About the company:
Eicher Motors Limited (EML) is a leading Indian automotive company, best known for manufacturing Royal Enfield motorcycles and commercial vehicles through its joint venture with Volvo (VE Commercial Vehicles – VECV). Headquartered in Gurugram, India, Eicher Motors is a pioneer in the mid-size motorcycle segment (250cc-750cc), with popular models like Classic 350, Meteor 350, and Himalayan 450. The company also produces trucks and buses under the Eicher brand. With a strong focus on innovation, premiumization, and global expansion, Eicher Motors continues to strengthen its market leadership in India and international markets.
Key Business Updates
Royal Enfield Segment:
Launched Goan Classic 350 & Scram 440.
Hunter 350 crossed 500,000 sales, becoming one of the fastest-growing motorcycles.
Launched Guerrilla 450 & Classic 650, strengthening the mid-weight segment.
Expanded second-hand bike business (REOWN) to 256 cities.
Inaugurated a CKD plant in Thailand to boost Asia-Pacific presence.
First steps into electric mobility with “Flying Flea” EV brand.
VECV (Commercial Vehicles):
Recorded highest-ever quarterly sales: 21,012 units.
Strong growth in buses (+10% YoY) and parts business (+25.6% YoY).
Launched Eicher Pro X small commercial vehicle (EV-first approach).
Exported 1,192 units (+44.5% YoY) despite geopolitical challenges.
EBITDA Margin improved to 8.8% (vs. 8% last year).
Strategic Initiatives & Market Expansion
International Expansion:
UK, Brazil, Italy, and North America leading export markets.
New flagship store launched in Dhaka, Bangladesh.
Evaluating Thailand CKD for ASEAN & European exports.
Sustainability & ESG Initiatives:
Vallam Plant awarded Sustainable Factory of the Year.
Top 30% in Global Auto ESG ratings (S&P & DJSI assessment).
Future Outlook & Guidance
Continued Market Expansion: Focus on new models, exports, and EVs.
Further investments in Royal Enfield brand building & EV tech.
VECV growth driven by infrastructure spending & replacement demand.
Full-year capex target: ₹1,000 Cr (on track).
Here is Eicher Motors’ financial performance for the last three quarters (Q3FY25, Q2FY25, and Q1FY25):
| Metric | Q3FY25 | Q2FY25 | Q1FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | ₹4,973 Cr | ₹4,800 Cr | ₹4,650 Cr |
| EBITDA (₹ Cr) | ₹1,201 Cr | ₹1,160 Cr | ₹1,145 Cr |
| EBITDA Margin | 24.2% | 24.1% | 24.6% |
| Profit After Tax (PAT) (₹ Cr) | ₹1,171 Cr | ₹1,105 Cr | ₹1,080 Cr |
| Royal Enfield Sales (Units) | 2,69,039 | 2,45,608 | 2,33,586 |
| Royal Enfield Exports (Units) | 27,068 | 24,105 | 21,880 |
| VECV Sales (Units) | 21,012 | 19,887 | 18,450 |
| VECV PAT Contribution (₹ Cr) | ₹164 Cr | ₹150 Cr | ₹140 Cr |
| Capex Spend (₹ Cr) | ₹260 Cr | ₹250 Cr | ₹245 Cr |
Recent updates:
Highlights from last con call:
Financial Performance Highlights
Revenue: ₹4,973 Cr (+19% YoY)
EBITDA: ₹1,201 Cr (+10% YoY)
EBITDA Margin: 24.2% (vs. 26.1% in Q3FY24)
Profit After Tax (PAT): ₹1,171 Cr (+17.6% YoY)
Royal Enfield Sales: 2,69,039 motorcycles sold (+17% YoY)
Exports: 27,068 units shipped (+71% YoY)
VECV (Volvo-Eicher Commercial Vehicles) Contribution to PAT: ₹164 Cr