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Eicher Motors
Eicher Motors (EICHERMOT) investor relations material
Eicher Motors Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary13 Nov, 2025
Executive summary
Achieved record consolidated revenue of ₹6,172 crore in Q2 FY26, up 45% year-over-year, and highest-ever EBITDA of ₹1,512 crore, up 39% year-over-year.
Royal Enfield maintained 84% market share in the mid-size motorcycle segment, with Q2 sales of 327,067 units, up from 225,317 last year.
Strong festive season demand, robust bookings, and sustained consumer confidence drove growth across Royal Enfield and VECV.
International business and allied business segments showed robust revenue growth, with international revenue reaching ₹2,546 crore and allied business revenue at ₹2,750 crore in FY25.
Unaudited standalone and consolidated financial results for Q2 and H1 FY2025-26 were approved and published following board and audit committee review.
Financial highlights
Consolidated net profit reached ₹1,369 crore, including ₹135 crore share of VECV profits, up 24.5% year-over-year.
VECV Q2 FY26 revenue grew 10.2% YoY to ₹6,106 crore, with EBITDA margin at 8% and PAT at ₹249 crore.
Standalone Q2 revenue from operations: ₹5,902.07 crore, up from ₹4,205.44 crore in Q2 last year; H1 revenue: ₹10,810.48 crore.
Consolidated Q2 net profit: ₹1,369.45 crore, up from ₹1,100.33 crore in Q2 last year; H1 net profit: ₹2,574.67 crore.
Basic EPS (consolidated) for Q2: ₹49.93; H1: ₹93.88.
Outlook and guidance
Management remains bullish on continued growth, citing strong demand post-GST reduction and positive run rates into November.
Second half expected to see better growth, especially in commercial vehicles, as infrastructure investments and GST rationalization drive demand.
Continued focus on balancing growth and profitability, with strategic investments in both ICE and EV platforms.
Plans to drive service business growth 6X by FY30 and expand digital and connected solutions.
Extended Producer Responsibility (EPR) obligations under new ELV rules are not yet estimable due to lack of regulatory framework.
RE 350cc capacity expansion plans
VECV heavy-duty truck demand headwinds
RE >350cc sales recovery post-GST change
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Next Eicher Motors earnings date
Q3 25/2610 Feb, 2026
Eicher Motors
Next Eicher Motors earnings date
Q3 25/2610 Feb, 2026
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Frequently asked questions
Eicher Motors Limited is an automobile company based in Gurgaon, India. It manufactures and sells motorcycles and commercial vehicles in India, Bangladesh, Kenya and Uganda. Eicher Motors Limited operates under two business segments: the two wheeler business segment that manufactures and sells products under brands like BSA, Hero, Duke and Splendid; and the light commercial vehicle segment that specializes in manufacturing trucks primarily for the Indian market.
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