Eicher Motors Share: Brokerage Ka 'Sell' Call! Valuation Pe Sawal, Stock Ka Kya Hoga?

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AuthorKavya Nair|Published at:
Eicher Motors Share: Brokerage Ka 'Sell' Call! Valuation Pe Sawal, Stock Ka Kya Hoga?
Overview

Arre yaar, Eicher Motors ka Q3 result toh theek thaak aaya hai, Royal Enfield ne toh kamaal kar diya, lekin VECV thoda piche reh gaya. Asli drama toh ab hai, kyunki Motilal Oswal jaise bade broker ne 'Sell' rating de di hai aur keh rahe hain ki stock ka valuation bahot high hai.

Motilal Oswal Ka 'Sell' Call & Valuation Ka Chakravyuh

Motilal Oswal ne Eicher Motors par apna 'Sell' rating reaffirm kiya hai aur price target diya hai ₹6,313. Unka kehna hai ki company ki earnings growth ab utni tez nahi ho rahi hai jitni uske share price aur valuation se lag raha hai. Stock market mein February 17, 2026 ko yeh ₹8,010.50 ke aas paas trade ho raha tha, jiski Market Cap lagbhag ₹219,752 crore thi.

Q3 FY26 Results: Mixed Picture, RE Rocks, VECV Lags

Is quarter mein company ka consolidated Profit After Tax (PAT) ₹14.3 billion (yaani ₹1,421 crore) ke aas paas raha, jo analyst expectations ke hisaab se hi tha. Royal Enfield ne sabko surprise kiya aur bahut accha perform kiya, lekin VE Commercial Vehicles (VECV) segment mein thodi dheemi raftaar dikhi.

Demand Normalization Aur Margin Ki Chinta

Royal Enfield ki domestic volume growth mein jo tez dikhi thi FY26 mein, woh mainly GST rate cut ke fayde ki wajah se thi. Ab woh demand normal ho rahi hai. Management ka focus abhi bhi 'growth over profitability' par hai, jiska matlab hai ki profit margins mein zyada bade jump ki ummeed kam hai. Company ne December 31, 2025 ko khatam hone wale period mein ₹6,114 crore ka consolidated revenue report kiya, jo pichhle saal se 23% upar hai, aur PAT 21% badh kar ₹1,421 crore ho gaya.

Valuation Comparison: Kya Stock Bahot Mehnga Hai?

Motilal Oswal ne RE ko 26x (December 2027 estimated EPS) aur VECV ko 11x (EV EBITDA) par value kiya hai. Company ka P/E ratio bhi industry average (34.22) se kaafi upar tha, around 41.02 (TTM) ya February 2026 mein 38.8 aur February 16, 2026 ko toh 47.74 tak pahunch gaya tha. Jabki Bajaj Auto ka P/E ratio 27.49 se 33.39 ke beech hai, aur TVS Motor ka 58.43 se 84.03 tak hai. Toh Eicher Motors ka valuation Bajaj se zyada hai, aur TVS se kam (kabhi kabhi).

Broader Market View Aur Future Challenges

Overall Indian auto sector 2026 mein 6-8% grow karne ki ummeed hai. Lekin 2027 se CAFE norms jaise naye regulations aa rahe hain, jisse compliance cost badh sakti hai. Two-wheeler sales January 2026 mein 20.82% badhi thi. Generally, analysts ka view 'Moderate Buy' hai aur average target ₹7,800.67 hai. Lekin Motilal Oswal apni alag soch rakhta hai. Royal Enfield apni capacity ko 2 million units tak badha raha hai, jiske liye ₹958 crore invest kiye jaa rahe hain, aur ye project FY28 tak pura hone ki ummeed hai.

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