EICHER MOTORS — THE ROYAL RIDE IS JUST GETTING STARTED 🏍️👑

Royal Enfield built the brand. Now Eicher Motors is building an entire mobility ecosystem around it. FY26 proved the formula is working. Eicher Motors delivered ₹23,408 crore revenue, up 24%, with EBITDA of ₹5,785 crore and PAT of ₹5,515 crore. Royal Enfield crossed 12.28 lakh motorcycles, growing 22% — its second consecutive year above the 1-million mark. But the bigger story is what comes next. Royal Enfield isn't chasing volume at any cost. It's chasing premiumisation. The Classic, Bullet, Hunter, Himalayan, Guerrilla and 650cc portfolio continue expanding the addressable market, while international sales are becoming an increasingly important growth lever. And FY27 has started strongly. Q1 revenue jumped 32% to ₹6,632 crore, EBITDA rose 32% to a record ₹1,591 crore, while PAT increased 21% to ₹1,463 crore. Royal Enfield quarterly sales hit a record 3.33 lakh motorcycles, up 27%. Then there is the second engine: VE Commercial Vehicles. The Volvo-Eicher partnership gives Eicher exposure to trucks, buses, engines and commercial mobility. VECV delivered FY26 revenue of ₹27,077 crore, EBITDA of ₹2,563 crore and PAT of ₹1,471 crore. And September 2026 showed the momentum hasn't faded. VECV sales surged 49.6% YoY to 11,396 units, with Eicher-branded domestic trucks and buses growing 57.5%. Now add another optionality: EVs. Flying Flea marks Royal Enfield's entry into electric motorcycles, giving the company a new category to build without abandoning its core internal-combustion franchise. The expansion is also getting aggressive. Eicher has approved ₹1,225 crore for Phase I of a new Andhra Pradesh motorcycle plant, adding up to 4.5 lakh annual capacity at full utilisation. So the equation becomes: Premium bikes → Higher value Global expansion → Bigger market EVs → Future optionality VECV → Diversification Capacity → Room to compound