Eicher Motors Ltd

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

Eicher Motors Ltd

₹ 4,531 0.23%
24 Apr - close price
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

Iconic Brand
It is the owner of the iconic Royal Enfield brand which is focused on mid-sized motorcycles (250-750 cc). Classic, Bullet, Himalayan are some of the brands that come under its Royal Enfield brand. It is sold in 60+ countries globally. It also provides protective riding apparel, urban casual wear, and Motorcycle accessories and parts.

It has launched two BS-VI Compliant Motorcycles, i.e. Classic 350 BS-VI and Himalayan BS-VI in FY20[1]

Website BSE NSE
  • Market Cap ₹ 1,24,053 Cr.
  • Current Price ₹ 4,531
  • High / Low ₹ 4,572 / 3,159
  • Stock P/E 32.3
  • Book Value ₹ 582
  • Dividend Yield 0.82 %
  • ROCE 27.4 %
  • ROE 21.1 %
  • Face Value ₹ 1.00
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Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 34.5%

Cons

  • Stock is trading at 7.79 times its book value
  • Earnings include an other income of Rs.1,466 Cr.

* 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

Sector: Automobile Industry: Automobiles - Motorcycles / Mopeds

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
2,828 2,940 1,974 2,250 2,881 3,193 3,397 3,519 3,721 3,804 3,986 4,115 4,179
2,156 2,306 1,651 1,780 2,298 2,436 2,566 2,698 2,864 2,871 2,966 3,027 3,089
Operating Profit 672 634 324 470 582 757 831 822 857 934 1,021 1,087 1,090
OPM % 24% 22% 16% 21% 20% 24% 24% 23% 23% 25% 26% 26% 26%
156 183 122 118 128 172 82 193 256 379 344 375 368
Interest 4 4 6 3 6 3 5 7 8 8 10 13 12
Depreciation 123 125 112 109 111 119 116 127 135 148 142 143 148
Profit before tax 702 689 328 476 593 806 792 880 971 1,156 1,212 1,307 1,298
Tax % 24% 24% 28% 22% 23% 24% 23% 25% 24% 22% 24% 22% 23%
533 526 237 373 456 610 611 657 741 906 918 1,016 996
EPS in Rs 19.49 19.25 8.67 13.65 16.68 22.31 22.33 24.02 27.09 33.11 33.58 37.12 36.38
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
5,684 6,390 6,810 8,738 6,173 7,033 8,965 9,797 9,154 8,720 10,298 14,442 16,084
5,094 5,840 6,094 7,621 4,484 4,859 6,156 6,893 6,971 6,937 8,120 10,996 11,952
Operating Profit 590 550 715 1,118 1,690 2,174 2,809 2,904 2,183 1,783 2,178 3,446 4,132
OPM % 10% 9% 11% 13% 27% 31% 31% 30% 24% 20% 21% 24% 26%
141 136 93 105 326 416 536 701 572 482 496 908 1,466
Interest 8 4 8 10 2 4 5 7 19 16 19 28 44
Depreciation 64 82 130 220 137 154 223 300 382 451 452 526 580
Profit before tax 660 600 671 993 1,877 2,433 3,116 3,297 2,355 1,798 2,203 3,800 4,973
Tax % 25% 21% 22% 29% 29% 30% 30% 33% 22% 25% 24% 23%
497 475 525 702 1,338 1,667 1,960 2,203 1,827 1,347 1,677 2,914 3,836
EPS in Rs 11.44 12.01 14.57 22.71 49.27 61.27 71.89 80.75 66.91 49.28 61.32 106.55 140.19
Dividend Payout % 14% 17% 21% 22% 20% 16% 15% 15% 19% 34% 34% 35%
Compounded Sales Growth
10 Years: 9%
5 Years: 10%
3 Years: 16%
TTM: 16%
Compounded Profit Growth
10 Years: 25%
5 Years: 8%
3 Years: 17%
TTM: 47%
Stock Price CAGR
10 Years: 22%
5 Years: 17%
3 Years: 24%
1 Year: 39%
Return on Equity
10 Years: 22%
5 Years: 18%
3 Years: 16%
Last Year: 21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 27 27 27 27 27 27 27 27 27 27 27 27 27
Reserves 1,466 1,728 2,028 2,489 3,626 5,318 7,003 8,891 9,954 11,411 12,581 14,963 15,904
43 23 84 58 23 112 151 187 249 219 108 288 416
2,257 2,694 3,197 3,829 1,263 1,552 2,341 2,281 2,220 2,901 3,424 3,919 4,715
Total Liabilities 3,793 4,471 5,337 6,403 4,939 7,009 9,522 11,387 12,450 14,559 16,140 19,198 21,062
504 992 1,656 2,309 790 873 1,502 1,875 2,378 2,433 2,424 2,690 3,158
CWIP 352 504 464 419 94 374 333 450 312 314 505 472 167
Investments 513 638 825 1,078 3,388 4,987 5,581 4,923 5,749 3,902 7,721 12,321 12,965
2,424 2,337 2,391 2,597 667 775 2,106 4,140 4,011 7,909 5,490 3,715 4,772
Total Assets 3,793 4,471 5,337 6,403 4,939 7,009 9,522 11,387 12,450 14,559 16,140 19,198 21,062

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
405 496 716 1,047 1,463 1,708 2,482 1,575 1,694 1,691 1,527 2,847
-338 -773 -790 -1,214 -1,001 -1,744 -2,145 -660 -1,508 -1,625 -983 -2,422
-114 -111 -47 -162 -466 25 -262 -292 -858 -15 -593 -417
Net Cash Flow -47 -388 -121 -329 -4 -10 75 623 -673 51 -50 8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 22 25 27 23 2 3 3 3 3 7 11 9
Inventory Days 38 39 41 41 33 33 31 46 42 62 69 57
Days Payable 70 76 94 96 77 75 92 89 74 108 110 80
Cash Conversion Cycle -10 -12 -25 -31 -42 -40 -58 -40 -28 -39 -29 -14
Working Capital Days -20 -20 -27 -33 -45 -49 -58 -35 -37 -23 -12 -12
ROCE % 29% 22% 22% 28% 51% 53% 49% 41% 25% 17% 18% 27%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
49.22% 49.22% 49.22% 49.21% 49.21% 49.21% 49.20% 49.20% 49.18% 49.15% 49.15% 49.14%
28.83% 30.28% 29.45% 29.22% 29.50% 30.25% 29.85% 28.63% 30.28% 28.89% 30.27% 28.95%
9.50% 8.65% 9.73% 9.95% 10.13% 9.95% 9.96% 11.19% 10.03% 10.48% 9.73% 11.04%
0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10%
12.36% 11.76% 11.50% 11.52% 11.06% 10.48% 10.88% 10.88% 10.43% 11.37% 10.76% 10.77%
No. of Shareholders 2,58,5442,49,2882,71,0752,63,4792,34,5122,38,2942,60,1612,66,1682,45,4612,80,5302,48,4862,63,132

* 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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