Emkay Global Financial's research report on Eicher Motors
We recently held multiple interactions with Royal Enfield (RE) dealers. KTAs: 1) Dealers were impressed by the recent showcase of the all-new 450cc performance-oriented platform (to be launched in Nov-23); 2) Strong start to the festive season (Western region) with assurance on supplies for Diwali; 3) Dealers believe new competition would eventually help expand the market for all participants; RE has a strong product pipeline to respond with; 4) Hunter has helped pull in younger customers, who were earlier considering rival brands.
Outlook
We reiterate BUY (focused play on premium 2Ws while expanding its presence in the performance-oriented sub-segment with favorable risk-reward at 18.3x FY26E PER); we build ~21% FY23-26E EPS CAGR (largely unchanged), with SoTP-based rev. TP of Rs 4,440 (roll-fwd. to FY26E; previous TP: Rs4,000).
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