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Eicher Motors Ltd - Stock Valuation and Financial Performance

BSE: 505200 | NSE: EICHERMOT | Automobile Two & Three Wheelers | Large Cap

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Eicher Motors Share Price

 ₹5,207.55 93.55 1.83%
as on 24-Jan'25 16:59

DeciZen - make an informed investing decision on Eicher Motors

Overall Rating ⓘ
Bole Toh

1. Quality

Very Good
Check detailed 10 Yrs performace

2. Valuation ⓘ

Fair
Check 10 Yrs Valuation charts

3. Price Trend

Strong
Check Price chart

Eicher Motors stock performance -

PE Chart Key Ratios
mw4me loader
P/E Ratio (CD):
33.45
Market Cap:
1,42,755.8 Cr.
52-wk low:
3,591
52-wk high:
5,386.6

Is Eicher Motors Ltd an attractive stock to invest in?

1. Is Eicher Motors Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Eicher Motors Ltd is a good quality company.

2. Is Eicher Motors Ltd undervalued or overvalued?

The key valuation ratios of Eicher Motors Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Eicher Motors Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Eicher Motors Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of Eicher Motors:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis P
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Eicher Motors Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

Dec'14Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % ⓘ42.5%60.1%53.4%49.4%40.6%24.7%16.7%18.3%27.5%31.4%-
Value Creation
Index ⓘ		NA4.33.73.42.61.20.50.61.41.8-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ8,7384,9397,0338,9659,7979,1548,72010,29814,44216,53616,789
Sales YoY Gr.--43.5%42.4%27.5%9.3%-6.6%-4.7%18.1%40.2%14.5%-
Adj EPS ⓘ21.139.563.38081.667.549.560.5106.1146155.7
YoY Gr.-87.1%60.3%26.4%2%-17.3%-26.6%22.1%75.4%37.7%-
BVPS (₹) ⓘ92.8106.9194.8255.7324.8363415.6459.7546656.3692.4
Adj Net
Profit ⓘ		5721,0721,7222,1802,2261,8421,3541,6532,9013,9984,268
Cash Flow from Ops. ⓘ1,0471,1701,7082,4821,5751,6941,6911,5272,8233,724-
Debt/CF from Ops. ⓘ0.100.10.10.10.10.100.10.1-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ7.3%11%23.8%14.5%
Adj EPS ⓘ24%12.4%43.4%37.7%
BVPSⓘ24.3%15.1%16.5%20.2%
Share Price 13.1% 20% 24.7% 44%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Dec'14Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity % ⓘ		2543.438.335.227.919.512.613.82124.223.1
Op. Profit
Mgn % ⓘ		12.827.431.131.329.72420.521.223.926.226.6
Net Profit
Mgn % ⓘ		7.521.724.524.322.720.115.516.120.124.225.4
Debt to
Equity ⓘ		00000000000
Working Cap
Days ⓘ		7798523339446585729854
Cash Conv.
Cycle ⓘ		-6-31-31-35-35-29-27-28-21-1914

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 23.10%

Sales growth is growing at healthy rate in last 3 years 23.77%

Net Profit is growing at healthy rate in last 3 years 43.39%

Sales growth is not so good in last 4 quarters at 9.55%

Latest Financials - Eicher Motors Ltd.

Standalone Consolidated
TTM EPS (₹) 145.7 155.7
TTM Sales (₹ Cr.) 16,413 16,789
BVPS (₹.) ⓘ 603 692.4
Reserves (₹ Cr.) ⓘ 16,503 18,952
P/BV ⓘ 8.64 7.52
PE ⓘ 35.73 33.45
From the Market
52 Week Low / High (₹) 3590.95 / 5386.55
All Time Low / High (₹) 0.90 / 5386.55
Market Cap (₹ Cr.) 1,42,756
Equity (₹ Cr.) 27.4
Face Value (₹) 1
Industry PE ⓘ 30.4

Management X-Ray of Eicher Motors:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Eicher Motors

Event Update

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Analyst's Notes

Eicher Motors: Q1FY24 Result Update - 07 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

3,986

+17%

Highest ever first quarter sales of 19,571 units exceeding previous record of 17,469 units in Q1-FY’23

EBITDA

1021

+23%

 

EBITDA Margin

25.6%

+120 Bps

Margin expansion due to price hikes taken in Q1 and better mix of exports

PAT

918

+50%

PAT margin expansion aided by increase in other income

Healthy performance on all major parameters. Given that premium biking segment is expected to grow, management expects the business to continue growing despite new entrants.

 

Eicher Motors: Q4FY23 Result Update - 02 Jun 2023

 

Particulars

Q4FY23

YoY Growth

Comment

Revenue

3,804

19%

Highest ever sales in a quarter of 26,376 units exceeding previous record of 23,101 units in Q4-FY’18.

EBITDA

934

23%

 

EBITDA Margin

25%

84 bps

Margin beat was driven by improved ASP and soft input costs

PAT

906

49%

 

Earnings beat estimates on back of increasing ASP as well as improved mix.

 

Eicher Motors: Quarterly Result update - 08 Nov 2021

Eicher Motors | Market Cap Rs 72768 Cr

P/E 23x FY23

Click here for 10 Year X-Ray

Results: Eicher Motors reported 5.4% growth in sales and operating profit was flat versus previous year. Comparing the figures for FY19, Sales is flat compared to Sept’19 and operating profit is 13% lower.

Key highlights:

  • Volume declined 18% year on year due to chip storage. Sales increased 5% due to higher realization as the company increased prices to pass on raw material costs as well as increase sales of spares.
  • Operating margin was at 21% despite 18% decline in volume as Eicher motors took price hikes in current year.
  • Volvo Eicher commercial vehicle experienced 80% growth with operating profit growth of 44%.
  • In overseas markets, RE had 150 exclusive stores and 650 multi-brand outlets at the end of 2Q.
  • Staff costs in previous quarter was higher by Rs. 40 Cr, one-off from ESOPs.

Outlook: The company plans to launch one new RE bike every quarter and indicated that they have a strong backlog of orders. The company is facing chip shortage and supply chain issues, which have impacted production of vehicles. 

The management expects good traction in sales after chip shortage situation improves. It expects to keep margins in check by passing on raw material prices and improve realization in select products.

Vinod Dasari  CEO of Royal Enfield resigned, two years after he joined from Ashok Leyland. Reason is not known as of now. But since Siddarth Lal, promoter has scaled up the Royal Enfield brand so far, we believe there is no risk of exceution as of now.

 

Eicher Motors: Quarterly Result update - 14 Aug 2021

Eicher Motors

Eicher Motors | Market Cap Rs 69000 Cr

CMP 2540 | P/E 22x FY23

Recommendation | Sell Partially & Hold

Click here for 10 Year X-Ray

Results: Eicher Motors reported 140% growth in sales and operating profit turned positive versus negative last year. Comparing the figures for FY19, Sales is still down 18% from Jun’19 and operating profit is 45% lower.

Key highlights:

  • Sales growth was due to increase in volumes by 90.5% on low base. Volume declined 44% quarter over quarter, primarily from lower production run rate due to semiconductors shortage and second wave lockdown.
  • Operating margin was at 18% despite 44% decline in sales over previous quarter as Eicher motors took price hikes in current year.
  • Volvo sales also increased by 155% and operating margin was at 1%. Volvo commercial vehicles business contributes less than 10% in overall valuation.

Outlook: Royal Enfield’s retail footprint in India increased from 1,521 stores across 1,200 cities to 2,056 stores across 1,750 cities. With the launch of more than 100 dealerships and more than 431 studio stores in India during FY2021, the company has further grown its network across urban, as well as rural markets. Studio stores stood at 1,031 by end FY2021 and large size stores stood at 1,025.

Over half of these studio stores were opened in UP, Bihar, MP, Rajasthan, Odisha, AP and West Bengal where RE has lower market share than its all India average. 

The company plans to launch one new RE bike every quarter and indicated that they have a strong backlog of orders. The company is facing chip shortage and supply chain issues, which have impacted production of vehicles. 

Vinod Dasari  CEO of Royal Enfield resigned, two years after he joined from Ashok Leyland. Reason is not known as of now. But since Siddarth Lal, promoter has scaled up the Royal Enfield brand so far, we believe there is no risk of exceution as of now.

MoneyWorks4me Opinion: We find Eicher Motors and Bajaj Auto are better placed versus others in two wheeler segment. Both the companies have strong focus on geographical diversification and marketing. Since two wheelers have large penetration, the incremental demands comes from existing customer upgrading to high power motorbikes or rise in disposable income fuelling premium bike growth.

We recommended BUY on Eicher Motors & Bajaj Auto in Mar’20. Since then the stock has recovered but growth hasn’t caught up. Currently the volume growth is subdued due to lower discretionary spends and lower production growth from chip shortage. We recommend SELL Partially as current price higher than MRP leading to lower than expected returns in future. If the company's better than expected growth had lead to rise in price above MRP, we would have held on longer for positive surprise.

Eicher Motors: Quarterly Result update - 28 May 2021

Eicher Motors | Market Cap Rs 71,178 Cr

CMP 2604 | P/E 23x FY23

Recommendation | Reduce & Hold

Click here for 10 Year X-Ray

Results: Eicher Motors reported 34% growth in sales and operating profit increased by 47% year on year. 

Key highlights:

  • Sales growth was due to increase in volumes by 25.5% on low base. Sales growth was 8% CAGR adjusted for low base.
  • Operating margin declined due to higher raw material prices and inadequate hike to compensate for the same. Other one-off expenses include advances to vendors. 
  • Eicher’s operating margin have slipped from 31% to 22% now, which shows that margins are cyclical. Expensive valuation based on extrapolated numbers led the stock to fall 50% even before Covid correction.
  • Volvo sales also increased by 71% and operating margin was at 9% however, Volvo commercial vehicles business contributes very low value in overall valuation.

Outlook: Royal Enfield’s retail footprint in India increased from 1,521 stores across 1,200 cities to 2,056 stores across 1,750 cities. With the launch of more than 100 dealerships and more than 431 studio stores in India during FY2021, the company has further grown its network across urban, as well as rural markets. Over half of these studio stores were opened in UP, Bihar, MP, Rajasthan, Odisha, AP and West Bengal where RE has lower market share than its all India average. 

The company plans to launch one new RE bike every quarter and indicated that they have a strong backlog of orders. The company is facing chip shortage and supply chain issues, which have impacted production of vehicles. 

MoneyWorks4me Opinion: We find Eicher Motors and Bajaj Auto are better placed versus others in two wheeler segment. Both the companies have geographical diversification and brand marketing. Since two wheelers have large penetration, the incremental demands comes from existing customer upgrading to high power motorbikes. The existing pool of 7-9 Cr two wheeler users are up for upgrade. The younger population would opt for high power bikes as second bike.

Currently the volume growth is expected to remain subdued due to postponement of discretionary spends and impact of economic slowdown on new jobs. We had recommended Eicher Motors and Bajaj Auto at lower levels in our investment ideas list in March’20. We find the stock prices have moved up and currently factor in good growth in volumes already.  

Eicher Motors: Quarterly Result update - 07 Jul 2020

Results: Eicher Motors reported 13% decline in sales and operating profit declined by 37% year on year.

Key highlights:

  • Sales decline was due to decline in volumes by 18%.
  • Operating margin declined as the company didn’t pass on increased BSVI to end customers and decline in volumes led to fixed cost denting EBITDA/bike
  • Volvo sales also declined 45% and operating margin was at 1.8% however, Volvo commercial vehicles business contributes very low value in overall valuation.
  • 100 Studio stores added in the last quarter; 600 in total. Total dealers stood at 900.

Outlook: The management says the bookings have recovered across the country from pent up demand. 90% outlets are operational and 600 studio stores in semi urban areas augurs well for recovery in volumes. Eicher Motors has new models lined up and variants of flagship models. Additionally, 600 more Studio stores are expected in FY21. International expansion also aggressive with stores going up to 77 from 42 in FY19 especially in Thailand, Brazil, etc. 

International volumes now contribute around 10% of volumes from just 2% in FY16. International volumes will accelerate till the company expands in new geographies. Besides, Eicher Motors also focusing on accessories and spares which now contributes around 10% of sales.

We find Eicher Motors and Bajaj Auto are better placed versus others in two wheeler segment. Both the companies have geographical diversification and brand marketing. Since two wheelers have large penetration, the incremental demands comes from existing customer upgrading to high power motorbikes. The existing pool of 7-9 Cr two wheeler users are up for upgrade. The younger population would opt for high power bikes as second bike.

Currently the volume growth is expected to remain subdued due to postponement of discretionary spends and impact of economic slowdown on new jobs. We had recommended Eicher Motors and Bajaj Auto at lower levels in our investment ideas list in March’20. We find the stock prices have moved up and currently factor in good growth in volumes already. We wait for more margin of safety before you add to Eicher Motors. Price lower than Rs. 15,000/share is a reasonable price for adding Eicher Motors.

View All Notes

Key Ratios of Eicher Motors

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSDec'14Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales8,7386,1737,0338,9659,7979,1548,72010,29814,44216,536
Operating Expenses ⓘ 7,6244,4844,8596,1576,8946,9736,9398,12610,99912,209
Manufacturing Costs278211224282344331313400485512
Material Costs5,7703,4483,7074,6355,0574,9965,1125,9568,2128,981
Employee Cost 6603504265747027968438211,0021,236
Other Costs ⓘ 9164745026667908516719491,3001,481
Operating Profit ⓘ 1,1151,6902,1742,8082,9032,1801,7812,1723,4444,327
Operating Profit Margin (%) 12.8%27.4%30.9%31.3%29.6%23.8%20.4%21.1%23.8%26.2%
Other Income ⓘ 1071782272804435434534415951,076
Interest ⓘ 1024571916192851
Depreciation ⓘ 220137154223300382451452526598
Exceptional Items ⓘ 0000000000
Profit Before Tax ⓘ 9931,8772,4333,1163,2972,3551,7982,2033,8005,202
Tax ⓘ 2915397209361,0775274525268861,201
Profit After Tax 7021,3381,7132,1802,2201,8271,3471,6772,9144,001
PAT Margin (%) 8.0%21.7%24.4%24.3%22.7%20.0%15.4%16.3%20.2%24.2%
Adjusted EPS (₹)22.749.361.371.980.866.949.361.3106.5146.1
Dividend Payout Ratio (%)22%20%16%15%15%19%35%34%35%35%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSDec'14Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 2,5163,6285,3006,9708,8609,91111,35812,56714,93217,968
Share Capital ⓘ 27272727272727272727
Reserves ⓘ 2,4893,6015,2736,9438,8339,88411,33112,54014,90517,941
Minority Interest1085000000000
Debt582311215118714415759196276
Long Term Debt0000000063163
Short Term Debt582311215118714415759133112
Trade Payables1,5137237651,1721,2341,0081,5131,7881,8102,090
Others Liabilities ⓘ 1,2311,4598321,2291,1061,3871,5301,7262,2602,781
Total Liabilities ⓘ 6,4035,8337,0099,52211,38712,45014,55916,14019,19823,115

Fixed Assets

Gross Block3,1371,0611,2852,1342,7573,5754,0494,4055,1425,750
Accumulated Depreciation8282714166368861,2011,6161,9812,4522,835
Net Fixed Assetsⓘ 2,3097908691,4981,8712,3742,4332,4242,6902,914
CWIP ⓘ 40094373333450312314505472555
Investmentsⓘ 1,0783,3844,9875,5814,9235,7493,9027,72112,32113,527
Inventories6463083363956335728751,1321,2781,410
Trade Receivables5623350688487158302369374
Cash Equivalents 35349251,2122,9652,9515,8302,722766146
Others Assetsⓘ 1,0551,1753694364614051,0461,3331,3024,189
Total Assets ⓘ 6,4035,8337,0099,52211,38712,45014,55916,14019,19823,115

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSDec'14Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity ⓘ 1,0471,4631,7082,4821,5751,6941,6911,5272,8233,724
PBT ⓘ 9931,8772,3872,8963,2802,3551,7672,1423,8005,202
Adjustment ⓘ 134-158-191-44-339-11814529-272-798
Changes in Working Capital ⓘ 202263163438-45786235-13166388
Tax Paid ⓘ -281-519-652-807-908-628-457-514-770-1,068
Cash Flow From Investing Activity ⓘ -1,214-1,001-1,744-2,145-660-1,508-1,625-983-2,416-2,852
Capex -968-509-547-746-790-544-515-639-674-814
Net Investments -242-665-1,202-1,466-25-1,236-844-553-2,076-2,357
Others ⓘ -5173667156272-267208333319
Cash Flow From Financing Activityⓘ -162-46625-262-292-858-15-593-417-844
Net Proceeds from Shares ⓘ 8561936293861147
Net Proceeds from Borrowing ⓘ 00000000131186
Interest Paid ⓘ -10-2-2-3-5-17-16-19-18-35
Dividend Paid ⓘ -115-4070-272-300-6820-465-574-1,013
Others ⓘ -45-6121-6-24-188-37-11632-28
Net Cash Flow ⓘ -329-4-1075623-67351-50-1127

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSDec'14Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)30.743.5638.3835.5328.0519.4712.6714.0221.1924.32
ROCE (%)42.5360.1353.3749.3940.5824.6916.7118.3127.4831.35
Asset Turnover Ratio1.591.141.241.120.940.770.650.670.820.79
PAT to CFO Conversion(x)1.491.0911.140.710.931.260.910.970.93
Working Capital Days
Receivable Days211622335888
Inventory Days23251514192430353029
Payable Days669262687977891018079

Eicher Motors Ltd Stock News

Eicher Motors Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Eicher Motors on 24-Jan-2025 16:59 is ₹5,207.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 24-Jan-2025 16:59 the market cap of Eicher Motors stood at ₹1,42,755.8.
The latest P/E ratio of Eicher Motors as of 24-Jan-2025 16:59 is 35.73.
The latest P/B ratio of Eicher Motors as of 24-Jan-2025 16:59 is 8.64.
The 52-week high of Eicher Motors is ₹5,386.6 and the 52-week low is ₹3,591.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Eicher Motors is ₹16,413 ( Cr.) .

About Eicher Motors Ltd

Eicher Motors Limited is the flagship company of the Eicher Group in India and a leading player of the Indian automobile industry. The Company is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. The world’s oldest motorcycle brand in continuous production, Royal Enfield has made its distinctive motorcycles since 1901. Focussed on bringing back simple, yet engaging and accessible motorcycling, Royal Enfield operates in India, and over 60 countries around the world with modern development facilities in Leicestershire, UK and Chennai, India. Royal Enfield makes its motorcycles in Chennai, Tamil Nadu for the world. Royal Enfield has evolved into an experiential brand. Royal Enfield with its motorcycle that combines modern-day elements with the brand’s heritage, garners immense enthusiasm amongst global motorcyclists. In addition to motorcycles, Eicher has a joint venture with Sweden’s AB Volvo - Volvo Eicher Commercial Vehicles Limited (VECV) - has pioneered modernisation of commercial vehicles in India and other developing countries.

Business area of the company

The Company is engaged in the manufacturing and selling of motorcycles, spare parts and related services.

Products

  • Motorcycles 
  • Commercial Vehicles (CV) 
  • Engineering Components

Awards

2015-16

  • Emerging Company of the Year award - ET Awards 2015 
  • Best Company of the Year award - Business Standard Annual Awards, 2015

2016-17

  • The Himalayan won the Motorcycle of the Year Award up to 500 cc at the NDTV Car and Bike Awards 2017.

2017-18

  • VECV was honoured with ‘Excellence in HR’ at the Manufacturing Today Awards 2017
  • VECV won ET Now HR Leadership Awards 2018 in the Best Talent Management Strategy

2018-19

  • VECV won ‘Best Risk Management Framework and System Automotive and Auto Ancillary’ award by ICICI Lombard and CNBC TV-18
  • Interceptor 650 won the prestigious ‘Best Modern Classic Middle-Weight’ a prestigious category award at the Thailand Bike of the Year 2019 awards.

2019-20

  • Team Eicher won the Gold Medal in the General Management Category at AIMA Corporate Management Olympiad.
  • VECV won the Best Experiential and Brand Experiences award for ‘Samvaad’, an initiative by Eicher Buses, at BTVI National Awards for Marketing Excellence.

Milestones

  • 1948: Goodearth Company set up to sell and service imported tractors
  • 1952-57: Goodearth Company imported and sold about 1500 tractors in India
  • 1958: Eicher Tractor Corporation of India Limited incorporated
  • 1959: First indigenous Eicher tractor built. Eicher came out with India’s first indigenously built tractor from its Faridabad factory.
  • 1960: Eicher changed name from Eicher Tractor Corporation of India Private Limited to Eicher Tractors India Limited
  • 1965-75: 100% indigenization achieved in Eicher Tractors
  • 1980: Eicher Goodearth Limited name given to Eicher.
  • 1982: Collaboration agreement with Mitsubishi for the manufacture of Light Commercial Vehicles signed in Tokyo. 
  • 1982: Incorporation of Eicher Motors Limited
  • 1985: Silver Jubilee Year for Eicher
  • 1986: Eicher Motors Limited springs into operation
  • 1987: Eicher Tractors went public
  • 1990: Eicher Goodearth buys 26% equity stake in Enfield India Limited
  • 1991: ECS launched; Eicher takes over Ramon & Demm.
  • 1992: Eicher Tractors Limited selected as ‘Company of the Year’ for 1990-91 in the four-wheeler category comprising commercial vehicles, passenger cars, jeeps and tractors.
  • 1993: Eicher adopts new identifier. Eicher acquires majority stake in Enfield India (60% equity shareholding)
  • 1994: Eicher Motors Limited ends the technical assistance agreement with Mitsubishi after a successful transfer of technology and achieving total indigenisation. Enfield India Limited changed its name to Royal Enfield Motors Limited
  • 1996: Eicher Tractors Limited amalgamated with Royal Enfield Motors to form Eicher Limited
  • 2005: Eicher Motors Limited has disinvested the businesses of tractors and engines to TAFE Motors & Tractors Limited (TMTL).
  • 2008: Volvo Group and Eicher Motors Limited established VE Commercial Vehicles Limited (VECV).
  • 2010: The company launched the VE-series of Heavy Duty trucks
  • 2012: Royal Enfield launches the Thunderbird 500 and 350 models.
  • 2013: Royal Enfield opens second manufacturing facility in Oragadam, Tamil Nadu. 
  • 2014: Royal Enfield opens its first concept store in Saket, New Delhi and launches its first exclusive store in London, UK.
  • 2015: Royal Enfield acquires erstwhile collaborators Harris Performance of the U.K., a motorcycle engineering and design firm, to enhance its engineering and product design capabilities.
  • 2015: Royal Enfield sets up its first direct distribution subsidiary outside India, in North America. Royal Enfield North America (RENA) is headquartered in Milwaukee, Wisconsin.
  • 2016: Royal Enfield debuts its first purpose-built adventure tourer motorcycle - the Himalayan. With the all-new LS410 engine and terrain-tested chassis, it promises the ride of a lifetime on all roads and no roads
  • 2017: Royal Enfield moves into its state-of-the-art Tech Centre at Leicestershire, UK to design and develop new motorcycle platforms for the global market
  • 2018: Royal Enfield launches its first air-cooled parallel twin cylinder motorcycles in 50 years - Continental GT 650 and Interceptor INT 650 for the International and domestic market
  • 2019: Royal Enfield transitions to BS VI emission norms for its current motorcycle portfolio and grew its retail network by opening studio stores - a unique, compact format that will house the entire range of Royal Enfield motorcycles
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