Eicher Motors gains on new Royal Enfield Himalyan bike rollout; stock up 13% in a month

Commenting on the new launch of Himalayan range, analysts at Nomura said that it was a significant upgrade that the auto major launched with attractive design, improved performance, and technology features

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Shares of Eicher Motors rose 1 percent to Rs 3,891 per share on November 28 after the two-wheeler major rolled out a new Himalayan bike at an introductory price of Rs 2.69 lakh. The S&P BSE Sensex was flat at 66,017 levels, as of 9:28am.

In the past month, the stock of this auto major has gained over 13 percent as against a 3 percent rise in the benchmark Sensex.

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Apart from the new Himalayan bike, Eicher Motors’ subsidiary unveiled the Royal Enfield Shotgun 650 in Goa, with a special colorway and edition: the Shotgun 650 Motoverse Edition.

The Shotgun 650 Motoverse Edition is a limited-release, custom-designed colorway priced at Rs 4.25 lakh (ex-showroom) and delivery of these 25 motorcycles will begin from January 2024 onwards.

Commenting on the new launch of the Himalayan range, analysts at Nomura said that it was a significant upgrade that the auto major launched with attractive design, improved performance, and technology features.

“With 25 percent higher pricing than the old Himalayan bike, the focus seems to be on exclusivity and not to sell in large numbers. We believe that less than 250cc motorcycle market has space for 2-3 players where Royal Enfield occupies 90 percent share,” the brokerage firm said, sharing a ‘neutral’ call on the counter with a target price of Rs 3,640 per share.

ALSO READ: Jefferies adds Coal India, Honasa, Eicher, NTPC, HDFC Bank to India portfolio

In the September-ended quarter, Eicher Motors posted a 54.7 percent on-year increase in net profit driven by upbeat demand for premium motorcycles. The company’s overall income from operations, too, jumped 17 percent year-on-year (YoY) in Q2FY24. The company clocked highest-ever performance in terms of quarterly revenues, profit, and sales.

Analysts at Prabhudas Lilladher increased the FY24/FY25/FY26 consolidated EPS estimate by 5 percent/4 percent/2 percent to factoring in Q2 results, higher other income, and management commentary.

“We maintain ‘accumulate’ rating with a revised target price of Rs 3,800 (previous target price at Rs 3,730) (at 23x Sep-25E standalone EPS and 11x EV/EBITDA for VECV in line with Ashok Leyland),” the brokerage firm added.

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