Eicher Motors (EIM IN) – Q4FY26 Result Update – Strong Quarter with Stable Demand – ACCUMULATE
Published on 23 May 2026
EIM reported decent Q4FY26 consol numbers slightly above street estimates as it continued dominating the middle-weight motorcycles which itself is driving growth in the motorcycle industry. With new launches across the 250cc-750cc segment across the globe, premiumization, brand building campaigns and with multiple cost levers in place it aims to sail through the geopolitical and supply chain issues with focus on long-term growth and value creation. We estimate revenue/EBITDA/APAT CAGR of 12.6%/13.4%/14.9% over FY26-28E and retain ‘ACCUMULATE’ rating with TP of INR7,580 (previous INR7,700). We value the core business at a P/E of 30x (previously 32x) basis FY28E standalone EPS and VECV business at 10x EV/EBITDA FY28E.
