Eicher Motors Ltd.
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ABOUT
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Company has delivered good profit growth of 30.5% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 33.0%
- Company has a good return on equity (ROE) track record: 3 Years ROE 25.6%
- Company has delivered good sales growth of 21.4% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.95x)
CONS
- A large part of profit comes from other income (25.5% of PBT)
- Stock is trading at 8.3x its book value
- Operating margins have contracted to 25.4% from 28.5%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJ-AUTO | 11810.00 | 27.60 | 324543.33 | 1.27 | 3188.75 | 44.26 | 21688.83 | 71.50 | 28.68 | 20.88 |
| EICHERMOT | 7700.00 | 36.62 | 211381.71 | 1.06 | 1462.51 | 21.35 | 6632.42 | 34.11 | 30.54 | 26.51 |
| TVSMOTOR | 4115.00 | 57.03 | 195498.35 | 0.29 | 1057.61 | 64.52 | 16295.52 | 33.46 | 18.24 | 14.38 |
| HEROMOTOCO | 5280.00 | 19.39 | 105674.56 | 3.50 | 1417.93 | -91.69 | 13126.35 | 34.94 | 35.92 | 12.97 |
| ATHERENERG | 1639.80 | 0.00 | 65035.08 | 0.00 | -510.90 | — | 12169.20 | — | -21.59 | -2.73 |
| OLAELEC | 39.16 | 0.00 | 18124.85 | 0.00 | -336.00 | 21.50 | 455.00 | -45.05 | -20.87 | -36.26 |
| ATULAUTO | 449.20 | 26.39 | 1246.59 | 0.67 | 8.04 | 290.29 | 218.43 | 44.73 | 11.27 | 7.72 |
| URJA | 9.00 | 458.40 | 501.49 | 0.00 | 0.43 | -55.42 | 13.96 | -26.55 | 1.40 | 3.99 |
| WARDINMOBI | 5.75 | 183.62 | 172.97 | 0.00 | 0.17 | -84.77 | 61.64 | 91.02 | 12.48 | 6.17 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,844 | 3,863 | 3,999 | 4,121 | 4,161 | 4,132 | 4,831 | 5,023 | 4,820 | 5,811 | 5,877 | 5,788 | 6,214 | |
| 2,888 | 2,833 | 2,939 | 3,037 | 3,053 | 3,101 | 3,684 | 3,846 | 3,677 | 4,433 | 4,398 | 4,378 | 4,973 | |
| Operating Profit | 956 | 1,029 | 1,059 | 1,085 | 1,108 | 1,032 | 1,146 | 1,177 | 1,143 | 1,378 | 1,479 | 1,410 | 1,241 |
| OPM % | 24.86% | 26.65% | 26.49% | 26.32% | 26.63% | 24.97% | 23.73% | 23.43% | 23.72% | 23.71% | 25.17% | 24.36% | 19.97% |
| 335 | 276 | 250 | 307 | 417 | 337 | 300 | 354 | 659 | 340 | 284 | 357 | 727 | |
| Interest | 3 | 5 | 5 | 6 | 4 | 5 | 6 | 9 | 7 | 7 | 7 | 7 | 7 |
| Depreciation | 135 | 131 | 138 | 155 | 158 | 169 | 168 | 189 | 186 | 188 | 199 | 216 | 262 |
| Profit before Tax | 1,209 | 1,238 | 1,221 | 1,302 | 1,433 | 1,268 | 1,350 | 1,418 | 1,697 | 1,614 | 1,668 | 1,657 | 1,968 |
| Tax % | 24.42% | 24.17% | 25.17% | 24.48% | 24.08% | 20.35% | 21.76% | 20.63% | 23.03% | 25.16% | 22.65% | 25.40% | 23.45% |
| Net Profit | 914 | 938 | 914 | 983 | 1,088 | 1,010 | 1,056 | 1,125 | 1,306 | 1,208 | 1,290 | 1,236 | 1,507 |
| 33.40 | 34.29 | 33.38 | 35.91 | 39.72 | 36.85 | 38.53 | 41.04 | 47.65 | 44.04 | 47.03 | 45.07 | 54.91 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 7,038 | 8,958 | 9,794 | 9,077 | 8,619 | 10,123 | 14,067 | 16,078 | 18,451 | 22,700 | 23,690 | |
| 4,832 | 6,104 | 6,850 | 6,874 | 6,833 | 8,009 | 10,673 | 11,698 | 13,683 | 16,887 | 18,182 | |
| Operating Profit | 2,206 | 2,853 | 2,944 | 2,204 | 1,787 | 2,114 | 3,394 | 4,380 | 4,768 | 5,813 | 5,508 |
| OPM % | 31.34% | 31.85% | 30.06% | 24.28% | 20.73% | 20.88% | 24.12% | 27.24% | 25.84% | 25.61% | 23.25% |
| 227 | 20 | 491 | 615 | 452 | 454 | 640 | 1,168 | 1,409 | 1,639 | 1,708 | |
| Interest | 3 | 3 | 3 | 11 | 9 | 10 | 13 | 19 | 24 | 27 | 28 |
| Depreciation | 153 | 222 | 299 | 378 | 446 | 446 | 512 | 559 | 684 | 788 | 865 |
| Profit before Tax | 2,277 | 2,648 | 3,133 | 2,430 | 1,783 | 2,112 | 3,508 | 4,970 | 5,469 | 6,637 | 6,907 |
| Tax % | 31.49% | 35.32% | 34.43% | 21.66% | 25.44% | 24.90% | 25.25% | 24.56% | 21.75% | 24.04% | 24.12% |
| Net Profit | 1,560 | 1,713 | 2,054 | 1,904 | 1,330 | 1,586 | 2,623 | 3,749 | 4,279 | 5,041 | 5,241 |
| EPS | 572.17 | 627.88 | 752.54 | 69.72 | 48.61 | 57.96 | 95.74 | 136.94 | 156.06 | 183.77 | — |
| Dividend Payout % | 17.44% | 17.51% | 16.60% | 17.92% | 34.94% | 36.20% | 38.59% | 37.24% | 44.85% | 44.62% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 21%
- 3 Years:
- 17%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 14%
- 5 Years:
- 31%
- 3 Years:
- 24%
STOCK PRICE CAGR
- 10 Years:
- 13%
- 5 Years:
- 22%
- 3 Years:
- 31%
- 1 Year:
- 11%
RETURN ON EQUITY
- 10 Years:
- 28%
- 5 Years:
- 23%
- 3 Years:
- 26%
- Last Year:
- 25%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 3,850 | 5,285 | 7,040 | 8,178 | 9,598 | 10,726 | 12,801 | 15,589 | 18,366 | 21,622 | |
| 100 | 142 | 150 | 175 | 248 | 356 | 575 | 774 | 857 | 1,064 | |
| Trade Payables | 764 | 1,170 | 1,231 | 1,001 | 1,495 | 1,764 | 1,753 | 2,028 | 2,446 | 2,691 |
| 798 | 1,170 | 1,029 | 1,197 | 1,257 | 1,349 | 1,720 | 2,055 | 2,390 | 3,159 | |
| Total Liabilities | 5,540 | 7,795 | 9,477 | 10,579 | 12,625 | 14,223 | 16,876 | 20,473 | 24,086 | 28,564 |
| 866 | 1,493 | 1,867 | 2,366 | 2,423 | 2,401 | 2,600 | 2,774 | 3,335 | 3,670 | |
| Capital Work in Progress | 264 | 142 | 272 | 27 | 60 | 133 | 74 | 210 | 96 | 201 |
| 3,542 | 3,866 | 3,047 | 3,926 | 2,045 | 5,950 | 10,280 | 11,307 | 12,027 | 14,199 | |
| 322 | 379 | 605 | 518 | 769 | 898 | 911 | 1,069 | 1,106 | 1,302 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 573 | 1,081 | 1,340 | |
| Cash & Bank | 21 | 1,209 | 2,940 | 2,926 | 5,799 | 2,699 | 704 | 93 | 161 | 71 |
| 525 | 705 | 746 | 817 | 1,529 | 2,142 | 2,306 | 4,447 | 6,281 | 7,781 | |
| Total Assets | 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
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2,413 | 3,322 | 2,517 | 2,346 | 2,131 | 2,084 | 3,543 | 3,845 | 3,830 | 4,709 | |
| Cash from Investing | -1,752 | -2,158 | -673 | -1,506 | -1,615 | -1,138 | -2,390 | -3,014 | -2,478 | -2,998 |
| Cash from Financing | -19 | -280 | -334 | -883 | -16 | -474 | -441 | -796 | -1,315 | -1,911 |
| -10 | 76 | 601 | -671 | 44 | -42 | -45 | 35 | 37 | -201 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Eicher Motors Limited has informed the Exchange about Schedule of meet
2026-09-04 - Eicher Motors Limited has informed the Exchange regarding a press release dated September 04, 2026, titled "RETURN OF THE MOUNTAIN G.O.A.T. - THE OG HIMALAYAN IS BACK BY COMMUNITY DEMAND WITH THE LAUNCH OF HIMALAYAN 440".
2026-09-04 - Eicher Motors Limited has informed the Exchange about Schedule of meet
2026-09-01 - Eicher Motors Limited has informed the Exchange about Schedule of meet
2026-09-01 - Eicher Motors Limited has informed the Exchange regarding Monthly Business Updates for the month of August 2026 of VE Commercial Vehicles Limited, an unlisted material subsidiary of Eicher Motors Limited
2026-09-01 - Eicher Motors Limited has informed the Exchange regarding Monthly Business Updates for the month of August 2026
2026-08-25 - Eicher Motors Limited has informed the Exchange about Schedule of meet
2026-08-20 - Eicher Motors Limited has informed the Exchange about Appointment/Re-appointment of Director at 44th AGM
2026-08-20 - Eicher Motors Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 20, 2026. Further, the company has informed the Exchange regarding voting results.
News
Recent coverage and analyst commentary for EICHERMOT
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Eicher Motors Ltd.
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