Goldman Sachs said that following the GST cuts in September 2025 on sub-350cc motorcycles, Eicher’s Hunter 350 has steadily re-rated, with domestic volumes rising to a run rate of around 20,000 units per month, compared to 15,000 units per month a year ago.
The brokerage expects part of the company’s announced capacity acceleration over the next 24 months to support further volume growth for the Hunter 350. It added that demand could see an additional boost heading into the pay commission cycle in FY28 and beyond.
Reflecting the stronger outlook, Goldman Sachs has raised its FY26 to FY28 earnings per share (EPS) estimates by up to 3%.Eicher Motors’ consolidated revenue for the December quarter surged 23% year-on-year to ₹6,114 crore, beating the CNBC-TV18 poll estimate of ₹6,050 crore. EBITDA rose 29.6% to ₹1,556.5 crore from ₹1,201 crore last year, also more than the estimates of ₹1,494 crore, and EBITDA margin expanded to 25.5% from 24.2% in Q3FY25, ahead of the poll expectation of 24.7%.
Q3FY26 Net profit climbed 21.3% YoY to ₹1,420 crore from ₹1,171 crore in the corresponding quarter in the previous year, and ahead of the street estimate of ₹1,380 crore.
According to Bloomberg consensus data, 25 (62.5%) of the 40 analysts tracking the stock have a ‘Buy’ rating, 10 (25%) of them recommend ‘Hold’, and 5 (12.5%) suggest ‘Sell’. The stock has a 12-month median target price of ₹8,001.7, compared with the last traded price of ₹8,009.5, implying limited near-term return potential based on consensus estimates.
Eicher Motors has delivered a strong 12-month return of 68.6%. The stock’s current market price is just over 1% below its 52-week high of ₹8,119 apiece.
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