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Fundamental Analysis of Eicher Motors Ltd

About the Company - Eicher Motors Ltd

Eicher Motors Ltd. is a Public Limited Listed company incorporated on 14/10/1982 and has its registered office in the State of Delhi, India. Company’s Corporate Identification Number(CIN) is L34102DL1982PLC129877 and registration number is 129877. Currently Company is involved in the business activities of Manufacture of motorcycles. Company’s Total Operating Revenue is Rs. 10122.86 Cr. and Equity Capital is Rs. 27.34 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Auto - LCVs/HCVs3rd Floor, New Delhi Delhi 110017investors@eichermotors.com
http://www.eichermotors.com
Management
NamePosition Held
Mr. Srinivasan SandilyaChairman & Ind.Dire (Non-Exe)
Mr. Siddhartha Vikram LalManaging Director & CEO
Mr. Govindarajan BalakrishnanWhole Time Director
Mr. Vinod AggarwalNon Executive Director
Mr. Inder Mohan SinghInd. Non-Executive Director
Ms. Manvi SinhaInd. Non-Executive Director

Eicher Motors Ltd. Share Price Update

Share PriceValue
Today₹3,900.00
Previous Day₹3,898.85

Basic Stock Data of Eicher Motors Ltd

Market Cap 1,04,990 Cr.
Current Price 3,835
High / Low3,920/2,836
Stock P/E29.3
Book Value 582
Dividend Yield0.95 %
ROCE27.4 %
ROE21.1 %
Face Value 1.00

Eicher Motors Ltd Quarterly Results

MonthSep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Sales2,1342,8282,9401,9742,2502,8813,1933,3973,5193,7213,8043,9864,115
Expenses1,6662,1562,3061,6511,7802,2982,4362,5662,6982,8642,8712,9663,027
Operating Profit4676726343244705827578318228579341,0211,087
OPM %22%24%22%16%21%20%24%24%23%23%25%26%26%
Other Income10015618312211812817282193256379344375
Interest444636357881013
Depreciation105123125112109111119116127135148142143
Profit before tax4597026893284765938067928809711,1561,2121,307
Tax %25%24%24%28%22%23%24%23%25%24%22%24%22%
Net Profit3435335262373734566106116577419069181,016
EPS in Rs12.5719.4919.258.6713.6516.6822.3122.3324.0227.0933.1133.5837.12

Eicher Motors Ltd Quarterly Chart

Eicher Motors Ltd Profit & Loss

MonthDec 2011Dec 2012Dec 2013Dec 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales5,6846,3906,8108,7386,1737,0338,9659,7979,1548,72010,29814,44215,626
Expenses5,0945,8406,0947,6214,4844,8596,1566,8936,9716,9378,12010,99611,727
Operating Profit5905507151,1181,6902,1742,8092,9042,1831,7832,1783,4463,899
OPM %10%9%11%13%27%31%31%30%24%20%21%24%25%
Other Income141136931053264165367015724824969081,354
Interest8481024571916192839
Depreciation6482130220137154223300382451452526568
Profit before tax6606006719931,8772,4333,1163,2972,3551,7982,2033,8004,646
Tax %25%21%22%29%29%30%30%33%22%25%24%23%
Net Profit4974755257021,3381,6671,9602,2031,8271,3471,6772,9143,581
EPS in Rs11.4412.0114.5722.7149.2761.2771.8980.7566.9149.2861.32106.55130.90
Dividend Payout %14%17%21%22%20%16%15%15%19%34%34%35%

Eicher Motors Ltd Profit & Loss Yearly Chart

Eicher Motors Ltd Growth

Compounded Sales Growth
10 Years::9%
5 Years::10%
3 Years::16%
TTM::20%

Eicher Motors Ltd Growth

Compounded Profit Growth
10 Years::25%
5 Years::8%
3 Years::17%
TTM::53%

Eicher Motors Ltd Growth

Stock Price CAGR
10 Years::23%
5 Years::10%
3 Years::15%
1 Year::9%

Eicher Motors Ltd Growth

Return on Equity
10 Years::22%
5 Years::18%
3 Years::16%
Last Year::21%

Eicher Motors Ltd Balance Sheet

MonthDec 2011Dec 2012Dec 2013Dec 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital27272727272727272727272727
Reserves1,4661,7282,0282,4893,6265,3187,0038,8919,95411,41112,58114,96315,904
Borrowings4323845823112151187249219108288416
Other Liabilities2,2572,6943,1973,8291,2631,5522,3412,2812,2202,9013,4243,9194,715
Total Liabilities3,7934,4715,3376,4034,9397,0099,52211,38712,45014,55916,14019,19821,062
Fixed Assets5049921,6562,3097908731,5021,8752,3782,4332,4242,6903,158
CWIP35250446441994374333450312314505472167
Investments5136388251,0783,3884,9875,5814,9235,7493,9027,72112,32112,965
Other Assets2,4242,3372,3912,5976677752,1064,1404,0117,9095,4903,7154,772
Total Assets3,7934,4715,3376,4034,9397,0099,52211,38712,45014,55916,14019,19821,062

Eicher Motors Ltd Reserves and Borrowings Chart

Eicher Motors Ltd Cash Flow

MonthDec 2011Dec 2012Dec 2013Dec 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 4054967161,0471,4631,7082,4821,5751,6941,6911,5272,847
Cash from Investing Activity -338-773-790-1,214-1,001-1,744-2,145-660-1,508-1,625-983-2,422
Cash from Financing Activity -114-111-47-162-46625-262-292-858-15-593-417
Net Cash Flow-47-388-121-329-4-1075623-67351-508

Eicher Motors Ltd Financial Efficiency Indicators

MonthDec 2011Dec 2012Dec 2013Dec 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days22252723233337119
Inventory Days383941413333314642626957
Days Payable70769496777592897410811080
Cash Conversion Cycle-10-12-25-31-42-40-58-40-28-39-29-14
Working Capital Days-20-20-27-33-45-49-58-35-37-23-12-12
ROCE %29%22%22%28%51%53%49%41%25%17%18%27%

Eicher Motors Ltd Financial Efficiency Indicators Chart

Eicher Motors Ltd Share Holding Pattern

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Promoters49.24%49.23%49.22%49.22%49.22%49.21%49.21%49.21%49.20%49.20%49.18%49.15%
FIIs28.89%29.06%28.83%30.28%29.45%29.22%29.50%30.25%29.85%28.63%30.28%28.89%
DIIs9.35%9.08%9.50%8.65%9.73%9.95%10.13%9.95%9.96%11.19%10.03%10.48%
Government0.15%0.15%0.10%0.10%0.10%0.10%0.10%0.10%0.10%0.10%0.10%0.10%
Public12.37%12.49%12.36%11.76%11.50%11.52%11.06%10.48%10.88%10.88%10.43%11.37%
No. of Shareholders2,18,1662,52,0142,58,5442,49,2882,71,0752,63,4792,34,5122,38,2942,60,1612,66,1682,45,4612,80,530

Eicher Motors Ltd Shareholding Pattern Chart

No. of Eicher Motors Ltd Shareholders

Eicher Motors Ltd Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)
SBI Nifty 50 ETF25402470.54837.15
SBI Blue Chip Fund25105402.14827.36
Mirae Asset Large Cap Fund10644701.02350.8
Mirae Asset Emerging Bluechip Fund8202440.96270.32
UTI Flexi Cap Fund7368101242.82
UTI Transportation and Logistic Fund6077028.53200.27
UTI Value Fund3750001.67123.58
Franklin India Bluechip Fund - Dividend3250001.61107.11
Franklin India Bluechip Fund - Growth3250001.61107.11
UTI Large Cap Fund3235430.96106.63

Eicher Motors Ltd ROCE Trend

Eicher Motors Ltd EPS Trend

Eicher Motors Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue1.001.001.0010.0010.00
Basic EPS (Rs.)106.5661.3349.30669.52807.76
Diluted EPS (Rs.)106.3861.2649.24669.19806.86
Cash EPS (Rs.)114.2675.6564.64797.53829.23
Book Value[Excl.RevalReserv]/Share (Rs.)548.09461.16418.523656.023269.32
Book Value[Incl.RevalReserv]/Share (Rs.)548.09461.16418.523656.023269.32
Revenue From Operations / Share (Rs.)528.05376.66319.083352.963591.30
PBDIT / Share (Rs.)147.6795.5881.76997.651226.72
PBIT / Share (Rs.)128.4379.0565.27857.901116.65
PBT / Share (Rs.)127.4078.3664.66850.981113.96
Net Profit / Share (Rs.)95.0259.1248.14657.78719.15
NP After MI And SOA / Share (Rs.)106.5461.3249.28669.39807.45
PBDIT Margin (%)27.9625.3725.6229.7534.15
PBIT Margin (%)24.3220.9820.4525.5831.09
PBT Margin (%)24.1220.8020.2625.3831.01
Net Profit Margin (%)17.9915.6915.0819.6120.02
NP After MI And SOA Margin (%)20.1716.2815.4419.9622.48
Return on Networth / Equity (%)19.4313.2911.7718.3024.69
Return on Capital Employeed (%)22.0016.3514.9522.4632.79
Return On Assets (%)15.1710.349.2514.6719.34
Total Debt / Equity (X)0.010.000.010.010.02
Asset Turnover Ratio (%)0.850.700.680.821.03
Current Ratio (X)1.141.883.353.152.10
Quick Ratio (X)0.741.503.022.871.80
Inventory Turnover Ratio (X)7.656.507.538.1010.11
Dividend Payout Ratio (NP) (%)19.7027.710.0037.3413.61
Dividend Payout Ratio (CP) (%)16.6921.830.0030.8911.98
Earning Retention Ratio (%)80.3072.290.0062.6686.39
Cash Earning Retention Ratio (%)83.3178.170.0069.1188.02
Interest Coverage Ratio (%)144.14139.14135.83144.26456.55
Interest Coverage Ratio (Post Tax) (%)93.7587.0780.9996.11268.65
Enterprise Value (Cr.)80025.1864605.0765487.5432921.9053249.41
EV / Net Operating Revenue (X)5.546.277.513.605.44
EV / EBITDA (X)19.8124.7229.3112.0915.91
MarketCap / Net Operating Revenue (X)5.596.538.163.905.72
Retention Ratios (%)80.2972.280.0062.6586.38
Price / BV (X)5.385.346.223.586.28
Price / Net Operating Revenue (X)5.596.538.163.905.72
EarningsYield0.030.020.010.050.03

Eicher Motors Ltd Profitability Ratios (%)

Eicher Motors Ltd Liquidity Ratios

Eicher Motors Ltd Liquidity Ratios (%)

Eicher Motors Ltd Interest Coverage Ratios (%)

Eicher Motors Ltd Valuation Ratios

Fair Value of Eicher Motors Ltd Stock

Fair Value: ₹3632.28

The stock is overvalued by 5.29% compared to the current price ₹3835

*Investments are subject to market risks

Strength and Weakness of Eicher Motors Ltd Stock

StrengthWeakness

The stock has a low average Working Capital Days, which is a positive sign.

The stock has a low average Cash Conversion Cycle, which is a positive sign.

The company has shown consistent growth in sales and profit over the years.

The stock has a low average ROCE, which may not be favorable.

The company has higher borrowings compared to reserves, which may suggest financial risk.

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