loader2
Login Open ICICI 3-in-1 Account

Open ICICI
3-in-1 Account

Manage your Savings, Demat and Trading Account conveniently at one place

+91

BLOG

Eicher Motors: Reports healthy performance in Q2FY26, margins stabilize

ICICIdirect Research 14 Nov 2025 DISCLAIMER

On the consolidated basis, total operating income for the quarter came in at ₹6,172 crore (up 45% YoY) amid healthy Royal Enfield sales volume at 3.26 lakh units (up ~43% YoY).
Margin performance on the standalone basis (Royal Enfield franchise) came in line with expectations at ~25%.
The company remains focussed on absolute profitability growth at current stable margin profile
Resultant PAT for the quarter stood at ₹1,369 crore (up 24.5% YoY).
Overall, the growth was driven by Royal Enfield’s festival-led volume surge, strong product refreshes and improving international retail, plus VECV’s steady operational recovery and market leadership in light/medium trucks.
The key near-term catalysts are continued 350cc demand post-GST and the capacity debottlenecking/module ramp (up from 1.2 million units to 1.35 million units) that preserves near-term growth delivery.
Our last rating on the stock was BUY with a target price of ₹ 7,680 (SOTP basis).

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere