Eicher Motors Ltd reported a 20.3% YoY increase in consolidated revenue from operations to Rs 7,421.72 crore for the quarter ended September 30, 2026 (Q2 FY2027), from Rs 6,171.59 crore. Consolidated net profit rose 14.9% to Rs 1,573.37 crore from Rs 1,369.45 crore.
Total expenses rose 21.9% to Rs 5,947.29 crore from Rs 4,878.41 crore. Profit before share of joint venture profit, exceptional items and tax increased 9.9% to Rs 1,806.31 crore. This pre-tax margin, before the joint venture’s contribution, narrowed to 24.3% from 26.6%.
Material costs, comprising raw materials and components consumed, traded goods purchased and changes in inventories, totalled Rs 4,305.71 crore, up 23.9% from Rs 3,474.75 crore. They accounted for 58.0% of revenue against 56.3% a year earlier. Other major expense lines were:
VECV Contribution
Share of profit from joint venture VE Commercial Vehicles (VECV) increased 37.9% to Rs 186.07 crore from Rs 134.91 crore. PBT rose 12% to Rs 1,992.38 crore. Net profit margin narrowed to 21.2% from 22.2%. Basic earnings per share was Rs 57.31 against Rs 49.93.
Standalone revenue from operations rose 21.3% to Rs 7,159.04 crore, and standalone profit for the period increased 9.7% to Rs 1,324.99 crore.
For H1 FY2027, consolidated revenue from operations grew 25.3% to Rs 14,054.14 crore. Total expenses rose 26.4% to Rs 11,288.29 crore. Profit before tax increased 16.2% to Rs 3,917.61 crore, and net profit rose 17.9% to Rs 3,035.88 crore.
Material costs for the half year were Rs 8,185.29 crore, up 30.2%. Depreciation and amortisation rose 35.9% to Rs 540.35 crore, and VECV’s profit contribution rose 21.1% to Rs 353.57 crore.
Consolidated net cash from operating activities increased 38.1% to Rs 3,671.56 crore in H1. The cash flow statement shows trade payables contributed Rs 984.06 crore, against Rs 304.46 crore in the corresponding period last year.
Trade payables to creditors other than micro and small enterprises stood at Rs 3,598.02 crore, up from Rs 2,638.10 crore at March 31, 2026.
Capital expenditure rose 39.4% to Rs 860.29 crore from Rs 616.98 crore. Capital work-in-progress increased to Rs 384.30 crore from Rs 203.08 crore, and intangible assets under development rose to Rs 714.40 crore from Rs 533.22 crore. Dividend paid was Rs 2,251.08 crore against Rs 1,919.95 crore.