EICHERMOT · Automobile and Auto Components
Eicher Motors Ltd. reported revenue of ₹4,973 cr for October to December 2024, +19.0% on the year and +16.7% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹1,201 cr, a margin of 24.2%, −193 bps on the year and −137 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 24.2% to 26.5%). Operating costs grew +22.1%, faster than revenue at +19.0%, so operating profit grew less than sales.
Net profit was ₹1,170 cr, +17.5% on the year and +6.4% on the quarter, with earnings per share of ₹42.70. Profit before other income, one-offs and tax grew 8.5%, so 9 points of the headline growth came from outside the core business. The tax rate of 20% is in line with its recent average.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹162.15 over the last four quarters, the stock at ₹7,254.50 trades at 44.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 24.2%, −193 bps on the year (−137 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,115 cr | ₹4,179 cr | ₹4,256 cr | ₹4,393 cr | ₹4,263 cr | ₹4,973 cr | ₹5,241 cr | ₹5,042 cr | ₹6,172 cr | ₹6,114 cr | ₹6,080 cr | ₹6,632 cr |
| YoY | — | — | — | +10% | +4% | +19% | +23% | +15% | +45% | +23% | +16% | +32% |
| EBITDA margin | 26.4% | 26.1% | 26.5% | 26.5% | 25.5% | 24.2% | 24.0% | 23.9% | 24.5% | 25.5% | 24.9% | 24.0% |
| Other income, % of PBT | 29% | 28% | 32% | 32% | 34% | 31% | 38% | 38% | 27% | 26% | 35% | 33% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 23% | 23% | 24% | 19% | 20% | 18% | 24% | 23% | 21% | 22% | 24% |
| Net profit | ₹1,016 cr | ₹996 cr | ₹1,070 cr | ₹1,101 cr | ₹1,100 cr | ₹1,170 cr | ₹1,362 cr | ₹1,205 cr | ₹1,369 cr | ₹1,421 cr | ₹1,520 cr | ₹1,463 cr |
| YoY | — | — | — | +20% | +8% | +17% | +27% | +9% | +24% | +21% | +12% | +21% |
| Core profit YoY | — | — | — | +13% | −4% | +8% | +10% | +1% | +45% | +32% | +21% | +30% |
| EPS | ₹37.12 | ₹36.38 | ₹39.10 | ₹40.20 | ₹40.15 | ₹42.70 | ₹49.68 | ₹43.95 | ₹49.93 | ₹51.79 | ₹55.41 | ₹53.28 |
| Flags | · | · | 1 | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Eicher Motors Ltd. reported revenue of ₹4,973 cr (+19.0% on the year) and net profit of ₹1,170 cr (+17.5% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +8.5% on the year, against +17.5% for reported profit.
None of the 7 checks that could run raised a question.
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