WatchTalking point
Profit lagging revenue
Revenue grew 24.0% but profit grew 16.5%, so the company kept less of each rupee of revenue as profit.
Importance 63 / 95 · growth
Eicher Motors · Research view
Eicher Motors Ltd.
NSE: EICHERMOTBSE: 505200ISIN INE066A01021Face value ₹1standalone
₹6,950
−3.54% · 2026-10-01 · 52-wk ₹6,586–₹8,190
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Compounding revenue
Revenue compounded at 22.8% a year over 4 years (₹10,298 → ₹23,408).
Importance 60 / 95 · growth
StrengthTalking point
Book value compounding
Net worth compounded at 18.8% a year over 4 years (₹12,608 → ₹25,100).
Importance 57 / 95 · financial health
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Automobile and Auto Components › Automobiles › 2/3 Wheelers.
- Market cap
- ₹1.91 L cr
- FY2026 revenue
- ₹22,700 cr
- FY2026 net profit
- ₹5,041 cr
- Net worth
- ₹21,808 cr
- Total debt
- ₹229 cr
- EPS (basic)
- ₹183.79
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 4 2/3 wheelers.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue grew 24.0% but profit grew 16.5%, so the company kept less of each rupee of revenue as profit.
Rule PROFIT_SLOWER_THAN_REVENUE
- Revenue growth per year
- +22.4%over 4 years
- Revenue growth
- +23.0%vs last year
- Net profit growth
- +17.8%vs last year
- Change in net profit since FY22
- +218%
Revenue compounded at 22.8% a year over 4 years (₹10,298 → ₹23,408).
Over 4 years profit compounded at 34.7% a year while revenue compounded at 22.8% a year — though FY2023 saw a one-off step-change of 74% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 16.5% year on year (FY2025 → FY2026).
Revenue grew 24.0% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹6,632 cr, up 31.5% from ₹5,042 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 net profit was ₹1,463 cr, up 21.3% from ₹1,205 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹1,779 cr, up 22.6% from ₹1,451 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 4,263 | — | 1,100 | — | 25.8% |
| Q3 FY25 | 4,973 | +19.0% | 1,171 | +17.5% | 23.5% |
| Q4 FY25 | 5,241 | +23.1% | 1,362 | +27.3% | 26.0% |
| Q1 FY26 | 5,042 | +14.8% | 1,205 | +9.4% | 23.9% |
| Q2 FY26 | 6,172 | +44.8% | 1,369 | +24.5% | 22.2% |
| Q3 FY26 | 6,114 | +22.9% | 1,421 | +21.4% | 23.2% |
| Q4 FY26 | 6,080 | +16.0% | 1,520 | +11.6% | 25.0% |
| Q1 FY27 | 6,632 | +31.5% | 1,463 | +21.3% | 22.1% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹24,998 crTTM
- EBITDA
- ₹7,680 crTTM
- EBIT
- ₹6,760 crTTM
- PBT
- ₹6,626 crTTM
- Net profit
- ₹5,773 crTTM
C. Corporate actions
31 Jul 2026DividendFinal Dividend - Rs. - 82.0000 — ₹82.00/share
1 Aug 2025DividendFinal Dividend - Rs. - 70.0000 — ₹70.00/share
7 Aug 2024DividendFinal Dividend - Rs. - 51.0000 — ₹51.00/share
14 Aug 2023DividendFinal Dividend - Rs. - 37.0000 — ₹37.00/share
12 Aug 2022DividendFinal Dividend - Rs. - 21.0000 — ₹21.00/share
9 Aug 2021DividendFinal Dividend - Rs. - 17.0000 — ₹17.00/share
24 Aug 2020Stock splitStock Split From Rs.10/- to Rs.1/- — 10:1
19 Mar 2020DividendInterim Dividend - Rs. - 125.0000 — ₹125.00/share
24 Jul 2019DividendDividend - Rs. - 125.0000 — ₹125.00/share
2 Aug 2018DividendDividend - Rs. - 110.0000 — ₹110.00/share
31 Jul 2017DividendDividend - Rs. - 100.0000 — ₹100.00/share
22 Mar 2016DividendInterim Dividend - Rs. - 100.0000 — ₹100.00/share
11 Mar 2015DividendDividend - Rs. - 50.0000 — ₹50.00/share
12 Mar 2014DividendDividend - Rs. - 30.0000 — ₹30.00/share
13 Mar 2013DividendDividend - Rs. - 20.0000 — ₹20.00/share
13 Mar 2012DividendDividend - Rs. - 16.0000 — ₹16.00/share
8 Mar 2011DividendDividend - Rs. - 11.0000 — ₹11.00/share
5 Mar 2010DividendDividend - Rs. - 7.0000 — ₹7.00/share
20 May 2009DividendDividend - Rs. - 5.0000 — ₹5.00/share
26 May 2008DividendDividend - Rs. - 5.0000 — ₹5.00/share
25 Jun 2001DividendDividend - Rs. - 2.0000 — ₹2.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Context
EBITDA margin has ranged from 25.4% to 32.7% over 4 years and sits at 31.1% now.
Rule MARGIN_RANGE_MULTIYEAR
- EBITDA margin now
- 33.1%
- 5-year range
- 25.4–34.5%
- ROE FY2026
- 25.0%
- ROCE FY2026
- 33.0%
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 18.8% a year over 4 years (₹12,608 → ₹25,100).
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹229 cr
- Operating cash flow ÷ net profit
- 0.93×FY2026
- Free cash flow
- ₹3,460 cr
- Current ratio
- 1.99×
Free cash flow has been positive in 5 of the last 5 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 4 2/3 wheelers (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
EICHERMOT · 2nd of 4 · set median 23.7%
EBITDA margin
EICHERMOT · 1st of 4 · set median 20.7%
Return on equity
EICHERMOT · 4th of 4 · set median 28.0%
P/E ratio
EICHERMOT · 3rd of 4 · set median 28.7×
- P / E
- 33.0×TTM to Jun 26
- P / B
- 7.6×latest book
- P / S
- 7.6×TTM sales
- Earnings yield
- 3.0%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 34.6× · P/S 7.7× · ROE 23.8%.
Section 09 · The stock
How has the stock performed?
Context
Over 4 years profit compounded at 34.7% a year while the stock returned 26.3% a year — but FY2022 profit (₹1,677) was well below the through-cycle level (~₹4,001), so this rate is inflated by the recovery from a low base.
Rule STOCK_LAGGED_EARNINGS · recovery
- 1-year return
- −1.0%
- 3-year return
- +101.6%
- 5-year return
- +150.7%
- From 52-wk high
- −15.1%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹7,776
- vs 200-day avg
- Below₹7,405
- RSI (14)
- 18.6oversold
- MACD histogram
- -57.7
- From 52-wk high
- −15.1%
- From 52-wk low
- +5.5%
- 30-day volatility
- 17.4%ann.
- 6-month return
- +1.1%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit lagging revenueRevenue grew 24.0% but profit grew 16.5%, so the company kept less of each rupee of revenue as profit.PROFIT_SLOWER_THAN_REVENUE · conviction 63
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10,123 | 14,067 | 16,078 | 18,451 | 22,700 |
| Total income | 10,577 | 14,706 | 17,246 | 19,860 | 24,395 |
| EBITDA | 2,568 | 4,033 | 5,548 | 6,177 | 7,508 |
| Profit before tax | 2,112 | 3,508 | 4,970 | 5,469 | 6,637 |
| Net profit | 1,586 | 2,623 | 3,749 | 4,279 | 5,041 |
| EPS (₹) | 58.0 | 95.9 | 137.0 | 156.2 | 183.8 |
| Net worth | 10,795 | 12,887 | 15,694 | 18,500 | 21,808 |
| Total debt | 6 | 99 | 172 | 184 | 229 |
| Operating cash flow | 1,570 | 2,807 | 3,864 | 3,830 | 4,709 |
| Free cash flow | 943 | 2,160 | 3,059 | 2,825 | 3,460 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 39.0 | 14.3 | 14.8 | 23.0 |
| Profit growth YoY | — | 65.3 | 43.0 | 14.1 | 17.8 |
| Profitability | |||||
| EBITDA margin % | 25.4 | 28.7 | 34.5 | 33.5 | 33.1 |
| Net margin % | 15.0 | 17.8 | 21.7 | 21.5 | 20.7 |
| Return on equity % | 14.7 | 22.1 | 26.2 | 25.0 | 25.0 |
| Return on capital % | 19.7 | 29.6 | 34.6 | 31.8 | 33.0 |
| Leverage & cash | |||||
| Debt to equity | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 |
| Cash flow ÷ profit | 0.99 | 1.07 | 1.03 | 0.90 | 0.93 |
| Current ratio | 1.91 | 1.15 | 1.15 | 1.69 | 1.99 |