Eicher Motors (EICHERMOT) Q4 25/26 earnings summary

Executive summary

• Achieved record consolidated revenue in FY26, with Royal Enfield surpassing 1.2 million motorcycles and VECV delivering over 100,000 units for the first time.

• Royal Enfield maintained 87% market share in India's mid-size motorcycle segment and expanded its global footprint.

• VECV JV delivered best-ever sales, with 14.7% volume growth and 15% revenue growth in FY26.

• Entered the electric mobility space with the Flying Flea C6 and announced major capacity expansions in Tamil Nadu and Andhra Pradesh.

• Announced a new 50/50 joint venture with Volvo for vehicle financing, with an investment of up to INR 750 crores.

Financial highlights

• FY26 consolidated revenue grew to INR 23,408 crores, EBITDA at INR 5,785 crores, and PAT at INR 5,515 crores.

• Q4 FY26 consolidated revenue reached INR 6,080 crores, EBITDA at INR 1,514 crores, and PAT at INR 1,520 crores.

• VECV FY26 revenue grew to INR 27,077 crores, EBITDA to INR 2,563 crores, and PAT to INR 1,471 crores.

• Royal Enfield sold 12.27 lakh motorcycles in FY26, with domestic sales up 23% and international volumes up 20%.

• Basic EPS for FY26 was ₹201.09, up from ₹172.76 in FY25.

Outlook and guidance

• Strong start to FY27 with 31% growth in April 2026; medium-term trajectory expected to be upward.

• Continued focus on balancing growth and profitability, with strategic investments in ICE and EV platforms.

• Emphasis on sustainability, targeting 80% emission intensity reduction by FY30 and increasing renewable energy usage.

• Premium motorcycle segment expected to continue double-digit growth, with robust inquiry and booking trends.

• The company continues to monitor regulatory changes, including new Labour Codes and End-of-Life Vehicle (ELV) rules.