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Eicher Motors Limited (EICHERMOT) Fair Value & Analysis

Consumer Cyclical · IN · Market cap ₹2.0T (≈ $21.5B) · ISIN INE066A01021

What is Eicher Motors Limited really worth?

EM Eicher Motors Limited EICHERMOT · NSE
Price₹7,631
Fair Value₹3,183
Upside−58.3%
Quality69/100

A solid business, but trading 140% above our fair value of ₹3,183.

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Strengths

Healthy Growth (revenue 5y +22.0 %/yr)
Highly profitable · 23.6% net margin
Low debt · generates free cash flow
Wide moat 79/100

Risks

!Mixed vs. peers (8/14)
!Weak on dividend: 21 out of 100

For context

·1.07% dividend yield
Evidence: High Range ₹1,822 – ₹5,568

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from ₹3,233 to ₹3,183 (−1.5%) since Jul 16, 2026. Share price −4.5% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (₹5,568). The favourable scenario is already priced in.
  • The model range is unusually wide (₹1,822 to ₹5,568). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

₹8,190 ₹2,164 Fair Value ₹3,183 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹2,164 – ₹8,190 · fair‑value band ₹1,822 – ₹5,568 · the ₹7,631 price screens above the ₹3,183 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Eicher Motors Limited (EICHERMOT) currently trades at ₹7,631, while our model-based Fair Value estimate is ₹3,183, implying the stock looks roughly 139.7% overvalued today. The Quality Score stands at 69/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Growth Earnings group reads highest at a median of ₹4,707 per share, and 1 of the 26 models we run sit above the ₹7,631 price. Bear case: the Asset-Based group reads lowest at ₹612.65, and 25 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Eicher Motors Limited generated revenue of ₹234B at a net margin of 23.6%. Revenue grew 19.1% year over year. It earns a return on equity of 23.8%. Net debt stands at ₹2.6B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹1,822 (bear case) to ₹5,568 (bull case); at ₹7,631, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 48% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −17% fair-value upside, at −58%, EICHERMOT screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹51.10 per share, which is 1.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF ₹2,187 ₹4,247 ₹9,012 75
EPV ₹1,225 ₹1,441 ₹1,633 74
Growth DCF ₹2,142 ₹4,446 ₹8,228 74
All 26 models by family
DCF Models
FCF DCF ₹2,187 ₹4,247 ₹9,012 75
Owner Earnings ₹2,745 ₹5,626 ₹11,313 72
5Y Revenue Exit ₹1,154 ₹1,917 ₹2,949 71
5Y EBITDA Exit ₹1,915 ₹3,583 ₹5,762 73
5Y P/E Exit ₹2,870 ₹5,675 ₹9,072 69
10Y Revenue Exit ₹1,432 ₹2,314 ₹3,689 65
10Y EBITDA Exit ₹1,989 ₹3,607 ₹6,245 66
10Y P/E Exit ₹2,653 ₹5,231 ₹9,254 61
Earnings-Based
Graham-Dodd ₹1,366 ₹7,681 ₹10,671 63
Lynch FV ₹2,152 ₹3,074 ₹3,996 61
PEG = 1.0 ₹2,152 ₹3,074 ₹3,996 57
EPV ₹1,225 ₹1,441 ₹1,633 74
Dividend Discount
Gordon GGM ₹672.80 ₹1,469 ₹2,471 65
DDM Multi-Stage ₹672.80 ₹1,203 ₹1,531 66
Multiples
P/E Multiple ₹3,315 ₹4,420 ₹5,525 63
P/S Multiple ₹767.47 ₹1,023 ₹1,279 58
P/B Multiple ₹2,562 ₹3,416 ₹4,270 55
EV/EBIT ₹2,434 ₹3,244 ₹4,055 66
EV/EBITDA ₹1,899 ₹2,531 ₹3,163 67
EV/Revenue ₹718.29 ₹1,025 ₹1,332 53
Asset-Based
NCAV (Graham) ₹457.20 ₹612.65 ₹914.40 54
Growth DCF
Growth DCF ₹2,142 ₹4,446 ₹8,228 74
Rev-Margin DCF ₹1,154 ₹1,909 ₹2,948 71
Economic Profit
Residual Income ₹1,392 ₹1,836 ₹8,935 64
ROIC Compounder ₹1,416 ₹2,105 ₹2,846 71
Growth Earnings
Growth-Adj P/E ₹3,295 ₹4,707 ₹6,119 67

Widest divergence: Growth Earnings (₹4,707) versus Asset-Based (₹612.65). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/E ratio 38.0
P/S ratio 8.95 P/E × margin
EPS (TTM) ₹200.91 price ÷ EPS = P/E 38.0
Dividend yield 1.1% payout 40.8%
Net margin 23.6% FY2026
Return on equity 23.8% TTM
More key figures
Profitability
Return on assets (EBIT) 22.4% avg 5y
Operating margin 21.1% TTM
Growth
Revenue (TTM) ₹234B TTM
Revenue growth (YoY) +19.1% 3y avg +16.7%
EPS growth (YoY) +11.5%
Balance sheet & cash flow
Free cash flow ₹40.5B FY2026
Net debt ₹2.6B FY2026 · ≈ 0.1 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 68 · Market factors (momentum, volatility) 66

Profitability 73
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 63
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 31
Disciplined investing over empire-building
Low Volatility 87
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 67
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Eicher Motors Limited, an automobile company, engages in the manufacture and sale of motorcycles and commercial vehicles in India and internationally.

Full company description

Eicher Motors Limited, an automobile company, engages in the manufacture and sale of motorcycles and commercial vehicles in India and internationally. The company designs, develops, manufactures, assembles, and sells two-wheelers, as well as related parts and accessories; motorcycle accessories; protective and performance gears, and riding apparel products for men and women; and lifestyle apparel products and accessories. It also owns the Royal Enfield motorcycle brand that offers Classic 350, Bullet 350, Meteor 350, Hunter 350, Himalayan 450, Scram 440 ADV Crossover, Interceptor 650, Bear 650, Guerrilla 450 modern roadster, Continental GT 650, Super Meteor 650, and Shotgun 650 models. The company was founded in 1901 and is headquartered in Chennai, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Eicher Motors Limited reported revenue of ₹234B in FY2026 versus ₹102B in FY2022, a compound +23.1%/yr. Reported net income was ₹55.2B in FY2026, compounding +34.7%/yr from FY2022.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹234B
Latest YoY
+25.0%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.7%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+22.0%
Avg. revenue growth/yr (22Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.8%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+10.8% (9.7 + 1.1)
Revenue +23.1%/yr
FY22 ₹102B
FY23 ₹147B
FY24 ₹164B
FY25 ₹187B
FY26 ₹234B
Net income +34.7%/yr
FY22 ₹16.8B
FY23 ₹29.1B
FY24 ₹40.0B
FY25 ₹47.3B
FY26 ₹55.2B

EICHERMOT screens 140% overvalued. Compare with Toyota Motor Corporation →

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Cite: Fair Value Calculator (2026). "Eicher Motors Limited Fair Value". https://www.fairvalue-calculator.com/stock/EICHERMOT

Peer Group

Auto Manufacturers · 115 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 69 · Top 25%
Fair Value upside −58% · Bottom 25%
Return on equity (TTM) 24% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 24% · Top 25%
Operating margin (TTM) 21% · Top 25%
Revenue growth 19% · Above median
Dividend yield (TTM) 1.1% · Bottom 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Auto Manufacturers median · lower = cheaper

P/E (TTM) 38.0× · Pricier than 75% of peers
P/B 8.10× · Pricier than 75% of peers
P/S (TTM) 8.68× · Pricier than 75% of peers
P/FCF 0.5× · Cheaper than median
EV/EBITDA 35.1× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 24
FUTURE96 · sector 27
PAST95 · sector 22
HEALTH100 · sector 94
DIVIDEND21 · sector 51

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Auto Manufacturers stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Toyota Motor Corporation TM $191.84 $247.83 +29%
BYD Company 81211 HK$76.90 HK$48.59 −37%
Hyundai Motor Company 005380 418,500 KRW 567,393 KRW +36%
Ferrari N.V RACE €355.50 €167.67 −53%
General Motors Company GM $86.27 $52.69 −39%
Ford Motor Company F $13.88 $11.51 −17%
Mercedes-Benz Group MBG €46.95 €106.16 +126%
Dr. Ing. h.c. F. Porsche AG P911 €43.91 €17.34 −61%
Maruti Suzuki India Limited MARUTI ₹12,694 ₹8,236 −35%
Volkswagen AG VOW3 €77.42 €248.34 +221%

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Frequently asked questions

Is Eicher Motors Limited (EICHERMOT) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹3,183 versus a price of ₹7,631, about −58% upside (overvalued).
What is the fair value of EICHERMOT?
Our model-based fair value for Eicher Motors Limited is ₹3,183 (as of Aug 13, 2026), built from audited fundamentals. The current price: ₹7,631.
What is the quality score of EICHERMOT?
Eicher Motors Limited has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Eicher Motors Limited (EICHERMOT)?
Eicher Motors Limited reported trailing-twelve-month revenue of about ₹234B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of EICHERMOT?
The net profit margin of Eicher Motors Limited is about 23.6%, meaning it keeps roughly 23.6% of revenue as net income. Based on the latest reported figures.
Does Eicher Motors Limited pay a dividend?
Eicher Motors Limited currently shows a dividend yield of about 1.07% relative to its recent price (as of Aug 13, 2026).
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