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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
₹5,241 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹1,258 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Eicher Motors delivered a record Q4 FY25 with consolidated revenue of INR 5,241 crore and EBITDA of INR 1,258 crore. Royal Enfield sold 1,002,893 motorcycles in FY25, crossing the million mark for the first time, driven by strong domestic (8% YoY) and international (29.7% YoY) growth. VECV also posted record sales of 90,000 units, with EBITDA margin improving to 10.5% in Q4. Management guided for continued growth in FY26, supported by urban demand recovery post income tax cuts, new product refreshes (Hunter 350), and EV launch (Flying Flea) on track. Key risks include tariff uncertainty in the US and commodity price volatility.
Colored figures show movement against the previous available record.
Guidance to track
- Investment in EV manufacturing facility, product development, and new listings.
- Select Royal Enfield models saw a price hike in April to offset OBD2B costs.
- Flying Flea showcased at EICMA; official launch planned as per timelines.
Risks flagged
- Tariff uncertainty in the US could affect Royal Enfield exports; management has pre-tariff inventory but future impact unclear.
- Steel and aluminum prices increased, impacting gross margins by ~20 bps in Q4; further volatility expected.
- A 20 bps gross margin hit from inventory provisions for old bikes; may recur if not managed.
Key quotes
- We have crossed 1 million motorcycles, which is in the history of Royal Enfield.
- Our focus is on absolute growth and absolute gross profit growth, not necessarily on percentages.
- We are cautiously optimistic about the international market.
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