ConCallIQ
Go Pro
Home › Eicher Motors › Margin Trend

Eicher Motors Margin Trend — Quarter by Quarter

Eicher Motors's EBITDA margin moved from 25.6% in Q1 FY24 to 25.0% in Q3 FY26 across 7 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q3 FY2625.0%—
Q2 FY2624.5%-100 bps
Q3 FY2524.0%+80 bps
Q2 FY2525.5%-90 bps
Q1 FY2526.5%+90 bps
Q4 FY2426.5%+200 bps
Q1 FY2425.6%+110 bps

What management said about ebitda margin

G

Q1 FY26 · Commodity cost headwind of ~30 bps in Q1

Steel and aluminum impacted margins by ~50 bps, partially offset by value engineering (20 bps). Further impact expected in Q2, with mitigation through price increases and cost actions.

G

Q4 FY25 · Price increase of 1.15% on select models in April 2025

Select Royal Enfield models saw a price hike in April to offset OBD2B costs.

G

Q4 FY24 · VECV to focus on discount rationalization

VECV aims to reduce discounts and improve transaction prices rather than increase MRPs, supporting margin improvement.

G

Q3 FY24 · VECV to participate in e-bus tenders only with reasonable profitability

VECV will bid for STU e-bus tenders only if payment security and profitability are assured, having participated in the latest tender after resolution of payment concerns.