Eicher Motors

₹2924.3 -22.4 | 0.8%

WEBSITE BSE:505200 NSE : EICHER MOTOR 23 Mar, 15:40

Market Cap ₹79977 Cr.

Stock P/E 30.5

P/B 5.7

Current Price ₹2924.3

Book Value ₹ 510.2

Face Value 1

52W High ₹3886

Dividend Yield 0.72%

52W Low ₹ 2310

Edit Ratio

Eicher Motors Research see more...

Equity Research: Eicher Motors Ltd.

Overview Inc. Year: 1982Industry: Automobile Two & Three Wheelers

Eicher Motors Limited is an India-based automobile organisation. The Company is engaged in manufacturing of bikes and commercial motors. Its motorbike business is led by the logo, Royal Enfield, that's a motorbike brand. Its commercial vehicle business enterprise is led with the support of VE Commercial Vehicles. Its joint project with AB Volvo, VE Commercial Vehicles Limited (VECV), consists of quite a number of Eicher branded trucks and buses, VE Powertrain, Eicher's additives and engineering design offerings companies, the sales and distribution business of Volvo Trucks in addition to aftermarket guide to Volvo Buses in India. Royal Enfield's motorcycle merchandise include Interceptor 650, Continental GT 650, Classic, Bullet, Thunderbird and Himalayan. Royal Enfield's portfolio also includes apparels and bike add-ons, along with defensive riding apparel, riding accessories, shielding seats, bodywork, controls, wheels, baggage and engine. Royal Enfield operates in India, and worldwide.

Quarterly Price

Quarterly Monthly

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Peer Comparison

Eicher Motors Quarterly Results

#(Fig in Cr.)	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Net Sales	2134	2828	2940	1974	2250	2881	3193	3397	3519	3721
Other Income	100	125	114	122	109	92	118	49	149	192
Total Income	2234	2953	3054	2096	2358	2973	3311	3446	3668	3913
Total Expenditure	1663	2156	2306	1611	1780	2298	2436	2566	2698	2864
Operating Profit	571	797	748	485	579	675	875	880	970	1050
Interest	4	4	4	6	3	6	3	5	7	8
Depreciation	105	123	125	112	109	111	119	116	127	135
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	462	671	620	367	466	557	753	758	836	907
Provision for Tax	115	169	162	90	103	137	196	181	223	230
Profit After Tax	347	501	457	277	363	420	556	577	613	677
Adjustments	-4	31	69	-39	10	36	54	34	44	64
Profit After Adjustments	343	533	526	237	373	456	610	611	657	741
Adjusted Earnings Per Share	12.6	19.5	19.3	8.7	13.7	16.7	22.3	22.3	24	27.1

Eicher Motors Profit & Loss

#(Fig in Cr.)	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Net Sales	5684	6390	6810	8738	6173	7033	8965	9797	9154	8720	10298	13830
Other Income	142	137	95	107	178	227	280	443	543	453	441	508
Total Income	5827	6527	6905	8846	6352	7261	9245	10240	9697	9174	10739	14338
Total Expenditure	5095	5841	6097	7624	4484	4859	6157	6894	6973	6939	8126	10564
Operating Profit	732	686	808	1222	1868	2401	3088	3347	2724	2234	2613	3775
Interest	8	4	8	10	2	4	5	7	19	16	19	23
Depreciation	64	82	130	220	137	154	223	300	382	451	452	497
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	660	600	671	993	1877	2433	3116	3297	2355	1798	2203	3254
Provision for Tax	163	125	145	291	539	720	936	1077	527	452	526	830
Profit After Tax	497	475	525	702	1338	1713	2180	2220	1827	1347	1677	2423
Adjustments	-189	-151	-131	-86	0	-46	-220	-18	0	0	0	196
Profit After Adjustments	309	324	394	615	1338	1667	1960	2203	1827	1347	1677	2619
Adjusted Earnings Per Share	11.4	12	14.6	22.7	49.3	61.3	71.9	80.7	66.9	49.3	61.3	95.7

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	18%	2%	8%	6%
Operating Profit CAGR	17%	-8%	2%	14%
PAT CAGR	24%	-9%	-0%	13%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	22%	29%	1%	27%
ROE Average	14%	15%	22%	29%
ROCE Average	18%	20%	30%	38%

Eicher Motors Balance Sheet

#(Fig in Cr.)	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Shareholder's Funds	1493	1755	2055	2516	3653	5345	7030	8919	9981	11438	12608
Minority's Interest	838	948	1040	1085	0	0	0	0	0	0	0
Borrowings	1	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	135	197	254	329	975	134	227	370	450	492	610
Total Current Liabilities	1327	1571	1988	2473	1205	1530	2265	2098	2019	2629	2983
Total Liabilities	3793	4471	5337	6403	5833	7009	9522	11387	12450	14559	16201
Fixed Assets	504	992	1656	2309	790	869	1498	1871	2374	2433	2424
Other Non-Current Assets	607	841	769	1192	3994	4760	5489	5100	3701	3317	8157
Total Current Assets	2682	2639	2911	2902	1049	1381	2535	4415	6375	8808	5619
Total Assets	3793	4471	5337	6403	5833	7009	9522	11387	12450	14559	16201

Eicher Motors Cash Flow

#(Fig in Cr.)	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Opening Cash & Cash Equivalents	1238	1192	804	683	17	28	17	92	716	43	94
Cash Flow from Operating Activities	405	496	716	1047	1463	1708	2482	1575	1694	1691	1527
Cash Flow from Investing Activities	-338	-773	-790	-1214	-1001	-1744	-2145	-660	-1508	-1625	-983
Cash Flow from Financing Activities	-114	-111	-47	-162	-466	25	-262	-292	-858	-15	-593
Net Cash Inflow / Outflow	-47	-388	-121	-329	-4	-10	75	623	-673	51	-50
Closing Cash & Cash Equivalent	1192	804	683	353	13	17	92	716	43	94	45

Eicher Motors Ratios

#	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Earnings Per Share (Rs)	11.44	12.01	14.57	22.71	49.27	61.27	71.89	80.75	66.94	49.28	61.32
CEPS(Rs)	20.8	20.63	24.24	34.01	54.29	68.61	88.15	92.39	80.92	65.77	77.85
DPS(Rs)	1.6	2	3	5	10	10	11	12.5	12.5	17	21
Book NAV/Share(Rs)	55.32	65	76.01	92.84	133.57	194.78	255.7	324.78	363.04	415.6	459.66
Core EBITDA Margin(%)	9.61	7.85	9.59	11.92	24.24	27.38	30.45	29.63	23.73	20.34	20.98
EBIT Margin(%)	10.89	8.63	9.13	10.72	26.95	30.69	33.85	33.73	25.83	20.73	21.46
Pre Tax Margin(%)	10.77	8.57	9.02	10.61	26.92	30.65	33.8	33.66	25.63	20.54	21.28
PAT Margin (%)	8.11	6.79	7.07	7.5	19.19	21.58	23.64	22.66	19.89	15.38	16.2
Cash Profit Margin (%)	9.16	7.96	8.82	9.85	21.15	23.51	26.07	25.73	24.04	20.53	20.56
ROA(%)	14.72	11.49	10.71	11.95	21.87	26.68	26.37	21.24	15.33	9.97	10.9
ROE(%)	36.5	29.24	27.58	30.7	43.56	38.38	35.53	28.05	19.47	12.67	14.02
ROCE(%)	46.64	36.42	34.64	42.53	60.13	53.37	49.39	40.58	24.69	16.71	18.31
Receivable days	18.03	20.62	23.53	20.97	15.57	1.9	2.34	2.84	3.4	5.11	8.11
Inventory Days	22.46	23.92	24.94	22.88	24.97	14.81	14.46	19.15	23.95	30.16	35.38
Payable days	51.3	51.05	64.52	65.62	92.13	61.66	68.36	78.96	77	89.06	101.16
PER(x)	12.9	24.17	34.16	66.51	38.85	41.71	39.42	25.44	19.55	52.83	40.12
Price/Book(x)	2.67	4.47	6.55	16.27	14.33	13.12	11.08	6.32	3.6	6.27	5.35
Dividend Yield(%)	1.08	0.69	0.6	0.33	0.52	0.39	0.39	0.61	0.96	0.65	0.85
EV/Net Sales(x)	0.5	1.1	1.89	4.65	8.42	9.9	8.5	5.44	3.6	7.51	6.27
EV/Core EBITDA(x)	3.87	10.29	15.9	33.25	27.82	28.99	24.67	15.91	12.09	29.31	24.72
Net Sales Growth(%)	29.28	12.41	6.57	28.32	-29.35	13.93	27.46	9.28	-6.57	-4.73	18.09
EBIT Growth(%)	56.35	-9.64	12.42	47.75	87.45	40.77	28.07	15.37	-22.07	-23.55	22.4
PAT Growth(%)	62.1	-4.53	10.64	33.57	90.67	43.94	27.24	15.45	-6.85	-26.3	24.48
EPS Growth(%)	63.14	4.98	21.31	55.86	116.96	24.36	17.34	12.32	-17.1	-26.38	24.43
Debt/Equity(x)	0.03	0.01	0.04	0.02	0.01	0.02	0.02	0.02	0.01	0.01	0
Current Ratio(x)	2.02	1.68	1.46	1.17	0.87	0.9	1.12	2.1	3.16	3.35	1.88
Quick Ratio(x)	1.7	1.38	1.22	0.91	0.62	0.68	0.94	1.8	2.87	3.02	1.5
Interest Cover(x)	87.08	159.23	86.1	102.49	886.34	684.53	584.46	450.83	125.73	110.32	118.28
Total Debt/Mcap(x)	0.01	0	0.01	0	0	0	0	0	0	0	0

Eicher Motors Shareholding Pattern

#	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Promoter	49.25	49.24	49.23	49.22	49.22	49.22	49.21	49.21	49.21	49.21
FII	28.16	28.89	29.06	28.83	30.28	29.45	29.22	29.5	30.25	29.85
DII	10.09	9.49	9.22	9.59	8.74	9.83	10.04	10.23	10.05	10.06
Public	12.5	12.37	12.49	12.36	11.76	11.5	11.52	11.06	10.48	10.89
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Promoter	13.46	13.46	13.46	13.46	13.46	13.46	13.46	13.46	13.46	13.46
FII	7.69	7.89	7.94	7.88	8.28	8.05	7.99	8.07	8.27	8.16
DII	2.76	2.59	2.52	2.62	2.39	2.69	2.75	2.8	2.75	2.75
Public	3.42	3.38	3.41	3.38	3.21	3.15	3.15	3.02	2.87	2.98
Others	0	0	0	0	0	0	0	0	0	0
Total	27.32	27.33	27.33	27.34	27.34	27.34	27.34	27.34	27.35	27.35