ADVERTISEMENT
Eicher Motors Q4 Results Review: Focus On Growth Continues To Hurt Margins — Motilal Oswal Maintains 'Sell'
Given the expected slower earnings growth, Motilal Oswal sees no reason for the stock to trade at premium valuations, hence reiterates 'Sell' on Eicher Motors.
15 May 2025, 09:22 AM IST 
Eicher Motors' Q4 margin stood at 24.7%, down 290 bp YoY and below estimate of 25.5%. (Photo source: X/@RE_TokyoCentral)
Motilal Oswal factors in a 10% volume CAGR for Royal Enfield over FY25-27E as the company plans to continue prioritizing growth over margins. Hence, it expects margins to remain under pressure, as any benefit from an improving mix (higher spares and apparel sales) is likely to be invested by RE in demand-generation activities. This is clearly visible in the past two quarters, where volume has seen a healthy pick-up, albeit at the exp...
I’m already a Subscriber
To continue reading this storySubscribe to Unlock & Enjoy your
Subscriber-Only benefits
Subscriber-Only benefits
Choose a plan
Renews automatically. Cancel anytime.
As a Subscriber you get
Access to
Stories
Curated
Newsletters
20,000+
Research Reports
Priority Pass
to Special Events
Ad-Lite
Experience
Subscriber-Only
Rewards
NDTV Profit
Exclusive Stories
Full Access to
NDTV Profit App
Access to
Stories20,000+
Research Reports
Ad-Lite
Experience
NDTV Profit
Exclusive Stories
Curated
Newsletters
Priority Pass
to Special Events
Subscriber-Only
Rewards
Full Access to
NDTV Profit App
Still Not convinced ? Know More
