Sharekhan's research report on Eicher Motors
Eicher reported a mixed performance in Q2, as it missed EBITDA margin estimates; bottom line came close to estimates on lower tax providing and higher income from VECV. Retails in the overseas market is increasing. Management expects a gradual improvement in its overseas business going ahead.
Outlook
We maintain BUY with an unchanged PT of Rs. 5,307, led by its leadership position in the premium motorcycle segment, rising premiumisation, and a focus on balanced growth. The stock trades at a P/E multiple of 27x/24.3x and EV/EBITDA multiple of 21.9x/20x its FY2026E/FY2027E estimates.
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