Buy Eicher Motors; target of Rs 4170: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Eicher Motors

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 Classic, etc. With the launch of 650 cc twins, its market share in international markets is pegged at ~8-10% in mid-weight segment. Via its JV with Volvo, VECV (EML has 54.4% stake), the company has a presence in the CV space as well (6.6% FY22 market share) • Strong net cash positive b/s with healthy return ratios metrics.

Outlook

We maintain BUY amid healthy volume growth prospects over FY22-24E. Upgrading our numbers, we now value EML at Rs 4,170 on SOTP basis; assigning 34x PE to RE business & 30x PE to VECV business on FY24E.

More Info

At 16:01 hrs Eicher Motors was quoting at Rs 3,475.60, up Rs 50.55, or 1.48 percent.

It has touched an intraday high of Rs 3,482.00 and an intraday low of Rs 3,427.25.

It was trading with volumes of 15,790 shares, compared to its thirty day average of 38,865 shares, a decrease of -59.37 percent.

In the previous trading session, the share closed up 1.21 percent or Rs 41.00 at Rs 3,425.05.

The share touched its 52-week high Rs 3,512.75 and 52-week low Rs 2,110.00 on 25 August, 2022 and 07 March, 2022, respectively.

Currently, it is trading 1.06 percent below its 52-week high and 64.72 percent above its 52-week low.

Market capitalisation stands at Rs 95,045.41 crore.

For all recommendations report, click here

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Eicher Motors - 090922 - icici