EICHERMOT

Eicher Motors Limited

Royal Enfield's maker, plus a Volvo joint venture in medium and heavy trucks

Consumer Discretionary›Automobile and Auto Components›Automobiles›2/3 Wheelers

eicher.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹7284.50
Market cap
1,99,881 Cr
Stock P/E
34.6
P/B
7.96
Dividend yield
1.0%
ROE (FY26)
22.0%
ROCE (FY26)
28.2%
Operating margin (FY26)
21.1%
Debt / equity (FY26)
0.01
OCF / EBITDA (FY26)
83.1%
OCF / EBITDA (3Y)
84.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Eicher Motors (Eicher) makes Royal Enfield mid-size motorcycles, sold in India and in over 80 countries.

Company snapshot

2ndBy market cap

Ranked among 6 companies in 2/3 Wheelers.

What we see

Positives
  • ✓Net margin of 23.6% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales4,115 Cr4,179 Cr4,256 Cr4,393 Cr4,263 Cr4,973 Cr5,241 Cr5,042 Cr6,172 Cr6,114 Cr6,080 Cr6,632 Cr
Operating expenses (approx.)3,027 Cr3,089 Cr3,127 Cr3,228 Cr3,175 Cr3,772 Cr3,983 Cr3,839 Cr4,660 Cr4,557 Cr4,566 Cr5,042 Cr
EBITDA1,087 Cr1,090 Cr1,129 Cr1,165 Cr1,088 Cr1,201 Cr1,258 Cr1,203 Cr1,512 Cr1,557 Cr1,514 Cr1,591 Cr
OPM %26.4%26.1%26.5%26.5%25.5%24.2%24.0%23.9%24.5%25.5%24.9%24.0%
Other income274 Cr254 Cr305 Cr282 Cr354 Cr289 Cr380 Cr446 Cr351 Cr337 Cr352 Cr466 Cr
Interest13 Cr12 Cr15 Cr12 Cr13 Cr13 Cr16 Cr15 Cr19 Cr17 Cr20 Cr22 Cr
Depreciation143 Cr148 Cr165 Cr169 Cr180 Cr179 Cr201 Cr198 Cr200 Cr211 Cr232 Cr278 Cr
Profit before tax1,307 Cr1,298 Cr1,385 Cr1,441 Cr1,362 Cr1,461 Cr1,669 Cr1,593 Cr1,779 Cr1,793 Cr1,937 Cr1,925 Cr
Tax %22.3%23.3%22.7%23.6%19.2%19.9%18.4%24.3%23.0%20.8%21.5%24.0%
Net profit1,016 Cr996 Cr1,070 Cr1,101 Cr1,100 Cr1,171 Cr1,362 Cr1,205 Cr1,369 Cr1,421 Cr1,520 Cr1,463 Cr
EPS (₹)₹37.13₹36.38₹39.10₹40.21₹40.15₹42.70₹49.69₹43.95₹49.93₹51.79₹55.41₹53.30

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7,939 Cr9,219 Cr9,797 Cr9,154 Cr8,720 Cr10,298 Cr14,442 Cr16,536 Cr18,870 Cr23,408 CrSign in free for the trailing twelve months
Operating expenses (approx.)5,766 Cr6,412 Cr6,894 Cr6,973 Cr6,939 Cr8,126 Cr10,999 Cr12,209 Cr14,158 Cr17,622 CrSign in free for the trailing twelve months
EBITDA2,174 Cr2,808 Cr2,903 Cr2,180 Cr1,781 Cr2,172 Cr3,444 Cr4,327 Cr4,712 Cr5,785 CrSign in free for the trailing twelve months
OPM %27.4%30.5%29.6%23.8%20.4%21.1%23.8%26.2%25.0%24.7%Sign in free for the trailing twelve months
Other income227 Cr280 Cr443 Cr543 Cr453 Cr441 Cr595 Cr1,076 Cr1,305 Cr1,487 CrSign in free for the trailing twelve months
Interest4 Cr5 Cr7 Cr19 Cr16 Cr19 Cr28 Cr51 Cr54 Cr72 CrSign in free for the trailing twelve months
Depreciation154 Cr223 Cr300 Cr382 Cr451 Cr452 Cr526 Cr598 Cr729 Cr840 CrSign in free for the trailing twelve months
Profit before tax2,433 Cr2,896 Cr3,280 Cr2,355 Cr1,798 Cr2,203 Cr3,800 Cr5,202 Cr5,933 Cr7,102 CrSign in free for the trailing twelve months
Tax %29.6%32.3%32.8%22.4%25.1%23.9%23.3%23.1%20.2%22.3%Sign in free for the trailing twelve months
Net profit1,667 Cr1,960 Cr2,203 Cr1,827 Cr1,347 Cr1,677 Cr2,914 Cr4,001 Cr4,734 Cr5,515 CrSign in free for the trailing twelve months
EPS (₹)₹613.12₹719.69₹807.76₹669.52₹49.30₹61.33₹106.56₹146.18₹172.76₹201.09Sign in free for the trailing twelve months
Dividend payout %————0.0%27.7%19.7%25.3%29.5%34.8%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital27 Cr27 Cr27 Cr27 Cr27 Cr27 Cr27 Cr27 Cr27 Cr27 Cr
Reserves5,318 Cr7,003 Cr8,891 Cr9,954 Cr11,411 Cr12,581 Cr14,963 Cr18,018 Cr21,269 Cr25,073 Cr
Borrowings112 Cr151 Cr187 Cr144 Cr157 Cr59 Cr196 Cr419 Cr266 Cr319 Cr
Other liabilities1,552 Cr2,341 Cr2,281 Cr2,324 Cr2,963 Cr3,534 Cr4,012 Cr4,663 Cr5,611 Cr6,744 Cr
Total liabilities7,009 Cr9,522 Cr11,387 Cr12,450 Cr14,559 Cr16,201 Cr19,198 Cr23,128 Cr27,174 Cr32,164 Cr
Fixed assets (net)835 Cr1,459 Cr1,692 Cr2,190 Cr2,092 Cr2,094 Cr2,226 Cr2,222 Cr2,586 Cr2,677 Cr
CWIP265 Cr142 Cr272 Cr27 Cr64 Cr134 Cr78 Cr212 Cr110 Cr203 Cr
Investments3,241 Cr3,817 Cr4,926 Cr5,752 Cr3,902 Cr7,721 Cr12,321 Cr13,527 Cr14,791 Cr17,496 Cr
Loans & advances——1 Cr0.12 Cr459 Cr677 Cr589 Cr0 Cr0 Cr451 Cr
Inventories336 Cr395 Cr633 Cr572 Cr875 Cr1,132 Cr1,278 Cr1,410 Cr1,564 Cr1,968 Cr
Trade receivables50 Cr68 Cr90 Cr87 Cr158 Cr302 Cr369 Cr374 Cr550 Cr354 Cr
Cash & bank17 Cr92 Cr727 Cr43 Cr94 Cr51 Cr89 Cr107 Cr219 Cr234 Cr
Other assets2,264 Cr3,549 Cr3,045 Cr3,779 Cr6,914 Cr4,090 Cr2,248 Cr5,276 Cr7,355 Cr8,781 Cr
Total assets7,009 Cr9,522 Cr11,387 Cr12,450 Cr14,559 Cr16,201 Cr19,198 Cr23,128 Cr27,174 Cr32,164 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity1,708 Cr2,482 Cr1,575 Cr1,694 Cr1,714 Cr1,527 Cr2,847 Cr3,742 Cr3,980 Cr4,805 Cr
Cash from investing-1,744 Cr-2,145 Cr-660 Cr-1,508 Cr-1,648 Cr-983 Cr-2,422 Cr-2,852 Cr-2,483 Cr-2,964 Cr
Cash from financing25 Cr-262 Cr-292 Cr-858 Cr-15 Cr-593 Cr-417 Cr-844 Cr-1,399 Cr-1,983 Cr
Net cash flow-10 Cr75 Cr623 Cr-673 Cr51 Cr-50 Cr8 Cr45 Cr121 Cr-12 Cr
Free cash flow (OCF − Capex)1,160 Cr1,734 Cr784 Cr1,148 Cr1,159 Cr886 Cr2,165 Cr2,923 Cr2,941 Cr3,530 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %44.7%40.4%36.1%23.4%15.7%17.5%25.2%28.4%27.8%28.2%
ROE %31.2%27.9%24.7%18.3%11.8%13.3%19.4%22.2%22.2%22.0%
Debtor days233371198115
Inventory days34324645637159595757
Days payable7794898011111384879380
Cash conversion cycle-41-60-40-32-41-31-15-20-25-17
OCF / EBITDA %78.6%88.4%54.3%77.7%96.2%70.3%82.7%86.5%84.5%83.1%
OCF / EBITDA % (3 years)——73.1%72.9%72.6%80.5%82.3%81.6%84.7%84.5%
Debt / equity0.020.020.020.010.010.00470.010.020.010.01
Current ratio0.901.122.103.153.351.881.141.151.631.90
Net debt / EBITDA0.04—-0.190.050.040.00380.030.070.010.01