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Consolidated Standalone

Eicher Motors

₹4560 -40.4 | 0.9%

Market Cap ₹124855 Cr.

Stock P/E 32.5

P/B 7.4

Current Price ₹4560

Book Value ₹ 614.1

Face Value 1

52W High ₹4708.7

Dividend Yield 0.81%

52W Low ₹ 3159.2

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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.) Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Net Sales 2250 2881 3193 3397 3519 3721 3804 3986 4115 4179
Other Income 109 92 118 49 149 192 206 243 274 254
Total Income 2358 2973 3311 3446 3668 3913 4010 4230 4388 4433
Total Expenditure 1780 2298 2436 2566 2698 2864 2871 2966 3027 3089
Operating Profit 579 675 875 880 970 1050 1139 1264 1361 1344
Interest 3 6 3 5 7 8 8 10 13 12
Depreciation 109 111 119 116 127 135 148 142 143 148
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 466 557 753 758 836 907 983 1111 1206 1184
Provision for Tax 103 137 196 181 223 230 251 293 291 302
Profit After Tax 363 420 556 577 613 677 732 818 915 882
Adjustments 10 36 54 34 44 64 173 100 102 114
Profit After Adjustments 373 456 610 611 657 741 906 918 1016 996
Adjusted Earnings Per Share 13.7 16.7 22.3 22.3 24 27.1 33.1 33.6 37.1 36.4

Eicher Motors Profit & Loss

#(Fig in Cr.) Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 6390 6810 8738 6173 7033 8965 9797 9154 8720 10298 14442 16084
Other Income 137 95 107 178 227 280 443 543 453 441 595 977
Total Income 6527 6905 8846 6352 7261 9245 10240 9697 9174 10739 15037 17061
Total Expenditure 5841 6097 7624 4484 4859 6157 6894 6973 6939 8126 10999 11953
Operating Profit 686 808 1222 1868 2401 3088 3347 2724 2234 2613 4039 5108
Interest 4 8 10 2 4 5 7 19 16 19 28 43
Depreciation 82 130 220 137 154 223 300 382 451 452 526 581
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 600 671 993 1877 2433 3116 3297 2355 1798 2203 3800 4484
Provision for Tax 125 145 291 539 720 936 1077 527 452 526 886 1137
Profit After Tax 475 525 702 1338 1713 2180 2220 1827 1347 1677 2914 3347
Adjustments -151 -131 -86 0 -46 -220 -18 0 0 0 0 489
Profit After Adjustments 324 394 615 1338 1667 1960 2203 1827 1347 1677 2914 3836
Adjusted Earnings Per Share 12 14.6 22.7 49.3 61.3 71.9 80.7 66.9 49.3 61.3 106.5 140.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 40% 16% 10% 8%
Operating Profit CAGR 55% 14% 6% 19%
PAT CAGR 74% 17% 6% 20%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 35% 23% 17% 22%
ROE Average 21% 16% 19% 27%
ROCE Average 27% 21% 26% 37%

Eicher Motors Balance Sheet

#(Fig in Cr.) Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 1755 2055 2516 3653 5345 7030 8919 9981 11438 12608 14990
Minority's Interest 948 1040 1085 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 63
Other Non-Current Liabilities 197 254 329 975 134 227 370 450 492 638 910
Total Current Liabilities 1571 1988 2473 1205 1530 2265 2098 2019 2629 2893 3235
Total Liabilities 4471 5337 6403 5833 7009 9522 11387 12450 14559 16140 19198
Fixed Assets 992 1656 2309 790 869 1498 1871 2374 2433 2424 2690
Other Non-Current Assets 841 769 1192 3994 4760 5489 5100 3701 3317 8096 12824
Total Current Assets 2639 2911 2902 1049 1381 2535 4415 6375 8808 5619 3683
Total Assets 4471 5337 6403 5833 7009 9522 11387 12450 14559 16140 19198

Eicher Motors Cash Flow

#(Fig in Cr.) Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 1192 804 683 17 28 17 92 716 43 94 45
Cash Flow from Operating Activities 496 716 1047 1463 1708 2482 1575 1694 1691 1527 2847
Cash Flow from Investing Activities -773 -790 -1214 -1001 -1744 -2145 -660 -1508 -1625 -983 -2422
Cash Flow from Financing Activities -111 -47 -162 -466 25 -262 -292 -858 -15 -593 -417
Net Cash Inflow / Outflow -388 -121 -329 -4 -10 75 623 -673 51 -50 8
Closing Cash & Cash Equivalent 804 683 353 13 17 92 716 43 94 45 53

Eicher Motors Ratios

# Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 12.01 14.57 22.71 49.27 61.27 71.89 80.75 66.94 49.28 61.32 106.54
CEPS(Rs) 20.63 24.24 34.01 54.29 68.61 88.15 92.39 80.92 65.77 77.85 125.78
DPS(Rs) 2 3 5 10 10 11 12.5 12.5 17 21 37
Book NAV/Share(Rs) 65 76.01 92.84 133.57 194.78 255.7 324.78 363.04 415.6 459.66 545.96
Core EBITDA Margin(%) 7.85 9.59 11.92 24.24 27.38 30.45 29.63 23.73 20.34 20.99 23.7
EBIT Margin(%) 8.63 9.13 10.72 26.95 30.69 33.85 33.73 25.83 20.73 21.46 26.34
Pre Tax Margin(%) 8.57 9.02 10.61 26.92 30.65 33.8 33.66 25.63 20.54 21.28 26.15
PAT Margin (%) 6.79 7.07 7.5 19.19 21.58 23.64 22.66 19.89 15.38 16.2 20.05
Cash Profit Margin (%) 7.96 8.82 9.85 21.15 23.51 26.07 25.73 24.04 20.53 20.57 23.67
ROA(%) 11.49 10.71 11.95 21.87 26.68 26.37 21.24 15.33 9.97 10.92 16.49
ROE(%) 29.24 27.58 30.7 43.56 38.38 35.53 28.05 19.47 12.67 14.02 21.19
ROCE(%) 36.42 34.64 42.53 60.13 53.37 49.39 40.58 24.69 16.71 18.31 27.48
Receivable days 20.62 23.53 20.97 15.57 1.9 2.34 2.84 3.4 5.11 8.12 8.43
Inventory Days 23.92 24.94 22.88 24.97 14.81 14.46 19.15 23.95 30.16 35.39 30.28
Payable days 51.05 64.52 65.62 92.13 61.66 68.36 78.96 77 89.06 101.16 79.97
PER(x) 24.17 34.16 66.51 38.85 41.71 39.42 25.44 19.55 52.83 40.12 27.69
Price/Book(x) 4.47 6.55 16.27 14.33 13.12 11.08 6.32 3.6 6.27 5.35 5.4
Dividend Yield(%) 0.69 0.6 0.33 0.52 0.39 0.39 0.61 0.96 0.65 0.85 1.25
EV/Net Sales(x) 1.1 1.89 4.65 8.42 9.9 8.5 5.44 3.6 7.51 6.27 5.54
EV/Core EBITDA(x) 10.29 15.9 33.25 27.82 28.99 24.67 15.91 12.09 29.31 24.72 19.81
Net Sales Growth(%) 12.41 6.57 28.32 -29.35 13.93 27.46 9.28 -6.57 -4.73 18.09 40.24
EBIT Growth(%) -9.64 12.42 47.75 87.45 29.69 28.07 5.88 -28.17 -23.55 22.4 72.32
PAT Growth(%) -4.53 10.64 33.57 90.67 28.03 27.24 1.86 -17.69 -26.3 24.48 73.8
EPS Growth(%) 4.98 21.31 55.86 116.96 24.36 17.34 12.32 -17.1 -26.38 24.43 73.74
Debt/Equity(x) 0.01 0.04 0.02 0.01 0.02 0.02 0.02 0.01 0.01 0 0.01
Current Ratio(x) 1.68 1.46 1.17 0.87 0.9 1.12 2.1 3.16 3.35 1.94 1.14
Quick Ratio(x) 1.38 1.22 0.91 0.62 0.68 0.94 1.8 2.87 3.02 1.55 0.74
Interest Cover(x) 159.23 86.1 102.49 886.34 684.53 584.46 450.83 125.73 110.32 118.28 136.6
Total Debt/Mcap(x) 0 0.01 0 0 0 0 0 0 0 0 0

Eicher Motors Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 49.22 49.21 49.21 49.21 49.21 49.2 49.17 49.16 49.15 49.15
FII 29.45 29.22 29.5 30.25 29.85 28.64 30.27 28.89 30.27 28.95
DII 9.83 10.04 10.23 10.05 10.06 11.28 10.12 10.57 9.83 11.14
Public 11.5 11.52 11.06 10.48 10.89 10.88 10.43 11.38 10.75 10.76
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 101.16 to 79.97days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 49.15%.
  • Stock is trading at 7.4 times its book value.
  • The company has delivered a poor profit growth of 5% over past five years.

* 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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