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Eicher Motors

₹4830.6 -46 | 0.9%

Market Cap ₹132422 Cr.

Stock P/E 33.1

P/B 7

Current Price ₹4830.6

Book Value ₹ 692.3

Face Value 1

52W High ₹5104.5

Dividend Yield 1.06%

52W Low ₹ 3564

Edit Ratio

Eicher Motors Research see more...

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Equity Research: Eicher Motors Ltd.

Overview Inc. Year: 1982Industry: Automobile Two & Three Wheelers

Eicher Motors Limited is an India-based automobile organisation. The Company is engaged in manufacturing of bikes and commercial motors. Its motorbike business is led by the logo, Royal Enfield, that's a motorbike brand. Its commercial vehicle business enterprise is led with the support of VE Commercial Vehicles. Its joint project with AB Volvo, VE Commercial Vehicles Limited (VECV), consists of quite a number of Eicher branded trucks and buses, VE Powertrain, Eicher's additives and engineering design offerings companies, the sales and distribution business of Volvo Trucks in addition to aftermarket guide to Volvo Buses in India. Royal Enfield's motorcycle merchandise include Interceptor 650, Continental GT 650, Classic, Bullet, Thunderbird and Himalayan. Royal Enfield's portfolio also includes apparels and bike add-ons, along with defensive riding apparel, riding accessories, shielding seats, bodywork, controls, wheels, baggage and engine. Royal Enfield operates in India, and worldwide.

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Eicher Motors Share Price

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Peer Comparison

Eicher Motors Quarterly Results

#(Fig in Cr.) Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Net Sales 3397 3519 3721 3804 3986 4115 4179 4256 4393 4263
Other Income 49 149 192 206 243 274 254 305 282 354
Total Income 3446 3668 3913 4010 4230 4388 4433 4561 4675 4617
Total Expenditure 2566 2698 2864 2871 2966 3027 3089 3127 3228 3175
Operating Profit 880 970 1050 1139 1264 1361 1344 1434 1447 1442
Interest 5 7 8 8 10 13 12 15 12 13
Depreciation 116 127 135 148 142 143 148 165 169 180
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 758 836 907 983 1111 1206 1184 1253 1266 1248
Provision for Tax 181 223 230 251 293 291 302 315 340 262
Profit After Tax 577 613 677 732 818 915 882 939 927 987
Adjustments 34 44 64 173 100 102 114 132 175 114
Profit After Adjustments 611 657 741 906 918 1016 996 1070 1101 1100
Adjusted Earnings Per Share 22.3 24 27.1 33.1 33.6 37.1 36.4 39.1 40.2 40.1

Eicher Motors Profit & Loss

#(Fig in Cr.) Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 6810 8738 6173 7033 8965 9797 9154 8720 10298 14442 16536 17091
Other Income 95 107 178 227 280 443 543 453 441 595 1076 1195
Total Income 6905 8846 6352 7261 9245 10240 9697 9174 10739 15037 17612 18286
Total Expenditure 6097 7624 4484 4859 6157 6894 6973 6939 8126 10999 12209 12619
Operating Profit 808 1222 1868 2401 3088 3347 2724 2234 2613 4039 5403 5667
Interest 8 10 2 4 5 7 19 16 19 28 51 52
Depreciation 130 220 137 154 223 300 382 451 452 526 598 662
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 671 993 1877 2433 3116 3297 2355 1798 2203 3800 5202 4951
Provision for Tax 145 291 539 720 936 1077 527 452 526 886 1201 1219
Profit After Tax 525 702 1338 1713 2180 2220 1827 1347 1677 2914 4001 3735
Adjustments -131 -86 0 -46 -220 -18 0 0 0 0 0 535
Profit After Adjustments 394 615 1338 1667 1960 2203 1827 1347 1677 2914 4001 4267
Adjusted Earnings Per Share 14.6 22.7 49.3 61.3 71.9 80.7 66.9 49.3 61.3 106.5 146.1 155.8

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 14% 24% 11% 9%
Operating Profit CAGR 34% 34% 10% 21%
PAT CAGR 37% 44% 13% 23%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 20% 24% 18% 13%
ROE Average 24% 20% 18% 27%
ROCE Average 31% 26% 24% 36%

Eicher Motors Balance Sheet

#(Fig in Cr.) Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 2055 2516 3653 5345 7030 8919 9981 11438 12608 14990 18046
Minority's Interest 1040 1085 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 63 163
Other Non-Current Liabilities 254 329 975 134 227 370 450 492 638 910 1308
Total Current Liabilities 1988 2473 1205 1530 2265 2098 2019 2629 2893 3235 3598
Total Liabilities 5337 6403 5833 7009 9522 11387 12450 14559 16140 19198 23115
Fixed Assets 1656 2309 790 869 1498 1871 2374 2433 2424 2690 2914
Other Non-Current Assets 769 1192 3994 4760 5489 5100 3701 3317 8096 12824 16049
Total Current Assets 2911 2902 1049 1381 2535 4415 6375 8808 5619 3683 4151
Total Assets 5337 6403 5833 7009 9522 11387 12450 14559 16140 19198 23115

Eicher Motors Cash Flow

#(Fig in Cr.) Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 804 683 17 28 17 92 716 43 94 45 53
Cash Flow from Operating Activities 716 1047 1463 1708 2482 1575 1694 1691 1527 2823 3724
Cash Flow from Investing Activities -790 -1214 -1001 -1744 -2145 -660 -1508 -1625 -983 -2416 -2852
Cash Flow from Financing Activities -47 -162 -466 25 -262 -292 -858 -15 -593 -417 -844
Net Cash Inflow / Outflow -121 -329 -4 -10 75 623 -673 51 -50 -11 27
Closing Cash & Cash Equivalent 683 353 13 17 92 716 43 94 45 53 98

Eicher Motors Ratios

# Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 14.57 22.71 49.27 61.27 71.89 80.75 66.94 49.28 61.32 106.54 146.13
CEPS(Rs) 24.24 34.01 54.29 68.61 88.15 92.39 80.92 65.77 77.85 125.78 167.96
DPS(Rs) 3 5 10 10 11 12.5 12.5 17 21 37 51
Book NAV/Share(Rs) 76.01 92.84 133.57 194.78 255.7 324.78 363.04 415.6 459.66 545.96 656.26
Core EBITDA Margin(%) 9.59 11.92 24.24 27.38 30.45 29.63 23.73 20.34 20.99 23.7 25.92
EBIT Margin(%) 9.13 10.72 26.95 30.69 33.85 33.73 25.83 20.73 21.46 26.34 31.47
Pre Tax Margin(%) 9.02 10.61 26.92 30.65 33.8 33.66 25.63 20.54 21.28 26.15 31.16
PAT Margin (%) 7.07 7.5 19.19 21.58 23.64 22.66 19.89 15.38 16.2 20.05 23.97
Cash Profit Margin (%) 8.82 9.85 21.15 23.51 26.07 25.73 24.04 20.53 20.57 23.67 27.55
ROA(%) 10.71 11.95 21.87 26.68 26.37 21.24 15.33 9.97 10.92 16.49 18.91
ROE(%) 27.58 30.7 43.56 38.38 35.53 28.05 19.47 12.67 14.02 21.19 24.32
ROCE(%) 34.64 42.53 60.13 53.37 49.39 40.58 24.69 16.71 18.31 27.48 31.35
Receivable days 23.53 20.97 15.57 1.9 2.34 2.84 3.4 5.11 8.12 8.43 8.12
Inventory Days 24.94 22.88 24.97 14.81 14.46 19.15 23.95 30.16 35.39 30.28 29.39
Payable days 64.52 65.62 92.13 61.66 68.36 78.96 77 89.06 101.16 79.97 79.27
PER(x) 34.16 66.51 38.85 41.71 39.42 25.44 19.55 52.83 40.12 27.69 27.51
Price/Book(x) 6.55 16.27 14.33 13.12 11.08 6.32 3.6 6.27 5.35 5.4 6.12
Dividend Yield(%) 0.6 0.33 0.52 0.39 0.39 0.61 0.96 0.65 0.85 1.25 1.27
EV/Net Sales(x) 1.89 4.65 8.42 9.9 8.5 5.44 3.6 7.51 6.27 5.55 6.66
EV/Core EBITDA(x) 15.9 33.25 27.82 28.99 24.67 15.91 12.09 29.31 24.72 19.84 20.39
Net Sales Growth(%) 6.57 28.32 -29.35 13.93 27.46 9.28 -6.57 -4.73 18.09 40.24 14.5
EBIT Growth(%) 12.42 47.75 87.45 29.69 28.07 5.88 -28.17 -23.55 22.4 72.32 37.24
PAT Growth(%) 10.64 33.57 90.67 28.03 27.24 1.86 -17.69 -26.3 24.48 73.8 37.31
EPS Growth(%) 21.31 55.86 116.96 24.36 17.34 12.32 -17.1 -26.38 24.43 73.74 37.16
Debt/Equity(x) 0.04 0.02 0.01 0.02 0.02 0.02 0.01 0.01 0 0.01 0.02
Current Ratio(x) 1.46 1.17 0.87 0.9 1.12 2.1 3.16 3.35 1.94 1.14 1.15
Quick Ratio(x) 1.22 0.91 0.62 0.68 0.94 1.8 2.87 3.02 1.55 0.74 0.76
Interest Cover(x) 86.1 102.49 886.34 684.53 584.46 450.83 125.73 110.32 118.28 136.6 103.24
Total Debt/Mcap(x) 0.01 0 0 0 0 0 0 0 0 0 0

Eicher Motors Shareholding Pattern

# Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Promoter 49.21 49.21 49.21 49.2 49.17 49.16 49.15 49.15 49.11 49.1
FII 29.5 30.25 29.85 28.64 30.27 28.89 30.27 28.95 28.81 27.62
DII 10.23 10.05 10.06 11.28 10.12 10.57 9.83 11.14 11.95 13.76
Public 11.06 10.48 10.89 10.88 10.43 11.38 10.75 10.76 10.13 9.52
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 79.97 to 79.27days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 49.1%.
  • Stock is trading at 7 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Eicher Motors News

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