On consolidated basis
Quarter ended September 2025 compared with Quarter ended September 2024.
Net sales (including other operating income) of Eicher Motors has increased 44.77% to Rs 6171.59 crore. Operating profit margin has declined from 25.51% to 24.50%, leading to 39% rise in operating profit to Rs 1,511.90 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 52.33% to 54.27%. Purchase of finished goods cost fell from 4.12% to 2.39%. Employee cost decreased from 7.62% to 6.72%. Other expenses rose from 12.02% to 12.33%. Other income fell 0.81% to Rs 350.92 crore. PBIDT rose 29.23% to Rs 1862.82 crore. Provision for interest rose 45.81% to Rs 19.16 crore. Loan funds rose to Rs 445.78 crore as of 30 September 2025 from Rs 403.86 crore as of 30 September 2024. Inventories rose to Rs 1,834.71 crore as of 30 September 2025 from Rs 1,792.25 crore as of 30 September 2024. Sundry debtors were higher at Rs 411.39 crore as of 30 September 2025 compared to Rs 313.35 crore as of 30 September 2024. Cash and bank balance rose to Rs 298.48 crore as of 30 September 2025 from Rs 207.88 crore as of 30 September 2024. Investments rose to Rs 16,511.52 crore as of 30 September 2025 from Rs 14,692.55 crore as of 30 September 2024 . PBDT rose 29.08% to Rs 1843.66 crore. Provision for depreciation rose 10.83% to Rs 199.56 crore. Fixed assets increased to Rs 2,711.22 crore as of 30 September 2025 from Rs 2,549.63 crore as of 30 September 2024. Intangible assets increased from Rs 1,169.77 crore to Rs 1,454.58 crore. Profit before tax grew 31.71% to Rs 1,644.10 crore. Share of profit/loss was 18.60% higher at Rs 134.91 crore. Provision for tax was expense of Rs 409.56 crore, compared to Rs 261.72 crore. Effective tax rate was 23.02% compared to 19.22%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 24.46% to Rs 1,369.45 crore. Equity capital increased from Rs 27.41 crore as of 30 September 2024 to Rs 27.43 crore as of 30 September 2025. Per share face Value remained same at Rs 1.00. Promoters’ stake was 49.06% as of 30 September 2025 ,compared to 49.10% as of 30 September 2024 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Eicher Motors has increased 29.54% to Rs 11213.43 crore. Operating profit margin has declined from 26.03% to 24.21%, leading to 20.48% rise in operating profit to Rs 2,714.68 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 52.30% to 53.59%. Employee cost decreased from 7.75% to 6.94%. Other expenses rose from 11.79% to 12.45%. Other income rose 25.36% to Rs 796.98 crore. PBIDT rose 21.56% to Rs 3511.66 crore. Provision for interest rose 34.04% to Rs 34.06 crore. Loan funds rose to Rs 445.78 crore as of 30 September 2025 from Rs 403.86 crore as of 30 September 2024. Inventories rose to Rs 1,834.71 crore as of 30 September 2025 from Rs 1,792.25 crore as of 30 September 2024. Sundry debtors were higher at Rs 411.39 crore as of 30 September 2025 compared to Rs 313.35 crore as of 30 September 2024. Cash and bank balance rose to Rs 298.48 crore as of 30 September 2025 from Rs 207.88 crore as of 30 September 2024. Investments rose to Rs 16,511.52 crore as of 30 September 2025 from Rs 14,692.55 crore as of 30 September 2024 . PBDT rose 21.45% to Rs 3477.6 crore. Provision for depreciation rose 14.03% to Rs 397.62 crore. Fixed assets increased to Rs 2,711.22 crore as of 30 September 2025 from Rs 2,549.63 crore as of 30 September 2024. Intangible assets increased from Rs 1,169.77 crore to Rs 1,454.58 crore. Profit before tax grew 22.48% to Rs 3,079.98 crore. Share of profit/loss was 1.29% higher at Rs 292.02 crore. Provision for tax was expense of Rs 797.33 crore, compared to Rs 601.3 crore. Effective tax rate was 23.65% compared to 21.45%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 16.94% to Rs 2,574.67 crore. Equity capital increased from Rs 27.41 crore as of 30 September 2024 to Rs 27.43 crore as of 30 September 2025. Per share face Value remained same at Rs 1.00. Promoters’ stake was 49.06% as of 30 September 2025 ,compared to 49.10% as of 30 September 2024 .
Full year results analysis.
Net sales (including other operating income) of Eicher Motors has increased 14.12% to Rs 18870.35 crore. Operating profit margin has declined from 26.17% to 24.97%, leading to 8.90% rise in operating profit to Rs 4,712.03 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 52.13% to 52.29%. Purchase of finished goods cost fell from 2.72% to 2.67%. Employee cost decreased from 7.38% to 7.31%. Other expenses rose from 11.91% to 12.98%. Other income rose 21.29% to Rs 1304.9 crore. PBIDT rose 11.37% to Rs 6016.93 crore. Provision for interest rose 6.80% to Rs 54.34 crore. Loan funds rose to Rs 458.13 crore as of 31 March 2025 from Rs 419.44 crore as of 31 March 2024. Inventories rose to Rs 1,563.75 crore as of 31 March 2025 from Rs 1,409.64 crore as of 31 March 2024. Sundry debtors were higher at Rs 549.64 crore as of 31 March 2025 compared to Rs 373.78 crore as of 31 March 2024. Cash and bank balance rose to Rs 263.01 crore as of 31 March 2025 from Rs 146.31 crore as of 31 March 2024. Investments rose to Rs 14,790.90 crore as of 31 March 2025 from Rs 13,526.96 crore as of 31 March 2024 . PBDT rose 11.41% to Rs 5962.59 crore. Provision for depreciation rose 22.04% to Rs 729.33 crore. Fixed assets increased to Rs 2,696.04 crore as of 31 March 2025 from Rs 2,433.90 crore as of 31 March 2024. Intangible assets increased from Rs 1,035.58 crore to Rs 1,268.90 crore. Profit before tax grew 10.07% to Rs 5,233.26 crore. Share of profit/loss was 56.31% higher at Rs 699.81 crore. Provision for tax was expense of Rs 1198.63 crore, compared to Rs 1201.01 crore. Effective tax rate was 20.20% compared to 23.09%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 18.33% to Rs 4,734.44 crore. Equity capital increased from Rs 27.38 crore as of 31 March 2024 to Rs 27.42 crore as of 31 March 2025. Per share face Value remained same at Rs 1.00. Promoters’ stake was 49.08% as of 31 March 2025 ,compared to 49.15% as of 31 March 2024 . Cash flow from operating activities increased to Rs 3,979.92 crore for year ended March 2025 from Rs 3,723.71 crore for year ended March 2024. Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 1,039.33 crore, compared to Rs 818.51 crore during the year ended March 2024. Other Highlights
In Q2 FY26, VECV registered sales of 21,901
units with a growth of 5.4% YoY. Royal Enfield registered best ever quarterly
motorcycle sales at 3,27,067 units, up 45% YoY.
In Q2 FY26, VECV Exports grew 61.3% YoY,
and Spare parts sales grew 11.8% YoY.
Management Comments :
B. Govindarajan, MD of Eicher Motors and
CEO of Royal Enfield said, “This has been a truly encouraging quarter for
Eicher Motors, as we recorded strong performance across the board for both
Royal Enfield and VECV. At Royal Enfield, we have continued to deliver steady
growth in volumes while further strengthening our growth story quarter after
quarter. We witnessed an outstanding festive season, achieving record sales of
2.49 lakh units. The Government of India’s GST reform has further enhanced
accessibility for motorcycles under 350cc, as reflected in the strong customer
demand. At EICMA, this year, we marked a significant milestone in Royal
Enfield’s legacy as we entered our 125th year of Pure Motorcycling, a legacy
that is built on authenticity, craftsmanship, and an unwavering pursuit of
timeless design. From crafting the world’s first production motorcycle in 1901
to becoming a global symbol of pure motorcycling, Royal Enfield’s journey has
been one of evolution anchored in heritage. Our showcase at EICMA this year
reflected a perfect blend of past, present and future; ranging from the special
edition of our most iconic motorcycle – the Classic 650 to a bigger and bolder
Bullet 650, to pushing the boundaries of urban exploration with the Flying Flea
S6. VECV, too, has continued to show steady growth, supported by a robust
product portfolio and a deep understanding of India’s changing commercial
mobility landscape. Our ongoing focus on developing sustainable and efficient
transport solutions positions us strongly for the future. As we progress, our
dedication to long-term value creation remains firm, driven by customer-centric
innovation, global aspirations, and meaningful brand experiences at every
level.”
Vinod Aggarwal, MD & CEO, VE Commercial
Vehicles said, “VECV delivered a solid performance in Q2 FY26, growing by 5.4%
year-on-year and registering our best ever second quarter in terms of truck and
bus deliveries. Eicher retained its position as the market leader in Light and
Medium Duty Trucks (5-18.5 T GVW), while delivering 10,096 units in the
quarter. We continue to make steady progress in the Heavy-Duty trucks segment,
recording our best ever second quarter deliveries and a market share of 10.5%
during the period. Reflecting our expanding Dealer Network and focus on
Customer Service and Uptime, spare parts sales grew 11.8% quarter-on-quarter.
Volvo Trucks and Buses continue to dominate their respective segments. During
the quarter we launched the Eicher Pro Plus range of medium duty trucks with
air-conditioned cabs to conform to legal mandates. Equipped with a unique
fuel-efficient compressor technology, these trucks were launched with
improvements to loading capacity to deliver a win-win for both operators and
drivers. Profit After Tax for the quarter improved to ?249.3 cr, a growth of
19.7% over the corresponding period last year. GST rationalization has had a
positive impact on consumer confidence and consumption. This will in-turn
support demand for commercial vehicles in the coming period.”
| Eicher Motors : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202509 | 202409 | Var.(%) | 202509 | 202409 | Var.(%) | 202503 | 202403 | Var.(%) |
|---|
| Net Sales (including other operating income) | 6,171.59 | 4,263.07 | 44.77 | 11,213.43 | 8,656.12 | 29.54 | 18,870.35 | 16,535.78 | 14.12 | | OPM (%) | 24.50 | 25.51 | -102 bps | 24.21 | 26.03 | -182 bps | 24.97 | 26.17 | -120 bps | | OP | 1,511.90 | 1,087.72 | 39.00 | 2,714.68 | 2,253.15 | 20.48 | 4,712.03 | 4,326.91 | 8.90 | | Other Inc. | 350.92 | 353.78 | -0.81 | 796.98 | 635.73 | 25.36 | 1,304.90 | 1,075.87 | 21.29 | | PBIDT | 1,862.82 | 1,441.50 | 29.23 | 3,511.66 | 2,888.88 | 21.56 | 6,016.93 | 5,402.78 | 11.37 | | Interest | 19.16 | 13.14 | 45.81 | 34.06 | 25.41 | 34.04 | 54.34 | 50.88 | 6.80 | | PBDT | 1,843.66 | 1,428.36 | 29.08 | 3,477.60 | 2,863.47 | 21.45 | 5,962.59 | 5,351.90 | 11.41 | | Depreciation | 199.56 | 180.06 | 10.83 | 397.62 | 348.69 | 14.03 | 729.33 | 597.6 | 22.04 | | PBT | 1,644.10 | 1,248.30 | 31.71 | 3079.98 | 2514.78 | 22.48 | 5233.26 | 4754.3 | 10.07 | | Share of Profit/(Loss) from Associates | 134.91 | 113.75 | 18.60 | 292.02 | 288.31 | 1.29 | 699.81 | 447.72 | 56.31 | | PBT before EO | 1779.01 | 1362.05 | 30.61 | 3372 | 2803.09 | 20.30 | 5933.07 | 5202.02 | 14.05 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 1779.01 | 1362.05 | 30.61 | 3372 | 2803.09 | 20.30 | 5933.07 | 5202.02 | 14.05 | | Taxation | 409.56 | 261.72 | 56.49 | 797.33 | 601.3 | 32.60 | 1198.63 | 1201.01 | -0.20 | | PAT | 1369.45 | 1100.33 | 24.46 | 2574.67 | 2201.79 | 16.94 | 4734.44 | 4001.01 | 18.33 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 1369.45 | 1100.33 | 24.46 | 2574.67 | 2201.79 | 16.94 | 4734.44 | 4001.01 | 18.33 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1369.45 | 1100.33 | 24.46 | 2574.67 | 2201.79 | 16.94 | 4734.44 | 4001.01 | 18.33 | | EPS (Rs)* | 49.93 | 40.11 | 24.46 | 93.86 | 80.27 | 16.94 | 172.60 | 145.86 | 18.33 | | | * EPS is on current equity of Rs 27.43 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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