions to manage inflationary pressures on raw materials.
Manufacturing Efficiency
VECV improved its PAT margin to 4.2% in Q2 FY26 from 3.8% YoY. Royal Enfield's manufacturing efficiency is supported by a busy launch calendar and refreshes that strengthen the product lineup.
Strategic Growth
Expected Growth Rate
45%
Growth Strategy
Growth is driven by a robust product pipeline including the Guerrilla 450 and Eicher Pro X electric trucks, expansion into 70 international markets with 5 global assembly operations, and aggressive community building through events like Motoverse to deepen brand strength.
Products & Services
Premium motorcycles (>250cc), light to heavy-duty trucks (Eicher and Volvo brands), buses, and electric trucks (Eicher Pro X).
Brand Portfolio
Royal Enfield, Eicher, Volvo (JV), Motoverse, HunterHood, Guerrilla, Classic, Hunter.
New Products/Services
Recent launches include the Guerrilla 450 and the Eicher Pro X electric truck series. VECV delivered 436 electric units in H1 FY26, gaining a 24% market share in certain EV sub-segments.
Market Expansion
Royal Enfield has expanded its distribution network to approximately 70 international markets and established five assembly operations in Argentina, Thailand, Colombia, Brazil, and Nepal.
Market Share & Ranking
Royal Enfield maintains a leadership position in the >250cc motorcycle segment in India. VECV holds a 24% market share in the small but growing 2 to 3.5 tonne electric truck market.
Strategic Alliances
VE Commercial Vehicles (VECV) is a long-standing joint venture between Eicher Motors Limited and the Volvo Group.
External Factors
Industry Trends
The industry is seeing a shift toward premiumization in motorcycles and electrification in commercial vehicles. EML is positioning itself with the Eicher Pro X EV range and new 450cc motorcycle platforms.
Competitive Landscape
Key competitors include domestic and international OEMs entering the 250cc-500cc motorcycle segment, which may limit EML's pricing power over the medium term.
Competitive Moat
The moat is built on a niche brand value proposition and an expansive after-sales network. Sustainability is reinforced through community building and 'market activations' that create high consumer switching costs.
Macro Economic Sensitivity
VECV performance is highly sensitive to GDP growth, infrastructure spending, and the e-commerce boom, which drive freight demand for commercial vehicles.
Consumer Behavior
Consumer confidence remains high, reflected in record bookings during the festive season and a clear preference for the 'aspirational status' of the Royal Enfield brand.
Geopolitical Risks
Political disruptions in Southeast Asian markets have impacted export traction, although VECV exports still grew 61.3% in Q2 FY26 to 1,823 units.
Regulatory & Governance
Industry Regulations
Operations are exposed to increasing regulatory interventions including stricter emission norms (BS-VI and beyond) and enhanced safety standards for both two-wheelers and commercial vehicles.
Taxation Policy Impact
The provision for taxation for H1 FY26 stood at INR 797.3 Cr on a Profit Before Tax of INR 3,372 Cr, representing an effective tax rate of approximately 23.6%.
Legal Contingencies
A pending demand was issued on November 20, 2025, regarding a mismatch in the place of unloading goods in E-waybills/E-Invoices. The company assesses this demand as not maintainable and is evaluating an appeal.
Risk Analysis
Key Uncertainties
Key risks include the cyclicality of the commercial vehicle industry, increasing competition in the premium motorcycle segment, and the slow pace of financier adoption for electric vehicle loans.
Geographic Concentration Risk
High concentration in India, with 89% of revenue derived domestically, making the company vulnerable to local economic downturns.
Third Party Dependencies
Dependency on financiers is a critical risk for the EV segment, as banks are not yet fully open to financing electric trucks and buses due to residual value uncertainties.
Technology Obsolescence Risk
The transition to electric vehicles poses a long-term risk; however, EML is mitigating this through the launch of the Eicher Pro X electric truck range.
