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Eicher Motors Q2 Review — Focus On Driving Growth To Weigh On Profitability; ICICI Securities Maintains 'Hold'
ICICI Securities maintains Hold with SoTP-based unchanged target price of Rs 7,200, implying 25 times P/E for RE and 12x EV/Ebitda for VECV.
14 Nov 2025, 11:34 AM IST 
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Marketing, brandbuilding efforts and regular product interventions have been driving the outperformance for RE in domestic market.
(Photo: Eicher Motors)
Eicher Motors reported standalone revenue of Rs 59 billion (+40% YoY/+20% QoQ), broadly in line with the brokerage's estimate. Realisation increased 1% YoY/ declined 2% QoQ. Volume stood at ~326k units (+43% YoY/+23% QoQ).
