Eicher Motors Ltd

Eicher Motors Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Eicher Motors Ltd

₹ 7,049 -0.28%
08 Jun 9:28 a.m.
eicher.in BSE: 505200 NSE: EICHERMOT
About

Eicher Motors Limited, incorporated in 1982, is the listed company of the Eicher Group in India and a leading player in the Indian automobile industry and the global leader in middleweight motorcycles.
Eicher has a joint venture with Sweden’s AB Volvo to create Volvo Eicher Commercial Vehicles Limited (VECV). VECV is engaged in truck and bus operations, auto components business, and technical consulting services business [1]

Key Points

Business Verticals

Website BSE NSE
  • Market Cap ₹ 1,93,364 Cr.
  • Current Price ₹ 7,049
  • High / Low ₹ 8,233 / 5,220
  • Stock P/E 38.1
  • Book Value ₹ 795
  • Dividend Yield 1.01 %
  • ROCE 32.9 %
  • ROE 25.2 %
  • Face Value ₹ 1.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 30.7% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.4%
  • Company has been maintaining a healthy dividend payout of 42.2%

Cons

  • Stock is trading at 8.89 times its book value
  • Working capital days have increased from 38.5 days to 75.2 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Automobile and Auto Components Automobiles 2/3 Wheelers

Part of Nifty 50 BSE 500 BSE 100 BSE 200 BSE Dollex 200

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
3,831 3,901 3,931 4,054 4,192 4,231 4,205 4,908 5,107 4,908 5,902 5,988 5,901
2,887 2,888 2,833 2,939 3,037 3,053 3,101 3,684 3,846 3,677 4,433 4,398 4,378
Operating Profit 945 1,013 1,097 1,115 1,155 1,179 1,105 1,224 1,261 1,231 1,469 1,590 1,523
OPM % 25% 26% 28% 28% 28% 28% 26% 25% 25% 25% 25% 27% 26%
203 335 276 250 307 417 337 300 354 659 340 284 357
Interest 3 3 5 5 6 4 5 6 9 7 7 7 7
Depreciation 142 135 131 138 155 158 169 168 189 186 188 199 216
Profit before tax 1,002 1,209 1,238 1,221 1,302 1,433 1,268 1,350 1,418 1,697 1,614 1,668 1,657
Tax % 25% 24% 24% 25% 24% 24% 20% 22% 21% 23% 25% 23% 25%
747 914 938 914 983 1,088 1,010 1,056 1,125 1,306 1,208 1,290 1,236
EPS in Rs 27.31 33.42 34.28 33.38 35.91 39.71 36.85 38.53 41.04 47.64 44.04 47.03 45.07
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Dec 2014 Mar 2016 15m Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
3,031 6,186 7,038 8,958 9,794 9,077 8,619 10,123 14,067 16,078 18,451 22,700
2,297 4,478 4,832 6,103 6,846 6,871 6,831 8,005 10,672 11,696 13,674 16,887
Operating Profit 734 1,708 2,206 2,854 2,948 2,207 1,788 2,118 3,394 4,382 4,778 5,813
OPM % 24% 28% 31% 32% 30% 24% 21% 21% 24% 27% 26% 26%
116 283 227 19 486 612 450 450 639 1,166 1,399 1,639
Interest 2 2 3 3 3 11 9 10 13 19 24 27
Depreciation 50 137 153 222 299 378 446 446 512 559 684 788
Profit before tax 798 1,853 2,277 2,648 3,133 2,430 1,783 2,112 3,508 4,970 5,469 6,637
Tax % 30% 29% 31% 35% 34% 22% 25% 25% 25% 25% 22% 24%
559 1,309 1,560 1,713 2,054 1,904 1,330 1,586 2,623 3,749 4,279 5,041
EPS in Rs 20.62 48.20 57.33 62.84 75.31 69.71 48.65 58.01 95.90 136.94 156.08 183.76
Dividend Payout % 24% 21% 17% 18% 17% 18% 35% 36% 39% 37% 45% 45%
Compounded Sales Growth
10 Years: 14%
5 Years: 21%
3 Years: 17%
TTM: 23%
Compounded Profit Growth
10 Years: 15%
5 Years: 31%
3 Years: 25%
TTM: 19%
Stock Price CAGR
10 Years: 14%
5 Years: 21%
3 Years: 25%
1 Year: 31%
Return on Equity
10 Years: 25%
5 Years: 24%
3 Years: 25%
Last Year: 25%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 27 27 27 27 27 27 27 27 27 27 27 27
Reserves 1,207 2,309 3,895 5,345 7,099 8,248 9,678 10,767 12,860 15,666 18,472 21,780
0 23 67 86 76 101 60 53 140 210 267 296
995 1,265 1,550 2,336 2,275 2,203 2,860 3,375 3,848 4,569 5,319 6,460
Total Liabilities 2,229 3,624 5,540 7,795 9,477 10,579 12,625 14,223 16,876 20,473 24,086 28,564
501 788 870 1,497 1,871 2,369 2,423 2,401 2,600 2,774 3,335 4,203
CWIP 59 94 374 333 450 312 310 504 468 553 477 201
Investments 1,189 2,074 3,542 3,866 3,047 3,926 2,045 5,950 10,280 11,307 12,027 14,199
480 667 755 2,098 4,110 3,973 7,847 5,368 3,527 5,838 8,248 9,961
Total Assets 2,229 3,624 5,540 7,795 9,477 10,579 12,625 14,223 16,876 20,473 24,086 28,564

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
686 1,474 1,761 2,515 1,608 1,718 1,674 1,570 2,786 3,845 3,830 4,709
-598 -1,017 -1,752 -2,158 -673 -1,506 -1,615 -1,138 -2,374 -2,995 -2,443 -2,998
-86 -466 -19 -280 -334 -883 -16 -474 -441 -796 -1,315 -1,911
Net Cash Flow 2 -8 -10 76 601 -671 44 -42 -29 53 72 -201
Free Cash Flow 316 966 1,216 1,772 824 1,177 1,170 943 2,138 3,040 2,825 3,460
CFO/OP 124% 117% 109% 116% 85% 106% 119% 98% 104% 112% 103% 104%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 1 3 3 3 4 5 11 18 18 13 21 22
Inventory Days 41 32 32 30 44 38 55 55 41 45 40 37
Days Payable 99 76 75 92 89 73 107 108 79 85 88 77
Cash Conversion Cycle -56 -42 -41 -59 -41 -30 -41 -35 -20 -27 -27 -18
Working Capital Days -80 -46 -53 -62 -37 -38 -24 -15 -12 5 35 75
ROCE % 72% 103% 72% 63% 50% 31% 20% 21% 29% 34% 32% 33%

Insights

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Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Royal Enfield Total Sales Volume
Units

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VECV Total Sales Volume
Units
Royal Enfield Domestic Touchpoints (India)
Count
Royal Enfield Market Share (Mid-size 250cc-750cc India)
%
VECV Distribution Touchpoints
Count
Royal Enfield Annual Production Capacity
Million Units
VECV Market Share (LMD Trucks)
%
R&D Expenditure (Percentage of Turnover)
%

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Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
49.18% 49.15% 49.15% 49.14% 49.11% 49.10% 49.09% 49.08% 49.07% 49.06% 49.06% 49.06%
30.28% 28.89% 30.27% 28.95% 28.81% 27.61% 25.42% 25.02% 25.82% 26.98% 27.01% 26.77%
10.03% 10.48% 9.73% 11.04% 11.84% 13.67% 16.11% 16.55% 15.67% 14.62% 14.64% 14.73%
0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10%
10.43% 11.37% 10.76% 10.77% 10.14% 9.52% 9.30% 9.26% 9.35% 9.25% 9.19% 9.35%
No. of Shareholders 2,45,4612,80,5302,48,4862,63,1322,56,9782,47,9512,46,1902,49,4832,54,1182,52,9012,60,4292,80,399

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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Credit ratings

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