Eicher Motors (EICHERMOT) Q1 26/27 earnings summary

Executive summary

• Achieved record Q1 consolidated revenue of ₹6,632.42 crore, up 32% year-over-year, with both Royal Enfield and VECV posting their highest-ever Q1 sales and volumes up 27.4%.

• EBITDA reached ₹1,591 crore, and PAT rose 21% to ₹1,463 crore, including ₹168 crore share of profits from VECV.

• Royal Enfield maintained leadership in India's mid-size motorcycle segment with 85% market share and launched its first electric motorcycle, Flying Flea C6, along with the Bullet 650.

• VECV delivered 24,815 units, up 14.8% year-over-year, and sustained leadership in light- and medium-duty trucks.

• International business expanded robustly, with Royal Enfield ranked as the third strongest automobile brand globally.

Financial highlights

• Q1 consolidated revenue: ₹6,632.42 crore (+32% YoY); EBITDA: ₹1,591 crore (+32.2% YoY); PAT: ₹1,463 crore (+21.3% YoY).

• Royal Enfield Q1 sales: 332,940 motorcycles (+27% YoY); India sales: 301,174; global sales: 31,766.

• VECV Q1 revenue: ₹6,610 crore (+16.6% YoY); EBITDA: ₹541 crore; PAT: ₹300 crore.

• International business revenue crossed ₹1,000 crore for the first time, now 15% of total revenue.

• Basic EPS (consolidated) for the quarter was ₹53.30, up from ₹43.95 year-over-year.

Outlook and guidance

• Strong demand momentum continues, with bookings, inquiries, and walk-ins all growing faster than volumes.

• Inventory levels remain lean at 10-12 days at dealers, with plans to ramp up production and direct billing to meet festive demand.

• Strategic focus on balancing ICE and EV products, growth and profitability, and sustainability.

• The company is monitoring the impact of new End-of-Life Vehicle (ELV) rules, with financial obligations yet to be determined pending regulatory clarity.

• Confident in sustaining growth despite higher base and macro uncertainties, supported by new launches and marketing initiatives.