Eicher Motors (Royal Enfield) — Riding High on Record Sales

September Sales Snapshot Total sales: 1,24,328 units (+43% YoY) ≤ 350cc bikes: 1,07,478 units (+43%) > 350cc bikes: 16,850 units (+45%) Exports: 10,755 units (+41%) YTD Apr–Sep FY26: 5,91,903 units (+30%) Why the Surge? Strong festive demand and GST 2.0 tax reforms boosting affordability. Balanced growth across entry-level (≤ 350cc) and premium (> 350cc) bikes. Robust exports reducing reliance on domestic sales. Earnings momentum remains strong with consistent double-digit profit growth. What’s Next? Continued premiumisation and exports can drive higher margins. New launches and global expansion will be key catalysts. Commercial vehicle arm (VECV) remains a weak link — domestic CV sales fell, offset by exports. Rising input costs and high valuations are potential risks. Investor Takeaway Royal Enfield’s growth story is firing on all cylinders in the two-wheeler space. Sustained performance in exports and premium bikes could fuel further upside, but watch VECV recovery and cost pressures. Learning Outcome: Diversification across segments and geographies strengthens growth visibility, but long-term success depends on execution across all business arms.