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Maker of Royal Enfield motorcycles and, via a JV with Volvo, VE Commercial Vehicles trucks and buses.
Maker of Royal Enfield motorcycles and, via a JV with Volvo, VE Commercial Vehicles trucks and buses.
Royal Enfield carries the company, sold through dealer showrooms in India and in export markets. The trucks and buses business is run as a joint venture with Sweden's Volvo, so it is a shared stake rather than a wholly owned line.
In one line: India's Harley-Davidson for retro motorcycles.
Moat: narrow (brand, installed base, distribution). Royal Enfield's retro-heritage brand commands loyalty and pricing power in the 350cc+ segment.
Headquarters: Chennai, India · Founded: 1948 · Employees: 23,455
Size Eicher Motors (EICHERMOT.NS) is an India Consumer Discretionary company (Motor Vehicles) with a market value of $22.3B, the 47th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹7,670 on 6 Nov 2026.
Performance Over six months the shares gained 4.7%, against -5.8% for the median peer and 0.0% for the India market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 28.1% over the last twelve months (peer median +8.0%); the operating margin is 21.0% (peer median 6.4%).
Valuation It trades at 33.0× forward earnings against a peer median of 10.1× (2nd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.1 points above its cost of capital (13.6% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹250B | ₹233B | ₹188B | ₹165B | ₹144B |
| Revenue growth | — | +24% | +14% | +15% | — |
| Gross profit | ₹82.3B | ₹72.2B | ₹59.3B | ₹52.7B | ₹42.3B |
| EBITDA | ₹61.7B | ₹57.6B | ₹47.0B | ₹43.1B | ₹34.1B |
| Net income | ₹57.7B | ₹55.2B | ₹47.3B | ₹40.0B | ₹29.1B |
| Free cash flow | n/a | ₹40.5B | ₹32.4B | ₹30.9B | ₹24.0B |
| Capital expenditure | n/a | ₹12.8B | ₹10.4B | ₹8.19B | ₹6.82B |
| Total debt | n/a | ₹5.14B | ₹4.58B | ₹4.19B | ₹2.88B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Eicher Motors EICHERMOT.NS | $22.3B | +5% | +28% | 21% | 33.0× | 36.0% |
| Bajaj Auto BAJAJ-AUTO.NS | $31.7B | +3% | +48% | 19% | 24.0× | 27.3% |
| Hero Motocorp HEROMOTOCO.NS | $11.7B | +3% | +27% | 12% | 19.1× | 14.1% |
| TVS Motor TVSMOTOR.NS | $22.6B | +21% | +34% | 12% | 42.5× | n/a |
| Harley-Davidson HOG | $3.40B | +28% | -15% | -4% | 18.6× | 0.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EICHERMOT.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.2% | +3.4% | 6th highest of 21 |
| 6-month return | +4.7% | -5.8% | 5th highest of 21 |
| Distance from 52-week high | -6.8% | -28.1% | 2nd highest of 21 |
| Revenue growth (TTM) | +28.1% | +8.0% | 4th highest of 20 |
| Operating margin | 21.0% | 6.4% | highest of 21 |
| Forward P/E | 33.0× | 10.1× | 2nd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 36.0% | 6.3% | most demanding of 13 |
| Growth delivered (Del g) | +21.8% | +14.0% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | +14.2 pp | -8.3 pp | 2nd most demanding of 12 |
| ROIC minus cost of capital | +2.1 pp | -0.2 pp | 8th highest of 20 |
| EV / EBITDA | 34.1× | 13.7× | most expensive of 13 |
| Net debt / EBITDA | -0.9× | 0.3× | 4th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Eicher Motors EICHERMOT.NS | India | $22.3B | +5% | +28% | 21% | 33.0× | 36.0% | +21.8% |
| TVS Motor TVSMOTOR.NS | India | $22.6B | +21% | +34% | 12% | 42.5× | n/a | n/a |
| Geely Auto 0175.HK | Hong Kong | $20.1B | -34% | +27% | 4% | 6.5× | -9.3% | +29.3% |
| Rivian Automotive RIVN | United States | $19.9B | -4% | +11% | -53% | n/a | n/a | n/a |
| Traton 8TRA.DE | Germany | $18.9B | +2% | +1% | 6% | 6.1× | n/a | n/a |
| Hyundai Motor India HYUNDAI.NS | India | $18.3B | +16% | +8% | 7% | 33.0× | 26.6% | +11.8% |
| Suzuki Motor 7269.T | Japan | $27.3B | +26% | +14% | 9% | 9.1× | -0.8% | +14.6% |
| SAIC Motor 600104.SS | China | $17.8B | -24% | -3% | 2% | 11.9× | -14.7% | -2.4% |
| Chery Automobile 9973.HK | Hong Kong | $17.8B | -22% | +11% | 5% | 5.8× | n/a | n/a |
| Kia 000270.KS | South Korea | $28.3B | -34% | +8% | 7% | 5.4× | -12.9% | +14.0% |
| Stellantis STLAP.PA | France | $17.0B | -40% | -2% | -14% | 8.2× | n/a | n/a |
| Tata Motors TMCV.NS | India | $16.6B | -2% | n/a | 9% | 20.7× | 17.8% | n/a |
| Bajaj Auto BAJAJ-AUTO.NS | India | $31.7B | +3% | +48% | 19% | 24.0× | 27.3% | +17.4% |
| Great Wall Motor 2333.HK | Hong Kong | $15.7B | -48% | +13% | 2% | 5.9× | -5.1% | +15.6% |
| Daimler Truck DTG.DE | Germany | $34.7B | -1% | -14% | 5% | 10.6× | 9.8% | +4.8% |
| Volkswagen VOW.DE | Germany | $39.1B | -24% | -3% | 7% | 5.5× | n/a | n/a |
| Li Auto-w 2015.HK | Hong Kong | $12.4B | -32% | -24% | -7% | n/a | n/a | n/a |
| Subaru 7270.T | Japan | $12.3B | +16% | 0% | 3% | 12.0× | 2.7% | +11.1% |
| Bayerische Motoren Werke BMW.DE | Germany | $40.3B | -22% | -6% | 6% | 9.7× | n/a | n/a |
| Maruti Suzuki India MARUTI.NS | India | $42.3B | -7% | +30% | 7% | 30.1× | 27.7% | +21.1% |
| Hero Motocorp HEROMOTOCO.NS | India | $11.7B | +3% | +27% | 12% | 19.1× | 14.1% | +9.2% |