Eicher Motors (EICHERMOT) Q3 24/25 earnings summary

Executive summary

• Achieved record quarterly and year-to-date sales and revenue growth in both Royal Enfield and VECV segments, with strong export performance and successful new product launches including Bear 650, Classic 350, Bullet 350 Battalion Black, Classic 650, Goan Classic, and the first electric motorcycle, Flying Flea C6.

• Royal Enfield maintained leadership in the mid-size motorcycle segment, expanded its global footprint, and grew retail by 19% in the quarter.

• 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; statutory auditors issued unmodified review reports.

Financial highlights

• VECV Q3 revenue rose 5.8% year-over-year to INR 5,801 crores; EBITDA margin (excluding one-time items) improved to 8.8%; profit after tax increased 44% year-over-year to INR 301 crores.

• Q3 FY25 consolidated revenue reached ₹4,973.12 crore, up from ₹4,178.84 crore YoY; consolidated net profit rose to ₹1,170.50 crore from ₹995.97 crore YoY.

• Standalone Q3 revenue from operations was ₹4,908.14 crore, with net profit at ₹1,056.23 crore.

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

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

Outlook and guidance

• Management expects continued strong growth momentum into Q4, supported by ongoing product launches and brand initiatives; commercial vehicle industry outlook is optimistic, with anticipated demand driven by increased government capital expenditure and positive macroeconomic factors.

• 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.

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