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View Promises →Eicher Motors Limited — Q4 FY25
Eicher Motors delivered a record Q4 FY25 with consolidated revenue of INR 5,241 crore and EBITDA of INR 1,258 crore.
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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.
ईचर मोटर्स ने वित्त वर्ष 2025 की चौथी तिमाही में रिकॉर्ड कमाई की। कंपनी की कुल आय 5,241 करोड़ रुपये रही, और परिचालन लाभ (EBITDA) 1,258 करोड़ रुपये था। रॉयल एनफील्ड ने पूरे साल 10,02,893 मोटरसाइकिलें बेचीं, जो पहली बार 10 लाख के आंकड़े को पार कर गई। भारत में बिक्री 8% और अंतरराष्ट्रीय बिक्री 29.7% बढ़ी। वीईसीवी ने भी 90,000 वाहनों की रिकॉर्ड बिक्री की, और उसका लाभ मार्जिन 10.5% हो गया। कंपनी को उम्मीद है कि आयकर कटौती के बाद शहरी मांग बढ़ेगी, नए मॉडल (हंटर 350) और इलेक्ट्रिक बाइक (फ्लाइंग फ्ली) लॉन्च होंगे। जोखिमों में अमेरिकी टैरिफ और कच्चे माल की कीमतों में उतार-चढ़ाव शामिल हैं।
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US tariff impact on exports
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Royal Enfield motorcycle sales (FY25)
1,002,893
+10% YoY
First time crossing 1 million units in a fiscal year.
Royal Enfield international sales (Q4)
30,900
+29.7% YoY
Strong export growth driven by UK, Brazil, and new markets.
VECV LMD truck market share (Q4)
37.1%
+? pp YoY
Highest-ever market share in light and medium-duty trucks.
Royal Enfield finance penetration
61%
+? pp YoY
Indicates growing accessibility and younger customer base.
What Changed vs Last Quarter
NEW
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.
UPDATED
Capex of INR 1,200-1,300 crore in FY26
Investment in EV manufacturing facility, product development, and new listings.
UPDATED
EV launch (Flying Flea) on track
Flying Flea showcased at EICMA; official launch planned as per timelines.
DROPPED
Continued growth focus with marketing spend
Management will continue to invest in brand-building and market activation, though the lumpy launch-related expenses will moderate.
NEW RISK
US tariff impact on exports
Tariff uncertainty in the US could affect Royal Enfield exports; management has pre-tariff inventory but future impact unclear.
NEW RISK
Commodity price volatility
Steel and aluminum prices increased, impacting gross margins by ~20 bps in Q4; further volatility expected.
NEW RISK
One-off inventory provision
A 20 bps gross margin hit from inventory provisions for old bikes; may recur if not managed.
RISK GONE
Margin pressure from ongoing marketing spend
Higher marketing and brand-building expenses may continue to weigh on EBITDA margins, as management prioritizes growth over margin expansion.
RISK GONE
OBD-2B cost inflation impact
Transition to OBD-2B norms will increase costs, and pricing actions are yet to be decided, potentially affecting margins or volumes.
RISK GONE
Geopolitical risks in export markets
Exports face headwinds from geopolitical challenges and tariff uncertainties, though management remains cautiously optimistic.
🤫 Topics management stopped discussing
Mentioned in Q2 FY24, Q3 FY24
New entrants and aggressive competition in the middleweight segment could pressure Royal Enfield's market share and pricing, though management notes strong inquiry and conversion trends.
Mentioned in Q1 FY25, Q4 FY24
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.
Mentioned in Q2 FY24, Q3 FY24
Management expects export wholesale volumes to turn positive in about 2-3 quarters as macroeconomic conditions improve and new products (Himalayan, Shotgun) reach international markets.
Mentioned in Q2 FY25, Q3 FY25
Exports face headwinds from geopolitical challenges and tariff uncertainties, though management remains cautiously optimistic.
Mentioned in Q2 FY25, Q3 FY25
Higher marketing and brand-building expenses may continue to weigh on EBITDA margins, as management prioritizes growth over margin expansion.
Fast read
Guidance and risk preview
Investment in EV manufacturing facility, product development, and new listings.
Tariff uncertainty in the US could affect Royal Enfield exports; management has pre-tariff inventory but future impact unclear.
View Risks →