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Commodity cost inflation
View Risks →Eicher Motors Limited — Q2 FY26
Eicher Motors reported a record quarter with consolidated revenue of ₹6,172 crore (+45% YoY) and EBITDA of ₹1,512 crore (+39% YoY), driven by strong performance at both Royal Enfield and VECV.
bullish
high
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Eicher Motors reported a record quarter with consolidated revenue of ₹6,172 crore (+45% YoY) and EBITDA of ₹1,512 crore (+39% YoY), driven by strong performance at both Royal Enfield and VECV. Royal Enfield sold 327,767 units (+45% YoY), gaining market share to 84% in the midsize segment, aided by GST cuts on sub-350cc motorcycles and festive demand. VECV posted its best-ever Q2 sales of 21,916 units (+5.1% YoY), with leadership in light/medium duty trucks. Management remains bullish on demand momentum continuing into H2, though they flagged commodity cost headwinds (~40 bps) and a slower recovery in 450cc/650cc volumes post-GST hike. Key risk: sustained inflation in precious metals and aluminium could pressure margins if not offset by value engineering.
ईचर मोटर्स ने अब तक का सबसे अच्छा तिमाही प्रदर्शन किया। कंपनी की कुल आय ₹6,172 करोड़ रही, जो पिछले साल से 45% ज्यादा है। मुनाफा (EBITDA) ₹1,512 करोड़ रहा, जो 39% बढ़ा। रॉयल एनफील्ड ने 3,27,767 बाइक बेचीं, जो 45% ज्यादा हैं। छोटे इंजन (350cc से कम) वाली बाइकों पर टैक्स कम होने और त्योहारी मांग से इसे मदद मिली। VECV ने भी सबसे ज्यादा 21,916 ट्रक बेचे। कंपनी को उम्मीद है कि मांग आगे भी बनी रहेगी। लेकिन कच्चे माल (जैसे कीमती धातु और एल्युमीनियम) के महंगे होने से मुनाफे पर दबाव पड़ सकता है। अगर कंपनी लागत नहीं घटा पाई, तो मुनाफा कम हो सकता है।
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Read Transcript →Quarter Snapshot
Royal Enfield domestic market share (midsize)
84%
+2pp YoY
Royal Enfield maintained dominant market share in the midsize motorcycle segment, up from 82% last year.
Royal Enfield festive retail (Sep-Oct)
249,000 units
+50% YoY
Record festive retail sales of 2.49 lakh motorcycles during September-October 2025, driven by GST cuts and new launches.
VECV light/medium duty truck market share
34.8%
+2.5pp YoY
VECV became the market leader in light and medium duty trucks with a 34.8% share in Q2.
Royal Enfield inquiry-to-booking conversion
29-30%
+9-10pp YoY
Conversion rate improved from ~20% to ~30% post-GST cut, indicating stronger customer intent.
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Guidance and risk preview
Royal Enfield is adding a new module to increase annual capacity beyond 1.35 million units, with the module coming online from Q1 FY27.
Rising precious metal and aluminium prices could pressure margins if not fully offset by price hikes or cost savings.
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