Highlights
- Royal Enfield annual motorcycle sales crossed 1.22 million units during FY26.
- Eicher Motors reported FY26 PAT growth of 17 percent year-on-year.
- VECV crossed annual sales milestone of over 100,000 vehicles in FY26.
Eicher Motors Limited (NSE:EICHERMOT) reported its highest-ever annual financial performance for FY26, driven by growth in motorcycle sales and commercial vehicle volumes.
The company posted revenue from operations of INR 23,408 crores for FY26, up 24 percent year-on-year. EBITDA stood at INR 5,785 crores, rising 23 percent, while profit after tax increased 17 percent year-on-year to INR 5,515 crores.
For the fourth quarter ended March 31, 2026, revenue from operations rose 16 percent year-on-year to INR 6,080 crores. EBITDA increased 20 percent to INR 1,514 crores, while profit after tax rose 12 percent to INR 1,520 crores. The Board of Directors also recommended a final dividend of INR 82 per share for FY26.
Source: Company Filing
Electric Mobility And Product Expansion In Focus
Royal Enfield expanded its product portfolio during FY26 with launches including the 2026 Guerrilla 450 APEX, Himalayan Mana Black Edition, upgraded 2025 Meteor 350 and refreshed Hunter 350 range.
The company also entered the electric mobility segment through the launch of the Flying Flea C6 under its new City+ mobility platform. According to the company, the Flying Flea C6 won the Red Dot Award 2025 under the Design Concept category.
VECV Crosses 100,000 Annual Vehicle Sales
VE Commercial Vehicles Limited reported its highest-ever revenue from operations at INR 27,076.6 crores during FY26, up 15 percent year-on-year. EBITDA stood at INR 2,562.6 crores, while profit after tax rose to INR 1,471 crores.
VECV sold 103,404 vehicles during FY26, reflecting growth of 14.7 percent over the previous financial year. The company introduced new commercial vehicle products during the year, including the Eicher Pro X small truck, electric intercity coach and Volvo FM LNG Road Train.
Management Commentary
- Govindarajan, Managing Director - Eicher Motors Ltd., and Chief Executive Officer - Royal Enfield said, “FY’26 has been an exceptional year for Eicher Motors and Royal Enfield, marked by strong growth, record volumes, and a continued focus on our global ambitions during our 125th anniversary.”
- Srinivas, Managing Director and Chief Executive Officer – VECV said, “Crossing the milestone of 1,00,000 vehicles in a year is a significant achievement for VECV and reflects the trust our customers have placed in our products and solutions.”
Royal Enfield Crosses 1.2 Million Annual Sales
Royal Enfield recorded its highest-ever annual sales during FY26, crossing the 1.2 million unit mark for the first time. Total motorcycle volumes reached 1,227,977 units, reflecting a 22 percent increase year-on-year.
Domestic motorcycle sales grew 23 percent to 1,107,343 units, while exports increased 20 percent to 120,634 units. During Q4 FY26, Royal Enfield sold 313,811 motorcycles, compared with 279,466 units in the corresponding quarter last year.
The company also announced a manufacturing capacity expansion at its Cheyyar facility in Tamil Nadu with an estimated investment of INR 958 crores. The expansion is expected to increase annual production capacity from 14.6 lakh units to 20 lakh units.
Source: Company Filing
Key Risks
- Rising raw material costs may impact automotive manufacturing margins.
- Export demand fluctuations could affect international motorcycle sales growth.
- Electric mobility competition may increase pressure on market share.
- Regulatory changes may impact commercial vehicle manufacturing and operations.
Summary
Eicher Motors (NSE:EICHERMOT) reported record FY26 revenue, EBITDA and profit after tax, supported by higher Royal Enfield motorcycle sales and VECV commercial vehicle volumes.
Royal Enfield crossed 1.2 million annual motorcycle sales, while VECV exceeded 100,000 vehicle sales for the first time. The company also expanded into electric mobility through Flying Flea and announced manufacturing capacity expansion plans in Tamil Nadu.
FAQs
Q: What was Eicher Motors’ revenue for FY26?
A: Eicher Motors reported FY26 revenue from operations of INR 23,408 crores, up 24 percent year-on-year.
Q: How many motorcycles did Royal Enfield sell during FY26?
A: Royal Enfield sold 1,227,977 motorcycles globally during FY26, marking a 22 percent annual increase.
Q: What dividend did Eicher Motors recommend for FY26?
A: The company’s board recommended a final dividend of INR 82 per share for FY26.