Eicher Motors (EIM IN) – Q1FY27 Result Update – Strong Quarter and Stable Margins – ACCUMULATE
Published on 30 Jul 2026
EIM reported decent Q1FY27 consol numbers with revenues beating street estimates while EBITDA margins were in-line. It reported its highest ever exports revenue and continued dominance in the middle-weight motorcycles in domestic market. With new launches/ refreshes, premiumization, brand building campaigns, allied revenue and with multiple cost levers in place it remains optimistic for value driven growth. We estimate revenue/EBITDA/APAT CAGR of 16.2%/18.0%/17.1% over FY26-28E and retain ‘ACCUMULATE’ rating with TP of INR8,300 (previous INR 8,000). We value the core business at a P/E of 32x basis FY28E standalone EPS and VECV business at 10x EV/EBITDA FY28E.
