Eicher Motors Limited · NSE:EICHERMOT
Eicher Motors — Q2 FY2026 Earnings Presentation
73 slides from Eicher Motors's earnings presentation, Nov 13, 2025
Slide 1: Regulation 30 investor presentation intimation letter
November 13, 2025 Online intimation/submission The Secretary The Secretary BSE Limited National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot No.C/1, Dalal Street G Block, Bandra Kurla Complex, Bandra (E) Mumbai-400 001 Mumbai-400 051 Security Code: 505200 Sym
Slide 2: Eicher Motors Ltd Q2 FY 2026 Investor Presentation
EICHER MOTORS LTD Q2 FY 2026 INVESTOR PRESENTATION November, 2025
Slide 3: Safe Harbour Statement
SAFE HARBOUR STATEMENT All statements included or incorporated by reference in this presentation, other than statements or characterisations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates, and projections about ou
Slide 4: Contents
CONTENTS 1. EML Overview 2. Royal Enfield ● Company Overview ● India Business ● International Business ● Allied Business ● Operations Overview ● Brand ● Sustainability 3. JV Update - VECV 4. Financial Review INVESTOR PRESENTATION November 2025
Slide 5: Group Structure - Eicher Motors Ltd
GROUP STRUCTURE - EICHER MOTORS LTD Promoter Foreign Institutional Domestic Institutional Group Investors Investors Others 49.1% 27.5% 15.4% 8% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Eicher Motors Limited (EML) Joint Venture Business Unit 45.6% 54.4% Royal Enfield (RE) Royal Enfield Royal Enfield
Slide 6: EML: Board of Directors
EML : BOARD OF DIRECTORS Siddhartha Lal B. Govindarajan Vinod K. Aggarwal Inder Mohan Singh Executive Chairman, EML Managing Director, EML & Vice Chairman (Non Executive), Independent Director CEO, Royal Enfield EML and MD & CEO of VECV Ira Gupta S Madhavan Tejpreet Chopra Arun Vasu Independent Direc
Slide 7: Royal Enfield Ride. Ride More. Ride Pure.
ROYAL ENFIELD RIDE. RIDE MORE. RIDE PURE. INVITE NUDGE ALLY people to experience the owners to never lose track of their journey with riders in their lifelong pursuit to joy of motorcycling. of self discovery. charter new courses of exploration. INVESTOR PRESENTATION November 2025
Slide 8: Our Journey
OUR JOURNEY SINCE 1901
Slide 9: Our journey: 1901 to 1948
1901 1939 The first Royal Enfield motorcycle is Royal Enfield produces large quantities of produced. Designed by Bob Walker Smith and military motorcycles, bicycles, generators Frenchman Jules Gobiet, it is launched at the and anti-aircraft gun predictors during the Stanley Cycle Show in London. The 1
Slide 10: Our journey: 1955 to 2008
1955 1977 The Redditch company partners Madras Enfield India begins exporting the 350cc Motors in India to form 'Enfield India'. Work Bullet to the UK and Europe. Sales grow commences on the construction of a rapidly as the bike develops a following purpose-built factory at Tiruvottiyur, near amongst
Slide 11: Our journey: 2013 to 2018
2013 2017 The first Royal Enfield motorcycle rolls out Production commences at Royal Enfield’s of the new Oragadam plant near Chennai. third manufacturing facility- a new In the same year, Royal Enfield rolls out the state-of-the-art factory at Vallam Vadagal, all-new Continental GT, a motorcycle built
Slide 12: Our journey: 2020 to 2022
2020 2021 Royal Enfield commences the local assembly In its 120th year, Royal Enfield re-envisions of motorcycles in Argentina, Royal Enfield’s its iconic motorcycle, the Classic. The local distributor in the country since 2018. sublime beauty and confidence of the Classic This is the first time in Royal
Slide 13: Our journey: 2023 to 2024
2023 2024 Built by the Himalayas, with the capability, Inspired by custom, for custom, this versatility and ability to go anywhere from motorcycle is a shapeshifting mutant rocky roads to city streets. The all-new designed to be a canvas of self expression Himalayan is equipped with a more robust fo
Slide 14: Our Mission
OUR MISSION Pure A fundamental experience of life, authentic and real. Connecting at a sensorial level with your innermost self and your surroundings. Not being dependent on approval or endorsement from others. Steering clear of the artificial, the superficial, the superfluous and the contrived. Motorc
Slide 15: Rebalance: Long Term Strategic Vision
REBALANCE: LONG TERM STRATEGIC VISION 1. ICE and EV 3. Brand Led CX Brand led Customer Experience Balance EV as a game changer versus transactional focus along with ICE products 2. Growth Focus 4. Sustainability Balance Social & Commercial Balance Growth & Profitability objectives CREATE AN AGILE, RE
Slide 16: Royal Enfield: Management Team
ROYAL ENFIELD : MANAGEMENT TEAM Siddhartha Lal B. Govindarajan Mark Wells Mohit Dhar Jayal Mahesh Tripathi Executive Chairman, EML MD, EML and CEO, Royal Chief of Design Chief Brand Officer Chief Operations Officer Enfield Yadvinder S. Guleria Vidhya Srinivasan Rajeev Sharma Sudhakar Bhagavatula Mari
Slide 17: Expansive Product Portfolio
EXPANSIVE PRODUCT PORTFOLIO Engine Platform Heritage Roadster Scrambler Adventure Cruiser Retro Sport 650 cc Twin cylinder Interceptor INT650 Super Meteor 650 Continental GT650 Classic 650 Bear 650 Air-oil cooled 47 PS | 52.4 N-m Shotgun 650 450 cc Single cylinder Liquid cooled 39.4 PS | 40 N-m Hima
Slide 18: Awarded & Acclaimed
PREMIUM MOTORCYCLE OF THE Motorcycle upto 350cc MCN RETRO BIKE OF THE Cruiser of the year YEAR 2025 - Motoring world Award 2023 - bike india awards YEAR 2019 - MCN AUSTRALIA 2024 - Motoring world awards BIKE OF THE YEAR 2024 - Autocar NZ internationally Manufacturer of the year Retro bike of the yea
Slide 19: India Business
INDIA BUSINESS
Slide 20: Royal Enfield Leads the Mid-Size Industry in India
ROYAL ENFIELD LEADS THE MID-SIZE INDUSTRY IN INDIA Himalayan 450 | Shotgun 650 New Bullet 350 Guerrilla 450 650cc Twins Bear 650 | Classic 650 INT 650 / GT 650 Hunter 350 Goan Classic 350 Super Meteor 650 Launch of 411 Himalayan OG New Classic 350 Scram 411 Meteor 350 Motorcycle Volumes (‘000) Conti
Slide 21: Gaining Market Share in Domestic Motorcycles
GAINING MARKET SHARE IN DOMESTIC MOTORCYCLES 32.2% 8.3% 15.5% 3.0% INVESTOR PRESENTATION 20 November 2025
Slide 22: Expansive Premium Dealership Network
EXPANSIVE PREMIUM DEALERSHIP NETWORK Royal Enfield currently ranks #1 in the FADA Dealer Satisfaction Survey 2025 INVESTOR PRESENTATION 21 November 2025
Slide 23: International Business
INTERNATIONAL BUSINESS
Slide 24: Royal Enfield Global Footprint
ROYAL ENFIELD GLOBAL FOOTPRINT UK India Canada Subsidiary Tech Center Bangladesh Subsidiary Tech Center Manufacturing CKD Vietnam Cambodia APAC Japan North America Subsidiary (2) Brazil CKD South Korea & Brazil Subsidiary` Thailand CKD Mexico (Dis) & Thailand Subsidiary Colombia CKD Malaysia (Dis) N
Slide 25: Gaining Market Share in Global Mid-Size Market
GAINING MARKET SHARE IN GLOBAL MID-SIZE MARKET Americas Market Share^ APAC Market Share EMEA Market Share 8% 9% 9% Prestigious Brands of Asia 2025 Award in the “Mid Size Segment Motorcycles” category ^Reflects Royal Enfield’s market share in the middleweight segment in the countries present as of FY25
Slide 26: Revenue from International Business
REVENUE FROM INTERNATIONAL BUSINESS International Business – Stellar growth in revenues from International business New Thailand Assembly plant Inauguration INVESTOR PRESENTATION 25 November 2025
Slide 27: Spares and Service
SPARES AND SERVICE INVESTOR PRESENTATION 26 November 2025
Slide 28: Genuine Motorcycle Accessories
GENUINE MOTORCYCLE ACCESSORIES INVESTOR PRESENTATION 27 November 2025
Slide 29: Allied Business Growing in Size and Reach
ALLIED BUSINESS GROWING IN SIZE AND REACH Allied Business Revenue (Includes Spare parts, Service, Accessories & Apparel) INVESTOR PRESENTATION 28 November 2025
Slide 30: Apparel Announcements
APPAREL ANNOUNCEMENTS New Collection 2025 We launched our New Collection 2025 with fresh styles in t-shirts, polos, outerwear, shirts, and cargos. Carefully chosen fabrics like bonded fleece, cotton twill, drum-dyed leather, and soft jersey ensure comfort, durability, and style. The subtle, grounded
Slide 31: Apparel Announcements
APPAREL ANNOUNCEMENTS Off-Road Collection Royal Enfield launched its new Off-Road Collection, a purpose-built range of premium riding gear designed for off-road and trail motorcycling. Crafted to offer enhanced safety, comfort, and style, the collection includes CE Class A certified Gravel Jackets and
Slide 32: Operations Overview
OPERATIONS OVERVIEW
Slide 33: Production Facilities
PRODUCTION FACILITIES THIRUVOTTIYUR VALLAM Custom operations 600,000 motorcycles per annum capacity ORAGADAM CHEYYAR 600,000 motorcycles per annum capacity Chrome plating and adjunct operations INVESTOR PRESENTATION 32 November 2025
Slide 34: CKD Assembly Plants
CKD ASSEMBLY PLANTS THAILAND BRAZIL BANGLADESH NEPAL ARGENTINA COLOMBIA
Slide 35: Global R&D Centers for Product Development
GLOBAL R&D CENTERS FOR PRODUCT DEVELOPMENT BRUNTINGTHORPE, UK CHENNAI, INDIA ▪ The India tech centre has the engineering and design teams ▪ UK Tech Centre at Bruntingthorpe is a hub for the product working under one roof and houses state-of-the-art engine, development and research activities for mid
Slide 36: Brand: Launches, Campaigns & Collaborations
BRAND LAUNCHES, CAMPAIGNS & COLLABORATIONS
Slide 37: Moto Culture, Moto Sport, Moto Music
Moto Culture Moto Sport Moto Music INVESTOR PRESENTATION 36 November 2025
Slide 38: Collaborations
OY rewir: {24gPPIe faponnence peers) GoPro Pt ia ENFIELD COLLABORATIONS NAPPA @ spotify co. Happy Sores
Slide 39: Meteor 350: Refresh with New Colorways
METEOR 350 : REFRESH WITH NEW COLORWAYS Meteor 350 cruiser featuring design updates with 7 new colours and enhanced features. INVESTOR PRESENTATION 38 November 2025
Slide 40: Guerrilla and Hunter: New Colourways
GUERRILLA AND HUNTER : NEW COLOURWAYS SHADOW ASH GUERRILLA 450 GRAPHITE GREY HUNTER 350 INVESTOR PRESENTATION 39 November 2025
Slide 41: Glimpse of EICMA 2025
GLIMPSE OF EICMA 2025 Brand Core Collection launch at EICMA Launch of NEW MOTORCYCLES CELEBRATING 125 YEARS OF ROYAL ENFIELD INVESTOR PRESENTATION 40 November 2025
Slide 42: Brand Announcements
BRAND ANNOUNCEMENTS Edition 4 of The Great Himalayan Exploration in Himachal Pradesh UNESCO and Royal Enfield launched the fourth edition of The Great Himalayan Exploration on August 27, 2025, from the Himalayan Hub in Theog, Shimla. The six-week motorcycling expedition documented 12 traditional cult
Slide 43: Brand Announcements
BRAND ANNOUNCEMENTS Royal Enfield unveiled the Himalayan Knot Exhibition The Royal Enfield Himalayan Knot is a social mission project that collaborates with Himalayan communities to conserve textile crafts and livelihoods. It's a collection of apparel and products resulting from collaborations with va
Slide 44: Flying Flea C6 Won Red Dot Design Award
FLYING FLEA C6 WON RED DOT DESIGN AWARD Flying Flea, Royal Enfield's City+ mobility brand, won the Red Dot Design Award 2025 in the Design Concept category for its FF.C6 electric motorcycle. The award recognizes the classic-styled vehicle's design approach that draws inspiration from the original 194
Slide 45: Rides and Expeditions
RIDES AND EXPEDITIONS #MakeEveryRideBetter INVESTOR PRESENTATION 44 November 2025
Slide 46: Latest Rides and Expeditions
LATEST RIDES AND EXPEDITIONS Himalayan Odyssey Ride 2025 One Ride 2025 Himalayan Spirit 2025 Leveraged community rides to strengthen the culture of camaraderie, engaging enthusiasts from across the world while highlighting the performance of Royal Enfield motorcycles and gear. INVESTOR PRESENTATION 4
Slide 47: Leading Premium Motorcycle Brand
LEADING PREMIUM MOTORCYCLE BRAND #1 84% Consideration Community Culture Driven Builder #1 58% Top of Mind Awareness SHARE OF VOICE* NET SENTIMENT 52.7% 94.1% 31 percentage points 43 percentage points ahead of our closest ahead of our closest competitor competitor ● Our Top of Mind Awareness (first br
Slide 48: 13.1 Million Social Media Community
13.1 MILLION ONE OF THE WORLD’s STRONGEST FULLY ORGANIC SOCIAL ❏ ❏ ❏ 197K - Average Engagement per Brand post 133M - Total Engagement 291M - Total Reach MEDIA COMMUNITY INSTAGRAM LINKEDIN YOUTUBE FACEBOOK X (TWITTER) INVESTOR PRESENTATION 47 November 2025
Slide 49: Sustainability
SUSTAINABILITY
Slide 50: ESG: Goals and Focus Areas
E S G : GOALS AND FOCUS AREAS Environmental 80% emission intensity ▪ Improve water positivity 01 reduction (tCO2e/motorcycle) ▪ Commitments towards zero liquid discharge by FY 2029-30 ▪ Eliminate utilisation of single use plastic ▪ Focus on increasing share of renewable energy ▪ Reducing waste gener
Slide 51: EML Won Golden Peacock Award 2025
EML WON GOLDEN PEACOCK AWARD 2025 Eicher Motors Limited Eicher Motors Limited received the Golden Peacock Award for Excellence in Corporate Governance in 2025. This prestigious national award, from the Institute of Directors (IOD), honors organizations that showcase outstanding corporate governance
Slide 52: Social Mission Initiative
SOCIAL MISSION INITIATIVE THE GREAT HIMALAYAN EXPLORATION Royal Enfield and UNESCO held the fourth Edition of The Great Himalayan Exploration—a one-of-a-kind motorcycling expedition, in Himachal Pradesh. Explore the culture and the majestic landscapes of the Western Himalayas like never before. INVES
Slide 53: Volvo-Eicher Commercial Vehicles
VOLVO-EICHER COMMERCIAL VEHICLES
Slide 54: 15+ Years of Driving Modernisation
15+ YEARS OF DRIVING MODERNISATION Leveraging the best of both worlds Respect Fair and Ethical ▪ Leadership in Light & Medium Duty ▪ Global expertise Excellence segments ▪ Leadership in product technology ▪ Frugal engineering & operations Customer Centric ▪ Well defined processes and controls ▪ After
Slide 55: VECV Board
VECV BOARD Leaders with proven track record Siddhartha Lal Sofia Helena Frandberg Vinod K. Aggarwal Jan Hjelmgren Executive Chairman, EML Chairperson - VECV MD & CEO - VE Commercial Non-executive Director Vehicles Ltd Raul Rai Lila Poonawalla Inder Mohan Singh Bruno Blin Non-executive Director Non-ex
Slide 56: Expansive Product Range
EXPANSIVE PRODUCT RANGE INVESTOR PRESENTATION 55 November 2025
Slide 57: Business Performance Q2 FY26 for VECV
BUSINESS PERFORMANCE Q2 FY 26 FOR VECV ● Q2 volumes of 21,901 units (+5.4% YoY); H1 (YTD) volumes of 43,511 units (+7.5% YoY). ● LMD Trucks: Q2 sales of 10,096 units with market share of 34.8% (vs. 36.4% LY). ● HD Trucks : Highest Q2 sales of 5,915 units (vs. 5,717 LY; +3.5% YoY). ● Bus division : Q
Slide 58: Connected Services Next Step to Drive Customer Value
CONNECTED SERVICES NEXT STEP TO DRIVE CUSTOMER VALUE ○ My Eicher: Leadership in Fleet Management with 162K Customers ○ 375K Vehicles ○ VE Connected Solutions JV – Driving Next-Gen Innovation Segment specific multi fleet solutions for VECV Customers ○ New Product Development - DSMS & ADAS Solution ○ Di
Slide 59: 1125+ Setups with Strong Focus on Uptime Delivery
1125+ SETUPS WITH A STRONG FOCUS ON UPTIME DELIVERY ● 35 touchpoints added in Q2 FY’26 ● East Focus: 329 locations; covering all 7 NE states ● Container support deployed on 14 highways across 8 states. ● Retail Excellence to improve Customer Satisfaction. ● Leveraging Telematics ● Site Support conti
Slide 60: Eicher's Pro Plus Series of LMD Trucks
EICHER’S PRO PLUS SERIES OF LMD TRUCKS ● Fuel efficient Scroll technology introduced to meet mandatory air-conditioned cabs regulation ● Air-conditioned cabs with added productivity ● Intelligent AC - Improved driver ergonomics and comfort while delivering on Eicher's traditional leadership as "Mile
Slide 61: New Facilities for Powertrain & Axles
NEW FACILITIES FOR POWERTRAIN & AXLES Plans to Manufacture Volvo Group’s Industry Leading Inaugurated Axle assembly plant Automated Manual Transmissions (AMT) in India ● Area: 12,228 sqm ● Volvo Group’s pioneering 12-speed Automated Manual ● Capacity aligned with Eicher Trucks and Buses Production T
Slide 62: Growing Market Share in a Competitive Market
GROWING MARKET SHARE IN A COMPETITIVE MARKET Light & Medium Duty Trucks 34.8% #1 25.4% FY 2009 H1FY26 Buses (Combined) HD Trucks (Combined) 20.2% 9.9% #2 #3 5.3% 2.1% FY 2009 H1FY26 FY 2009 H1FY26 # Market position of the segments INVESTOR PRESENTATION 61 November 2025
Slide 63: Q2 FY26 & YTD FY26 Sales & Market Share Across Key Segments
Q2 FY26 & YTD FY26 SALES & MARKET-SHARE ACROSS KEY SEGMENTS Q2 -Quarterly YTD Segments Volumes Market share (%) Volumes Market share (%) Growth % Growth % Q2'FY26 Q2'FY25 Q2'FY26 Q2'FY25 FY26 FY25 FY26 FY25 HD 5,381 5,155 4.4% 9.5% 9.5% 9,961 9,844 1.2% 9.2% 8.9% LMD 10,096 9,565 5.6% 34.8% 36.4% 18
Slide 64: Q2 FY26 VECV Financial Highlights
Q2 FY 26 VECV FINANCIAL HIGHLIGHTS Total Revenue from Operations EBITDA^ & Margins Profit After Tax* ○ EBITDA^ – Earning Before Interest ,Tax, Depreciation and Amortisation For the purpose of EBITDA computation, only operating Income has been considered. The figures in % indicate EBITDA Margins, EBITD
Slide 65: VECV Profit & Loss Statement (Consolidated)
VECV PROFIT & LOSS STATEMENT (CONSOLIDATED) Particulars FY21 FY22 FY23 FY24 FY25 H1FY26 Income Revenue from operations 8,676.4 12,724.5 18,952.3 21,868.0 23,548.2 11,776.8 Other income 45.7 57.3 122.6 205.1 213.5 129.2 Total income 8,722.0 12,781.8 19,074.9 22,073.1 23,761.7 11,906.0 Expenses Cost o
Slide 66: Eicher Motors Financial Review
EICHER MOTORS FINANCIAL REVIEW
Slide 67: Significant Value Creation for All Stakeholders
SIGNIFICANT VALUE CREATION FOR ALL STAKEHOLDERS Market Capitalisation (INR Billions) INVESTOR PRESENTATION 66 November 2025
Slide 68: Shareholder Returns: Dividend
SHAREHOLDER RETURNS : DIVIDEND The Board of Directors of the Company at their meeting held on May 14, 2025, considered and proposed a final dividend post the balance sheet date, aggregating to Rs. 1,919.15 crores @ Rs. 70 per share (nominal value of Re. 1 per share) for the financial year ended March
Slide 69: Q2 FY26 Financial Highlights (Consolidated)
Q2 FY 26 FINANCIAL HIGHLIGHTS (Consolidated) Total Volumes Revenue from operations EBITDA PAT All figures refer to EML Consolidated numbers and are in INR Crs unless specified Note : Revenues & EBITDA from VE Commercial Vehicles are not included in EML consolidated Revenue & EBITDA respectively. Share
Slide 70: Profit & Loss Statement (Consolidated)
PROFIT & LOSS STATEMENT (Consolidated) Profit and Loss Account FY19 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 Sales Volume: Two Wheelers (Nos.) 822,724 697,582 609,403 595,474 824,066 912,003 1,002,893 588,393 Total revenue from operations (net of excise) 9,797.0 9,154.0 8,720.4 10,297.8 14,442.2 16,535.8
Slide 71: Balance Sheet (Consolidated)
BALANCE SHEET (Consolidated) Particulars FY19 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 Net Fixed Assets (including CWIP and Pre-operative 2,324.0 2,690.0 2,747.6 2,929.1 3,162.1 3,469.4 3,965.0 Expenditure) 4,165.8 Investments 4,923.0 5,749.0 3,902.1 7,720.6 12,320.7 13,527.0 13,943.4 13,719.1 Other Non
Slide 72: Statement of Cash Flows (Consolidated)
STATEMENT OF CASH FLOWS (Consolidated) Particulars FY 19 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 Profit before tax and after share of profit of Joint 3,297.0 2,355.0 1,798.4 2,202.5 3,800.0 5,202.0 5,933.1 3,372.0 venture Operating profit before changes in working capital 2,941.0 2,236.0 1,912.4 2,190.9 3
Slide 73: Royal Enfield
Royal Enfield Royal Enfield Royal Enfield