Eicher Motors Ltd(EICHERMOT)

NSE: EICHERMOTBSE: 505200

₹ 7,050-0.94%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1.94 L crWebsite: www.eichermotors.comUpdated: 24 Oct 2026

About

Eicher Motors Limited operates two businesses: Royal Enfield, India's dominant mid-size motorcycle maker, and VE Commercial Vehicles (VECV), a 54.4%-owned joint venture with the Volvo Group making trucks and buses. In FY26, EML posted consolidated revenue of Rs 23,408 crores, while the combined EML and VECV topline crossed Rs 50,000 crores for the first time. Royal Enfield holds approximately 85% of India's mid-size motorcycle segment and sells in 80+ countries; VECV is India's number-one player in light and medium duty trucks.^[1][2][3][4]

Business segments

Royal Enfield (motorcycles): international revenue crossed Rs 1,000 crores for the first time in Q1 FY27, now ~15% of overall EML revenue; allied businesses (spare parts, service, accessories, apparel) also ~15% of revenues in Q1 FY27.^[3]
VECV (trucks, buses, powertrains): EML holds 54.4% stake in this Volvo Group JV. VECV crossed 1,00,000 annual unit sales for the first time in FY26, recording 1,03,404 trucks and buses.^[4]

Products and brands

Royal Enfield's petrol portfolio spans 4 platforms and 14 models: 350cc (Bullet, Classic, Goan Classic, Hunter, Meteor), 440cc (Scram 440), 450cc (Guerrilla, Himalayan), and 650cc (Classic, Continental GT, Interceptor, Bear, Shotgun, Super Meteor).^[4]
Flying Flea C6, Royal Enfield's first electric motorcycle, launched in Bengaluru in April 2026; received the Red Dot Design Award. ~100+ units delivered in two months, accumulating ~29,000 km by Q1 FY27.^[3][4]
VECV holds 9.7% market share in India's Heavy Duty truck segment (combined Eicher and Volvo brands), up from 4.5% a decade ago, and 19.3% share in the bus segment as of FY26.^[4]

Manufacturing capacity and operations

Royal Enfield's installed capacity reached 1.5 million motorcycles per annum in Q1 FY27 after the first Cheyyar module came online; daily delivery rate at ~5,000 - 5,100 units as of Q1 FY27.^[3]
Cheyyar brownfield expansion (Rs 958 crores) will take total RE capacity to 2 million units p.a. by FY27-28; second capacity module at Cheyyar expected to kick in by October 2026.^[5][3]
VECV announced a Rs 544 crore greenfield AMT plant at Vikram Udyogpuri, Madhya Pradesh, with initial capacity of 40,000 units p.a., producing Volvo Group's 12-speed automated manual transmission primarily for export to Asia and Oceania.^[6]
Royal Enfield has a technology centre in Bruntingthorpe, UK, and international subsidiaries in Brazil, Canada, North America, Thailand, the UK, the Netherlands, and a branch office in Germany.^[4]

Key operating numbers

Royal Enfield sold 3,32,940 motorcycles in Q1 FY27 - its highest-ever quarterly volume - up 27% from 2,61,326 units in Q1 FY26; India volumes 3,01,174 and international 31,766.^[3]
Royal Enfield's highest-ever monthly sales: 1,33,958 units in September 2026 (+8% YoY); year-to-date FY27 sales of 7,09,096 units, up 20% vs 5,91,903 units in the same period FY26.^[7]
Royal Enfield FY26 full-year volumes: 12,27,977 motorcycles (+22% YoY), with domestic sales of 11,07,343 (+20%) and international exports of 1,20,634 (+23%).^[4]
Royal Enfield's mid-size segment market share in India: ~85% in Q1 FY27; overall Indian motorcycle segment share at 9.1% in Q1 FY27.^[3]
VECV sold 24,815 units in Q1 FY27 (+14.8% YoY); year-to-date H1 FY27 (through September 2026) sales of 52,886 units, up 21.5% vs 43,511 units in H1 FY26.^[3][8]
Finance penetration for Royal Enfield in India stood at 59.3% by end of FY26.^[4]

Distribution and customers

Royal Enfield operates 2,100+ premium distribution touchpoints in India - 937 studio stores and 1,177 large-size stores - and 1,200+ touchpoints across 80+ countries internationally (including 356 exclusive stores and 869 multi-brand outlets) as of FY26.^[4]
Royal Enfield accessories penetration among motorcycle buyers has risen from 35 - 40% to 87% as of Q1 FY27; allied business (spare parts, service, accessories, apparel) growing at 20%+ with ~9 lakh service job cards per month.^[3]
Brazil is RE's largest and fastest-growing international market outside India as of FY26, growing 71% YoY; RE holds #2 position in the middleweight segment there. RE is #1 in SAARC (Bangladesh and Nepal).^[1][6]

Expansion and capex

Flying Flea C6 EV rollout expanding to 10 Bengaluru touchpoints, then city-by-city to 6 additional markets; RE evaluating a CKD assembly plant in Indonesia to bypass the 10,000-unit import quota, with decision expected in Q2 FY27.^[3]
EML to invest up to Rs 750 crores for a 50% stake in a 50:50 financing JV with Volvo (VFS India) to serve VECV, EML and Royal Enfield customers; JV AUM targeted at Rs 9,000 - 10,000 crores over 5 years.^[1]

Recent developments

VECV September 2026 sales: 11,396 units, up 51.6% vs 7,619 units in September 2025; H1 FY27 year-to-date VECV volumes of 52,886 units, up 21.5%.^[8]
Royal Enfield recorded highest-ever monthly sales of 1,33,958 units in September 2026 (+8% YoY), with export sales of 12,632 units (+17% YoY).^[7]
Royal Enfield launched e-commerce sales of its 350cc portfolio on Flipkart from September 22, 2025 in five cities (Bengaluru, Gurugram, Kolkata, Lucknow, Mumbai) as an omnichannel pilot.^[6]
Commodity headwinds (aluminium, crude, steel, copper, precious metals) created a net ~4 - 4.5% cost increase in Q1 FY27; partially offset by a ~1.2% April 2026 price hike on 350cc bikes and 0.4% VAVE savings.^[3]

Market Cap

₹1,93,538 Cr

High / Low

₹8,233 / 6,439

Stock P/E

34.6

Price / Book

8.0

Book Value

₹915

EPS

₹201.1

No. of Shares

27.43 Cr

ROCE

30.6%

ROE

23.8%

OPM

25.8%

Debt / Equity

0.01

Sales

₹23,408 Cr

Net Profit

₹5,515 Cr

Promoter holding

49.0%

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