Eicher Motors Ltd
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 #
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.
It has launched two BS-VI Compliant Motorcycles, i.e. Classic 350 BS-VI and Himalayan BS-VI in FY20#
Commercial Vehicle segment
Its VECV segment makes- light & medium-duty trucks, heavy-duty trucks and buses, engineering components, and aggregates. It is also the manufacturer of medium-duty base engines for Euro VI requirements of the Volvo Group#
It has launched India’s first BS-VI compliant CV range in FY20#
Manufacturing Facility
It has 3 Manufacturing Facility around Chennai. #
Its VECV’s manufacturing plant in Pithampur, Madhya Pradesh produces medium-duty five- and eight-liter engines. #
Its VE PowerTrain plant is the first engine plant in India to produce a Euro-6 compliant base engine#
A new body shop for Pro 2000 and Pro 8000 trucks has been commissioned and installed. #
Capacity expansion
Its Pithampur Plant has the capacity to produce ~90,000 trucks per annum #
Its Phase 1 capacity expansion for the Bhopal plant is 40k vehicles per annum #
Its VE PowerTrain plant current capacity is 50,000 engines, scalable up to 100,000 engines #
Distribution
It has 1889 dealers (989 stores and 900 studio stores) across 1,550 cities. Its network has grown 3 times in the last 5 years. They are planning to add 600 stores during FY21. #
It has 308 dealers, 27 distributors for its Bus Segment#
It has added 35 new stores across international markets in FY19-20, increasing its overall touchpoints to over 660 stores including 77 exclusive stores and 585 multi-brand outlets.#
Market Share
Mid-size Motorcycles segment: >95% in FY20
VE Commercial Vehicles market share in domestic LMD segment: 29.5% in FY20#
Above 125cc segment: 26.6% in FY20 #
Commercial Vehicle: 14.6% in FY20 #
Overall Motorcycle segment: 6% #
Eicher HD Trucks Market Share: 5.1% in FY20 #
Revenue Mix
Domestic: 91% In FY20
International: 9.1% in FY20 which was 2.8% in FY16 #
Product-wise Revenue
Two-wheelers: 88% of Revenue
Spare parts and other components: 7% of Revenue
Accessories and other allied products: 5% of Revenue #
R&D
It has 2 technology centers, one each at Leicestershire, UK and Chennai, India #
- Market Cap ₹ 68,298 Cr.
- Current Price ₹ 2,499
- High / Low ₹ 3,037 / 1,245
- Stock P/E 60.7
- Book Value ₹ 378
- Dividend Yield 0.50 %
- ROCE 24.6 %
- ROE 19.4 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 25.38%
Cons
- The company has delivered a poor sales growth of 0.93% over past five years.
- Earnings include an other income of Rs.513.75 Cr.
Peer comparison
Sector: Automobile Industry: Automobiles - Motorcycles / Mopeds
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2,528 | 2,548 | 2,408 | 2,341 | 2,500 | 2,382 | 2,192 | 2,371 | 2,208 | 818 | 2,134 | 2,828 | |
1,918 | 1,738 | 1,696 | 1,662 | 1,815 | 1,767 | 1,651 | 1,779 | 1,790 | 880 | 1,666 | 2,156 | |
Operating Profit | 610 | 810 | 712 | 680 | 685 | 614 | 541 | 592 | 418 | -62 | 467 | 672 |
OPM % | 24% | 32% | 30% | 29% | 27% | 26% | 25% | 25% | 19% | -8% | 22% | 24% |
Other Income | 181 | 124 | 171 | 189 | 218 | 141 | 153 | 151 | 143 | 114 | 100 | 156 |
Interest | 1 | 2 | 2 | 2 | 2 | 5 | 4 | 4 | 6 | 5 | 4 | 4 |
Depreciation | 64 | 70 | 72 | 77 | 81 | 88 | 90 | 95 | 109 | 98 | 105 | 123 |
Profit before tax | 726 | 862 | 809 | 789 | 820 | 663 | 601 | 644 | 447 | -51 | 459 | 702 |
Tax % | 36% | 33% | 32% | 32% | 34% | 32% | 5% | 23% | 32% | -9% | 25% | 24% |
Net Profit | 462 | 576 | 549 | 533 | 545 | 452 | 573 | 499 | 304 | -55 | 343 | 533 |
EPS in Rs | 16.93 | 21.13 | 20.12 | 19.54 | 19.97 | 16.55 | 20.99 | 18.27 | 11.14 | -2.02 | 12.57 | 19.49 |
Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,717 | 2,939 | 4,397 | 5,684 | 6,390 | 6,810 | 8,738 | 6,173 | 7,033 | 8,965 | 9,797 | 9,154 | 7,988 | |
1,723 | 2,800 | 4,050 | 5,095 | 5,841 | 6,097 | 7,624 | 4,484 | 4,859 | 6,157 | 6,893 | 6,971 | 6,492 | |
Operating Profit | -6 | 139 | 347 | 589 | 549 | 713 | 1,115 | 1,690 | 2,174 | 2,808 | 2,904 | 2,183 | 1,496 |
OPM % | -0% | 5% | 8% | 10% | 9% | 10% | 13% | 27% | 31% | 31% | 30% | 24% | 19% |
Other Income | 111 | 111 | 137 | 142 | 137 | 95 | 107 | 326 | 417 | 536 | 701 | 573 | 514 |
Interest | 10 | 9 | 10 | 8 | 4 | 8 | 10 | 2 | 4 | 5 | 7 | 19 | 18 |
Depreciation | 37 | 54 | 57 | 64 | 82 | 130 | 220 | 137 | 154 | 223 | 300 | 382 | 435 |
Profit before tax | 59 | 187 | 418 | 660 | 600 | 671 | 993 | 1,877 | 2,433 | 3,116 | 3,297 | 2,355 | 1,557 |
Tax % | -15% | 31% | 27% | 25% | 21% | 22% | 29% | 29% | 30% | 30% | 33% | 22% | |
Net Profit | 63 | 83 | 189 | 309 | 324 | 394 | 615 | 1,338 | 1,667 | 1,960 | 2,203 | 1,827 | 1,125 |
EPS in Rs | 2.23 | 3.12 | 7.01 | 11.44 | 12.01 | 14.57 | 22.71 | 49.27 | 61.27 | 71.89 | 80.75 | 66.91 | 41.18 |
Dividend Payout % | 22% | 11% | 16% | 14% | 17% | 21% | 22% | 20% | 16% | 15% | 15% | 19% |
Compounded Sales Growth | |
---|---|
10 Years: | 12% |
5 Years: | 1% |
3 Years: | 9% |
TTM: | -15% |
Compounded Profit Growth | |
---|---|
10 Years: | 36% |
5 Years: | 26% |
3 Years: | 3% |
TTM: | -46% |
Stock Price CAGR | |
---|---|
10 Years: | 37% |
5 Years: | 6% |
3 Years: | -3% |
1 Year: | 51% |
Return on Equity | |
---|---|
10 Years: | 27% |
5 Years: | 29% |
3 Years: | 25% |
Last Year: | 19% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Sep 2020 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
28 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | |
Reserves | 1,076 | 1,042 | 1,205 | 1,466 | 1,728 | 2,028 | 2,489 | 3,626 | 5,318 | 7,003 | 8,891 | 9,954 | 10,292 |
Borrowings | 166 | 126 | 96 | 43 | 23 | 84 | 58 | 23 | 112 | 151 | 187 | 249 | 255 |
1,034 | 1,301 | 1,636 | 2,257 | 2,694 | 3,197 | 3,829 | 1,263 | 1,552 | 2,341 | 2,281 | 2,220 | 2,361 | |
Total Liabilities | 2,303 | 2,482 | 2,963 | 3,793 | 4,471 | 5,337 | 6,403 | 4,939 | 7,009 | 9,522 | 11,387 | 12,450 | 12,936 |
329 | 364 | 384 | 504 | 992 | 1,656 | 2,309 | 790 | 873 | 1,502 | 1,875 | 2,378 | 2,635 | |
CWIP | 52 | 12 | 70 | 352 | 504 | 464 | 419 | 94 | 374 | 333 | 450 | 312 | 40 |
Investments | 6 | 294 | 459 | 513 | 638 | 825 | 1,078 | 3,388 | 4,987 | 5,581 | 4,923 | 5,749 | 3,377 |
1,916 | 1,812 | 2,050 | 2,424 | 2,337 | 2,391 | 2,597 | 667 | 775 | 2,106 | 4,140 | 4,011 | 6,884 | |
Total Assets | 2,303 | 2,482 | 2,963 | 3,793 | 4,471 | 5,337 | 6,403 | 4,939 | 7,009 | 9,522 | 11,387 | 12,450 | 12,936 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-89 | 368 | 336 | 405 | 496 | 716 | 1,047 | 1,463 | 1,708 | 2,482 | 1,575 | 1,694 | |
265 | -266 | -192 | -338 | -773 | -790 | -1,214 | -1,001 | -1,744 | -2,145 | -660 | -1,508 | |
1,003 | -164 | -69 | -114 | -111 | -47 | -162 | -466 | 25 | -262 | -292 | -858 | |
Net Cash Flow | 1,180 | -61 | 75 | -47 | -388 | -121 | -329 | -4 | -10 | 75 | 623 | -673 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
ROCE % | 16% | 32% | 45% | 35% | 33% | 40% | 60% | 53% | 49% | 41% | 25% | |
Debtor Days | 38 | 29 | 22 | 22 | 25 | 27 | 23 | 2 | 3 | 3 | 3 | 3 |
Inventory Turnover | 7.99 | 12.30 | 11.01 | 10.11 | 9.26 | 9.97 | 7.30 | 11.65 | 12.86 | 9.97 | 8.40 |
Documents
Add documentRecent announcements
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1d
- Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 2d
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Feb
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Feb
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Feb
View all
Annual reports
- Financial Year 2020 from bse
- Financial Year 2019 from bse
- Financial Year 2018 from bse
- Financial Year 2017 from bse
- Financial Year 2016 from bse
- Financial Year 2014 from bse
- Financial Year 2013 from bse
- Financial Year 2013 from nse
- Financial Year 2012 from bse
- Financial Year 2011 from bse
- Financial Year 2011 from nse
- Financial Year 2010 from bse
- Financial Year 2010 from nse
- Financial Year 2009 from nse