Eicher Motors Q3 FY26: Revenue Up 23% to ₹6,114 Cr, PAT Grows 21% to ₹1,421 Cr
Eicher Motors reported Q3 FY26 consolidated revenue of ₹6,114 crore (up 23%) and PAT of ₹1,421 crore (up 21%). Royal Enfield sold 3,25,773 motorcycles (up 21%). VECV achieved its best Q3 with volumes of 26,086 units. EML approved a ₹958 crore capacity expansion for Royal Enfield, targeting 20 lakh units by FY28.
The significant year-on-year financial growth, strong volume performance across both business segments, and the substantial capacity expansion plan indicate a material positive impact on the company's future prospects and investor sentiment.
The company reported strong year-on-year growth in revenue, EBITDA, and PAT for Q3 FY26, driven by robust performance in both Royal Enfield and VECV segments. The announcement of capacity expansion also indicates a positive outlook for future growth.
Eicher Motors Limited (EML) announced its financial results for the third quarter and period ended December 31, 2025. The company reported a consolidated revenue of approximately ₹6,114 crore for Q3 FY26, marking a significant growth of 23% compared to ₹4,973 crore in the same quarter last year. EBITDA stood at approximately ₹1,557 crore, an increase of 30% from ₹1,201 crore in Q3 FY25. Profit After Tax (PAT) was reported at ₹1,421 crore, up by 21% from ₹1,171 crore in the prior year's third quarter. The PAT includes the share of profits from VE Commercial Vehicles (VECV), which amounted to approximately ₹183 crore for the quarter.
Royal Enfield experienced a robust quarter, continuing its steady growth trajectory. The company sold 3,25,773 motorcycles, a 21% increase from 2,69,039 motorcycles in Q3 FY25. Domestic sales saw a 24% growth, with Royal Enfield maintaining an 88.9% market share in the middle-sized motorcycle segment. International markets recorded sales of 25,347 units. The company also celebrated its 125th year with various initiatives, including the Motoverse event which attracted over 40,000 people.
VE Commercial Vehicles (VECV) also reported its best-ever third quarter performance. VECV recorded Q3 volumes of 26,086 units, a 24.2% year-on-year growth. Revenue for VECV in Q3 was ₹7,019 crore, with EBITDA at ₹652 crore and PAT at ₹338 crore. The company maintained its Number 1 position in LMD trucks with a 34.5% market share and saw strong growth in heavy-duty trucks and the parts business.
Eicher Motors' Board has approved a proposal for capacity expansion at Royal Enfield's Cheyyar manufacturing facility in Tamil Nadu. This brownfield expansion aims to increase the annual production capacity to 20 lakh units per year from the current 1.4 million. The investment for this expansion is estimated at nearly ₹958 crore over two years, with the target capacity expected to be reached by FY 2027-28.
The company also provided insights into margin drivers, mentioning operating leverage, fiscal discipline, value engineering, and a favorable model mix. Regarding international markets, Eicher Motors is awaiting clarity on US and EMEA trade deals, which are expected to reduce tariffs and improve market accessibility.
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