Eicher Motors
NSE: EICHERMOT2/3 Wheelers
Share price
₹6,767.50
-2.77% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
74
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹1.83L Cr
P/E ratio
31.4
P/B ratio
7.4
ROCE
30.5%
ROE
24.0%
Dividend yield
1.2%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 28.1% over the past year, and 12.1% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 22.3% to 24.7% over the last four years.
Whether it grew faster than its sector
It grew 12.1% a year against a sector median of 10.5% — 1.6 percentage points faster.
Room to re-rate, or risk of de-rating
At 31.4× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 22.9×, across 3 companies. It is against its own five-year median of 34.1×, the 28th percentile of its own range.
Whether growth justifies the valuation
Priced at 1.3 times its growth rate, on earnings growth of 24%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Eicher Motors — this one | 24%/yr | 31.4× | ₹1.3 |
| Bajaj Auto | 21%/yr | 22.9× | ₹1.1 |
| TVS Motor Company | 33%/yr | 53.3× | ₹1.6 |
| Hero MotoCorp | 28%/yr | 17.5× | ₹0.63 |
| Ather Energy Limited | 12%/yr | — | — |
| Ola Electric Mobility Limited | -12%/yr | — | — |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (2/3 Wheelers), it ranks 2 of 8 on returns, 2 of 6 on growth, 1 of 8 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A wide advantage: it earns 30.5% on capital, ahead of 75% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹16859 crore of cash from the business, spent ₹4424 crore on plant and equipment, and returned ₹5236 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 95 arrived as cash. Its cash comes back more slowly than it used to: it went from being paid 15 days before it paid its own suppliers to waiting 22 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
8 of 9 checks clear · 89%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Revenue grew 32% but input costs hit 4% to 4.5%, worse than the 3% to 3.5% guided.
Announced 29 Jul 2026 · Consolidated
Revenue
₹6,632 Cr
Revenue vs last year
+31.5%
Revenue vs last quarter
+9.1%
Net profit
₹1,463 Cr
Profit vs last year
+21.4%
Profit vs last quarter
-3.8%
Net margin
22.1%
EPS
₹53.30
Earnings call transcript · 29 Jul 2026
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹1.83L Cr
- Prev close
- ₹6,767.50
- 52w High
- ₹8,230
- 52w Low
- ₹6,442
- Enterprise value
- ₹1.86L Cr
- Beta
- 1.2
- Price CAGR 1y
- 1.0%
- Price CAGR 3y
- 26.0%
- Price CAGR 5y
- 20.0%
- Price CAGR 10y
- 10.0%
Ratios
- Return on assets
- 17.1%
- PEG ratio
- 1.3
- P/E ratio
- 31.4
- P/B ratio
- 7.4
- EV / EBITDA
- 32.2
- Industry P/E
- 31.9
- ROCE
- 30.5%
- ROCE 5y average
- 27.4%
- ROE
- 24.0%
- Debt / Equity
- 0.0
- Interest coverage
- 99.6
- Dividend yield
- 1.2%
- ROE 3y average
- 24.0%
- ROE last year
- 24.0%
Annual P&L
- Annual revenue
- ₹23,408 Cr
- Annual profit
- ₹5,515 Cr
- Operating margin
- 25.0%
- Net profit margin
- 23.6%
- EBITDA margin
- 24.7%
- Sales growth 3y
- 17.5%
- Sales growth 5y
- 21.8%
- Profit growth 3y
- 24.0%
- Profit growth 5y
- 33.0%
- EPS
- ₹201
- Sales growth TTM
- 28.0%
- Profit growth TTM
- 20.0%
- Dividend payout
- 41.0%
Quarter P&L
- Sales latest quarter
- ₹6,632 Cr
- Profit latest quarter
- ₹1,463 Cr
- YoY quarterly sales growth
- 31.5%
- YoY quarterly profit growth
- 21.4%
- OPM latest quarter
- 24.0%
Balance Sheet
- Book Value
- ₹930
- Face Value
- ₹1.0
- Total debt
- ₹514 Cr
- Total cash
- ₹256 Cr
- Borrowings
- ₹514 Cr
- Reserves / Equity
- 928.6
Cash Flow
- Operating cash flow
- ₹4,805 Cr
- Free cash flow
- ₹3,538 Cr
- FCF yield
- 1.9%
- Net cash flow
- -₹12 Cr
Shareholding
- Promoter holding
- 49.0%
- FII holding
- 25.5%
- DII holding
- 16.0%
- Public holding
- 9.4%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Bajaj Auto | 9,884.00 | 23.0 | 2,71,616 | 1.52 | 3,188.8 | 45.9 | 21,688.8 | 65.1 | 28.2 |
| Eicher Motors | 6,960.00 | 32.9 | 1,91,067 | 1.18 | 1,462.5 | 21.4 | 6,632.4 | 31.6 | 30.5 |
| TVS Motor Co. | 3,926.00 | 53.9 | 1,86,519 | 0.31 | 1,057.6 | 67.1 | 16,295.5 | 33.5 | 17.4 |
| Hero Motocorp | 5,004.00 | 18.1 | 1,00,151 | 3.70 | 1,417.9 | -17.2 | 13,126.4 | 34.9 | 35.2 |
| Ather Energy | 1,455.00 | 57,722 | 0.00 | -50.9 | 71.5 | 1,216.9 | 88.8 | -19.8 | |
| Ola Electric | 36.32 | 16,810 | 0.00 | -336.0 | 21.5 | 455.0 | -45.0 | -19.9 | |
| Zelio E-Mobility | 1,099.80 | 83.4 | 2,326 | 0.00 | 16.2 | 80.9 | 170.2 | 75.7 | 38.3 |
| Median | 1,277.40 | 32.9 | 37,266 | 0.15 | 49.1 | 33.7 | 895.1 | 34.2 | 15.3 |
Competes with: Ather Energy Limited, Bajaj Auto, EBIX Limited, Hero MotoCorp, Ola Electric Mobility Limited, TVS Motor Company, Wardwizard Innovations & Mobility Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,986 | 4,115 | 4,179 | 4,256 | 4,393 | 4,263 | 4,973 | 5,241 | 5,042 | 6,172 | 6,114 | 6,080 | 6,632 |
| Expenses | 2,966 | 3,027 | 3,089 | 3,127 | 3,228 | 3,175 | 3,772 | 3,983 | 3,839 | 4,660 | 4,557 | 4,566 | 5,042 |
| Material Cost | 2,686 | 2,734 | 3,377 | 3,200 | 3,192 | 3,324 | |||||||
| Change in Inventories | 128 | -139 | -51 | -54 | -26 | 294 | |||||||
| Purchases of Stock-in-Trade | 113 | 218 | 149 | 253 | 216 | 261 | |||||||
| Employee Cost | 349 | 374 | 418 | 430 | 416 | 450 | |||||||
| Other Expenses | 707 | 652 | 767 | 729 | 769 | 713 | |||||||
| Operating Profit | 1,021 | 1,087 | 1,090 | 1,129 | 1,165 | 1,088 | 1,201 | 1,258 | 1,203 | 1,512 | 1,557 | 1,514 | 1,591 |
| OPM % | 26 | 26 | 26 | 27 | 27 | 26 | 24 | 24 | 24 | 25 | 25 | 25 | 24 |
| Other Income | 344 | 375 | 368 | 437 | 457 | 468 | 452 | 628 | 603 | 486 | 465 | 675 | 634 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | -55 | 0 | 0 | |||||||
| Interest | 10 | 13 | 12 | 15 | 12 | 13 | 13 | 16 | 15 | 19 | 17 | 20 | 22 |
| Depreciation | 142 | 143 | 148 | 165 | 169 | 180 | 179 | 201 | 198 | 200 | 211 | 232 | 278 |
| Profit before tax | 1,212 | 1,307 | 1,298 | 1,385 | 1,441 | 1,362 | 1,461 | 1,669 | 1,593 | 1,779 | 1,793 | 1,937 | 1,925 |
| Tax % | 24 | 22 | 23 | 23 | 24 | 19 | 20 | 18 | 24 | 23 | 21 | 22 | 24 |
| Net Profit | 918 | 1,016 | 996 | 1,070 | 1,101 | 1,100 | 1,170 | 1,362 | 1,205 | 1,369 | 1,421 | 1,520 | 1,463 |
| EPS in Rs | 34 | 37 | 36 | 39 | 40 | 40 | 43 | 50 | 44 | 50 | 52 | 55 | 53 |
| Diluted EPS in Rs | 50 | 44 | 50 | 52 | 55 | 53 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Dec 2014 | Mar 2016 15m | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 8,738 | 6,173 | 7,033 | 8,965 | 9,797 | 9,154 | 8,720 | 10,298 | 14,442 | 16,536 | 18,870 | 23,408 | 24,998 |
| Expenses | 7,621 | 4,484 | 4,859 | 6,156 | 6,893 | 6,971 | 6,937 | 8,120 | 10,996 | 12,206 | 14,148 | 17,618 | 18,825 |
| Material Cost | 9,953 | 12,502 | |||||||||||
| Change in Inventories | -164 | -270 | |||||||||||
| Purchases of Stock-in-Trade | 507 | 835 | |||||||||||
| Employee Cost | 1,391 | 1,638 | |||||||||||
| Other Expenses | 2,470 | 2,917 | |||||||||||
| Operating Profit | 1,118 | 1,690 | 2,174 | 2,809 | 2,904 | 2,183 | 1,783 | 2,178 | 3,446 | 4,329 | 4,723 | 5,789 | 6,173 |
| OPM % | 13 | 27 | 31 | 31 | 30 | 24 | 20 | 21 | 24 | 26 | 25 | 25 | 25 |
| Other Income | 105 | 326 | 416 | 536 | 701 | 572 | 482 | 496 | 908 | 1,521 | 1,994 | 2,225 | 2,260 |
| Exceptional items (within Other Income) | 0 | -55 | |||||||||||
| Interest | 10 | 2 | 4 | 5 | 7 | 19 | 16 | 19 | 28 | 51 | 54 | 72 | 78 |
| Depreciation | 220 | 137 | 154 | 223 | 300 | 382 | 451 | 452 | 526 | 598 | 729 | 840 | 920 |
| Profit before tax | 993 | 1,877 | 2,433 | 3,116 | 3,297 | 2,355 | 1,798 | 2,203 | 3,800 | 5,202 | 5,933 | 7,102 | 7,434 |
| Tax % | 29 | 29 | 30 | 30 | 33 | 22 | 25 | 24 | 23 | 23 | 20 | 22 | |
| Net Profit | 702 | 1,338 | 1,667 | 1,960 | 2,203 | 1,827 | 1,347 | 1,677 | 2,914 | 4,001 | 4,734 | 5,515 | 5,773 |
| EPS in Rs | 23 | 49 | 61 | 72 | 81 | 67 | 49 | 61 | 107 | 146 | 173 | 201 | 210 |
| Diluted EPS in Rs | 172 | 201 | |||||||||||
| Dividend Payout % | 22 | 20 | 16 | 15 | 15 | 19 | 34 | 34 | 35 | 35 | 41 | 41 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 14%
- 5 years
- 22%
- 3 years
- 17%
- TTM
- 28%
Compounded profit growth
- 10 years
- 15%
- 5 years
- 33%
- 3 years
- 24%
- TTM
- 20%
Stock price CAGR
- 10 years
- 10%
- 5 years
- 20%
- 3 years
- 26%
- 1 year
- 1%
Return on equity
- 10 years
- 23%
- 5 years
- 22%
- 3 years
- 24%
- Last year
- 24%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Dec 2014 | Mar 2016 | 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 | 27 | 27 |
| Reserves | 2,489 | 3,626 | 5,318 | 7,003 | 8,891 | 9,954 | 11,411 | 12,581 | 14,963 | 18,018 | 21,269 | 25,073 |
| Borrowings | 58 | 23 | 112 | 151 | 187 | 249 | 219 | 108 | 288 | 419 | 458 | 514 |
| Other Liabilities | 3,829 | 1,263 | 1,552 | 2,341 | 2,281 | 2,220 | 2,901 | 3,424 | 3,919 | 4,650 | 5,420 | 6,549 |
| Minority Interest | 0 | |||||||||||
| Total Liabilities | 6,403 | 4,939 | 7,009 | 9,522 | 11,387 | 12,450 | 14,559 | 16,140 | 19,198 | 23,115 | 27,174 | 32,164 |
| Fixed Assets | 2,309 | 790 | 873 | 1,502 | 1,875 | 2,378 | 2,433 | 2,424 | 2,690 | 2,914 | 3,473 | 3,852 |
| CWIP | 419 | 94 | 374 | 333 | 450 | 312 | 314 | 505 | 472 | 555 | 491 | 736 |
| Investments | 1,078 | 3,388 | 4,987 | 5,581 | 4,923 | 5,749 | 3,902 | 7,721 | 12,321 | 13,527 | 14,791 | 17,496 |
| Other Assets | 2,597 | 667 | 775 | 2,106 | 4,140 | 4,011 | 7,909 | 5,490 | 3,715 | 6,119 | 8,419 | 10,080 |
| Total Assets | 6,403 | 4,939 | 7,009 | 9,522 | 11,387 | 12,450 | 14,559 | 16,140 | 19,198 | 23,115 | 27,174 | 32,164 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Dec 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 1,047 | 1,463 | 1,708 | 2,482 | 1,575 | 1,694 | 1,691 | 1,527 | 2,823 | 3,724 | 3,980 | 4,805 |
| Cash from Investing Activity | -1,214 | -1,001 | -1,744 | -2,145 | -660 | -1,508 | -1,625 | -983 | -2,397 | -2,834 | -2,461 | -2,834 |
| Cash from Financing Activity | -162 | -466 | 25 | -262 | -292 | -858 | -15 | -593 | -417 | -844 | -1,399 | -1,983 |
| Net Cash Flow | -329 | -4 | -10 | 75 | 623 | -673 | 51 | -50 | 8 | 45 | 121 | -12 |
| Free Cash Flow | 79 | 954 | 1,161 | 1,736 | 786 | 1,150 | 1,176 | 888 | 2,149 | 2,909 | 2,951 | 3,538 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Dec 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 23 | 2 | 3 | 3 | 3 | 3 | 7 | 11 | 9 | 8 | 11 | 6 |
| Inventory Days | 41 | 33 | 33 | 31 | 46 | 42 | 62 | 69 | 57 | 57 | 55 | 55 |
| Days Payable | 96 | 77 | 75 | 92 | 89 | 74 | 108 | 110 | 80 | 85 | 90 | 76 |
| Cash Conversion Cycle | -31 | -42 | -40 | -58 | -40 | -28 | -39 | -29 | -14 | -19 | -24 | -16 |
| Working Capital Days | -35 | -47 | -55 | -64 | -42 | -44 | -30 | -15 | -14 | 5 | 31 | 22 |
| ROCE % | 28 | 51 | 53 | 49 | 41 | 25 | 17 | 18 | 27 | 31 | 30 | 31 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
exports as % of revenue
13.70pct
2026-03-31
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
4,28,13,523inr
2026-03-31
volume growth %
32.00pct
2026-06-30
News
News and filings about Eicher Motors. Open one to see why it matters.
1 Oct, 12:30 IST · Company event · low impact
Monthly Business Updates for the month of September 2026 of VE Commercial Vehicles Limited, an unlisted material subsidiary of Eicher Motors Limited
1 Oct, 11:30 IST · Company event · low impact
Eicher Motors Limited — Monthly Business Updates for the month of September 2026
1 Sept, 18:05 IST · Company event · low impact
Monthly Business Updates for the month of August 2026 of VE Commercial Vehicles Limited, an unlisted material subsidiary of Eicher Motors Limited
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- Electronics
- Plastic Components
- aluminium
- rubber
- steel
Depends on the price of
- Crude Oil Brent
- aluminium
- steel
Buys from
- Affordable Robotic & Automation Limited · turnkey automation solutions
- Alicon Castalloy Limited · Aluminium castings — engine castings
- Amara Raja Energy & Mobility Limited · two-wheeler automotive batteries
- Asahi India Glass Limited · Automotive safety glass for commercial vehicles
- Automotive Axles Limited · Commercial-vehicle axles and braking systems
- Belrise Industries Limited · Cross-car beams and body-in-white components
- Berger Paints India · two-wheeler & commercial vehicle OEM coatings
- CEAT Limited · OE commercial vehicle tyres
- CIE Automotive India Limited · Royal Enfield two-wheeler forged components (Forgings India)
- CMR Green Technologies Limited · recycled aluminium alloys
- Craftsman Automation Limited · Automotive aluminium products / powertrain components
- Endurance Technologies Limited · clutches, suspension, brakes, twin-channel ABS, alloy wheels, forged components
- Exide Industries Limited · 2W/CV lead-acid batteries (OEM)
- Federal-Mogul Goetze (India) Limited. · pistons, piston rings, engine components
- Fiem Industries Limited · automotive lighting & rear-view mirrors (2W OEM; Royal Enfield 9.25% of FY26 automotive sa…
- Gabriel India Limited · ride-control products: shock absorbers, struts, front forks (OEM supply)
- Gandhi Special Tubes Limited · Seamless steel tubes (CV & motorcycles)
- Hindustan Composites Limited · commercial-vehicle friction materials
- IFB Industries Limited · fine-blanked components (2W Royal Enfield / heavy vehicle)
- JK Tyre & Industries Limited · truck/bus radial (TBR) tyres (OE)
- Jamna Auto Industries Limited · Leaf springs (Indore Spring plant MOU, ~60% share)
- Jay Bharat Maruti Limited · Auto sheet-metal components (secondary customer)
- Kansai Nerolac Paints Limited · two-wheeler & commercial-vehicle OEM coatings
- LG Balakrishnan & Bros Limited · transmission products (Royal Enfield)
- Lokesh Machines Limited · Special purpose machines for Euro VI engine cylinder block and head lines, via the Volvo E…
- Lumax Industries Limited · two-wheeler automotive lighting systems
- Menon Bearings Limited · engine bearings, bushes and thrust washers
- Menon Pistons Limited · pistons and engine components
- NRB Bearing Limited · bearings for motorcycles and commercial vehicles
- Nelcast Limited · iron castings for commercial vehicles
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Automobile and Auto Components
- Industry
- 2/3 Wheelers
- Classification
- Automobile and Auto Components › 2/3 Wheelers
- ISIN
- INE066A01021
Plants
- Royal Enfield Cheyyar
- Royal Enfield Oragadam · Chennai, Tamil Nadu
- Royal Enfield Thiruvottiyur · Chennai, Tamil Nadu
- Royal Enfield Vallam Vadagal · Chennai, Tamil Nadu
- VECV Bhopal Bus Plant · Bhopal, Madhya Pradesh
- VECV Pithampur · Pithampur, Madhya Pradesh
News impact
Big market events that reach Eicher Motors, and how the effect spreads.
1 Oct, 13:37 IST · Market event · medium impact
Royal Enfield Sales Hit Record High In September 2026, Up 8% YoY — Key Details Inside
Royal Enfield sold a record 1,33,958 bikes in September, up 8%, helping Eicher Motors and its parts makers while rival bike firms stay steady and no one is hurt.
Who it hits first
- Royal Enfield, the bike brand owned by Eicher Motors, sold 1,33,958 motorcycles in September 2026, up 8% from last year.
- That is the highest number of bikes it has ever sold in a single month.
- More bikes sold means more money for Eicher Motors and more orders for the firms that supply its parts.
Who may gain
- Eicher Motors, which owns Royal Enfield and keeps the profit from each extra bike
- Parts makers that sell to Eicher, such as Endurance Technologies, Uno Minda, and Federal-Mogul Goetze
- Rival bike makers like Hero MotoCorp and Bajaj Auto, which gain from proof that buyers are spending
Along the supply chain
Downstream
Downstream, Eicher Motors lists no company customers in the pack, so the direct gain sits with its dealers and buyers; dealers earn more from higher volumes while buyers see no price impact from this sales record.
Upstream
Upstream, firms that sell parts to Eicher Motors — including Endurance Technologies, Uno Minda, Federal-Mogul Goetze, Exide Industries, CEAT, and many smaller makers — should see higher orders as Eicher builds more bikes to match record sales.
Where demand moves
Business
Buyers paid for 1,33,958 Royal Enfield bikes in September, so dealer and factory money flowed to Eicher Motors; Eicher then ordered more pistons, brakes, lights, and tyres, passing demand to its parts suppliers.
Capital
Investors are likely to buy Eicher Motors shares on the record sales, with some spillover buying into other two-wheeler names like Hero MotoCorp, TVS Motor, and Bajaj Auto on strong sector demand.
How it spreads across sectors
Automobile and Auto Components
Record Royal Enfield sales plus Hyundai's record month confirm strong vehicle demand, lifting mood for bike makers and parts suppliers.
When it plays out
Immediate
Eicher Motors shares react to the record September volumes, with parts makers and rival bike stocks firm on sector cheer.
Medium term
If strong volumes hold, Eicher Motors converts them into higher revenue and profit, supporting steady orders for suppliers; a fade would unwind the gains.
Short term
October sales and festive bookings show whether the record was lasting demand or dealer stocking, setting the next move.
28 Sept, 17:37 IST · Market event · medium impact
India’s kharif crops output may be lower, crops in winter season also at risk in rainfed areas
India's summer harvest looks smaller after poor rains with winter crops at risk too, hurting farmers and rural vehicle sellers while shoppers may pay more for food.
Who it hits first
- Agriculture official Atish Chandra said all estimates project lower kharif output after deficient rains in many parts and heavy untimely rain even in irrigated areas.
- Winter rabi crops in rainfed areas are also at risk, squeezing farm incomes and rural spending on vehicles and goods.
- Tractor makers are the most exposed to this outlook, but the pack carries no fundamentals rows for them, so they carry no signals here.
Who may gain
- Food-grain holders and traders, who may gain if crop prices rise on short supply
- Irrigated-area farmers with intact harvests, who may sell at firmer prices
Along the supply chain
Downstream
Downstream, grain moves in thinner volumes to mills and food makers, while rural dealers sell fewer vehicles and goods.
Upstream
Upstream, seed, fertilizer, and equipment sellers face weaker rabi sowing demand in rainfed areas.
Where demand moves
Business
Farmers earn less from a smaller harvest, so rural business demand for two-wheelers, cars, and vehicle parts softens through dealers.
Capital
Capital flow turns cautious on rural-exposed auto shares as investors price weaker farm incomes, with no offsetting inflow elsewhere.
How it spreads across sectors
Automobile and Auto Components
Negative readthrough as weak farm incomes dent rural two-wheeler and car demand; commercial vehicles and global parts books feel less.
FMCG
Softer rural spending on daily goods as farm incomes shrink, though the pack names no FMCG members to quantify it.
Fertilizers
Weaker rabi sowing outlook in rainfed areas trims fertilizer offtake, though no fertilizer members sit in the pack.
A pattern seen before
Cascade chain
- Deficient plus untimely rains → lower kharif output
- Lower harvest → weaker farm incomes
- Weaker farm incomes → softer rural demand for two-wheelers, cars, FMCG
- At-risk rabi in rainfed areas → lower fertilizer and input offtake
Pattern name
Monsoon Cascade
Patterns
- Monsoon Cascade
- US Fed Cascade
Sectors queried
- Banking
- IT Services
When it plays out
Immediate
In 1–7 days rural-exposed auto shares soften as markets price the weak harvest outlook.
Medium term
In 1–6 months rabi sowing in rainfed areas decides whether farm stress extends into next season.
Short term
In 1–4 weeks harvest arrivals and price moves show how deep the kharif shortfall runs.
18 Sept, 16:42 IST · Market event · medium impact
Domestic CV wholesale volumes to grow 4-6% in FY27: ICRA
ICRA expects India's truck and bus sales to grow 4-6% this financial year, which helps Tata's truck business, Ashok Leyland and Eicher, though second-half sales may dip from last year's high base.
Who it hits first
- CV makers (TMCV, Ashok Leyland, VECV/Eicher) dispatch 4-6% more trucks and buses across FY27, lifting full-year revenue; H2 volumes shrink year-on-year on a high base, so growth is front-loaded and the pace peaks around now (H1 ends Sep 2026).
Who may gain
- TMCV (pure CV play) gains most directly; Ashok Leyland gains volume but leverage limits profit flow-through; Eicher gains only via its VECV truck JV share.
Along the supply chain
Downstream
Fleet operators and truck financiers see a stable replacement cycle with no sharp up or down move in new-truck supply.
Upstream
Component makers feeding Ashok Leyland and Tata CV lines (tyres, forgings, engines, wiring, brakes) see steadier FY27 order books, capped by the guided H2 year-on-year softness.
Where demand moves
Business
Fleet replacement and freight demand flow into CV OEM order books through FY27; OEMs pass steadier build schedules to component suppliers (tyres, forgings, engines, electricals).
Capital
A stable agency outlook steadies CV and ancillary multiples; no rotation trigger since the forecast is modest and H1 strength is largely known.
How it spreads across sectors
Automobile and Auto Components
Ancillaries get steadier offtake; Eicher mostly rides its two-wheeler side.
Capital Goods
CV OEMs housed here see steadier volumes; no read-through to unrelated industrials.
Financial Services
Truck-loan disbursement growth stays stable, neither accelerating nor stalling.
When it plays out
Immediate
CV stocks steady on the outlook; H2-caution caps any rally.
Medium term
Guided H2 year-on-year contraction plays out; focus shifts to FY28 replacement-cycle and infrastructure-spend outlook.
Short term
September/October wholesale prints test the forecast; stocks move on dispatch numbers.
12 Sept, 04:23 IST · Market event · low impact
20% of India's bikes could go electric; Ultraviolette to set up Rs 779 crore EV factory in Hosur
Electric bikes may take a fifth of the market as Ultraviolette builds a Rs 779 crore factory — EV parts makers and early movers like TVS gain, while slow movers risk falling behind.
Who it hits first
- EV-component makers (Sona, Dhoot, Sansera) gain order visibility
- 2W OEMs split: TVS and Bajaj (EV-ready) gain, Hero and Eicher face transition questions
- Forging-heavy suppliers face long-term content loss
Who may gain
- SONACOMS, DHOOTTRANS: EV content winners
- TVSMOTOR, BAJAJ-AUTO: EV-ready OEMs
- Hosur EV cluster suppliers
Along the supply chain
Downstream
Dealers add EV inventory and charging tie-ups; 2W buyers get more choice and keener pricing.
Upstream
Battery, motor, controller and harness suppliers gain a growing domestic customer base.
Where demand moves
Business
Ultraviolette's factory and 20% penetration guidance pull component orders toward EV-ready suppliers over 1-2 years; ICE-only suppliers see mix shift, not cliff.
Capital
EV-theme money favors proven executors (TVS, Sona) over story stocks; laggards derate mildly on transition risk.
How it spreads across sectors
Automobile and Auto Components
positive for EV-exposed, mixed for ICE-heavy, over 2-5 years
When it plays out
Immediate
EV names edge up 1-2% on headlines
Medium term
20% penetration over years decides winners; content-mix shifts compound
Short term
Factory progress and monthly e-2W sales set the pace
11 Sept, 04:38 IST · Market event · low impact
GST boost lifts truck demand; CV makers raise bets
Tax changes and festive freight have truck orders booming, lifting Tata Motors, Ashok Leyland and Eicher's truck venture.
Who it hits first
- CV makers (Tata, Ashok Leyland, VECV) raise production guidance
- Bharat Forge and suppliers gain truck-component orders
- M&M's LCV range rides the same freight wave
Who may gain
- Fleet operators gain resale values on strong demand
- Tyre makers gain replacement demand with a lag
Along the supply chain
Downstream
Fleet buyers pay firmer prices but get faster deliveries.
Upstream
Forging, casting and tyre suppliers gain CV volume pull.
Where demand moves
Business
OEMs order castings, forgings and tyres; dealers expand inventory into festive season.
Capital
Money rotates into CV-exposed OEMs and suppliers on volume visibility.
How it spreads across sectors
Automobile and Auto Components
truck demand cycle strengthens
Capital Goods
CV suppliers gain volume leverage
When it plays out
Immediate
CV stocks firm on demand headlines.
Medium term
Replacement plus freight growth sustains a 2-year CV upcycle.
Short term
Watch monthly wholesale numbers and discount trends.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 31 Jul 2026 | unspecified | ₹82 |
|---|---|---|
| 1 Aug 2025 | unspecified | ₹70 |
| 7 Aug 2024 | unspecified | ₹51 |
| 14 Aug 2023 | unspecified | ₹37 |
| 12 Aug 2022 | unspecified | ₹21 |
| 9 Aug 2021 | unspecified | ₹17 |
| 24 Aug 2020 | split | ₹0 |
| 19 Mar 2020 | interim | ₹125 |
Splits, bonuses & buybacks
- daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call6 Aug 2026
- Earnings call · Q1FY2729 Jul 2026
- Annual report · 2025-2625 Jul 2026
- Results presentation30 Jun 2026
- Earnings call · Q4FY2622 May 2026
- Earnings call · Q3FY2610 Feb 2026
- Earnings call · Q2FY2613 Nov 2025
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.