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EICHER MOTORS LIMITED Registered Office : Office Number 1111, 11th Floor, Ashoka Estate, Plot no. 24, Barakhamba Road, New Delhi - 110001 Corporate Office: #96, Sector 32, Gurugram - 122 001, Haryana Tel. No (+91-124) 4445070, Email: investors@eichermotors.com, Website: https://www.eicher.in CIN: L34102DL1982PLC129877 STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2026 (₹ in Crores) | ||||||
Particulars | For the quarter ended | For the year ended | ||||
31.03.2026 (Audited) Refer Note 9 | 31.12.2025 (Unaudited) | 31.03.2025 (Audited) Refer Note 9 | 31.03.2026 (Audited) | 31.03.2025 (Audited) | ||
1. | Revenue from operations | |||||
(a) Revenue from contract with customers | 5,788.26 | 5,877.12 | 5,022.75 | 22,296.75 | 18,146.54 | |
(b) Other operating income | 113.16 | 110.71 | 83.85 | 402.98 | 304.92 | |
Total Revenue from operations | 5,901.42 | 5,987.83 | 5,106.60 | 22,699.73 | 18,451.46 | |
2. | Other income | 356.71 | 339.24 | 353.84 | 1,694.80 | 1,408.65 |
3. | Total Income (1+2) | 6,258.13 | 6,327.07 | 5,460.44 | 24,394.53 | 19,860.11 |
4. | Expenses | |||||
(a) Cost of raw material and components consumed | 3,183.76 | 3,192.12 | 2,680.64 | 12,476.28 | 9,926.30 | |
(b) Purchase of traded goods | 67.02 | 84.58 | 59.64 | 294.46 | 235.02 | |
(c) Changes in inventories of finished goods, work-in-progress and traded goods | 56.75 | 56.24 | 120.52 | (64.28) | (39.73) | |
(d) Employee benefits expense | 374.89 | 395.36 | 320.33 | 1,500.80 | 1,279.04 | |
(e) Finance costs | 6.73 | 7.16 | 8.60 | 27.46 | 24.00 | |
(f) Depreciation and amortisation expense | 215.66 | 198.85 | 188.51 | 788.23 | 684.09 | |
(g) Other expenses | 695.97 | 669.67 | 664.61 | 2,679.62 | 2,282.83 | |
Total expenses | 4,600.78 | 4,603.98 | 4,042.85 | 17,702.57 | 14,391.55 | |
5. | Profit before exceptional item and tax (3-4) | 1,657.35 | 1,723.09 | 1,417.59 | 6,691.96 | 5,468.56 |
6. | Exceptional item (Note 6) | - | (55.45) | - | (55.45) | - |
7. | Profit before tax (5+6) | 1,657.35 | 1,667.64 | 1,417.59 | 6,636.51 | 5,468.56 |
8. | Tax expense | |||||
(a) Current tax | 395.35 | 361.75 | 304.42 | 1,455.59 | 1,119.13 | |
(b) Deferred tax | 25.67 | 15.90 | (11.96) | 140.10 | 70.17 | |
Total tax expense | 421.02 | 377.65 | 292.46 | 1,595.69 | 1,189.30 | |
9. | Profit for the year / period (7-8) | 1,236.33 | 1,289.99 | 1,125.13 | 5,040.82 | 4,279.26 |
10. | Other Comprehensive income/(expense) | |||||
(a) Items that will not be reclassified to profit or loss | ||||||
Re-measurement gains/(losses) on defined benefit plans | 1.18 | 2.83 | (3.74) | 5.93 | (9.72) | |
Income tax effect | (0.30) | (0.71) | 0.94 | (1.49) | 2.45 | |
Change in fair value of equity instruments (including foreign exchange gains/(losses) on reinstatement) | 5.48 | 2.11 | (301.73) | 31.60 | (301.73) | |
Income tax effect | (0.78) | (0.31) | 43.15 | (4.52) | 43.15 | |
(b) Items that will be reclassified to profit or loss | ||||||
Exchange differences on translating foreign operations | 33.56 | 12.38 | 21.49 | 105.31 | 34.75 | |
Income tax effect | (8.44) | (3.12) | (5.41) | (26.50) | (8.75) | |
Debt instruments through other comprehensive income | (21.69) | (8.30) | 11.53 | (17.25) | 26.74 | |
Income tax effect | 5.45 | 2.10 | (2.90) | 4.34 | (6.73) | |
Total Other Comprehensive income/(expense) for the year / period, net of tax | 14.46 | 6.98 | (236.67) | 97.42 | (219.84) | |
11. | Total comprehensive income for the year / period, net of tax (9+10) | 1,250.79 | 1,296.97 | 888.46 | 5,138.24 | 4,059.42 |
12. | Paid-up equity share capital (Face value of each equity share - ₹ 1, fully paid-up) | 27.43 | 27.43 | 27.42 | 27.43 | 27.42 |
13. | Total Reserves | 21,780.43 | 18,472.42 | |||
14. | Earnings Per Share (of ₹ 1 each) on net profit after tax in ₹ (Refer Note 7): | |||||
(a) Basic | 45.07 | 47.03 | 41.04 | 183.79 | 156.15 | |
(b) Diluted | 44.98 | 46.94 | 40.95 | 183.46 | 155.80 | |
See accompanying notes to the statement of standalone audited financial results
Standalone statement of assets and liabilities(₹ in Crores)
Particulars | As at 31.03.2026 | As at 31.03.2025 | |
(Audited) | (Audited) | ||
A. | ASSETS | ||
1. | Non-current assets
Sub-total - Non-current assets | 2,296.56 201.11 1,173.05 200.21 533.22 426.29 10,940.48 2,939.32 80.06 250.62 | 2,230.34 95.60 887.15 217.05 381.17 377.06 10,802.50 2,068.17 87.35 151.85 |
19,040.92 | 17,298.24 | ||
2. | Current assets
Sub-total - Current assets TOTAL - ASSETS | 1,302.49 2,831.97 1,340.33 48.89 21.75 451.24 3,028.86 497.31 | 1,105.71 847.55 1,081.08 117.22 44.05 445.96 2,872.94 273.65 |
9,522.84 | 6,788.16 | ||
28,563.76 | 24,086.40 | ||
B. | EQUITY AND LIABILITIES | ||
1. | Equity
Sub-total - Equity | 27.43 21,780.43 | 27.42 18,472.42 |
21,807.86 | 18,499.84 | ||
2. | Liabilities Non-current liabilities
Sub-total - Non-current liabilities | 201.63 44.21 16.00 604.38 256.17 170.47 688.80 | 184.36 56.80 29.24 463.64 192.35 123.20 520.53 |
1,981.66 | 1,570.12 | ||
3. | Current liabilities | ||
| |||
(i) Borrowings | 26.90 | - | |
(ii) Lease liabilities | 23.66 | 26.11 | |
(iii) Trade payables | |||
Total outstanding dues of micro enterprises and small enterprises | 100.34 | 40.11 | |
Total outstanding dues of creditors other than micro enterprises and small enterprises | 2,591.05 | 2,405.49 | |
(iv) Other financial liabilities | 521.79 | 341.95 | |
(b) Other current liabilities | 616.47 | 538.08 | |
(c) Provisions | 166.49 | 121.37 | |
(d) Government grants | 28.79 | 40.48 | |
(e) Contract liabilities | 393.56 | 264.42 | |
(f) Current tax liabilities (net) | 305.19 | 238.43 | |
Sub-total - Current liabilities | 4,774.24 | 4,016.44 | |
TOTAL - EQUITY AND LIABILITIES | 28,563.76 | 24,086.40 |
See accompanying notes to the statement of standalone audited financial results
Standalone statement of cash flows(₹ in Crores)
Particulars | For the year ended 31.03.2026 | For the year ended 31.03.2025 |
Audited | Audited | |
A.CASH FLOW FROM/(USED IN) OPERATING ACTIVITIES | ||
Profit before tax | 6,636.51 | 5,468.56 |
Adjustments for: | ||
Depreciation and amortisation expense | 788.23 | 684.09 |
Gain on sale of property, plant and equipment | (1.96) | (1.69) |
Loss on sale of property, plant and equipment | 3.90 | 9.79 |
Dividend from joint venture company | (217.60) | (136.00) |
Grant income on soft loan from State Industries Promotion Corporation of Tamil Nadu Ltd. (SIPCOT) | (7.16) | (10.13) |
Net gain on financial instruments at fair value through profit or loss | (745.55) | (863.30) |
Liabilities no longer required, written back | (36.52) | - |
Interest income recognised | (471.29) | (317.77) |
Expenses recognised in respect of equity-settled share-based payments | 51.13 | 42.32 |
Exchange difference on reinstatement of property, plant and equipment, intangible assets including capital work-in progress and intangible assets under development | (104.37) | (33.32) |
Unrealised foreign exchange difference | (59.31) | (7.33) |
Gain on exercise of termination option of leases | (1.19) | (0.01) |
Provision for credit impaired trade receivables and advances (including write off) | 0.09 | 0.26 |
Finance costs recognised | 27.46 | 24.00 |
Operating profit before changes in working capital | 5,862.37 | 4,859.47 |
Changes in working capital: | ||
Adjustments for (increase) / decrease in non-current assets: | ||
Other financial assets | (1.63) | (3.25) |
Other assets | (23.41) | 6.51 |
Adjustments for (increase) / decrease in current assets: | ||
Inventories | (196.78) | (37.08) |
Trade receivables | (183.75) | (501.33) |
Other financial assets | 24.61 | (4.11) |
Other assets | (249.01) | (42.73) |
Adjustments for increase / (decrease) in non-current liabilities: | ||
Other financial liabilities | (14.39) | 14.11 |
Provisions | 58.35 | 14.02 |
Government grants | 51.42 | (7.93) |
Other liabilities | 140.74 | 35.54 |
Adjustments for increase / (decrease) in current liabilities: | ||
Trade payables | 266.03 | 417.85 |
Other financial liabilities | 83.56 | 6.17 |
Provisions | 51.05 | 13.20 |
Government grants | (11.78) | 14.54 |
Contract liabilities | 129.14 | 2.93 |
Other liabilities | 78.39 | 121.30 |
Cash generated from operating activities | 6,064.91 | 4,909.21 |
Income tax paid (net of refunds) | (1,356.19) | (1,079.27) |
Net cash flow from / (used in) operating activities (A) | 4,708.72 | 3,829.94 |
B.CASH FLOW FROM/(USED IN) INVESTING ACTIVITIES | ||
Payment for Property, plant and equipment and Intangible assets including capital work-in progress, intangible assets under development, capital advance and capital creditors | (1,255.62) | (1,010.16) |
Proceeds from disposal of property, plant and equipment and intangible assets | 6.80 | 5.30 |
Investment in subsidiary companies | (49.23) | (18.66) |
Proceeds from sale of equity investments | - | 5.04 |
Proceeds from sale of debt mutual funds and bonds | 8,312.09 | 6,820.99 |
Purchases of debt mutual funds and bonds | (9,630.75) | (6,939.29) |
Investments in fixed deposits | (3,197.40) | (3,166.48) |
Maturity proceeds from fixed deposits | 2,269.19 | 1,470.00 |
Bill discounting on behalf of a related party (net) | (5.28) | 30.92 |
Dividend from joint venture company | 217.60 | 136.00 |
Interest received from bank deposits and others | 334.55 | 188.40 |
Net cash flow from / (used in) investing activities (B) | (2,998.05) | (2,477.94) |
C.CASH FLOW FROM/(USED IN) FINANCING ACTIVITIES | ||
Soft loan received from SIPCOT | 6.03 | 16.21 |
Interest paid | (0.37) | (0.37) |
Proceeds from issue of equity share capital under employee stock option plan and restricted stock units plan (including securities premium) | 12.30 | 86.89 |
Proceeds from grant of restricted stock units to employees of joint venture | 22.17 | 9.80 |
Interest on lease liabilities paid | (6.12) | (6.05) |
Payment of principal portion of lease liabilities | (25.27) | (23.76) |
Dividend paid | (1,919.95) | (1,397.45) |
Net cash flow from / (used in) financing activities (C) | (1,911.21) | (1,314.73) |
Change in foreign currency translation arising on foreign branch (D) | ||
Exchange difference on conversion of foreign branch | 105.31 | 34.75 |
Net increase/(decrease) in cash and cash equivalents (A)+(B)+(C)+(D) | (95.23) | 72.02 |
Cash and cash equivalents at the beginning of the period (less bank overdraft) | 117.22 | 45.20 |
Cash and cash equivalents at the end of the period (less bank overdraft) | 21.99 | 117.22 |
The above standalone audited financial results for the quarter and year ended March 31, 2026 were reviewed by the Audit Committee and subsequently approved by the Board of Directors at their respective meetings held on May 22, 2026. The results have been subjected to audit by the Statutory Auditors of the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, who have issued an unmodified opinion on the same.
During the quarter and year ended March 31, 2026, 14,967 and 150,124 equity shares respectively, of Re.1 each were issued and allotted under the Employee Stock Option Plan, 2006 and the Restricted Stock Units Plan, 2019.
During the quarter and year ended March 31, 2026, the Nominations and Remunerations Committee has approved grant of nil and 1,66,059 restricted stock units respectively, to certain eligible employees of the Company, its subsidiaries and a joint venture under the Restricted Stock Units Plan, 2019.
As the Company's business activities fall within a single primary business segment viz. "Automobile products and related components", the disclosure requirements of Ind AS 108 "Operating segment" prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, are not applicable.
The Board of Directors of the Company at their meeting held on May 22, 2026, considered and proposed a final dividend post the balance sheet date, aggregating to Rs. 2,249.38 crores @ Rs. 82 per share (nominal value of Re. 1 per share) for the financial year ended March 31, 2026 (final dividend paid for previous financial year ended March 31, 2025 was Rs. 1,919.95 crores @ Rs. 70 per share of nominal value of Re. 1 per share), which is subject to approval by the shareholders at the ensuing annual general meeting.
On November 21, 2025, the Government of India notified four Labour Codes, consolidating 29 existing labour laws. Subsequently, the Ministry of Labour & Employment issued draft Rules and FAQs to facilitate assessment of the financial implications arising from changes in the regulatory framework. Based on an assessment of the impact of these Codes, the Company has provided for an amount of Rs. 55.45 crores, as an exceptional item of a non recurring nature, in the financial results for the year ended March 31, 2026. This assessment and the above provision in the accounts are based on information currently available & the FAQs on key accounting implications arising from the Labour Codes issued by the Institute of Chartered Accountants of India.
Subsequent to the year-end, the Central Government has notified the Code on Wages (Central) Rules, 2026, however, the corresponding State Rules and certain other operational clarifications under the New Labour Codes are yet to be notified. The Company continues to monitor the notification of the remaining State Rules and clarifications, the impact, if any, of these will be accounted in accordance with applicable accounting standards.
Earnings per share is not annualised for the quarter ended March 31, 2026, December 31, 2025, March 31, 2025.
The Ministry of Environment, Forest and Climate Change issued the Environment Protection (End-of-Life Vehicles) Rules, 2025 (ELV rules), effective from April 1, 2025. In accordance with ELV rules, Extended Producer Responsibility (EPR) obligations are imposed on producers (including "vehicle manufacturers") for the scrapping of End-of-Life Vehicles. The obligations (to be met even if the entity ceases operations) require acquiring EPR certificates generated by its own Registered Vehicle Scrapping Facility or by any entity having Registered Vehicle Scrapping Facility and registered with the Central Pollution Control Board via a Centralised Online Portal (Portal), for the applicable year's obligation. The implementation details and operational procedures of the ELV rules including the modalities of the pricing mechanism for the EPR certificates are yet to be notified. Consequently, the Company is currently unable to reliably estimate a range of possible outcomes and the potential impact of these rules. The Company will continue to assess the ability to measure its obligations pursuant to the ELV rules, as and when the aforesaid details of the implementation framework are available.
The figures of the quarter ended March 31, 2026 and March 31, 2025, are the balancing figures between audited figures in respect of the full financial year(s) and the published unaudited year to date figures up to the third quarter of the respective financial year(s) which were subjected to a limited review by the statutory auditors of the Company.
For and on behalf of the Board of Directors
GOVIND
Digitally signed by GOVINDARAJAN DN: c=IN, o=PERSONAL, title=5752,
ARAJAN
2.5.4.20=5140fe5f8e50e5ff765eeb9ed 2aceb4471dfa20fee02fe6a860a577c44 f3ddfa, postalCode=603103, st=Tamil Nadu, serialNumber=2b08de5ceb6555afafcb 775c982e4a5d804b659470d90592693
43da206abb247, cn=GOVINDARAJAN Date: 2026.05.22 16:26:17 +05'30'
Place: Gurugram B Govindarajan
Date: May 22, 2026 Managing Director
