Eicher Motors Limited, incorporated in 1982, is the listed company of the Eicher Group in India and a leading player in the Indian automobile industry and the global leader in middleweight motorcycles. The company is an Indian automobile manufacturer and is also engaged in the retail of related components and accessories. The company manufactures two-wheeler motorcycles and commercial vehicles.
The company operates through two primary business divisions that have established strong market positions both domestically and internationally. The Motorcycles division, which derives its key revenue, produces motorcycles through the Royal Enfield brand. The Commercial Vehicles division, through a joint venture with Volvo, produces trucks and buses for sale in India and other developing markets. Eicher has a joint venture with Sweden's AB Volvo to create Volvo Eicher Commercial Vehicles Limited (VECV).
Eicher Motors has a market capitalization of ₹1,54,377 crore (up 18.8% in 1 year) as of July 2025. The company has demonstrated robust financial performance in recent years, with the company reporting a 15.5% growth in revenue from operations, reaching ₹18,978.38 crores compared to ₹16,432.78 crores in the previous fiscal year for FY 2024-25. The company's net profit after tax rose to ₹4,734.44 crores, marking an 18.3% increase from the ₹4,001.01 crores recorded in FY 2023-24.
The company's financial strength is underscored by its debt-free status and consistent profitability. The company is almost debt free and has delivered good profit growth of 21.0% CAGR over last 5 years, while maintaining a healthy dividend payout of 36.7%. Over the past 5 years, EICHER MOTORS net profit has grown at a CAGR of 21.6%.
Royal Enfield has emerged as a remarkable success story in the global motorcycle industry. For the Indian Financial Year ending March 31, 2025, Royal Enfield recorded sales of 1.09 million units — an 11% increase over FY23–24. Royal Enfield sold 944,000 motorcycles in 2024, displaying impressive year-on-year growth. The brand has achieved significant growth trajectory, with back in 2015, the company selling just north of 300,000 bikes, and in just 10 years, it managed to triple this number.
The company's international expansion has been particularly impressive. Royal Enfield's international business stood out with a significant 79% increase in June 2025 sales to 12,583 units, and a 65% jump for the April–June quarter, totaling 36,749 units. Royal Enfield now claims to be among the leading mid-size motorcycle brands across key APAC markets, including Thailand, Australia, Japan, Malaysia, and New Zealand. Thailand is Royal Enfield's biggest market outside India.
Royal Enfield has been strategically expanding its manufacturing capabilities globally. Royal Enfield commenced operations of its Manufacturing Unit (Category 2) and flagship showroom in Bangladesh, focusing on local production and assembly of the Hunter 350, Meteor 350, Classic 350, and Bullet 350. The brand also announced plans to set up a new CKD unit in Brazil by January 2025, expanding its presence in the automotive market.
The company's product portfolio continues to evolve with recent launches and future plans. The record-breaking year saw Hunter 350 crossing the 500,000 sales milestone since launch, while the Super Meteor 650 has already recorded cumulative sales of 50,000 units to date. Looking ahead, Royal Enfield introduced its dedicated EV brand, Flying Flea, at EICMA 2024 and in India, redefining City+ mobility. Inspired by the iconic 1940s Flying Flea, the lineup blends classic design with cutting-edge EV technology. Set to launch by 2026, it includes the retro-futuristic FF-C6 and the scrambler-styled FF-S6.
The commercial vehicles segment operates through VE Commercial Vehicles Limited (VECV), which has shown strong performance. During FY25, VECV strengthened its position in the Indian commercial vehicle market, capturing an estimated 8.5% share in the truck segment and 35% in the bus segment. VECV sold a total of 6,846 units in April 2025, registering a substantial 27.3% year-on-year growth compared to 5,377 units sold in April 2024.
The division has been particularly successful in the bus segment, with the Light and Medium Duty (LMD) Bus segment seeing a remarkable 61.6% growth with 2,025 units sold compared to 1,253 units in April 2024. VE Commercial Vehicles Ltd (VECV) is a 50:50 joint venture between Eicher Motors Ltd and the Volvo Group, established in 2008 and operates in the commercial vehicle segment. VECV manufactures and markets a range of trucks and buses under the Eicher brand, combining Eicher's local market knowledge and manufacturing expertise with Volvo's global experience and technology.
**Financial Performance (FY 2024-25):**
- Revenue: ₹18,978.38 crores (15.5% growth YoY)
- Net Profit: ₹4,734.44 crores (18.3% growth YoY)
- Earnings Per Share: ₹172.76 (vs ₹146.18 in FY24)
- Market Cap: ₹1,54,377 crores (as of July 2025)
**Operational Highlights:**
- Royal Enfield sales: 1.09 million units in FY25
- International sales growth: 79% in June 2025
- VECV market share: 8.5% in trucks, 35% in buses
- Manufacturing facilities in India, Bangladesh, and planned Brazil unit
The company's strong financial performance, combined with its leadership position in the middleweight motorcycle segment and strategic expansion in commercial vehicles, positions Eicher Motors as a significant player in India's automotive industry with promising growth prospects in domestic and international markets.
