Eicher Motors (EICHERMOT) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw robust growth with consolidated revenue up 22.9% year-over-year and total volumes up 21.1%, driven by strong festive demand, new product launches, and community engagement initiatives.

• Royal Enfield celebrated its 125th year, achieved over 1 million motorcycles sold YTD, and maintained leadership in the mid-size motorcycle segment in India with 88-88.9% market share.

• VE Commercial Vehicles delivered its best-ever Q3, supported by favorable macroeconomic conditions, infrastructure investments, and strong export growth.

• International and allied business segments delivered robust revenue growth, with expansion in Brazil, Argentina, Thailand, Indonesia, Korea, and new product launches.

• The Board approved Q3 FY26 results on February 10, 2026, with auditors issuing an unmodified review conclusion.

Financial highlights

• Q3 FY26 consolidated revenue reached ₹6,114 crore, up 22.9% year-over-year; EBITDA grew 29.6% to ₹1,557 crore; PAT rose 21.4% to ₹1,421 crore.

• Royal Enfield sold 325,773 motorcycles in Q3, a 21% increase year-over-year; domestic sales grew 24%.

• VECV Q3 revenue was ₹7,019 crore (up from ₹5,801 crore), EBITDA ₹652 crore, and PAT ₹338 crore.

• 9MFY26 two-wheeler sales were 914,166 units, with revenue of ₹17,327.5 crore.

• Basic EPS for Q3 FY26 was ₹51.79, up from ₹42.70 in Q3 FY25.

Outlook and guidance

• Management expects growth momentum to continue in Q4, with positive trends in inquiries, bookings, and conversions.

• Strategic focus on balancing growth and profitability, expanding EV and ICE portfolios, and enhancing sustainability.

• Industry growth for next year is projected at high single digits, with the premium segment expected to outpace the market.

• International markets are expected to see cautious, market-by-market growth, with calibration in Europe and expansion in Brazil and other key regions.

• The Group continues to monitor regulatory changes, including new labour codes and environmental rules, and will adjust accounting as frameworks are clarified.