Eicher Motors (EICHERMOT)

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Eicher Motors (EICHERMOT) · mywealthgrid

About

Eicher Motors manufactures Royal Enfield motorcycles and operates VECV commercial vehicles in India's premium two-wheeler segment. Market cap ₹2,21,264 Cr with quarterly revenues around ₹6,000 Cr; delivers 24.71% operating margins and 23.77% ROE, indicating strong capital efficiency.

Founded: 1948
Face value: ₹1

Market cap

₹1,89,816 Cr

P/E

32.9×

P/B

7.6×

Dividend yield

2.2%

ROE

23.8%

ROCE

25.7%

Debt / equity

0.01

OPM

24.7%

EPS (TTM)

₹210.4

Book value

₹915.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation at PE 38.33 leaves minimal margin of safety; any earnings miss could trigger sharp correction
Quarterly revenues flat at ₹5,900–₹6,600 Cr with no clear growth trajectory
Two-wheeler demand is cyclical; economic downturns and credit tightening pose volume and margin risk
Verify EV transition strategy and capex plans; regulatory shift to electric could pressure traditional motorcycle revenue

Generated analysis · source review pending

Growth drivers

Operating margins stable at 24–26.5% (currently 24.71%) indicate cost discipline that amplifies revenue growth into profit
Dual revenue from motorcycles and commercial vehicles reduces single-segment dependence
ROE 23.77% paired with D/E 0.01 enables self-funded growth and strategic investments
Quarterly net profits ₹1,200–₹1,500 Cr generate cash for reinvestment in capacity or product development

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹6,920.0-3.6%1Y

Quick read

rule-based

Pros

+Strong return on equity of 24% (3-yr avg)
+High return on capital employed of 25.9%
+Healthy operating margin of 24.7%
+Profit CAGR of 32.6% over the last 5 years
+Revenue CAGR of 21.8% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 89.9×
+Dividend payout of 72.2% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

65/100

Business quality: 82
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	10,012	9,262	9,219	9,797	9,154	8,720	10,298	14,442	16,536	18,870	23,408
COGS	1,767	1,503	4,643	5,057	4,996	5,113	5,956	8,212	8,981	10,297	13,068
Gross profit	8,245	7,759	4,576	4,740	4,158	3,608	4,342	6,230	7,555	8,573	10,340
	7,477	7,081	1,512	1,578	1,946	1,795	2,110	2,472	2,781	3,161	3,757
	768	678	3,064	3,162	2,212	1,812	2,232	3,759	4,775	5,412	6,583
OPM %	7.7%	7.3%	33.2%	32.3%	24.2%	20.8%	21.7%	26%	28.9%	28.7%	28.1%
Depreciation	300	273	223	300	382	451	452	526	598	729	840
Interest	11	19	5	7	19	16	19	28	51	54	72
	42	57	60	426	543	453	441	595	1,076	1,305	1,431
Profit before tax	499	444	2,896	3,280	2,355	1,798	2,203	3,800	5,202	5,933	7,102
Tax	114	96	936	1,077	527	452	526	886	1,201	1,199	1,587
Tax %	22.8%	21.5%	32.3%	32.8%	22.4%	25.1%	23.9%	23.3%	23.1%	20.2%	22.3%
	386	348	1,960	2,203	1,827	1,347	1,677	2,914	4,001	4,734	5,515
PAT margin %	3.9%	3.8%	21.3%	22.5%	20%	15.5%	16.3%	20.2%	24.2%	25.1%	23.6%
EPS (₹)	—	—	719.7	807.8	669.5	49.3	61.3	106.6	146.2	172.8	201.1
EPS adjusted (₹)	14.2	—	196	220.3	—	49.3	61.3	106.5	146.1	172.7	201.1
	—	—	15.3%	15.5%	18.7%	34.5%	34.2%	34.7%	34.9%	40.5%	40.8%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	27	10	10	27	27	27	27	27	27
Reserves	3,437	3,233	3,563	11,411	12,581	14,963	18,018	21,269	25,073
	86	259	296	157	59	196	276	266	319
	4,929	3,516	3,921	2,963	3,473	4,012	4,807	5,611	6,744
Total equity & liabilities	8,479	7,018	7,790	14,559	16,140	19,198	23,128	27,174	32,164
	2,904	2,128	2,168	2,433	2,424	2,690	2,914	3,473	3,852
CWIP	118	96	289	64	134	78	212	110	203
Investments	1,638	0	0	3,902	7,721	12,321	13,527	14,791	17,496
	3,819	4,794	5,333	8,159	5,861	4,109	6,475	8,800	10,613
Total assets	8,479	7,018	7,790	14,559	16,140	19,198	23,128	27,174	32,164

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	48.4%	45.4%	41.4%	42.2%	43.1%	45.7%	45.4%	44.2%
EBITDA margin %	29.6%	23.8%	20.4%	21.1%	23.8%	26.2%	25%	24.7%
EBIT margin %	26.6%	19.7%	15.3%	16.7%	20.2%	22.6%	21.1%	21.1%
PAT margin %	22.5%	20%	15.5%	16.3%	20.2%	24.2%	25.1%	23.6%
Working capital
Receivable days	47	—	7	11	9	8	11	6
Inventory days	93	—	62	69	57	57	55	55
Payable days	217	—	108	110	80	85	90	76
NWC days	-77	—	-39	-29	-14	-19	-24	-16
Leverage
Current ratio	1.17	—	3.35	1.94	1.14	1.15	1.63	1.9
Debt to EBITDA	0.1	—	0.09	0.03	0.06	0.06	0.06	0.06
Debt to equity	0.08	—	0.01	0	0.01	0.02	0.01	0.01
Interest coverage	415.6	124	108.4	115.1	125.4	94.4	97.3	89.9
Asset turnover	1.26	—	0.6	0.64	0.75	0.71	0.69	0.73
Return ratios
Return on assets %	28.3%	—	9.3%	10.4%	15.2%	17.3%	17.4%	17.1%
Return on capital employed %	84.1%	—	15%	17.2%	24.1%	27.1%	24.9%	25.7%
Return on equity %	61.6%	—	11.8%	13.3%	19.4%	22.2%	22.2%	22%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	49.16%	49.15%	49.15%	49.11%	49.1%	49.09%	49.08%	49.07%	49.06%	49.06%	49.06%	49.02%
	28.89%	30.27%	28.95%	28.81%	27.62%	25.43%	25.03%	25.83%	26.98%	27.01%	26.78%	25.53%
	10.58%	9.83%	11.14%	11.95%	13.76%	16.19%	16.63%	15.76%	14.62%	14.64%	14.72%	15.96%
	0%	0%	0%	0%	0%	0%	0%	0%	0.1%	0.1%	0.1%	0.1%
	11.37%	10.75%	10.76%	10.13%	9.52%	9.29%	9.26%	9.34%	9.24%	9.19%	9.34%	9.39%
No. of shareholders	—	—	—	—	—	—	—	—	2,52,901	2,60,429	2,80,399	2,83,648

Promoter holding down 0.14 percentage points since Sep 2023.

52 deals · 23 Sept 2021 – 10 Dec 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
10 Dec 2025	PIONEER INVESTMENT FUND	Block	NSE	Sell	1,37,665	₹7,250.00	₹99.81 Cr
10 Dec 2025	PI OPPORTUNITIES AIF V LLP	Block	NSE	Buy	1,37,665	₹7,250.00	₹99.81 Cr
3 Dec 2025	PI OPPORTUNITIES AIF V LLP	Block	NSE	Buy	1,41,552	₹7,070.00	₹100.08 Cr
3 Dec 2025	PIONEER INVESTMENT FUND	Block	NSE	Sell	1,41,552	₹7,070.00	₹100.08 Cr
24 Oct 2025	PI OPPORTUNITIES AIF V LLP	Block	NSE	Buy	1,46,252	₹6,803.50	₹99.50 Cr
24 Oct 2025	PIONEER INVESTMENT FUND	Block	NSE	Sell	1,46,252	₹6,803.50	₹99.50 Cr
12 Sept 2025	SOCIETE GENERALE	Block	NSE	Buy	60,405	₹6,758.00	₹40.82 Cr
12 Sept 2025	MARSHALL WACE INVESTMENT STRATEGIES - EUREKA FUND	Block	NSE	Sell	60,405	₹6,758.00	₹40.82 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	37,051	₹5,612.00	₹20.79 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	NSE	Buy	37,051	₹5,612.00	₹20.79 Cr

1–10 of 52

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Mr. Siddhartha Vikram LalExecutive Director-Chairperson
Mr. Inder Mohan SinghNon-Executive - Independent Director
Ms. Ira GuptaNon-Executive - Independent Director
Ms. Vidhya SrinivasanChief Financial Officer
Mr. Vinod Kumar AggarwalExecutive Director
Mr. Govindarajan BalakrishnanExecutive Director-MD
Mr. Subramanian MadhavanNon-Executive - Independent Director
Mr. Tejpreet Singh ChopraNon-Executive - Independent Director
Mr. Arun VasuNon-Executive - Independent Director
Mr. Atul SharmaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹7,150.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹7,197.5	-35.5	-0.5%	₹7,197.5	31,094	+235	2,075	100
23 Nov 2026	₹7,240.0	+12	+0.2%	₹7,240.0	240	+34	75	100
29 Dec 2026	₹7,272.0	-14	-0.2%	₹7,272.0	11	+11	12	100

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

178

across 23 fund houses

Held by these funds

4.51%

of the company's equity

All mutual funds

10.21%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

178 schemes · 23 fund houses

		Shares
Nifty 50 ETF	SBI Mutual Fund	26.73 L	2,126.11	0.99%	0.975%	+14,051
Focused Fund	SBI Mutual Fund	14 L	1,113.49	2.17%	0.51%	-0
ETF NIFTY 50 BEES	Nippon India Mutual Fund	8.39 L	667.28	0.99%	0.306%	+16,955
Flexicap Fund	SBI Mutual Fund	7.61 L	605.26	2.6%	0.277%	-0
Nifty 50 ETF	ICICI Prudential Mutual Fund	5.57 L	442.62	0.99%	0.203%	+13,412
Large Cap Fund	ICICI Prudential Mutual Fund	5.09 L	404.96	0.5%	0.186%	-2.92 L
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	4.8 L	381.39	1.14%	0.175%	-0
Automotive Opportunities Fund	SBI Mutual Fund	4.5 L	357.91	5.64%	0.164%	-70,000

1–8 of 178

1 / 23

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

May 2026Transcript AI Summary PPTREC
Feb 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

41 announcementsExport CSV

1 Oct 2026, 12:16 pmCompany Update

Announcement under Regulation 30 (LODR)-Monthly Business Updates

Monthly Business Updates PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	48.4%	45.4%	41.4%	42.2%	43.1%	45.7%	45.4%	44.2%
EBITDA margin %	29.6%	23.8%	20.4%	21.1%	23.8%	26.2%	25%	24.7%
EBIT margin %	26.6%	19.7%	15.3%	16.7%	20.2%	22.6%	21.1%	21.1%
PAT margin %	22.5%	20%	15.5%	16.3%	20.2%	24.2%	25.1%	23.6%
Working capital
Receivable days	47	—	7	11	9	8	11	6
Inventory days	93	—	62	69	57	57	55	55
Payable days	217	—	108	110	80	85	90	76
NWC days	-77	—	-39	-29	-14	-19	-24	-16
Leverage
Current ratio	1.17	—	3.35	1.94	1.14	1.15	1.63	1.9
Debt to EBITDA	0.1	—	0.09	0.03	0.06	0.06	0.06	0.06
Debt to equity	0.08	—	0.01	0	0.01	0.02	0.01	0.01
Interest coverage	415.6	124	108.4	115.1	125.4	94.4	97.3	89.9
Asset turnover	1.26	—	0.6	0.64	0.75	0.71	0.69	0.73
Return ratios
Return on assets %	28.3%	—	9.3%	10.4%	15.2%	17.3%	17.4%	17.1%
Return on capital employed %	84.1%	—	15%	17.2%	24.1%	27.1%	24.9%	25.7%
Return on equity %	61.6%	—	11.8%	13.3%	19.4%	22.2%	22.2%	22%

31

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
106	+57	72	₹274.0	7,000	₹81.1	2,030	-214	3,061
33	+20	63	₹220.0	7,100	₹115.1	760	+255	257
1,175	+122	2,409	₹164.4	7,200	₹158.0	1,910	+76	1,018
1,368	+89	2,613	₹117.6	7,300	₹213.4	466	-70	2,185
862	+277	1,628	₹83.6	7,400	₹283.0	7	+3	285
1,354	+333	3,293	₹59.0	7,500	₹344.0	36	-2	440
443	+184	1,208	₹40.6	7,600	₹400.0	3	+1	92
416	+127	1,857	₹28.0	7,700	₹537.4	0	0	29

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
1 Oct 2026, 12:16 pm	Company Update Monthly Business Updates	Announcement under Regulation 30 (LODR)-Monthly Business Updates	PDF
1 Oct 2026, 11:14 am	Company Update Monthly Business Updates	Announcement under Regulation 30 (LODR)-Monthly Business Updates	PDF
22 Sept 2026, 6:18 pm	Company Update General	Reminder Letter To Holders Of Physical Securities For Furnishing Of KYC Details	PDF
22 Sept 2026, 11:53 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
17 Sept 2026, 1:24 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
15 Sept 2026, 5:28 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
7 Sept 2026, 6:24 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
4 Sept 2026, 6:49 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Maruti Suzuki IndiaMARUTIMARUTI	₹3,57,976 Cr	₹3,57,976 Cr	₹1,97,181 Cr	₹21,131 Cr	11.7%	₹14,334 Cr	8%	17.8%	14.4%	-19
Mahindra & MahindraM&MM&M	₹3,54,640 Cr	₹4,84,255 Cr	₹2,11,375 Cr	₹39,317 Cr	18.6%	₹18,470 Cr	9.4%	17%	20.1%	-30
Bajaj AutoBAJAJ-AUTOBAJAJ-AUTO	₹2,81,260 Cr	₹3,03,241 Cr	₹71,460 Cr	₹14,799 Cr	20.8%	₹11,759 Cr	16.8%	29.1%	29%	-1
Tvs Motor Company LimitedTVSMOTORTVSMOTOR	₹1,91,038 Cr	₹2,22,662 Cr	₹60,155 Cr	₹8,937 Cr	15%	₹3,428 Cr	5.7%	29%	33.4%	-60
Eicher MotorsEICHERMOTEICHERMOT	₹1,89,816 Cr	₹1,90,135 Cr	₹24,998 Cr	₹6,173 Cr	24.7%	₹5,773 Cr	23.6%	25.7%	23.8%	-16
Samvardhana Motherson International LimitedMOTHERSONMOTHERSON	₹1,65,731 Cr	₹1,81,626 Cr	₹1,31,135 Cr	₹12,541 Cr	9.4%	₹4,380 Cr	3.2%	12.6%	10.2%	-26
Hyundai Motor India LimitedHYUNDAIHYUNDAI	₹1,64,450 Cr	₹1,65,447 Cr	₹70,685 Cr	₹7,925 Cr	12.2%	₹4,951 Cr	7.7%	35.5%	29.9%	-15
Bosch LimitedBOSCHLTDBOSCHLTD	₹1,34,166 Cr	₹1,34,166 Cr	₹21,088 Cr	₹2,832 Cr	13.2%	₹2,363 Cr	13.8%	21%	19.4%	13
Hero MotoCorpHEROMOTOCOHEROMOTOCO	₹1,03,360 Cr	₹1,03,859 Cr	₹50,810 Cr	₹7,378 Cr	14.9%	₹5,449 Cr	12.2%	32.6%	28.1%	-40
Tata Motors Passenger VehiclesTMPVTMPV	₹1,02,886 Cr	₹1,72,839 Cr	₹3,43,703 Cr	₹16,910 Cr	5.6%	₹79,242 Cr	24.6%	2.3%	72.2%	-59
Bharat Forge LimitedBHARATFORGBHARATFORG	₹89,644 Cr	₹96,518 Cr	₹17,543 Cr	₹2,963 Cr	17.4%	₹706 Cr	6.5%	17.9%	11.5%	136
Uno Minda LimitedUNOMINDAUNOMINDA	₹64,160 Cr	₹66,698 Cr	₹20,725 Cr	₹2,280 Cr	11.5%	₹1,202 Cr	6.5%	19.3%	19.1%	37

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	857	704	1,072	860	604	1,714	1,527	2,847	3,742	3,980	4,805
	-411	-1,039	-961	-348	-606	-1,648	-983	-2,422	-2,852	-2,483	-2,964
	-239	122	-76	-130	-482	-15	-593	-417	-844	-1,399	-1,983
Net cash flow	207	-212	34	382	-484	51	-50	8	45	98	-142
Free cash flow	363	330	567	143	-116	1,159	886	2,165	2,923	2,941	3,530
CFO / Operating profit %	111.7%	103.8%	38.2%	29.6%	27.7%	96.2%	70.3%	82.7%	86.5%	84.5%	83.1%

Eicher Motors

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Announcements

3

19

1

1

31

Announcements

Annual reports

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Eicher Motors

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Futures3

Dividends19

Board meetings1

Stock splits1

Option chain31

Announcements

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

3

19

1

1

31