EM

Eicher Motors

Q2 FY26

Eicher Motors Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹7,285

Market cap₹2.0L Cr

P/E34.4

Updated16 Oct 2026

Read5 min read

The short version

Royal Enfield is bullish on demand growth post-GST cuts, with sustained momentum seen in November 2025. Eicher Motors reported its highest ever Q2 revenue (INR6,172 crores, +45%) and EBITDA (INR1,512 crores, +39%), with PAT at INR1,369 crores, up 25% YoY, indicating strong growth momentum.

From Eicher Motors's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Royal Enfield is bullish on demand growth post-GST cuts, with sustained momentum seen in November 2025.
They expect continued growth in the middleweight motorcycle segment (250cc-750cc), especially 350cc, with capacity expanding beyond 1.35 million units.
New module capacity is being added starting 1Q FY2026 to meet rising demand.
Electric and CNG commercial vehicles by VECV are in early stages; volumes in the electric 2-3.5 tonne segment are growing but remain a small percentage (1.5% market share).
VECV expects improved volume outlook in the second half of the year supported by infrastructure investment and economy factors like lower interest rates and inflation.

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Profitability & Margins

Eicher Motors reported its highest ever Q2 revenue (INR6,172 crores, +45%) and EBITDA (INR1,512 crores, +39%), with PAT at INR1,369 crores, up 25% YoY, indicating strong growth momentum.
Royal Enfield’s 350cc motorcycles have seen robust growth post-GST cuts; the 450cc and 650cc segments are recovering steadily, supported by efforts to lower GST rates further to spur volume and scale.
Additional manufacturing capacity modules will come online starting Q1 FY27 to meet rising demand; incremental capacity aims to exceed current 1.35 million unit levels.
VECV recorded highest Q2 sales (21,901 units, +5.4%) with improving EBITDA margins; it is investing INR544 crores in a new greenfield factory for advanced 12-speed transmission production.
Marketing and product refresh efforts (e.g., Classic, Meteor, Hunter) are expected to support sustained demand and margin expansion.

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Capital Expenditure Plans

Eicher Motors has initiated capacity expansion for the 350cc segment to meet higher demand, including debottlenecking operations and adding machinery and equipment.
An additional module capacity has been kickstarted at the Cheyyar plant, expected to come online from Q1 of the next fiscal year, aiming to increase production beyond the current ~1.35 million units.
The Cheyyar facility has adequate space for expansions; no major issues anticipated for incremental capacity additions.
Value engineering, productivity improvements, sourcing optimization, and low-cost automation investments are underway to improve production efficiency and unit economics.

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Fundraising & Capital Structure

The transcript does not explicitly mention any current or future plans for fundraising through debt or equity. However, some relevant points include: - VECV is experiencing some challenges from financiers being hesitant to finance electric trucks and buses, indicating ongoing discussions but no clear mention of company-led fundraising. - Eicher Motors is undertaking capacity expansion through new module investments starting from the next quarter to meet demand, but funding details are not disclosed.

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Order Book & Pipeline

The company has highlighted strong inquiry and booking ratios, with inquiry-to-booking conversion improving from about 20-21% to 29-30%, indicating a healthy demand funnel.
Booking levels have remained strong into November, showing sustained momentum post-GST cut and during festive season.
There is no explicit mention of exact current orderbook or pending orders, but production has been ramped up to meet the robust demand.
Capacity has been increased from 1.2 million to around 1.3-1.35 million motorcycles after debottlenecking.
An additional module capacity expansion has been kickstarted and is expected to come online from the first quarter of the next year to handle expected growth.

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Eicher Motors — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹6.1K Cr, net profit ₹1.5K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Eicher Motors's management said in earlier quarters

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Frequently Asked Questions

What were Eicher Motors Q2 FY26 results?

Royal Enfield is bullish on demand growth post-GST cuts, with sustained momentum seen in November 2025. Eicher Motors reported its highest ever Q2 revenue (INR6,172 crores, +45%) and EBITDA (INR1,512 crores, +39%), with PAT at INR1,369 crores, up 25% YoY, indicating strong growth momentum.

What is Eicher Motors share price analysis?

Eicher Motors currently shows a neutral. The stock trades at a P/E of 34.4 with a market cap of ₹199,975 Cr. Investors should review the full earnings analysis for detailed insights.

Is Eicher Motors planning capital expenditure?

Eicher Motors has initiated capacity expansion for the 350cc segment to meet higher demand, including debottlenecking operations and adding machinery and equipment.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.