# Eicher Motors (EICHERMOT.NSE)

Canonical: https://gigainvestors.com/s/EICHERMOT.NSE

Analysis as of: 2026-10-16T07:33:23.605Z. Financial observations: FY2017–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 7,225.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.29×

- FY2018: 0.29×

- FY2019: 0.27×

- FY2020: 0.20×

- FY2021: 0.15×

- FY2022: 0.17×

- FY2023: 0.20×

- FY2024: 0.23×

- FY2025: 0.21×

- FY2026: 0.21×

### moat: pass

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- Conservative return floor, median: 15.4%

- Conservative return floor, second lowest: 10.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.0%

- ROIC including acquisitions, ten-year median: 21.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 186B

- Net income, five-year total: INR 188B

- Return on incremental invested capital: 96.5%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.2 pp

- Working capital / revenue, final three-year average: -1.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 0.99×

- FY2024: 0.99×

- FY2025: 0.99×

- FY2026: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- Per-share earnings: 71.83 to 172.37 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: INR 1.11T

- Cumulative retained earnings: INR 196B

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 13.3%

- Per-share value change: INR 100.54

- Per-share value, starting three-year median: INR 71.83

- Per-share value, ending three-year median: INR 172.37

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: INR 278B

- ROIC, last three-year median: 15.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 61.27

- FY2018: INR 71.83

- FY2019: INR 80.69

- FY2020: INR 66.92

- FY2021: INR 49.24

- FY2022: INR 61.26

- FY2023: INR 106.38

- FY2024: INR 145.92

- FY2025: INR 172.37

- FY2026: INR 200.73

### accounting: pass

- Sloan accruals: 2.2%

- Receivables to sales index (DSRI): 0.52×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 1.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.87×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.6%

- FY2018: -5.5%

- FY2019: 5.5%

- FY2020: 1.1%

- FY2021: -2.4%

- FY2022: 0.9%

- FY2023: 0.5%

- FY2024: 1.2%

- FY2025: 2.8%

- FY2026: 2.2%

## Holders

## Price story

Up 119% since Oct 2023 · sales +24%

Story as of 2026-10-16T09:59:55.936Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +24%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 70B 

- FY2018: INR 90B 

- FY2019: INR 98B 

- FY2020: INR 92B 

- FY2021: INR 87B 

- FY2022: INR 103B 

- FY2023: INR 144B 

- FY2024: INR 165B 

- FY2025: INR 189B 

- FY2026: INR 234B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in 2/3 wheelers; annual sales are INR 234.1 billion.

- Source: https://www.screener.in/company/EICHERMOT/consolidated/ (filed 2026-10-16T07:33:23.605Z); FY2026: revenue 234080000000; operatingIncome 49490000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 21.1% to 22.6% during 2024–26; it earns 15.4% on its capital.

- Source: https://www.screener.in/company/EICHERMOT/consolidated/ (filed 2026-10-16T07:33:23.605Z); FY2024: operatingIncome / revenue = 22.6%.

- Source: https://www.screener.in/company/EICHERMOT/consolidated/ (filed 2026-10-16T07:33:23.605Z); FY2025: operatingIncome / revenue = 21.2%.

- Source: https://www.screener.in/company/EICHERMOT/consolidated/ (filed 2026-10-16T07:33:23.605Z); FY2026: operatingIncome / revenue = 21.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.605Z); 10-year return on capital observations [[2023,0.15493384785005512],[2024,0.15683316955999563],[2025,0.1486761900330371],[2026,0.15222888240397509]]; median 0.1535813651270151. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 8% of cash earnings; earns 96.5% on new investment.

- Source: https://www.screener.in/company/EICHERMOT/consolidated/ (filed 2026-10-16T07:33:23.605Z); FY2017: growth capex 0; upkeep 5480000000; owner earnings 12730000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/EICHERMOT/consolidated/ (filed 2026-10-16T07:33:23.605Z); FY2018: growth capex 2817527762.871378; upkeep 4662472237.128622; owner earnings 17167527762.871378. Growth capex / owner earnings = 0.16411959845289503.

- Source: https://www.screener.in/company/EICHERMOT/consolidated/ (filed 2026-10-16T07:33:23.605Z); FY2019: growth capex 1339671586.4151287; upkeep 6580328413.584871; owner earnings 18449671586.41513. Growth capex / owner earnings = 0.07261221860456075.

- Source: https://www.screener.in/company/EICHERMOT/consolidated/ (filed 2026-10-16T07:33:23.605Z); FY2020: growth capex 0; upkeep 5460000000; owner earnings 16630000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/EICHERMOT/consolidated/ (filed 2026-10-16T07:33:23.605Z); FY2021: growth capex 0; upkeep 5320000000; owner earnings 12660000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/EICHERMOT/consolidated/ (filed 2026-10-16T07:33:23.605Z); FY2022: growth capex 1890000000; upkeep 4520000000; cash acquisitions 0; owner earnings 16770000000. Growth capex plus acquisitions / owner earnings = 0.11270125223613596.

- Source: https://www.screener.in/company/EICHERMOT/consolidated/ (filed 2026-10-16T07:33:23.605Z); FY2023: growth capex 1560000000; upkeep 5260000000; cash acquisitions 0; owner earnings 28951200000. Growth capex plus acquisitions / owner earnings = 0.05388377683826577.

- Source: https://www.screener.in/company/EICHERMOT/consolidated/ (filed 2026-10-16T07:33:23.605Z); FY2024: growth capex 2210000000; upkeep 5980000000; cash acquisitions 0; owner earnings 39639400000. Growth capex plus acquisitions / owner earnings = 0.05575260977714092.

- Source: https://www.screener.in/company/EICHERMOT/consolidated/ (filed 2026-10-16T07:33:23.605Z); FY2025: growth capex 3100000000; upkeep 7290000000; cash acquisitions 0; owner earnings 46655200000. Growth capex plus acquisitions / owner earnings = 0.06644489788919564.

- Source: https://www.screener.in/company/EICHERMOT/consolidated/ (filed 2026-10-16T07:33:23.605Z); FY2026: growth capex 4350000000; upkeep 8400000000; cash acquisitions 0; owner earnings 54407000000. Growth capex plus acquisitions / owner earnings = 0.07995294723105482.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.605Z); Incremental return on capital 0.9645977917981072, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.605Z); Dividend observations: [[2018,2720000000],[2019,3000000000],[2020,6820000000],[2022,4650000000],[2023,5740000000],[2024,10130000000],[2025,13970000000],[2026,19200000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 8.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.605Z); Closing price 7225 INR; reporting-to-trading FX 1; FY2026 annual sales per share 851.9832892112421; price multiple 8.480213275883422. FY2026 cash earnings/share 198.02569555757026. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 2,161.98 per share

- 2016-12: INR 2,180.30 per share

- 2017-01: INR 2,302.84 per share

- 2017-02: INR 2,413.01 per share

- 2017-03: INR 2,558.75 per share

- 2017-04: INR 2,606.80 per share

- 2017-05: INR 2,843.50 per share

- 2017-06: INR 2,703.94 per share

- 2017-07: INR 3,008.12 per share

- 2017-08: INR 3,145.08 per share

- 2017-09: INR 3,121.33 per share

- 2017-10: INR 3,223.34 per share

- 2017-11: INR 2,994.41 per share

- 2017-12: INR 3,034.08 per share

- 2018-01: INR 2,692.36 per share

- 2018-02: INR 2,743.77 per share

- 2018-03: INR 2,837.26 per share

- 2018-04: INR 3,118.86 per share

- 2018-05: INR 3,078.06 per share

- 2018-06: INR 2,859.04 per share

- 2018-07: INR 2,779.85 per share

- 2018-08: INR 2,805.98 per share

- 2018-09: INR 2,418.54 per share

- 2018-10: INR 2,186.46 per share

- 2018-11: INR 2,340.53 per share

- 2018-12: INR 2,315.83 per share

- 2019-01: INR 1,900.57 per share

- 2019-02: INR 1,986.91 per share

- 2019-03: INR 2,054.77 per share

- 2019-04: INR 2,036.83 per share

- 2019-05: INR 1,994.78 per share

- 2019-06: INR 1,913.88 per share

- 2019-07: INR 1,634.81 per share

- 2019-08: INR 1,625.84 per share

- 2019-09: INR 1,776.52 per share

- 2019-10: INR 2,253.81 per share

- 2019-11: INR 2,288.14 per share

- 2019-12: INR 2,251.52 per share

- 2020-01: INR 2,028.93 per share

- 2020-02: INR 1,660.23 per share

- 2020-03: INR 1,309.59 per share

- 2020-04: INR 1,470.80 per share

- 2020-05: INR 1,654.84 per share

- 2020-06: INR 1,833.43 per share

- 2020-07: INR 2,063.87 per share

- 2020-08: INR 2,092.00 per share

- 2020-09: INR 2,202.80 per share

- 2020-10: INR 2,085.60 per share

- 2020-11: INR 2,534.65 per share

- 2020-12: INR 2,530.90 per share

- 2021-01: INR 2,744.30 per share

- 2021-02: INR 2,498.60 per share

- 2021-03: INR 2,603.95 per share

- 2021-04: INR 2,421.65 per share

- 2021-05: INR 2,676.15 per share

- 2021-06: INR 2,671.15 per share

- 2021-07: INR 2,530.25 per share

- 2021-08: INR 2,679.25 per share

- 2021-09: INR 2,790.20 per share

- 2021-10: INR 2,484.80 per share

- 2021-11: INR 2,370.45 per share

- 2021-12: INR 2,591.90 per share

- 2022-01: INR 2,645.50 per share

- 2022-02: INR 2,589.80 per share

- 2022-03: INR 2,457.15 per share

- 2022-04: INR 2,630.35 per share

- 2022-05: INR 2,780.75 per share

- 2022-06: INR 2,794.35 per share

- 2022-07: INR 3,093.45 per share

- 2022-08: INR 3,358.75 per share

- 2022-09: INR 3,671.60 per share

- 2022-10: INR 3,850.45 per share

- 2022-11: INR 3,484.50 per share

- 2022-12: INR 3,227.75 per share

- 2023-01: INR 3,263.35 per share

- 2023-02: INR 3,105.90 per share

- 2023-03: INR 2,948.85 per share

- 2023-04: INR 3,301.10 per share

- 2023-05: INR 3,671.95 per share

- 2023-06: INR 3,580.10 per share

- 2023-07: INR 3,365.50 per share

- 2023-08: INR 3,336.60 per share

- 2023-09: INR 3,446.95 per share

- 2023-10: INR 3,295.55 per share

- 2023-11: INR 3,896.90 per share

- 2023-12: INR 4,143.50 per share

- 2024-01: INR 3,839.60 per share

- 2024-02: INR 3,792.40 per share

- 2024-03: INR 4,019.30 per share

- 2024-04: INR 4,597.40 per share

- 2024-05: INR 4,733.45 per share

- 2024-06: INR 4,672.95 per share

- 2024-07: INR 4,962.70 per share

- 2024-08: INR 4,960.50 per share

- 2024-09: INR 5,026.25 per share

- 2024-10: INR 4,894.65 per share

- 2024-11: INR 4,831.85 per share

- 2024-12: INR 4,821.90 per share

- 2025-01: INR 5,194.30 per share

- 2025-02: INR 4,773.60 per share

- 2025-03: INR 5,347.70 per share

- 2025-04: INR 5,567.00 per share

- 2025-05: INR 5,333.50 per share

- 2025-06: INR 5,656.50 per share

- 2025-07: INR 5,468.50 per share

- 2025-08: INR 6,103.00 per share

- 2025-09: INR 7,005.50 per share

- 2025-10: INR 7,007.00 per share

- 2025-11: INR 7,053.50 per share

- 2025-12: INR 7,312.50 per share

- 2026-01: INR 7,122.50 per share

- 2026-02: INR 8,010.50 per share

- 2026-03: INR 6,586.00 per share

- 2026-04: INR 7,109.00 per share

- 2026-05: INR 7,177.00 per share

- 2026-06: INR 7,073.50 per share

- 2026-07: INR 7,833.50 per share

- 2026-08: INR 7,953.50 per share

- 2026-09: INR 7,150.00 per share

- 2026-10: INR 7,225.00 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.