Eicher Motors Ltd

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

Eicher Motors Ltd

₹ 7,036 -0.46%
08 Jun 10:39 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 ₹ 1,93,008 Cr.
  • Current Price ₹ 7,036
  • High / Low ₹ 8,233 / 5,220
  • Stock P/E 34.7
  • Book Value ₹ 915
  • Dividend Yield 1.01 %
  • ROCE 30.5 %
  • ROE 24.0 %
  • Face Value ₹ 1.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 32.8% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 38.7%

Cons

  • Stock is trading at 7.73 times its book value
  • Earnings include an other income of Rs.2,229 Cr.
  • Working capital days have increased from 34.0 days to 66.6 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

Consolidated Figures in Rs. Crores / View Standalone

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
3,804 3,986 4,115 4,179 4,256 4,393 4,263 4,973 5,241 5,042 6,172 6,114 6,080
2,871 2,966 3,027 3,089 3,127 3,228 3,175 3,772 3,983 3,839 4,660 4,557 4,566
Operating Profit 934 1,021 1,087 1,090 1,129 1,165 1,088 1,201 1,258 1,203 1,512 1,557 1,514
OPM % 25% 26% 26% 26% 27% 27% 26% 24% 24% 24% 24% 25% 25%
379 344 375 368 437 457 468 452 628 603 486 465 675
Interest 8 10 13 12 15 12 13 13 16 15 19 17 20
Depreciation 148 142 143 148 165 169 180 179 201 198 200 211 232
Profit before tax 1,156 1,212 1,307 1,298 1,385 1,441 1,362 1,461 1,669 1,593 1,779 1,793 1,937
Tax % 22% 24% 22% 23% 23% 24% 19% 20% 18% 24% 23% 21% 22%
906 918 1,016 996 1,070 1,101 1,100 1,170 1,362 1,205 1,369 1,421 1,520
EPS in Rs 33.11 33.58 37.12 36.38 39.10 40.20 40.15 42.70 49.68 43.95 49.93 51.79 55.41
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
8,738 6,173 7,033 8,965 9,797 9,154 8,720 10,298 14,442 16,536 18,870 23,408
7,621 4,484 4,859 6,156 6,893 6,971 6,937 8,120 10,996 12,206 14,148 17,622
Operating Profit 1,118 1,690 2,174 2,809 2,904 2,183 1,783 2,178 3,446 4,329 4,723 5,785
OPM % 13% 27% 31% 31% 30% 24% 20% 21% 24% 26% 25% 25%
105 326 416 536 701 572 482 496 908 1,521 1,994 2,229
Interest 10 2 4 5 7 19 16 19 28 51 54 72
Depreciation 220 137 154 223 300 382 451 452 526 598 729 840
Profit before tax 993 1,877 2,433 3,116 3,297 2,355 1,798 2,203 3,800 5,202 5,933 7,102
Tax % 29% 29% 30% 30% 33% 22% 25% 24% 23% 23% 20% 22%
702 1,338 1,667 1,960 2,203 1,827 1,347 1,677 2,914 4,001 4,734 5,515
EPS in Rs 22.71 49.27 61.27 71.89 80.75 66.91 49.28 61.32 106.55 146.13 172.69 201.06
Dividend Payout % 22% 20% 16% 15% 15% 19% 34% 34% 35% 35% 41% 41%
Compounded Sales Growth
10 Years: 14%
5 Years: 22%
3 Years: 17%
TTM: 24%
Compounded Profit Growth
10 Years: 15%
5 Years: 33%
3 Years: 24%
TTM: 17%
Stock Price CAGR
10 Years: 14%
5 Years: 21%
3 Years: 25%
1 Year: 31%
Return on Equity
10 Years: 23%
5 Years: 22%
3 Years: 24%
Last Year: 24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 2,489 3,626 5,318 7,003 8,891 9,954 11,411 12,581 14,963 18,018 21,269 25,073
58 23 112 151 187 249 219 108 288 419 458 514
3,829 1,263 1,552 2,341 2,281 2,220 2,901 3,424 3,919 4,650 5,420 6,549
Total Liabilities 6,403 4,939 7,009 9,522 11,387 12,450 14,559 16,140 19,198 23,115 27,174 32,164
2,309 790 873 1,502 1,875 2,378 2,433 2,424 2,690 2,914 3,473 4,385
CWIP 419 94 374 333 450 312 314 505 472 555 491 203
Investments 1,078 3,388 4,987 5,581 4,923 5,749 3,902 7,721 12,321 13,527 14,791 17,496
2,597 667 775 2,106 4,140 4,011 7,909 5,490 3,715 6,119 8,419 10,080
Total Assets 6,403 4,939 7,009 9,522 11,387 12,450 14,559 16,140 19,198 23,115 27,174 32,164

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,047 1,463 1,708 2,482 1,575 1,694 1,691 1,527 2,823 3,724 3,980 4,805
-1,214 -1,001 -1,744 -2,145 -660 -1,508 -1,625 -983 -2,397 -2,834 -2,461 -2,964
-162 -466 25 -262 -292 -858 -15 -593 -417 -844 -1,399 -1,983
Net Cash Flow -329 -4 -10 75 623 -673 51 -50 8 45 121 -142
Free Cash Flow 79 954 1,161 1,736 786 1,150 1,176 888 2,149 2,909 2,951 3,538
CFO/OP 119% 117% 109% 117% 86% 106% 120% 94% 104% 111% 107% 107%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 23 2 3 3 3 3 7 11 9 8 11 6
Inventory Days 41 33 33 31 46 42 62 69 57 57 55 55
Days Payable 96 77 75 92 89 74 108 110 80 85 90 76
Cash Conversion Cycle -31 -42 -40 -58 -40 -28 -39 -29 -14 -19 -24 -16
Working Capital Days -35 -47 -55 -64 -42 -44 -30 -15 -14 5 31 67
ROCE % 28% 51% 53% 49% 41% 25% 17% 18% 27% 31% 30% 31%

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)
% ・Standalone data

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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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