ICICI Securities's research report on Eicher Motors
Eicher Motors’ (EIM) Q2FY26 standalone EBITDAM came in at 24.9%, 80bps below I-Sec estimate. Marketing / brand building efforts and regular product interventions have been driving the outperformance for RE in domestic market. Retail growth in most international markets also remains healthy. EIM re-iterated its focus on driving absolute profit growth, and thus, higher marketing spends / aggressive pricing strategy to drive growth could continue. We are building in 13% volume CAGR over FY25-28E and expect EBITDA margin to expand to 25.5%/25.7% in FY27E/FY28E.
Outlook
Maintain HOLD with SoTP-based unchanged TP of INR 7,200, implying 25x P/E for RE and 12x EV/EBITDA for VECV.
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