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Eicher Motors Ltd share Price Today

Company details

4,206.30
4,404.00
3,156.15
4,404.00
6M Return 25.29%
1Y Return 34.89%
Mkt Cap.(Cr) 119,248.61
Volume 1,467,677
Div Yield 0.88%
OI
-
OI Chg %
-
Volume 1,467,677

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Technical Outlook
    Nifty Auto Index has rallied to a fresh all time high and has generated a resolute breakout above last eight months range (13540-11902) signalling extension of the up move. Two-wheeler stocks in the Auto space, are in strong up trend and are seen extending their up move,  within this space, we remain constructive on Eicher Motors as it is seen accelerating its up move after recent breakout above the falling channel, post earnings, containing entire decline of the last five months signalling resumption of up move 

    Structurally, as per change of polarity concept stock rebounded in April 2023 after retesting the major breakout area of ₹ 2800-2900, signalling elevated buying demand

    The stock in the current up move is witnessing faster retracement as it has already retraced more than 80% of its preceding five months decline (₹ 3889-2836) in less than two months highlighting strength and a robust price structure

    We expect the stock to maintain positive bias and head towards ₹ 3940 levels in the coming months being the price parity with the recent up move (₹ 3321-3705) as projected from the last week low (₹ 3511)

Fundamental Outlook
    Eicher Motors (EML) is the market leader in the >250 cc premium motorcycle segment (market share ~85%+) through its aspirational models under the Royal Enfield (RE) brand, such as Bullet, Classic, Interceptor among others. It also has presence in the 650cc segment through 650 cc twins wherein its market share in international markets is pegged at ~8-10% in mid-weight segment & has recently launched Super Meteor 650cc to strengthen the same. On CV space it operates via its JV with Volvo i.e. VECV (EML has 54.4% stake) with consequent market share at ~7.6% FY23.

    EML posted healthy performance in Q4FY23 with Royal Enfield ASP’s & profitability on VECV front surprising positively. Net sales for Q4FY23 came in at ₹ 3,804 crore, up 2.2% QoQ, with consequent ASP’s coming at ₹1.72 lakhs up 7.7% QoQ (aided by better export mix & preference towards higher end models). EBITDA in Q4FY23 stood at ₹ 934 crore with corresponding EBITDA margins at 24.5%, up 150 bps QoQ (gross margin expansion stood at ~250 bps QoQ). Consequently, PAT came in at ₹906 crores up 22.2% QoQ. Company’s share of profit from VECV JV stood at ₹ 173.4 crore, with margins at ~10% (highest in recent past).

    EML is outpacing its peers in 2W space & is riding upon strong premiumization trend domestically as well as leveraging its brand value in international market through its >650cc portfolio. Further company has in the recent past successfully launched a new model i.e. Hunter 350 at affordable price point of ~₹1.5 lakhs (ex-showroom) with intent to tap in audience from >125cc segment. On commercial vehicle front the company is well equipped with alternate fuel technologies like BEV, CNG, Fuel Cells, Hybrid, etc. EML has also started tangible work on EV front with 2 EV platform under development (i.e., one in house and one EV platform of stark mobility). Further management informed about ~₹1,000 crores of capex to be incurred in FY24E towards product development of EV as well as ICE portfolio.

    With incremental consumer preference towards premium space & RE’s dominant position in >250 cc segment domestically aided by new launches in pipeline, we expect RE volumes to grow at 7.2% CAGR in FY23-25E (albeit on a high base). Consequently sales in value terms is seen growing at 8.7 % sales CAGR over FY23-25E. PAT CAGR in the similar timeframe is placed at 13.9%, amid improvement in EBITDA margins to 25.1% by FY25E tracking operating leverage play & increased focus on increasing revenue from non auto space. Further on the B/S front, the company continues to remain debt free with cash & investments worth ~₹11,000 crores as of FY23 with consequent RoIC pegged at 100%+ by FY25E. We have a positive view on the company.

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Automobiles company Eicher Motors announced Q3FY24 results:

  • The Company recorded its highest-ever revenue from operations at Rs 4,179 crore, up 12% compared to Rs 3,721 crore in Q3FY23
  • EBITDA was Rs 1,090 crore, up 27% compared to Rs 857 crore in the same quarter of the previous financial year.
  • The company registered Profit after Tax at Rs 996 crore, registering a strong growth of 34% in comparison to Rs 741 crore during the same period last year.
  • Royal Enfield sold 2,29,214 motorcycles in the quarter, an increase of 4% compared to 2,19,898 motorcycles sold over the same period in FY23.

Reflecting on Eicher Motors’ performance in the quarter gone by, Siddhartha Lal, Managing Director, Eicher Motors, said, “It has been a good quarter for us at Eicher Motors, as we recorded solid business and financial performance across the board. We have strengthened our portfolio and further built on our success as we launched two new motorcycles - the much-awaited new Himalayan, and the stunning Shotgun 650 - and we closed the year with an amazing edition of the Motoverse. The new motorcycles have created waves across the globe and have earned us love, appreciation and accolades. We believe the Himalayan on the new Sherpa 450 platform has the potential to change adventure touring around the world, and significantly grow the middleweight motorcycling segment. The new Himalayan won the Indian Motorcycle of the Year - IMOTY; our 4th IMOTY in the last six years. At VE Commercials Vehicles, we recorded our best third quarter ever, with strong sales and improved market share across all business segments. We have recently announced our entry into the growing Small Commercial Vehicle segment with an Electric-First offer which will be available from 2025”

Speaking about Royal Enfield’s exhilarating performance, B. Govindarajan, CEO - Royal Enfield and Wholetime Director, EML said, “It has been a great quarter at Royal Enfield as we’ve continued on our strong growth momentum and have registered our highest ever sales for the quarter. We have further strengthened our product portfolio with the launches of the all-new Himalayan, the Shotgun 650 and new colourways on the Meteor 350. These motorcycles have resonated very strongly with consumers across the world. We also launched our new connected-vehicle solution, Royal Enfield Wingman, on the Super Meteor 650. To bring more value-added services and seamless experiences, we launched the industry-first Assured Buyback, and REOWN programmes as well. We’ve made significant steps in our sustainability journey and the recent recognition we’ve received from CII’s Indian Green Building Council (IGBC) for our global headquarters in Chennai is a testament to our consistent efforts towards attaining a greener future. Also, we are proud to announce that our Oragadam facility has been awarded Future Ready Factory Of The Year 2023 by Frost Sullivan’s India Manufacturing Excellence Awards''

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Eicher Motors Ltd shares SWOT Analysis

Strengths (15)

  • Strong Momentum: Price above short, medium and long term moving averages
  • Rising Net Cash Flow and Cash from Operating activity
  • Company with high TTM EPS Growth

Weakness (1)

  • MFs decreased their shareholding last quarter

Opportunity (3)

  • Positive Breakout First Resistance ( LTP > R1)
  • Companies with current TTM PE Ratio less than 3 Year, 5 Year and 10 Year PE
  • RSI indicating price strength

Threats (1)

  • Promoter decreasing their shareholding

Resistance and support

R1 4,437.7
R2 4,519.7
R3 4,635.4
Pivot

4,322.00

S1 4,240.0
S2 4,124.3
S3 4,042.3
EMA SMA
4,074.8
3,955.2
3,864.2
3,721.4
4,014.1
3,919.6
3,912.7
3,664.3
Delivery and volume
CLIENT NAME DEAL TYPE ACTION DATE AVG. PRICE QUANTITY EXCHANGE
SIDDHARTHA LAL TRUST Block Purchase 2023-05-23 3597 28470 BSE
SIDDHARTHA VIKRAM LAL Block Sell 2023-05-23 3597 28470 BSE
SIDDHARTHA LAL TRUST Block Purchase 2023-03-10 3110 33000 BSE
Name Category Shares
Simran Lal PROMOTER 1.15%
THE SIMRAN SIDDHARTHA TARA BENEFIT TRUST (Name of trustees are mentioned in Note-4) PROMOTER 43.94%
THE BRINDA LAL TRUST (Mrs Anita Lal, Mr. Vikram Lal & Mr. Ravi Prakash) PROMOTER 1.77%
TARA LAL PROMOTER 1.15%
SIDDHARTHA VIKRAM LAL PROMOTER 1.05%

OUR RESEARCH VIEW

Investment recommendation
Call Date
24 May 2023
Entry Price 3,540.00
Target Price 3,940.00
Duration
3 Month

FINANCIALS

Sales
Operating Profit
Profit after Tax
Equity
Reserves and Surplus
Debt
Sales
Operating Profit
Profit after Tax
PE
Debt/Equity
P BV

Eicher Motors Ltd Stocks COMPARISON

Financials( in Cr) Eicher Motors Ltd Maruti Suzuki India Ltd Tata Motors Ltd Mahindra & Mahindra Ltd Bajaj Auto Ltd
Price 4,355.70 12,502.70 992.80 2,031.30 8,919.15
% Change 3.23 0.64 -0.60 -1.08 -0.87
Mcap Cr 119,248.61 393,088.64 329,892.25 252,598.05 252,572.49
Revenue TTM Cr 14,442.18 117,571.30 345,966.97 121,268.55 36,455.38
Net Profit TTM Cr 2,913.94 8,211.00 2,353.49 11,374.48 6,060.21
PE TTM 30.08 32.05 16.46 22.91 33.93
1 Year Return 34.89 44.13 110.27 67.47 109.65
ROCE 26.46 13.92 5.32 13.71 26.47
ROE 21.12 11.52 5.52 21.98 20.47
INSIDER & INSTITUTIONAL ACTIVITY

Equity Capital: 14,990.28 Cr FV: 1.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 22,701.14 -977.22
LAST 3M 84,025.63 45,820.51
LAST 6M 131,642.99 78,083.44
LAST 12M 206,655.58 204,047.57

Eicher Motors Ltd Information

Stock PE (TTM)
30.08
Promoter Holding
49.15%
Book Value
581.8336
ROCE
26.46%
ROE
21.12%
Description
  • Eicher Motors Ltd is in the Automobile sector with the Market Capitalization of worth Rs. 70,797.92 crores, it is incorporated in the year 1948. It has reported consolidated sales of Rs. 2,809.44 crores in December’2020. The company is listed in the Bombay Stock Exchange (BSE) with the code 505200 and also listed in the National Stock Exchange (NSE) with the code EICHERMOT.

    Eicher Motors Limited is an Indian international automotive company and it’s headquarter is located in Delhi. Eicher Motors produces motorcycles and commercial vehicles. Eicher Motors is also the parent company of Royal Enfield, a manufacturer of premium motorcycles. Eicher Motors has also entered into a joint venture with Volvo Trucks VE based in Sweden called VE Commercial Vehicles (VECV). The light commercial vehicle concept was made feasible in India due to a technical collaboration between Eicher Motors Ltd and Mitsubishi Motor Corporation of Japan. In the international markets, Eicher Motors Limited has a total of 77 exclusive stores spread across 60 nations. COVID-19 has impacted the business operations badly by hurting the production, supply chain, etc. due to the lockdown period. The promoters of the company own 49.22% of the stake in the company, Foreign Institutional Investors (FII) own 28.83%, Domestic Institutional Investors (DII) own 9.6% of the stake, and others (such as public & retail investors) hold the balance of 12.35%.

    In June 2021, quarterly net revenue was Rs. 1907.80 crores, which has increased by approximately 148.02 % from Rs. 769.21 crores for the April-June 2020 quarter. The quarterly net profit in June 2021 was Rs. 267.21 crores, which has also increased by nearly 2072.44% from a net profit of Rs. 12.30 crores in June 2020. In June 2021, the reported operating profit was at Rs. 1,814.15 crores, which is also reduced by 138.18% as compared to an operating profit of Rs. 761.66 crores for the quarter ending in June 2020. From Rs. 0.45 in June 2020, the EPS of Eicher Motors has risen to Rs. 9.78 per share in June 2021. EICHERMOT's stock closed at Rs. 2,589.65 on 18th August’2021 (NSE) and has returned -3.93% in the last six months and 22.53% in the previous year.

Registered Address

3rd Floor - Select Citywalk, A - 3 District Centre Saket, New Delhi, New Delhi, 110017

Tel : 91-011-41437600
Email : investors:eichermotors.com; info:eichermotors.com
Website : http://www.eicher.in
Registrar

MCS Ltd

AGM Date (Month) : Aug
Face Value Equity Shares : 1
Market Lot Equity Shares : 1
BSE Code : 505200
NSE Code : EICHERMOT
Book Closure Date (Month) : Aug
BSE Group : A
ISIN : INE066A01021

FAQ’s on Eicher Motors Ltd Shares

You can buy Eicher Motors Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Eicher Motors Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of Apr 16, 2024 03:59 PM the closing price of Eicher Motors Ltd was ₹ 4,355.70.

Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Apr 16, 2024 03:59 PM, the market cap of Eicher Motors Ltd stood at ₹ 119,248.61.

The latest PE ratio of Eicher Motors Ltd as of Apr 16, 2024 03:59 PM is 30.08

The latest PB ratio of Eicher Motors Ltd as of Apr 16, 2024 03:59 PM is 0.14

The 52-week high of Eicher Motors Ltd share price is ₹ 4,404.00 while the 52-week low is ₹ 3,156.15

According to analyst recommendations, Eicher Motors Ltd Share has a “Buy” rating for the long term.

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