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Eicher Motors

₹4676 -18.1 | 0.4%

Market Cap ₹128039 Cr.

Stock P/E 32.0

P/B 8.2

Current Price ₹4676

Book Value ₹ 573.1

Face Value 1

52W High ₹4740.3

Dividend Yield 1.09%

52W Low ₹ 3159.2

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.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

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 1049 1702 3031 6186 7038 8958 9794 9077 8619 10123 14067
Other Income 46 80 117 283 227 332 508 615 452 454 640
Total Income 1095 1783 3148 6470 7265 9290 10303 9693 9071 10577 14706
Total Expenditure 904 1389 2298 4478 4832 6104 6850 6874 6833 8009 10673
Operating Profit 191 394 850 1992 2433 3186 3452 2819 2239 2568 4033
Interest 0 0 2 2 3 3 3 11 9 10 13
Depreciation 17 30 50 137 153 222 299 378 446 446 512
Exceptional Income / Expenses 0 0 0 0 0 -312 -18 0 0 0 0
Profit Before Tax 174 363 798 1853 2277 2648 3133 2430 1783 2112 3508
Provision for Tax 29 85 239 544 717 935 1079 527 454 526 886
Profit After Tax 145 279 559 1309 1560 1713 2054 1904 1330 1586 2623
Adjustments 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 145 279 559 1309 1560 1713 2054 1904 1330 1586 2623
Adjusted Earnings Per Share 5.4 10.3 20.6 48.2 57.3 62.8 75.3 69.7 48.7 58 95.9

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 39% 16% 9% 30%
Operating Profit CAGR 57% 13% 5% 36%
PAT CAGR 65% 11% 9% 34%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 31% 22% 17% 22%
ROE Average 22% 18% 22% 35%
ROCE Average 30% 23% 30% 49%

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 629 821 1234 2336 3923 5372 7126 8275 9705 10795 12887
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 63
Other Non-Current Liabilities 19 27 38 980 136 228 373 449 491 640 881
Total Current Liabilities 376 635 957 1202 1482 2195 1978 1855 2429 2788 3045
Total Liabilities 1024 1483 2229 4518 5540 7795 9477 10579 12625 14223 16876
Fixed Assets 138 299 501 789 866 1493 1867 2366 2423 2401 2600
Other Non-Current Assets 139 135 500 2680 3314 3777 3226 1877 1456 6324 10775
Total Current Assets 748 1049 1229 1049 1360 2524 4384 6337 8745 5498 3500
Total Assets 1024 1483 2229 4518 5540 7795 9477 10579 12625 14223 16876

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 3 4 19 17 23 13 89 690 19 63 21
Cash Flow from Operating Activities 204 368 686 1474 1761 2515 1608 1718 1674 1570 2807
Cash Flow from Investing Activities -153 -298 -598 -1017 -1752 -2158 -673 -1506 -1615 -1138 -2395
Cash Flow from Financing Activities -50 -55 -86 -466 -19 -280 -334 -883 -16 -474 -441
Net Cash Inflow / Outflow 1 15 2 -8 -10 76 601 -671 44 -42 -29
Closing Cash & Cash Equivalent 4 19 21 9 13 89 691 19 63 21 -8

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) 5.36 10.3 20.62 48.2 57.33 62.84 75.31 69.74 48.65 58.02 95.89
CEPS(Rs) 6 11.43 22.48 53.23 62.97 70.99 86.27 83.58 64.97 74.31 114.61
DPS(Rs) 2 3 5 10 10 11 12.5 12.5 17 21 37
Book NAV/Share(Rs) 23.3 30.38 45.52 85.1 142.5 194.88 259.08 300.56 352.18 393.33 469.05
Core EBITDA Margin(%) 12.33 16.36 22.08 24.46 27.77 30.97 30.06 24.19 20.65 20.77 23.97
EBIT Margin(%) 14.76 18.95 24.09 26.56 28.7 28.78 32.02 26.8 20.71 20.86 24.87
Pre Tax Margin(%) 14.74 18.94 24.04 26.53 28.66 28.75 31.99 26.68 20.61 20.75 24.78
PAT Margin (%) 12.28 14.53 16.83 18.75 19.64 18.59 20.98 20.9 15.37 15.59 18.53
Cash Profit Margin (%) 13.73 16.11 18.34 20.7 21.57 21.01 24.03 25.05 20.52 19.97 22.14
ROA(%) 16.03 22.22 30.11 38.81 31.02 25.69 23.79 18.98 11.46 11.82 16.87
ROE(%) 24.76 38.42 54.4 73.87 50.42 37.28 33.19 24.93 14.91 15.57 22.24
ROCE(%) 29.3 49.82 77.68 103.27 71.82 56.12 49.54 31.54 19.94 20.7 29.61
Receivable days 1.59 1.74 1.25 1.49 2.18 2.52 3.44 4.82 8.23 13.43 15.4
Inventory Days 18.68 20.86 19.18 13.21 14.31 13.9 18.35 22.51 27.15 29.9 23.32
Payable days 59.59 68.12 65.55 51.25 61.49 68.34 78.72 76.8 88.33 99.77 78.96
PER(x) 54.15 48.3 73.23 39.71 44.57 45.1 27.27 18.77 53.52 42.41 30.77
Price/Book(x) 12.46 16.38 33.18 22.49 17.93 14.54 7.93 4.35 7.39 6.26 6.29
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) 7.47 7.9 13.5 8.4 9.89 8.5 5.43 3.61 7.58 6.38 5.69
EV/Core EBITDA(x) 41 34.13 48.14 26.09 28.6 23.9 15.4 11.64 29.2 25.15 19.83
Net Sales Growth(%) 56.27 62.25 78.05 104.08 13.77 27.27 9.34 -7.32 -5.05 17.45 38.96
EBIT Growth(%) 21 108.79 120.05 131.98 22.89 16.3 18.28 -22.15 -26.57 18.4 65.92
PAT Growth(%) 16.23 92.47 100.6 134.24 19.16 9.8 19.94 -7.33 -30.16 19.29 65.34
EPS Growth(%) 16.18 92.19 100.16 133.72 18.94 9.6 19.85 -7.4 -30.23 19.25 65.28
Debt/Equity(x) 0.01 0 0 0.01 0.02 0.02 0.01 0 0 0 0.01
Current Ratio(x) 1.99 1.65 1.28 0.87 0.92 1.15 2.22 3.42 3.6 1.97 1.15
Quick Ratio(x) 1.87 1.49 1.07 0.63 0.7 0.98 1.91 3.14 3.28 1.65 0.85
Interest Cover(x) 669.46 1346 478.86 875.06 817.13 872.14 1048.82 224.79 194.84 207.06 271.49
Total Debt/Mcap(x) 0 0 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 99.77 to 78.96days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 49.15%.
  • Stock is trading at 8.2 times its book value.
  • The company has delivered a poor profit growth of 8% 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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