Eicher Motors reported significant growth across its segments in Q3 FY26. Royal Enfield volumes rose 21.1% YoY to 325,773 units, with consolidated PAT growing 21.4% to ₹1,421 crore. The VECV joint venture also saw strong operational performance, with Q3 volumes up 24.2% to 26,086 units and revenue up 21.0%, highlighting robust demand for both the motorcycle and commercial vehicle businesses.
Quarterly Highlights: Royal Enfield (RE)
Royal Enfield posted excellent consolidated performance for Q3 FY26, with Total Volumes reaching 325,773 units, marking a 21.1% year-over-year (YoY) increase. Consolidated Revenue from operations grew by 22.9% to ₹6,114 crore. EBITDA saw a substantial rise of 29.6% to ₹1,557 crore, leading to a consolidated PAT growth of 21.4%, reaching ₹1,421 crore.
Domestic and Global Business Traction
In the Indian mid-size segment, Royal Enfield maintained a dominant 88% market share (as of 9MFY26). The brand continues to gain share in the overall domestic motorcycle market, reaching 8.5% share in 9MFY26. Internationally, volumes grew to 100,136 units in FY25. The Allied Business revenue, comprising spares, service, accessories, and apparel, grew strongly to ₹2,750 crore in FY25.
VECV Joint Venture Performance
The Volvo-Eicher Commercial Vehicles (VECV) joint venture demonstrated strong momentum, with Q3 volumes jumping 24.2% YoY to 26,086 units. Revenue from operations increased by 21.0% to ₹7,019 crore in Q3 FY26. EBITDA for the quarter grew by 26.1% to ₹652 crore.
VECV Segment Review (Q3 FY26)
LMD Trucks sales reached 12,447 units, holding a market share of 34.5%. HD Trucks achieved their highest Q3 sales at 6,850 units (+14.9% YoY). The company is also focusing on future technologies, with Eicher Pro X EV sales reaching 627 units in Q3. Furthermore, Exports saw a massive increase of 72.5% YoY in Q3.
Financial Health and Governance
Eicher Motors continues to create stakeholder value, with Market Capitalization reaching ₹2,006 Billion as of December 2025. The company proposed a final dividend of ₹70.0 per share for FY25. Governance was recognized with the Golden Peacock Award for Excellence in Corporate Governance 2025.
Future Focus: Rebalance Strategy
The long-term strategic vision focuses on four pillars: ICE and EV Balance, Growth Focus (balancing growth and profitability), Brand Led CX, and Sustainability, aiming to create an agile, resilient, and timeless business.
Source: BSE
