Eicher Motors Q3 Preview: Strong Royal Enfield, commercial vehicle volumes to drive earnings

The manufacturer of iconic Royal Enfield motorcycles, Eicher Motors Ltd, is expected to report steady third-quarter results for FY26, with healthy volume growth in Royal Enfield (RE) and growth in the commercial vehicle (CV) business supporting earnings.

On a consolidated basis, profit for Q3 FY26 is projected to rise 18% year-on-year to ₹1,380 crore from ₹1,171 crore. Revenue is expected to increase 22% to ₹6,050 crore versus ₹4,973 crore in the year-ago period. EBITDA may grow 24% to ₹1,494 crore from ₹1,201 crore, with a margin at 24.7% compared with 24.2% a year ago.

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Royal Enfield volumes are expected to rise 21% year-on-year and 1% quarter-on-quarter, while commercial vehicle volumes may increase 24% year-on-year. Domestic RE volumes are projected to grow 24% year-on-year, while exports may decline 5% year-on-year.

Lower export share is likely to impact standalone realisation, with standalone realisation expected to dip 0.5% quarter-on-quarter due to adverse mix, including lower contribution from international markets and vehicles above 350cc. Standalone margin may decline 30 basis points, led by lower gross margin.

Robust volume performance is expected to support revenue growth year-on-year. Investors are likely to watch for demand outlook and launch timelines. Shares of Eicher Motors Ltd ended at ₹7,209.55, up by ₹33.30, or 0.46%, on the BSE.

Also Read: Eicher Motors Q1 results: Royal Enfield maker's profit and revenue rise but margin under pressure