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Revenue
₹4,393 Cr
verified against source
Revenue YoY
10.2%
reported change
EBITDA
₹1,165 Cr
latest reported figure
Source
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record provenance
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Where this quarter sits.
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What the record says.
Eicher Motors reported its highest-ever quarterly revenue of INR 4,393 crore (+10.2% YoY) and EBITDA of INR 1,165 crore (+14.1% YoY), with margins expanding 90bps to 26.5%. Royal Enfield volumes were flat at 227,736 units, but exports grew 26% to 23,050 units. VECV posted record Q1 sales of 19,702 units, though EBITDA margin dipped 20bps to 7.7%. Management highlighted the successful launch of the Guerrilla 450 and upcoming Classic updates as growth catalysts. The shift to an auto-replenishment model kept dealer inventory lean. Risks include persistent softness in the domestic mid-weight motorcycle segment and potential commodity cost headwinds.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the mid-weight motorcycle segment to return to high single-digit to double-digit growth as consumer confusion settles and new products like Guerrilla and Classic drive demand.
- Exciting updates and collaborations for the Classic model will be announced within a week, expected to boost volumes.
- VECV expects to maintain market share gains through dealer network expansion and new product introductions, with industry growth supported by government capex and festive demand.
- Royal Enfield will increase brand-building and marketing activation spends to drive awareness for Hunter, Classic, and other models.
Risks flagged
- Despite new launches, the mid-weight motorcycle segment grew only ~4-4.5% in Q1, and management cited consumer confusion as a drag. Recovery may take longer than anticipated.
- CFO noted aluminum prices are a pressure point, and while VAVE initiatives may offset, commodity volatility remains a risk to margins.
- VECV EBITDA margin declined 20bps YoY to 7.7%, and management attributed it to competitive discounting in heavy-duty trucks. Margin recovery is uncertain.
- While exports grew 26% YoY, management remains cautiously optimistic, noting that international sentiment is not yet fully recovered.
Key quotes
- Our fundamental belief is we can grow the market, and we feel here is a fantastic platform which we have created.
- We are not a company wherein we'll put the capital in and wait for it. We'll always be looking at and how the response and how do we actually enhance the capacity.
- I think it would take a braver person than me to predict commodity prices right now.
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