Eicher Motors (EICHERMOT) Q3 24/25 earnings summary

Executive summary

• Achieved record quarterly and year-to-date sales and revenue growth across Royal Enfield and VECV, with strong performance in key segments and robust export growth in Q3 FY25 compared to Q3 FY24.

• Royal Enfield maintained leadership in the mid-size motorcycle segment, expanded its global footprint, and launched new models including the Goan Classic 350, Bear 650, and its first electric motorcycle, the Flying Flea C6.

• VECV achieved its highest-ever Q3 and YTD sales, with significant growth in exports and parts business, and continued to modernize its product range with alternate fuel offerings.

• Board approved unaudited standalone and consolidated results for Q3 and nine months ended December 31, 2024, with statutory auditors issuing unmodified review reports.

• Focus remains on growth, with ongoing product launches, brand-building, and market activation activities.

Financial highlights

• Q3 FY25 consolidated revenue rose to ₹4,973.12 crore, up from ₹4,178.84 crore YoY; standalone Q3 revenue was ₹4,908.14 crore, up from ₹4,054.19 crore YoY.

• Q3 FY25 consolidated net profit increased to ₹1,170.50 crore, up from ₹995.97 crore YoY; standalone Q3 net profit was ₹1,056.23 crore, up from ₹913.73 crore YoY.

• VECV Q3 FY25 revenues rose 5.8% YoY to INR 5,801 crores; EBITDA margin (excluding one-time items) improved to 8.8%; PAT was INR 301 crores, up 44% YoY.

• Royal Enfield's wholesale growth in the middleweight segment was 7% for April–December 2025.

• Market capitalization reached INR 1,322 billion as of 9M FY25.

Outlook and guidance

• Management is optimistic about Q4 and the next fiscal year, citing increased government capital expenditure and expected GDP growth above 6%.

• Royal Enfield is focused on balancing ICE and EV product lines, expanding international presence, and driving sustainability initiatives.

• VECV aims to maintain leadership in LMD trucks, grow exports, and invest in alternate fuel and electric vehicle technologies.

• CapEx guidance for the full year remains at INR 1,000 crores, on track with earlier announcements.

• No forward-looking guidance or outlook commentary provided in the statutory results.