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Swing Capital

Eicher Motors Ltd

NSE: EICHERMOT BSE: 505200Auto

Eicher Motors Limited, incorporated in 1982, is the listed company of the Eicher Group in India and a leading player in the Indian automobile industry and the global leader in middleweight motorcycles. Eicher has a joint venture with Sweden’s AB Volvo to create Volvo Eicher Commercial Vehicles Limited (VECV). VECV is engaged in truck and bus operations, auto components business, and technical consulting services business [1]

₹6,918
52W: ₹5220 — ₹8233
PE 38.2 · Book ₹701 · +887% vs book
Market Cap₹1,89,777 Cr
Stock P/E38.2Price to Earnings
ROCE31.7%Return on Capital
ROE25.1%Return on Equity
Div. Yield1.02%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 40.2%

Weaknesses

  • −Stock is trading at 9.79 times its book value

Shareholding Pattern

Promoters49.06%
FIIs26.77%
DIIs14.73%
Public9.35%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters49.11%49.1%▼0.049.09%▼0.049.08%▼0.049.07%▼0.049.06%▼0.049.06%49.06%
FIIs28.81%27.61%▼1.225.42%▼2.225.02%▼0.425.82%▲0.826.98%▲1.227.01%▲0.026.77%▼0.2
DIIs11.84%13.67%▲1.816.11%▲2.416.55%▲0.415.67%▼0.914.62%▼1.114.64%▲0.014.73%▲0.1
Public10.14%9.52%▼0.69.3%▼0.29.26%▼0.09.35%▲0.19.25%▼0.19.19%▼0.19.35%▲0.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales3,9314,0544,1924,2314,2054,9085,1074,9085,9025,988
Expenses2,8332,9393,0373,0533,1013,6843,8463,6774,4334,398
Operating Profit1,0971,1151,1551,1791,1051,2241,2611,2311,4691,590
OPM %28%28%28%28%26%25%25%25%25%27%
Net Profit9389149831,0881,0101,0561,1251,3061,2081,290
EPS ₹34.2833.3835.9139.7136.8538.5341.0447.6444.0447.03

AI Insights

Revenue Trend

TTM revenue at ₹21,905Cr, up 18.7% YoY. OPM at 25%.

Debt Position

Borrowings at ₹274Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹123Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 14.73% (+4.70pp change). FIIs: 26.77% (-3.51pp change). Promoters hold 49.06%.

Margin & Efficiency

ROCE declining from 46% (Dec 2013) to 32% (Mar 2025). Working capital days: 35.

Valuation

PE 38.2x with 31.7% ROCE. Price is 887% above book value of ₹701. Dividend yield: 1.02%.

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