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Motilal Oswal Report
Eicher Motors Ltd.'s Q4 FY24 operating performance was in line. Unexpectedly, VECV Ebitda margin remained stable QoQ despite a strong 24% volume growth.
Royal Enfield is likely to face rising competitive pressures in the coming years, both in domestic and export markets, potentially limiting its volume growth prospects.
We have cut our FY25E/FY26 earnings per share estimates by 4%/7% as we expect RE margins to be under pressure, led by rising competitive intensity.
Given the recent stock run-up, we downgrade Eicher Motors to Sell from Neutral with a revised Mar'26E SoTP-based target price of Rs 4,020.
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