Buy Eicher Motors; target of Rs 17265: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's report on Eicher Motors

Royal Enfield volumes grew 52% YoY to 27,524 units (est 28,739 units). We estimate ~47% growth in CY15 to 449,075 units.

VECV’s overall volumes grew 36% YoY to 3,052 units (in-line). We estimate ~39% growth in CY15, led by roll-out of new generation CVs.

Domestic sales are in-line with 29% growth, so are export volumes with 77% growth.

Dom. LMD segment was below estimate with 7% growth to 1,446 units (v/s est 1,550 units).

Dom. Buses volumes were below estimate with just 3% growth to 308 units (v/s est 329 units).

Dom. HD segment grew by 72% to 479 units (v/s est 377 units).

The stock trades at 34.6x/21.9x CY15E/CY16E EPS of INR405/639 respectively. Maintain Buy with a target price of Rs 17265", says Motilal Oswal research report.

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