Eicher Motors Consol Sales up 45% in Q2FY26, PAT up 25%

Eicher Motors Ltd reported a strong performance across most earnings parameters in the September 2025 quarter, marking its best-ever quarterly results. The company’s consolidated net profit rose 25% year-on-year to ₹1,369 crore, supported by a 45% jump in revenue to ₹6,171.59 crore, led by Royal Enfield’s robust sales and festive tailwinds aided by the GST 2.0 reforms.

Eicher, which manufactures motorcycles under the Royal Enfield brand and commercial vehicles through its VE Commercial Vehicles (VECV) joint venture with the Volvo Group, continued to see strong traction in both businesses.

The company’s consolidated operating profit (EBITDA) surged 39% year-on-year to ₹1,512 crore, though margins moderated slightly to 24.5% from 25.5%, as per Autocar Professional’s estimates.

Royal Enfield’s volumes climbed 45% to 3,27,067 units, compared with 2,25,317 units a year earlier, reflecting strong consumer demand and festive momentum.

“This has been a truly encouraging quarter for Eicher Motors, as we recorded strong performance across the board for both Royal Enfield and VECV,” said B. Govindarajan, Managing Director, Eicher Motors Ltd, and CEO, Royal Enfield. “At Royal Enfield, we have continued to deliver steady growth in volumes. We witnessed an outstanding festive season, achieving record sales of 2.49 lakh units. The Government of India’s GST reform has further enhanced accessibility for motorcycles under 350cc, as reflected in strong customer demand.”

During the quarter, the company’s total expenses grew in line with the topline, rising 45% year-on-year to ₹4,878.41 crore, led by higher raw material costs (up 42%) and other expenses (up 40%).

The company’s joint venture, VE Commercial Vehicles (VECV), also delivered a strong quarter. Its revenue rose 10% to ₹6,106 crore as truck and bus volumes increased to 21,901 units from 20,774 units a year ago. 

The share of profit from the VE Commercial Vehicle joint venture also rose to Rs 134.91 crore from Rs 113.75 crore in the year-ago period. EBITDA grew 8% to ₹479 crore, while PAT rose to ₹249 crore from ₹208 crore.

“VECV delivered a solid performance in Q2 FY26, growing 5.4% year-on-year and registering our best-ever second quarter in truck and bus deliveries,” said Vinod Aggarwal, MD & CEO, VECV, and Vice Chairman, Eicher Motors. “Eicher retained its leadership in the light and medium-duty truck segment (5-18.5T GVW), delivering 10,096 units during the quarter. We also achieved our best-ever second quarter in heavy-duty trucks with a 10.5% market share. Reflecting our expanding dealer network and customer focus, spare parts sales grew 11.8% quarter-on-quarter.”