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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).
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