Royal Enfield drives Eicher Motors’ Q1 FY26 gains, VECV posts strong revenue

Eicher Motors Limited (EML) has reported its first-quarter FY2025–26 financial results with record-high consolidated revenue and significant gains in both of its two flagship businesses—Royal Enfield and VE Commercial Vehicles (VECV). Both verticals saw growth, but Royal Enfield continued to be the prime driver of momentum, backed by high domestic sales and growing international reach.

Royal Enfield maintains growth trajectory

In Q1 FY26, Royal Enfield retailed 261,326 motorcycles, up by a 14.7 per cent increase over the 227,736 motorcycles sold in the previous year in the same quarter. The growth in volumes helped Eicher Motors clock ₹5,042 crore in consolidated revenue from operations—its highest-ever for the first quarter—reflecting a 14.8 per cent year-on-year rise. Profit after tax stood at ₹1,205 crore, up 9.4 per cent from the previous year.

Royal Enfield’s performance was bolstered by multiple product and cultural initiatives. The company launched the 2025 Hunter 350 at its inaugural street culture festival, HunterHood, in Mumbai and Delhi. The new model gets new colour schemes, better ergonomics, a slip-assist clutch, and LED lighting without compromising on its signature 349cc J-series engine.

Internationally, Royal Enfield established itself further in South Asia by locally producing and introducing the Classic 350 in Nepal. The motorcycle is now equipped with new safety and connectivity features, such as dual-channel ABS and a USB Type-C charger, designed for the international markets.

Community-building continued to be the focus of the brand, highlighted by the success of the 21st Himalayan Odyssey—a 18-day, 2,600 km motorbike ride through Ladakh and Spiti. In parallel, Royal Enfield introduced a collaborative collection with The Great Frog at the London Bike Shed Moto Show and launched a sustainable apparel range under its "Green Pursuit" initiative, using eco-friendly materials.

Also watch: Super Meteor vs Interceptor: Which Royal Enfield 650cc bike should you pick

VECV Posts strong revenue

VE Commercial Vehicles (VECV), Eicher’s commercial vehicle arm, posted a revenue of ₹5,671 crore for Q1 FY26, marking an 11.9 per cent increase over the same period last year. While these numbers are not consolidated in Eicher’s overall revenue, VECV’s contribution was reflected in the group’s profit after tax. The business sold 21,610 vehicles in the quarter, up from 19,702 a year ago.

Despite a largely flat market, VECV grew its market share to 18.7 per cent from 17.3 per cent last year. Its leadership in the Light and Medium Duty (LMD) truck segment continued, with a 34.5per cent share, while total bus volumes rose 14.8 per cent , boosting its market share in that category to 21.5 per cent. Exports also grew by 20.5per cent year-on-year.

Electrification is gradually entering the fold, with growing deliveries of the all-electric Eicher Pro X in the Small Commercial Vehicle (SCV) segment. Meanwhile, the company’s connected fleet solution, “My Eicher," now supports 150,000 users and over 350,000 vehicles.

However, VECV's profit after tax was lower compared to the same quarter last year, primarily due to a one-time deferred tax reversal. Nevertheless, the company reported a healthy 32.6 per cent increase in EBITDA, citing improved volumes, pricing, and cost discipline.

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