Eicher Motors Ltd
Eicher Motors Limited, incorporated in 1982, is the listed company of the Eicher Group in India and a leading player in the Indian automobile industry and the global leader in middleweight motorcycles.
Eicher has a joint venture with Sweden’s AB Volvo to create Volvo Eicher Commercial Vehicles Limited (VECV). VECV is engaged in truck and bus operations, auto components business, and technical consulting services business [1]
- Market Cap ₹ 1,28,103 Cr.
- Current Price ₹ 4,675
- High / Low ₹ 4,978 / 3,159
- Stock P/E 32.0
- Book Value ₹ 659
- Dividend Yield 1.09 %
- ROCE 31.1 %
- ROE 24.2 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 34.6%
Cons
- Stock is trading at 7.07 times its book value
- Earnings include an other income of Rs.1,524 Cr.
* 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.
Peer comparison
Sector: Automobile Industry: Automobiles - Motorcycles / Mopeds
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Dec 2012 | Dec 2013 | Dec 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
6,390 | 6,810 | 8,738 | 6,173 | 7,033 | 8,965 | 9,797 | 9,154 | 8,720 | 10,298 | 14,442 | 16,536 | |
5,840 | 6,094 | 7,621 | 4,484 | 4,859 | 6,156 | 6,893 | 6,971 | 6,937 | 8,120 | 10,996 | 12,209 | |
Operating Profit | 550 | 715 | 1,118 | 1,690 | 2,174 | 2,809 | 2,904 | 2,183 | 1,783 | 2,178 | 3,446 | 4,327 |
OPM % | 9% | 11% | 13% | 27% | 31% | 31% | 30% | 24% | 20% | 21% | 24% | 26% |
136 | 93 | 105 | 326 | 416 | 536 | 701 | 572 | 482 | 496 | 908 | 1,524 | |
Interest | 4 | 8 | 10 | 2 | 4 | 5 | 7 | 19 | 16 | 19 | 28 | 51 |
Depreciation | 82 | 130 | 220 | 137 | 154 | 223 | 300 | 382 | 451 | 452 | 526 | 598 |
Profit before tax | 600 | 671 | 993 | 1,877 | 2,433 | 3,116 | 3,297 | 2,355 | 1,798 | 2,203 | 3,800 | 5,202 |
Tax % | 21% | 22% | 29% | 29% | 30% | 30% | 33% | 22% | 25% | 24% | 23% | 23% |
475 | 525 | 702 | 1,338 | 1,667 | 1,960 | 2,203 | 1,827 | 1,347 | 1,677 | 2,914 | 4,001 | |
EPS in Rs | 12.01 | 14.57 | 22.71 | 49.27 | 61.27 | 71.89 | 80.75 | 66.91 | 49.28 | 61.32 | 106.55 | 146.13 |
Dividend Payout % | 17% | 21% | 22% | 20% | 16% | 15% | 15% | 19% | 34% | 34% | 35% | 35% |
Compounded Sales Growth | |
---|---|
10 Years: | 9% |
5 Years: | 11% |
3 Years: | 24% |
TTM: | 15% |
Compounded Profit Growth | |
---|---|
10 Years: | 27% |
5 Years: | 13% |
3 Years: | 44% |
TTM: | 37% |
Stock Price CAGR | |
---|---|
10 Years: | 18% |
5 Years: | 19% |
3 Years: | 20% |
1 Year: | 36% |
Return on Equity | |
---|---|
10 Years: | 23% |
5 Years: | 19% |
3 Years: | 20% |
Last Year: | 24% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Dec 2012 | Dec 2013 | Dec 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 |
Reserves | 1,728 | 2,028 | 2,489 | 3,626 | 5,318 | 7,003 | 8,891 | 9,954 | 11,411 | 12,581 | 14,963 | 18,018 |
23 | 84 | 58 | 23 | 112 | 151 | 187 | 249 | 219 | 108 | 288 | 419 | |
2,694 | 3,197 | 3,829 | 1,263 | 1,552 | 2,341 | 2,281 | 2,220 | 2,901 | 3,424 | 3,919 | 4,663 | |
Total Liabilities | 4,471 | 5,337 | 6,403 | 4,939 | 7,009 | 9,522 | 11,387 | 12,450 | 14,559 | 16,140 | 19,198 | 23,128 |
992 | 1,656 | 2,309 | 790 | 873 | 1,502 | 1,875 | 2,378 | 2,433 | 2,424 | 2,690 | 3,258 | |
CWIP | 504 | 464 | 419 | 94 | 374 | 333 | 450 | 312 | 314 | 505 | 472 | 212 |
Investments | 638 | 825 | 1,078 | 3,388 | 4,987 | 5,581 | 4,923 | 5,749 | 3,902 | 7,721 | 12,321 | 13,527 |
2,337 | 2,391 | 2,597 | 667 | 775 | 2,106 | 4,140 | 4,011 | 7,909 | 5,490 | 3,715 | 6,131 | |
Total Assets | 4,471 | 5,337 | 6,403 | 4,939 | 7,009 | 9,522 | 11,387 | 12,450 | 14,559 | 16,140 | 19,198 | 23,128 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Dec 2012 | Dec 2013 | Dec 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
496 | 716 | 1,047 | 1,463 | 1,708 | 2,482 | 1,575 | 1,694 | 1,691 | 1,527 | 2,847 | 3,724 | |
-773 | -790 | -1,214 | -1,001 | -1,744 | -2,145 | -660 | -1,508 | -1,625 | -983 | -2,422 | -2,852 | |
-111 | -47 | -162 | -466 | 25 | -262 | -292 | -858 | -15 | -593 | -417 | -844 | |
Net Cash Flow | -388 | -121 | -329 | -4 | -10 | 75 | 623 | -673 | 51 | -50 | 8 | 27 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Dec 2012 | Dec 2013 | Dec 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 25 | 27 | 23 | 2 | 3 | 3 | 3 | 3 | 7 | 11 | 9 | 8 |
Inventory Days | 39 | 41 | 41 | 33 | 33 | 31 | 46 | 42 | 62 | 69 | 57 | 57 |
Days Payable | 76 | 94 | 96 | 77 | 75 | 92 | 89 | 74 | 108 | 110 | 80 | 85 |
Cash Conversion Cycle | -12 | -25 | -31 | -42 | -40 | -58 | -40 | -28 | -39 | -29 | -14 | -19 |
Working Capital Days | -20 | -27 | -33 | -45 | -49 | -58 | -35 | -37 | -23 | -12 | -12 | 12 |
ROCE % | 22% | 22% | 28% | 51% | 53% | 49% | 41% | 25% | 17% | 18% | 27% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Monthly Business Updates 1d
-
Announcement under Regulation 30 (LODR)-Monthly Business Updates
1d - Business Updates for the month of June 2024 of VE Commercial Vehicles Limited, an unlisted material subsidiary of Eicher Motors Limited
-
Announcement Under Regulation 30
27 Jun - Update on VECV, a material subsidiary has entered into Joint Venture
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 Jun
- GST Demand Order 26 Jun
Annual reports
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2013
from nse
-
Financial Year 2012
from bse
-
Financial Year 2011
from bse
-
Financial Year 2011
from nse
Concalls
-
May 2024Transcript PPT
-
Feb 2024Transcript PPT
-
Nov 2023Transcript PPT
-
Aug 2023Transcript PPT
-
May 2023Transcript PPT
-
Feb 2023Transcript PPT
-
Nov 2022Transcript PPT
-
Aug 2022Transcript PPT
-
May 2022Transcript PPT
-
Feb 2022Transcript PPT
-
Nov 2021Transcript PPT
-
Sep 2021TranscriptNotesPPT
-
Sep 2021Transcript PPT
-
Aug 2021TranscriptNotesPPT
-
May 2021Transcript PPT
-
Feb 2021Transcript PPT
-
Nov 2020Transcript PPT
-
Aug 2020Transcript PPT
-
Jun 2020Transcript PPT
-
Feb 2020Transcript PPT
-
Nov 2019Transcript PPT
-
Jul 2019Transcript PPT
-
May 2019Transcript PPT
-
Feb 2019Transcript PPT
-
Nov 2018Transcript PPT
-
Aug 2018Transcript PPT
-
May 2018Transcript PPT
-
Feb 2018Transcript PPT
-
Nov 2017TranscriptPPT
-
Aug 2017TranscriptPPT
-
May 2017TranscriptPPT
-
Jul 2016TranscriptPPT
-
May 2016TranscriptPPT
-
Feb 2016TranscriptNotesPPT
Iconic Brand
It is the owner of the iconic Royal Enfield brand which is focused on mid-sized motorcycles (250-750 cc). Classic, Bullet, Himalayan are some of the brands that come under its Royal Enfield brand. It is sold in 60+ countries globally. It also provides protective riding apparel, urban casual wear, and Motorcycle accessories and parts.
It has launched two BS-VI Compliant Motorcycles, i.e. Classic 350 BS-VI and Himalayan BS-VI in FY20[1]