Eicher Motors Q1 Results Review - Operating Performance Inline: Motilal Oswal

Motilal Oswal Report

Eicher Motors Ltd.’s Q1 FY25 operating performance was in line. Royal Enfield’s average selling price grew 9% YoY despite a 1% YoY decline in volumes. RE’s margins also remained stable despite weak volume growth, led by a richer mix.

Management expects domestic demand to pickup on the back of its new launches ahead of the festive season.

We cut our FY25E/FY26E earnings per share by 5%/3% to factor in weaker-than- expected RE volumes for FY25-year-to-date.

Reiterate Sell with a target price of Rs 3,920 (premised on June-26E SOTP).

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit. 

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.