Eicher Motors Ltd.    
23 Sep 2020
2085.60
-2.40%
buy
ICICI Securities Limited
Seminal year for industry provides interesting insights However, amid all the gloom, the engineering and production prowess of the industry (along with its value chain) shone brightly as it successfully completed the world's fastest switchover to Euro 6 equivalent emission norms i.e. BS-VI as per schedule. Much of the post festive period was focused on the transition, with the entire ecosystem estimated to have spent ~| 70,000 crore towards the technological leap. Covid-19 crisis struck India in the run up to April 2020, just as the changeover...
Eicher Motors Ltd. is trading above it's 200 day SMA of 1861.1
Eicher Motors Ltd.    
28 Aug 2020
2085.60
-2.40%
Axis Direct
We are initiating coverage on Eicher Motors Ltd (Eicher) with a HOLD recommendation and a Target Price of Rs 2,400, which implies ~7% upside from the current levels
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Number of FIIs/FPIs holding stock rose by 36 to 773 in Sep 2020 qtr.
Eicher Motors Ltd.    
24 Aug 2020
2085.60
-2.40%
buy
ICICI Securities Limited
EML retains strong financial strength, possessing a net cash positive B/S with cash and liquid investments on books worth | 6,807 crore as of FY20 (i.e. ~11% of current market capitalisation). The company has historically demonstrated excellent capital efficiency (~18% RoCE as of FY20) in addition to a negative net working capital cycle and best-in-class margins (~24% as of FY20). Core financials, while still healthy, are expected to reach...
Eicher Motors Ltd. is trading below it's 30 day SMA of 2169.1
Eicher Motors Ltd.    
18 Aug 2020
2085.60
-2.40%
SMC online
Eicher Motors posts net loss of Rs 55 crore, misses Street estimates For the quarter ended June 30, 2020, Eicher Motors' total revenue from operations was recorded at Rs. 818 crores, down by 66% as compared to Rs. 2,382 crores in the corresponding quarter of FY 2019-20; PBIDT was Rs. 52.52 crores as compared to Rs. 755.52 crores in the same quarter of the previous financial year. Royal Enfield sold 58,383 motorcycles in the quarter, a decline of 68% from 181,966 motorcycles sold over the same period in FY 2019-20....
Eicher Motors Ltd. has an average target of 2435.00 from 13 brokers.
Eicher Motors Ltd.    
18 Aug 2020
2085.60
-2.40%
Geojit BNP Paribas
Export opportunities and upgradation of consumer preferences will build strong growth over long-term. However, given short-term uncertainties, remain cautious on the stock and reiterate our HOLD...
Eicher Motors Ltd. has an average target of 2435.00 from 13 brokers.
Eicher Motors Ltd.    
17 Aug 2020
2085.60
-2.40%
Motilal Oswal
This led to an increase in export share in total sales volume of 5.5% in FY20 (v/s 2.4% in FY19), mainly driven by the launch of 650cc Twins. It reflects the companys confidence in its new REs new mix of semi- synthetic oil helped it to extend the service and oil- change intervals for its Unit Construction Engine (UCE) based models It has brought down the in-use ownership cost of the motorcycles by The Make Your Own (MYO) program was launched in FY20 to enhance the customers purchase experience. The new vehicles are indigenously developed with two new engines (2L and 3L Operations for VECVs started operations at its new plant at Bagroda, near Bhopal, for the assembly of new engines for the Pro 2000 series with delivery expected in VE Powertrain (VEPT) engines sales declined 28.7% to 28,383 units. CFO from operations declined 30% to ~INR6b due to EBIT loss of ~INR83m (v/s ~INR5.98b profit), partially offset by lower tax and reduction in overall working capital.
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Number of FIIs/FPIs holding stock rose by 36 to 773 in Sep 2020 qtr.
Eicher Motors Ltd.    
15 Aug 2020
2085.60
-2.40%
HDFC Securities
The stock (37.9x/27.6x on FY21/22E earnings) at current levels is adequately factoring in the recovery in our view. We have a REDUCE rating on the stock. While Eicher reported a 1QFY21 loss of Rs 552mn, the demand outlook at Royal Enfield (RE) has surprised on the upside. The management highlighted that RE bookings have reverted back to pre-COVID levels, however supply chains constraints are impacting production (operating at 40% levels). Eicher Motors will acquire the bus business of Volvo India as the OEM is consolidating its presence across the CV sub segments.
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Number of FIIs/FPIs holding stock rose by 36 to 773 in Sep 2020 qtr.
Eicher Motors Ltd.    
14 Aug 2020
2085.60
-2.40%
Nirmal Bang Institutional
Product / Network focus can be growth enabler in challenging times Eicher Motors reported 1QFY21 standalone PAT at Rs123mn, down by ~97.5% YoY mainly on account of lower EBITDA margin and higher depreciation, partially offset by lower tax rate and was below our estimate. Revenue stood at Rs7.69bn, down ~67% YoY due to a ~69% decline in volume. ASP improved by 4.8% YoY due to BS-VI related price increase. EBITDA margin stood at 0.2% on account of negative operating leverage, one-time incentive schemes offered to dealers (impact of ~400bps) and higher BS-VI cost (only BS-VI related cost is passed without margin). In April, RE took an on-road price increase of Rs3,000 (passthrough to RE will be lower) to pass on some of BS-VI costs. The company opened 38 studio stores during the quarter, taking its total count to 638 stores. It intends to keep expanding the studio format as it sees...
Eicher Motors Ltd. has gained 41.80% in the last 6 Months
Eicher Motors Ltd.    
14 Aug 2020
2085.60
-2.40%
Dolat Capital
Eicher Motors (EIM) Q1FY21 EBITDA/PAT number below our estimate. Revenue de-grew by 66% YoY to Rs.8.18bn led by 68% YoY fall in volume. EBITDA de-grew 99% YoY to Rs.38mn (vs est. Rs 646mn) with margin at 0.5% due to negative operating leverage. Enquiries and booking are almost back to pre-covid level for RE, however production was severely impacted due to frequent lockdowns in Chennai, affecting availability of products. Strong demand was witnessed in Tier 2/3 cities and rural areas, while demand in larger...
Eicher Motors Ltd. is trading above it's 200 day SMA of 1861.1
Eicher Motors Ltd.    
14 Aug 2020
2085.60
-2.40%
ICICI Securities Limited
Domestic CV industry remains beset by various demand side (soft economic activity, sluggish freight movement) and supply side (excess capacity, high installed base, stringency in financing) issues, with demand outlook yet to take a turn for the better amid missing green shoots. EML's exposure to the sector through 54.4% stake in VECV is likely to eat into expected improvement on the 2-W side and, thus, crimp overall profitability. We build | 72.3 crore as share of losses from VECV in FY21E and with recovery of CV...
Eicher Motors Ltd. has gained 41.80% in the last 6 Months