EICHER MOTORS — ROYAL ENFIELD IS JUST THE BEGINNING 🏍️🚀

A legendary motorcycle brand. A growing global footprint. And a commercial-vehicle business quietly getting bigger. Eicher Motors is no longer simply a Royal Enfield story. It is becoming a two-engine mobility business: Royal Enfield + VE Commercial Vehicles. FY26 delivered record numbers. Revenue from operations reached ₹23,408 crore, up 24% YoY. EBITDA jumped 23% to ₹5,785 crore, while PAT reached a record ₹5,515 crore, up 17%. But the real horsepower came from Royal Enfield. Annual motorcycle sales crossed 12.28 lakh units, up 22%, with domestic volumes growing 23% and exports 20%. That's the power of premiumisation. More motorcycles → better mix → stronger brand → higher profitability. And the growth runway is getting wider. Royal Enfield entered electric mobility with the Flying Flea C6, while continuing to expand its premium motorcycle portfolio globally. The company is also investing heavily in manufacturing capacity, including the planned Andhra Pradesh facility. Then comes the second engine. VECV. FY26 revenue hit a record ₹27,077 crore, up 15%, while EBITDA reached ₹2,563 crore and PAT ₹1,471 crore. Vehicle volumes grew 14.7% to more than 1.03 lakh units. And Q1 FY27 kept the momentum alive. Consolidated revenue rose 31.6% to ₹6,332 crore, while PAT jumped to ₹1,463 crore. Domestic Royal Enfield volumes surged 32% YoY. Now look at the long-term equation: Premium motorcycles + global expansion + EVs + commercial vehicles + capacity expansion That's a much broader opportunity than simply selling more Bullets and Classics. The key risk? Royal Enfield remains exposed to consumer demand, competition and commodity costs, while international volumes can be volatile. VECV brings its own commercial-vehicle cycle and execution risks. But the structural story remains compelling: Build the brand. Expand the capacity. Move up the premium ladder. Go global. Electrify.