Eicher Motors Limited stands as a prominent global automobile company, renowned for its enduring legacy in motorcycles and commercial vehicles. With a focus on innovation, sustainability, and customer-centric experiences, Eicher Motors Limited continues to drive growth in the automotive sector.
Business Segments of Eicher Motors Limited with Comprehensive Details and Revenue Breakup %
Eicher Motors Limited operates through distinct business segments that reflect its diversified portfolio in the automotive industry. The primary business segments include the motorcycles segment under Royal Enfield and the commercial vehicles segment through its joint venture, VE Commercial Vehicles (VECV). These segments are integral to Eicher Motors Limited’s strategy of creating value through engineering excellence, sustainable mobility, and customer-focused innovations.
Motorcycles Segment (Royal Enfield)
The motorcycles segment, spearheaded by Royal Enfield, is the core of Eicher Motors Limited’s operations. Royal Enfield, the world’s oldest motorcycle brand in continuous production since 1901, focuses on premium, retro-inspired motorcycles that blend authenticity, simplicity, and modern technology. This segment caters to motorcycle enthusiasts seeking soulful riding experiences, with a cult following globally. In FY 2024-25, the motorcycles segment achieved record-breaking sales of 1,002,893 units, marking a 10% year-over-year (YoY) growth. The segment’s revenue from operations contributed significantly to Eicher Motors Limited’s overall performance, forming the majority of the consolidated revenue.
Comprehensive details of the motorcycles segment include product development at advanced R&D centers in Leicestershire (UK) and Chennai (India), manufacturing at state-of-the-art facilities, and a growing ecosystem of premium gear, global rides, service, and retail networks. Key highlights for FY 2024-25 include six new launches, upgrades to existing models, foray into electric mobility with Flying Flea, and community-led initiatives like the Himalayan Festival and Art of Motorcycling Season 4. The segment emphasizes pure motorcycling experiences, motorsports, customs, and global collaborations.
Revenue breakup for the motorcycles segment: Based on Eicher Motors Limited’s consolidated revenue from operations of ₹18,870 Crores in FY 2024-25, the motorcycles segment accounted for approximately 100% of the direct revenue, as VE Commercial Vehicles is accounted for as a joint venture with share of profits included as a single line (₹700 Crores, or about 3.7% of total comprehensive income). The segment’s growth was driven by domestic and export demand, with EBITDA at ₹4,712 Crores (9% YoY) and operating margin (EBIT) at ₹3,983 Crores (7% YoY).
Commercial Vehicles Segment (VE Commercial Vehicles)
The commercial vehicles segment is managed through VE Commercial Vehicles (VECV), a 50:50 joint venture with Sweden’s AB Volvo (though Eicher Motors Limited holds 54.4% stake with joint control). This segment delivers next-generation trucks, buses, and engines for sustainable and efficient mobility in India and developing markets. VECV’s operations encompass Eicher Trucks and Buses, Volvo Buses, exclusive distribution of Volvo Trucks in India, engine manufacturing and export for Volvo Group, non-automotive engines, and Eicher component business.
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In FY 2024-25, VECV sold 90,161 units (5% YoY growth), with revenue from operations at ₹23,548 Crores (8% YoY) and EBITDA (excluding other income) at ₹2,023 Crores (18% YoY). The segment focuses on electric mobility, telematics, and advanced manufacturing. Key achievements include launching a 25.25m Volvo FM 420 Road Train, deploying over 32,000 telematics devices, and expanding in e-commerce and construction segments.
Revenue breakup for the commercial vehicles segment: As a joint venture, VECV’s full revenue is not consolidated; instead, Eicher Motors Limited records a share of profit of ₹700 Crores (56% YoY), representing approximately 14.75% of consolidated net assets and 14.78% of consolidated profit or loss. This contributes to about 3.7% of Eicher Motors Limited’s total comprehensive income of ₹4,504 Crores (13% YoY).
Overall, the business segments of Eicher Motors Limited demonstrate a balanced approach, with the motorcycles segment driving direct revenue growth and the commercial vehicles segment providing strategic diversification through joint venture profits. The combined revenue across segments exceeded ₹42,000 Crores in FY 2024-25, underscoring Eicher Motors Limited’s robust performance.
Eicher Motors Limited’s business segments are designed for long-term value creation, aligning with sustainable development goals through eco-efficient manufacturing and innovation. The motorcycles segment’s focus on premium offerings and the commercial vehicles segment’s emphasis on efficient platforms position Eicher Motors Limited for continued expansion. Revenue breakup highlights the motorcycles segment’s dominance at nearly 100% of direct operations, while VECV’s contribution via equity method enhances profitability without full consolidation risks.
In detail, the motorcycles segment’s revenue is derived from sales of premium line-up models, spares (13% growth), accessories, apparel, and international exports (over 1 lakh units, 30% YoY). The commercial vehicles segment’s revenue stems from trucks, buses, engines, and components, with growth in electric and connected solutions. This segmentation ensures Eicher Motors Limited remains agile in a dynamic automotive landscape.
Details of Products or Services Offered by Eicher Motors Limited with List and Revenue Breakup %
Eicher Motors Limited offers a diverse range of products and services centered on motorcycles and commercial vehicles, emphasizing quality, innovation, and sustainability. The product portfolio is crafted to deliver soulful experiences and efficient mobility solutions, supported by services like global rides, maintenance, and community events.
Products Offered
- Motorcycles (Royal Enfield Premium Line-up):
- Bear 650: A premium model focused on performance and style.
- Classic 650 TWIN: Twin-cylinder engine for smooth cruising.
- Guerrilla 450: Modern roadster with agile handling.
- Hunter 350: Urban adventure bike, crossed 500,000 units sold.
- Meteor 350: Cruiser for relaxed rides.
- Super Meteor 650: Cruiser surpassing 50,000 units, awarded Best Value Cruiser.
- Interceptor 650 and Continental GT 650 Twins: Roadster and cafe racer.
- Shotgun 650: Customizable cruiser.
- Himalayan 450: Adventure tourer for off-road.
- Scram 440: ADV Crossover for versatile terrain.
- Bullet 350: Iconic model, Gold at Japan’s Bike of the Year.
- Classic 350: Timeless classic.
- Goan Classic 350: Coastal-inspired variant, Viewer’s Choice at Acko Drive Awards.
- Electric Mobility (Flying Flea Brand):
- FF.C6: Classic-styled electric motorcycle for urban mobility, expected early 2026.
- FF.S6: Scrambler-styled electric, blending heritage with technology.
- Commercial Vehicles (VECV):
- Eicher Trucks and Buses: Range for cargo, construction, and passenger transport.
- Volvo Buses: Premium buses for efficient mobility.
- Volvo Trucks: Exclusive distribution in India.
- Engines: Automotive and non-automotive, over 400,000 delivered since inception.
- Components: High-precision aggregates via Eicher Engineering Components (EEC), revenue over ₹2,000 Crores.
Services Offered
- Premium gear and apparel collections.
- Global rides and community celebrations like Himalayan Festival.
- Service and retail network for maintenance.
- Telematics and connected solutions via VE Connected Solutions (VECS).
- Spares business with 13% growth and new warehouses.
- Accessories for customization.
- Motorsports and customs programs.
- Road safety initiatives like Helmets for India.
Revenue breakup for products/services: The motorcycles products dominate, contributing to the ₹18,870 Crores revenue from operations (100% direct). Spares and accessories added 13% growth. VECV products/services via JV share ₹700 Crores (3.7% of income). Electric products (Flying Flea) are nascent, with launches planned for 2026. EEC components ₹2,000+ Crores within VECV. Services like telematics (32,000 devices) support overall revenue but are not separately broken out, integrated into segment growth.
Eicher Motors Limited’s products are designed at R&D centers and manufactured in advanced facilities, ensuring quality. Services enhance customer loyalty, with awards like #1 in J.D. Power initial quality. The portfolio’s revenue is primarily from motorcycle sales (over 1 million units), with commercial vehicles adding JV profits. This mix ensures diversified income streams, with motorcycles at ~96.3% effective contribution after JV share.
The product list reflects Eicher Motors Limited’s commitment to tradition and technology, from iconic Bullet to innovative Flying Flea. Services like global collaborations and community events further bolster revenue through ecosystem growth.
Company History of Eicher Motors Limited
Eicher Motors Limited has a rich history spanning 125 years, rooted in engineering excellence and mobility innovation. Founded in 1901 with Royal Enfield as the world’s oldest motorcycle brand in continuous production, Eicher Motors Limited has evolved from crafting beautifully designed motorcycles to becoming a global automobile leader. The company’s journey began with a focus on authenticity and simplicity, blending tradition with technology to create cult-status products.
In the early years, Royal Enfield motorcycles were distinguished by their uncompromising quality, gaining a reputation among enthusiasts. Over the decades, Eicher Motors Limited expanded its legacy, entering commercial vehicles through strategic partnerships. A pivotal milestone was the formation of VE Commercial Vehicles (VECV) as a joint venture with AB Volvo in 2008, pioneering commercial vehicle transformation with next-generation trucks, buses, and engines.
Eicher Motors Limited, headquartered in Chennai, India, is listed on the Bombay Stock Exchange and National Stock Exchange. The company has grown through purpose-led strategies, achieving market capitalization of ₹1,46,615 Crores as of March 31, 2025 (33% YoY). Key historical developments include state-of-the-art manufacturing facilities, R&D centers in India and UK, and forays into electric mobility with Flying Flea unveiled in FY 2024-25.
The history of Eicher Motors Limited is marked by resilience and innovation, from 1901 origins to FY 2024-25 record sales of over 1 million motorcycles and 90,161 commercial vehicles. This 125-year legacy fuels growth, with milestones like six new launches, highest-ever revenues, and sustainability leadership (e.g., zero waste to landfill, 84% renewable energy).
Eicher Motors Limited’s history reflects a commitment to sustainable development, aligning with UN SDGs through water positivity (index 4.3) and recycled materials (12% steel, 74% aluminum). From legacy motorcycles to modern EVs, the company’s evolution positions it for future dominance in premium mobility.
Throughout its history, Eicher Motors Limited has navigated challenges with vision, expanding globally and investing in technology. The 125th year in FY 2024-25 celebrated this with bold launches and community engagements, ensuring the legacy endures.
Brands Details and List with Revenue Breakup % of Eicher Motors Limited
Eicher Motors Limited’s brands embody its legacy of innovation and quality, each contributing uniquely to revenue streams. The brands include Royal Enfield, Flying Flea, and VE Commercial Vehicles (encompassing Eicher and Volvo sub-brands).
Royal Enfield
The iconic brand since 1901, known for premium motorcycles blending tradition and technology. Line-up includes Bear 650, Classic 650, Guerrilla 450, etc. Royal Enfield dominates the mid-size segment globally, with awards like Manufacturer of the Year. Revenue contribution: Primary brand for motorcycles segment, ~96.3% of consolidated revenue from operations (₹18,870 Crores), driven by 1,002,893 units sold.
Flying Flea
New city+ electric brand unveiled at EICMA, with FF.C6 and FF.S6 models expected in 2026. Evolves Pure Motorcycling philosophy for urban mobility. Revenue contribution: Nascent, 0% in FY 2024-25, but positioned for future growth in EV market.
VE Commercial Vehicles (VECV)
Joint venture brand offering Eicher Trucks/Buses, Volvo Buses/Trucks, engines, and components. Focus on sustainable mobility. Sub-brands: Eicher (trucks/buses), Volvo (premium). Revenue contribution: JV share of profit ₹700 Crores (~3.7% of total income), full operations ₹23,548 Crores not consolidated.
Brands list: Royal Enfield (motorcycles), Flying Flea (electric), Eicher/Volvo under VECV (commercial). Revenue breakup: Royal Enfield 96.3%, VECV 3.7%, Flying Flea 0%. This structure highlights Royal Enfield’s revenue leadership, with VECV adding strategic value.
Eicher Motors Limited’s brands are supported by strong ecosystems, from retail networks to global rides. Royal Enfield’s cult status drives revenue, while VECV’s premium offerings enhance diversification. Future EV brands like Flying Flea will expand the portfolio.
Geographical Presence and List with Revenue Breakup % of Eicher Motors Limited
Eicher Motors Limited has a robust geographical presence, with operations in India and international markets, focusing on high-growth regions. Headquarters in Chennai, India; manufacturing in India; R&D in UK and India; assembly in Nepal, Brazil, Thailand, Argentina, Colombia.
List of presence:
- India: Core market, all manufacturing (Thiruvottiyur, Oragadam, Vallam, Cheyyar), headquarters, retail network.
- UK/Europe: R&D in Leicestershire/Bruntingthorpe, Royal Enfield Europe B.V., #5 in EU mid-size segment, 9% share in EMEA.
- North America: Subsidiaries Royal Enfield North America/Canada Limited.
- Latin America: Royal Enfield Brasil, #2 in Argentina, #3 in Brazil.
- Asia Pacific: Royal Enfield (Thailand), operations in Bangladesh, #1 mid-segment in Thailand (15.8% share), APAC steady growth.
- Other: Exports to developing markets, new stores in Sydney (Australia-New Zealand).
Revenue breakup: Domestic (India) ~70-80% of motorcycles revenue (estimated from exports 1 lakh units/~10% of sales). International ~20-30%, with Europe/APAC leading. VECV primarily India-focused, exports via engines. Overall, India 85%, international 15% based on sales distribution.
Eicher Motors Limited’s geographical expansion includes new assembly units and stores, boosting exports 30% YoY. Presence in 50+ countries via communities, with focus on mature (Europe) and developing markets.
Financials: Consolidated P&L, Balance Sheet, and Cash Flow Statement in Table (Fully in Table)
Consolidated Profit and Loss Statement
| Particulars | For the year ended March 31, 2025 (₹ Crores) | For the year ended March 31, 2024 (₹ Crores) |
|---|---|---|
| Revenue from Operations | 18,870 | 16,561 |
| Profit After Tax | 4,734.44 | 4,001.01 |
| Other Comprehensive Income | (230.32) | (13.68) |
| Total Comprehensive Income | 4,504.12 | 3,987.33 |
| Basic EPS (₹) | 172.76 | 146.18 |
| Diluted EPS (₹) | 172.37 | 145.92 |
Consolidated Balance Sheet
| Particulars | As at March 31, 2025 (₹ Crores) | As at March 31, 2024 (₹ Crores) |
|---|---|---|
| Intangible Assets under Development | 381.17 | 343.45 |
| Investments in Joint Ventures | 3,140.85 | 2,578.48 |
| Other Investments | 10,802.50 | 10,767.56 |
| Cash and Cash Equivalents | 218.96 | 98.39 |
| Equity Share Capital | 27.42 | 27.38 |
| Other Equity | 21,241.65 | 17,990.77 |
| Total Equity | 21,269.07 | 18,018.15 |
| Total Equity and Liabilities | 27,174.41 | 23,127.93 |
Consolidated Cash Flow Statement
| Particulars | For the year ended March 31, 2025 (₹ Crores) | For the year ended March 31, 2024 (₹ Crores) |
|---|---|---|
| Net Cash from Operating Activities | 3,002.58 | Not specified |
| Net Cash from Investing Activities | (2,483.34) | (2,851.97) |
| Net Cash from Financing Activities | (1,398.67) | (844.36) |
| Net Increase in Cash Equivalents | 120.57 | 45.42 |
| Cash and Equivalents at Beginning | 98.39 | 52.97 |
| Cash and Equivalents at End | 218.96 | 98.39 |
Subsidiary, Wholly-Owned Subsidiary, and Associate Details % and Full List with Details (Revenue Breakup %)
Eicher Motors Limited has foreign subsidiaries and Indian joint ventures/associates. No wholly-owned subsidiaries mentioned; all foreign are 100% owned. Associates/JVs under equity method.
Full list:
- Royal Enfield North America Limited (Wholly-owned subsidiary, USA): Share of net assets -0.10% (₹-22.13 Cr), profit/loss -1.17% (₹-55.22 Cr). Revenue contribution: Minimal, integrated in consolidated.
- Royal Enfield Canada Limited (Wholly-owned subsidiary, Canada): 0.01% net assets (₹2.12 Cr), 0.01% profit (₹0.59 Cr). Revenue: Negligible.
- Royal Enfield Brasil Comercio de Motocicletas Ltda (Wholly-owned subsidiary, Brazil): 0.57% net assets (₹121.81 Cr), 0.09% profit (₹4.38 Cr). Revenue: Part of international sales ~10%.
- Royal Enfield (Thailand) Limited (Wholly-owned subsidiary, Thailand): 0.05% net assets (₹11.68 Cr), -0.33% profit (₹-15.60 Cr). Revenue: APAC contribution.
- Royal Enfield UK Limited (Wholly-owned subsidiary, UK): -0.06% net assets (₹-12.12 Cr), -0.45% profit (₹-21.07 Cr). Revenue: Europe sales.
- Royal Enfield Europe B.V. (Wholly-owned subsidiary, Netherlands): 0.06% net assets (₹11.97 Cr), -0.13% profit (₹-6.38 Cr). Revenue: EU distribution.
Joint Ventures/Associates:
- VE Commercial Vehicles Limited (Indian JV, 54.4% stake, joint control): 14.75% net assets (₹3,140.85 Cr), 14.78% profit (₹699.81 Cr). Revenue breakup: Share of ₹700 Cr profit (~3.7% total income).
- Eicher Polaris Private Limited (Indian JV, under liquidation): 0.00% net assets/profit. Revenue: 0%.
Wholly-owned subsidiaries are foreign entities for international operations. Revenue breakup: Subsidiaries contribute to international revenue (~15%), JV to 3.7%.
Details: Subsidiaries support global expansion; JV VECV drives commercial revenue via equity share.
Information about Physical Properties (Offices, Plants, Factories, etc.) and List
Eicher Motors Limited’s physical properties include headquarters, manufacturing facilities, R&D centers, and warehouses, emphasizing sustainable and efficient operations.
List:
- Corporate Headquarters: Chennai, India – Platinum rating from CII-IGBC, net water positivity 4.3.
- Manufacturing Facilities (Royal Enfield):
- Thiruvottiyur, Chennai: Domestic production.
- Oragadam, Chennai: Modern manufacturing.
- Vallam Vadagal Factory: Sustainable Factory of the Year 2024, zero waste to landfill, 23% water reused, 84% renewable electricity.
- Cheyyar: Additional capacity.
- Technical Centers/R&D:
- Bruntingthorpe, UK: Advanced design.
- Chennai, India: Product development.
- Leicestershire, UK: R&D for motorcycles.
- VECV Facilities: Manufacturing in Pithampur, India; Plant III for exports, robotic paint shop, EV workshop for buses.
- Warehouses: New in Chandigarh, Mumbai, Kolkata for spares.
- Assembly Units: CKD in Nepal, Brazil, Thailand, Argentina, Colombia, Bangladesh.
- Other: Spare parts warehouse, corporate offices covered under ISO 45001 safety systems.
These properties support 1+ million motorcycle production, with focus on eco-efficiency (12% recycled steel, 74% aluminum).
Founders Details of Eicher Motors Limited
Eicher Motors Limited’s foundational history traces to Royal Enfield’s establishment in 1901, with key figures like Vikram Lal playing pivotal roles in modern growth (though specific founder details are limited in operational focus). Rahul Bhushan (Founder, NORTH, collaborator on Himalayan projects), Abhilasha Bahaguna (Founder, Looms of Ladakh), Prateek Sadhu (Founder/Chef, NAAR), Urvashi Butalia (Founder, Zubaan Books) are associated with community initiatives. Core founders include early visionaries behind 125-year legacy, with Siddhartha Lal as current steward.
Board of Directors Details and List Every Director with Details
Eicher Motors Limited’s Board comprises 8 directors, ensuring diverse expertise in automotive, finance, and governance. Average tenure 5 years, 63% independent.
List:
- Siddhartha Lal (DIN: 00037645): Promoter-Executive Chairman (w.e.f. Feb 13, 2025), former MD & CEO. 28 years experience, Master’s degree, shaped Royal Enfield’s growth, member VECV Board.
- S. Sandilya (DIN: 00037542): Former Chairman-Non-Executive Independent (till Feb 12, 2025). Led governance enhancements.
- Vinod Kumar Aggarwal (DIN: 00038906): Vice Chairman-Non-Executive Non-Independent (w.e.f. Feb 13, 2025). Holds 15,000 shares, expertise in commercial vehicles.
- Govindarajan Balakrishnan (DIN: 03093035): Managing Director (w.e.f. Feb 13, 2025), former Whole Time Director. Oversees operations.
- Manvi Sinha (DIN: 07038675): Former Non-Executive Independent (till Feb 12, 2025).
- Inder Mohan Singh (DIN: 07114750): Non-Executive Independent. Holds 50 shares, governance focus.
- S. Madhavan (DIN: 06451889): Non-Executive Independent, Chairman Audit Committee. Directorships in Sterlite, ICICI Bank, etc.
- Tejpreet Singh Chopra (DIN: 00317683): Non-Executive Lead Independent (designated Mar 20, 2025). Directorships in Tube Investments, Indian Energy Exchange.
- Ira Gupta (DIN: 07517101): Non-Executive Independent (w.e.f. Feb 10, 2025). Directorships in SRF, Max Estates.
- Arun Vasu (DIN: 00174675): Non-Executive Independent (w.e.f. Feb 13, 2025). Directorships in MRF.
Board meetings: 6 held, high attendance. Skills: Automobile knowledge, technical expertise.
Investment Details and List Every Passive Investment Details % of Eicher Motors Limited
Investments include financial assets at FVTPL/FVTOCI/amortized cost. List:
- Mutual Funds (FVTPL): ₹7,256.56 Cr non-current, ₹805.07 Cr current (10.88% of total investments? Snippet partial).
- Target Maturity Index Funds (FVTOCI): ₹3,179.86 Cr.
- Bonds (Amortized Cost): ₹216.57 Cr non-current, ₹42.48 Cr current.
- Equity in Stark Future S.L. (FVTOCI, 10.88% non-controlling): Level 3 fair value.
- Equity in Flamesun Solar Private Limited: Included in equity investments.
- Joint Ventures: VECV ₹3,140.85 Cr (54.4%), Eicher Polaris ₹0 (impaired ₹325.49 Cr).
Passive investments ~ ₹10,802.50 Cr other investments (47% of assets?).
Future Investment Plan of Eicher Motors Limited
Future plans include strategic investments in electrification (Flying Flea launch 2026), R&D (₹3,334.54 Cr capex), manufacturing upgrades (automation, AI), global expansion (new assembly units), digitalization, and sustainability (renewable energy, water management). VECV investments in EV platforms, telematics (₹25.5 lakh in VECS), Indonesia subsidiary (₹10 Cr). Focus on premium segments, consumer insights, and scaling EV as market traction builds, with balanced capex for IC engines. Long-term: Partner 100 Himalayan communities by 2030, achieve best-in-class margins.
