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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹6,172 Cr
verified against source
Revenue YoY
44.8%
reported change
EBITDA
₹1,512 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Eicher Motors delivered a record Q2 FY26 with consolidated revenue of ₹6,172 crore (+45% YoY) and EBITDA of ₹1,512 crore (+39% YoY), driven by strong Royal Enfield volumes (327,067 units, +45% YoY) and VECV's best-ever Q2 sales (21,901 units). The GST cut on sub-350cc motorcycles boosted demand, with festive retail up 50% YoY. Royal Enfield maintained 84% market share in mid-size motorcycles. VECV improved EBITDA margin to 8% (+70bps YoY) and announced a ₹544 crore investment for Volvo's automated manual transmission plant. Management remains bullish on H2, citing sustained demand momentum and capacity expansion to 1.35 million units. Key risk: potential slowdown in 450cc/650cc demand post-GST hike to 40%.
Colored figures show movement against the previous available record.
Guidance to track
- Debottlenecking and new module investment will increase capacity from 1.2 million to 1.35 million, with new capacity kicking in from Q1 FY27.
- Greenfield factory in Madhya Pradesh for Volvo's 12-speed automated manual transmission, with most production exported to Asia and Oceania.
- Management expects better growth in H2 due to infrastructure spending, GST impact, and replacement demand, with second half typically 55% of annual volume.
Risks flagged
- Post-GST hike to 40%, 450cc and 650cc sales have slowed; recovery is slower for 450cc. Management is engaging with government for rate reduction.
- Raw material costs increased ~40bps due to precious metals and aluminum alloys. Management is using value engineering to mitigate, but headwinds persist.
- VECV's HD truck volumes grew only 3.5% in Q2, with industry growth impacted by rail freight migration and higher truck productivity. H2 recovery is uncertain.
Key quotes
- We are looking at an absolute profit, and that's the focus. We want to continue to grow. Growth has to come in from absolute profitability, not on the percentage.
- The GST rate rationalization, EV demand held firm through the extended monsoon period, and is poised to improve further in H2 as project executions pick up.
- We have been appealing to the government. We will continue to engage with the agencies for lowering the GST rate.
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