Eicher Motors Limited · NSE:EICHERMOT
Eicher Motors — Q3 FY2026 Earnings Presentation
78 slides from Eicher Motors's earnings presentation, Feb 10, 2026
Slide 1: Regulation 30 investor presentation intimation letter
February 10, 2026 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 Q3 FY2026 Investor Presentation
EICHER MOTORS LTD Q3 FY 2026 INVESTOR PRESENTATION February, 2026
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 February 2026
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% 15.2% 8.2% 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 Enfiel
Slide 6: EML: Board of Directors
EML : BOARD OF DIRECTORS Siddhartha Lal B. Govindarajan Vinod 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 Director
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 February 2026
Slide 8: Our Journey Since 1901
OUR JOURNEY SINCE 1901
Slide 9: Royal Enfield history 1901-1948
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: Royal Enfield history 1955-2008
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: Royal Enfield history 2013-2018
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: Royal Enfield history 2020-2022
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: Royal Enfield history 2023-2024
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 Umes
Slide 17: Expansive Product Portfolio
EXPANSIVE PRODUCT PORTFOLIO Engine Platform Heritage Roadster Scrambler Adventure Cruiser Retro Sport 650 cc Twin cylinder Classic 650 Interceptor INT650 Super Meteor 650 Continental GT650 Bear 650 Air-oil cooled 47 PS | 52.4 N-m Bullet 650 Shotgun 650 450 cc Single cylinder Liquid cooled 39.4 PS |
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 Bullet battalion Black | Launch of 411 Bullet 650 Himalayan OG New Classic 350 Scram 411 Meteor
Slide 21: Gaining Market Share in Domestic Motorcycles
GAINING MARKET SHARE IN DOMESTIC MOTORCYCLES 32.1% 8.5% 15.5% 3.0% INVESTOR PRESENTATION 20 February 2026
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 February 2026
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 Taiwan Mexico (Dis) Subsidiary` Thailand CKD & Thailand Subsidiary Colombia CKD Malaysia
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 Entered in Taiwan with Entered Hong Kong by opening few models its first exclusive store. Launched a New Hunter 350 refresher in Nepal INVESTOR PRESENTATION 25 February 2026
Slide 27: Spares and Service
SPARES AND SERVICE INVESTOR PRESENTATION 26 February 2026
Slide 28: Genuine Motorcycle Accessories
GENUINE MOTORCYCLE ACCESSORIES INVESTOR PRESENTATION 27 February 2026
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 February 2026
Slide 30: Apparel Announcements
APPAREL ANNOUNCEMENTS Gear Up for Everything - Overall Riding Jacket A campaign built around all-terrain riding jackets made for street cruising and adventure. Designed for comfort, protection, and everyday riding, these jackets are built to handle every ride, no matter where the road takes you. Gea
Slide 31: Apparel Announcements
APPAREL ANNOUNCEMENTS Royal Enfield x Vallon Royal Enfield extended its Classic universe beyond motorcycles with the launch of the Royal Enfield X VALLON Moto Aviators. The new lifestyle eyewear range mixes 1970s style with modern safety standards. Announced out of Chennai, the collection is positioned
Slide 32: Operations Overview
OPERATIONS OVERVIEW
Slide 33: Production Facilities
PRODUCTION FACILITIES THIRUVOTTIYUR VALLAM Custom operations ~900,000 motorcycles per annum capacity ORAGADAM CHEYYAR 600,000 motorcycles per annum capacity Chrome plating and adjunct operations INVESTOR PRESENTATION 32 February 2026
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: Motoverse 2025
MOTOVERSE 2025 Royal Enfield 2025 edition of Motoverse in Goa, bringing together riders, creators, musicians, and artists from around the world. Featuring major product showcases, immersive workshops, and live performances. INVESTOR PRESENTATION 36 February 2026
Slide 38: Meteor 350: Sundowner Edition
METEOR 350 : SUNDOWNER EDITION Meteor 350 Sundowner Orange special edition introduced at Motoverse 2025, celebrating the global Meteor community of over half a million riders. INVESTOR PRESENTATION 37 February 2026
Slide 39: Himalayan: Mana Black Edition
HIMALAYAN : MANA BLACK EDITION INVESTOR PRESENTATION 38 February 2026
Slide 40: Showcased Flying Flea S6 at Motoverse 2025
SHOWCASED FLYING FLEA.S6 AT MOTOVERSE 2025 Royal Enfield unveiled the FF.S6 at Motoverse 2025, while spotlighting the brand’s journey to date and its future roadmap. INVESTOR PRESENTATION 39 February 2026
Slide 41: Launches at International Markets
LAUNCHES @ INTERNATIONAL MARKETS Hunter 350 CTG Introduction Launch of Goan Classic 350 Classic 650 Launching event Goan Classic 350 Launch (Indonesia) (Korea) (Thailand) (Indonesia) INVESTOR PRESENTATION 40 February 2026
Slide 42: 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 41 February 2026
Slide 43: RE at 33rd Yokohama Hot Rod Custom Show
RE @ 33rd YOKOHAMA HOT ROD CUSTOM SHOW Royal Enfield showcased striking custom bikes VITA and Carolina Reaper under its global Custom World initiative, featuring renowned international builders. INVESTOR PRESENTATION 42 February 2026
Slide 44: Season 5 of the Continental GT Cup
SEASON 5 OF THE CONTINENTAL GT CUP Royal Enfield concluded the fifth edition of the Continental GT Cup 2025, presented by JK Tyre and drawing over 6000 registration. INVESTOR PRESENTATION 43 February 2026
Slide 45: Collaborations
ENFIELD COLLABORATIONS DA Daily Objects
Slide 46: Brand Announcements
BRAND ANNOUNCEMENTS Royal Enfield collaborated with Royal Albert Hall, London Royal Enfield highlighted its first-of-its-kind partnership with the Royal Albert Hall, celebrating shared values of heritage, craftsmanship, and community. The announcement achieved focused visibility with 12 media exposures
Slide 47: Rides and Expeditions
RIDES AND EXPEDITIONS #MakeEveryRideBetter INVESTOR PRESENTATION 46 February 2026
Slide 48: Latest Rides and Expeditions
LATEST RIDES AND EXPEDITIONS Aesthetic Anini Ride 2025 Coastline to Cloudline Ride Tour of Sikkim 2025 Tour of Bhutan 2025 INVESTOR PRESENTATION 47 February 2026
Slide 49: Leading Premium Motorcycle Brand
LEADING PREMIUM MOTORCYCLE BRAND #1 85% Consideration Community Culture Driven Builder #1 57% Top of Mind Awareness SHARE OF VOICE* NET SENTIMENT 50.2% 94.3% 33 percentage points 41 percentage points ahead of our closest ahead of our closest competitor competitor ● Our Top of Mind Awareness (first br
Slide 50: 13.6 Million Social Media Community
13.6 MILLION ONE OF THE WORLD’s STRONGEST FULLY ORGANIC SOCIAL ❏ ❏ ❏ 193K - Average Engagement per Brand post 156M - Total Engagement 338M - Total Reach MEDIA COMMUNITY INSTAGRAM LINKEDIN YOUTUBE FACEBOOK X (TWITTER) INVESTOR PRESENTATION 49 February 2026
Slide 51: Sustainability
SUSTAINABILITY
Slide 52: ESG: Roadmap and Focus Areas
E S G : ROADMAP 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 ge
Slide 53: Golden Peacock Award for Corporate Governance
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 practices. INVESTOR PRESENTATION 5
Slide 54: Social Mission Initiative: Journey Across the Himalayas
SOCIAL MISSION INITIATIVE 2ND EDITION OF JOURNEY ACROSS THE HIMALAYAS Royal Enfield announced the second edition of Journeying Across The Himalayas, a week-long multidisciplinary festival under the Royal Enfield Social Mission that brings together art, culture, and conversations around the Himalayan r
Slide 55: Volvo-Eicher Commercial Vehicles
VOLVO-EICHER COMMERCIAL VEHICLES
Slide 56: 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 57: VECV Board
VECV BOARD Leaders with proven track record Siddhartha Lal Sofia Helena Frandberg Vinod 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-execu
Slide 58: Expansive Product Range
EXPANSIVE PRODUCT RANGE INVESTOR PRESENTATION 57 February 2026
Slide 59: Business Performance Q3 FY26 for VECV
BUSINESS PERFORMANCE Q3 FY 26 FOR VECV ● Q3 volumes of 26,086 units (+24.2% YoY); 9M (YTD) volumes of 69,597 units (+13.2% YoY). ● LMD Trucks: Q3 sales of 12,447 units with market share of 34.5% (vs. 36.0% LY). ● HD Trucks : Highest Q3 sales of 6,850 units (vs. 5,962 LY; +14.9% YoY). ● Bus division
Slide 60: Kashmir to Kanyakumari by Eicher Pro X EV
KASHMIR TO KANYAKUMARI (K2K) BY EICHER Pro X EV ○ First Electric SCV & CV to travel from (K2K) with Loaded Cargo ○ The Pro X trucks started on Jan 20, 2026 from Lal Chowk Srinagar and reached Kanyakumari on Jan 26, 2026. ○ Covered 4,096 kms with 78 running hours in 6 days ○ 39 charging stops from st
Slide 61: Eicher Pro X Diesel
EICHER PRO X DIESEL ○ Eicher E449 X2 engine: best-in-class efficiency, comfort, and uptime for city/near-city use. ○ Designed for key sectors: e-commerce, FMCG, cold chain, fresh produce, and courier. ○ Safety & comfort: crash-tested metallic cabin, D+2 seating, and DRLs. INVESTOR PRESENTATION 60 Fe
Slide 62: Events
EVENTS Eicher @ 15th Cement Expo Volvo Trucks and Bus Business ○ Tamil Nadu CM Flagged Off 20 Volvo 9600 ○ Inaugurated Eicher Pro 6055 LNG ○ Coaches for SETC (State Express Transport ○ First-in-Industry Transit Mixer: Eicher Pro 6028 TM Corporation) ○ Showcased Eicher Pro 2119 CNG solution ○ Volvo T
Slide 63: Overall Network Touchpoint Crosses 1,150+
OVERALL NETWORK TOUCHPOINT CROSSES 1,150+ ● 25 touchpoints added in Q3 FY’26 ● East Focus: 347 locations; covering all 7 NE states ● Container support deployed on 14 highways across 8 states. ● Retail Excellence to improve Customer Satisfaction. ● Leveraging Telematics ● 13 New Site Support added in
Slide 64: 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 65: Campaigns & Awards
CAMPAIGNS & AWARDS Marketing and Social Media Awards 2026 - Yellow Classroom School bus film won two prestigious awards at the ACEF Digital - Gold Award: Main Category: Content & Creative Awards. Subcategory: Best Use of AR / VR / AI in Content Creation - Bronze Award: Main Category: Sector-Specific D
Slide 66: Customer Satisfaction and Brand Health Survey 2026
CUSTOMER SATISFACTION AND BRAND HEALTH SURVEY 2026 ➢ Eicher retains No.1 position amongst 5 market players in LMD Trucks ➢ Eicher retains No.1 position amongst 4 market players in HD Trucks ➢ Eicher rated No.2 amongst 5 market players in Customer Satisfaction in Bus Division. ➢ In CSI 2026, we secur
Slide 67: Steady Growth in Trucks but Bus Share Impacted by Tenders
STEADY GROWTH IN TRUCKS BUT BUS SHARE IMPACTED BY TENDERS Light & Medium Duty Trucks 34.7% #1 25.4% FY 2009 9MFY26 Buses (Combined) HD Trucks (Combined) 19.5% 9.7% #3 #3 5.3% 2.1% FY 2009 9MFY26 FY 2009 9MFY26 # Market position of the segments INVESTOR PRESENTATION 66 February 2026
Slide 68: Q3 FY26 & YTD FY26 Sales & Market Share Across Key Segments
Q3 FY26 & YTD FY26 SALES & MARKET-SHARE ACROSS KEY SEGMENTS Q3 -Quarterly YTD Segments Volumes Market share (%) Volumes Market share (%) Growth % Growth % Q3'FY26 Q3'FY25 Q3'FY26 Q3'FY25 FY26 FY25 FY26 FY25 HD 6,303 5,428 16.1% 8.6% 8.9% 16,264 15,272 6.5% 8.9% 8.9% LMD 12,447 9,702 28.3% 34.5% 36.0
Slide 69: Q3 FY26 VECV Financial Highlights
Q3 FY 26 VECV FINANCIAL HIGHLIGHTS Total Volumes Revenue from operations +4.2% +21.0% +26.1% +13.0% 1.For the purpose of EBITDA computation, only operating Income has been considered. 2. PAT* - Includes OCI EBITDA PAT 3. The percentages mentioned represent YoY growth. All amounts are in INR crs unle
Slide 70: VECV Profit & Loss Statement (Consolidated)
VECV PROFIT & LOSS STATEMENT (CONSOLIDATED) Particulars FY21 FY22 FY23 FY24 FY25 9M FY26 Sales Volume 79,623 85,560 90,163 69,597 Income Revenue from operations 8,676.4 12,724.5 18,952.3 21,868.0 23,548.2 18,796.0 Other income 45.7 57.3 122.6 205.1 213.5 188.9 Total income 8,722.0 12,781.8 19,074.9
Slide 71: Eicher Motors Financial Review
EICHER MOTORS FINANCIAL REVIEW
Slide 72: Significant Value Creation for All Stakeholders
SIGNIFICANT VALUE CREATION FOR ALL STAKEHOLDERS Market Capitalisation (INR Billions) INVESTOR PRESENTATION 71 February 2026
Slide 73: 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 74: Q3 FY26 Financial Highlights (Consolidated)
Q3 FY 26 FINANCIAL HIGHLIGHTS (Consolidated) Total Volumes Revenue from operations +21.1% +22.9% EBITDA PAT* +29.6% +21.4% All figures refer to EML Consolidated numbers and are in INR Crs unless specified & the percentages mentioned represent YoY growth. Note : Revenues & EBITDA from VE Commercial Veh
Slide 75: Profit & Loss Statement (Consolidated)
PROFIT & LOSS STATEMENT (Consolidated) Profit and Loss Account FY19 FY20 FY21 FY22 FY23 FY24 FY25 9MFY26 Sales Volume: Two Wheelers (Nos.) 822,724 697,582 609,403 595,474 824,066 912,003 1,002,893 914,166 Total revenue from operations (net of excise) 9,797.1 9,153.6 8,720.4 10,297.8 14,442.2 16,535.8
Slide 76: Balance Sheet (Consolidated)
BALANCE SHEET (Consolidated) Particulars FY19 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 Net Fixed Assets (including CWIP and Pre-operative 2,324.3 2,689.7 2,747.6 2,929.1 3,162.1 3,469.5 3,964.9 4,165.8 Expenditure) Investments 4,922.5 5,748.8 3,902.1 7,720.6 12,320.7 13,527.0 13,943.4 13,719.1 Other Non
Slide 77: 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 3,297.3 2,354.9 1,798.4 2,202.5 3,799.6 5,202.0 5,933.1 3,372.0 venture Operating profit before changes in working capital 2,940.9 2,236.2 1,912.4 2,190.9 3
Slide 78: Royal Enfield
Royal Enfield Royal Enfield Royal Enfield