External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>EIM reported a marginally weaker-than-expected operating performance as its renewed growth focus slightly hurt profitability.</li><li>The company logged a 5% miss on our EBITDA estimate, amid lower ASP (down 2.4% QoQ) and weaker EBITDA margin at 24.2% (down by 100bps QoQ/190bps YoY).</li><li>The lower ASP was driven by a poor product mix (higher share of the Bullet Battalion Black edition), while margins were impacted by higher marketing/festive spends (partially lumpy due to multiple launches in 3Q).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EIM reported a marginally weaker-than-expected operating performance as its renewed growth focus slightly hurt profitability.The company logged a 5% miss on our EBITDA estimate, amid lower ASP (down 2.4% QoQ) and weaker EBITDA margin at 24.2% (down by 100bps QoQ/190bps YoY).The lower ASP was driven by a poor product mix (higher share of the Bullet Battalion Black edition), while margins were impacted by higher marketing/festive spends (partially lumpy due to multiple launches in 3Q).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eicher Motors - Soft Q3; Guides to Sustained Volume Growth Momentum

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>EIM consolidated revenue for Q3FY25 grew by 19% YoY, 2.3% lower than PLe/BBGe.</li><li>Despite the higher mix of 350cc+ motorcycle and strong exports volume ASP remained flat.</li><li>Gross profit contracted by 90bps YoY to 45.1%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EIM consolidated revenue for Q3FY25 grew by 19% YoY, 2.3% lower than PLe/BBGe.Despite the higher mix of 350cc+ motorcycle and strong exports volume ASP remained flat.Gross profit contracted by 90bps YoY to 45.1%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eicher Motors - Lack of Price Hike & Promotional Spend Impact Margins

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>New Product Launches: Eicher Motors pursued an aggressive product launch strategy in Q3FY25, introducing five major models under the Royal Enfield (RE) brand—Bear 650, New Classic 650, Bullet Battalion Black (which received a strong response in the North), Goan Classic 350, and Scram 440.</li><li>Additionally, Royal Enfield unveiled its EV brand Flying Flea, showcasing the FF C6 and FF S6, with production set to begin in Q1FY26 at the Vallam plant, which has an initial capacity of 1,50,000 units per annum.</li><li>International market: RE inaugurated its first wholly owned CKD assembly plant in Thailand, scaling production to 5,000-7,000 units per month, serving as a strategic hub for exports to ASEAN countries and leveraging FTAs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

New Product Launches: Eicher Motors pursued an aggressive product launch strategy in Q3FY25, introducing five major models under the Royal Enfield (RE) brand—Bear 650, New Classic 650, Bullet Battalion Black (which received a strong response in the North), Goan Classic 350, and Scram 440.Additionally, Royal Enfield unveiled its EV brand Flying Flea, showcasing the FF C6 and FF S6, with production set to begin in Q1FY26 at the Vallam plant, which has an initial capacity of 1,50,000 units per annum.International market: RE inaugurated its first wholly owned CKD assembly plant in Thailand, scaling production to 5,000-7,000 units per month, serving as a strategic hub for exports to ASEAN countries and leveraging FTAs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eicher Motors Ltd - Positives Largely Factored in the CMP

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.</li>
<li>These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.</li>
<li>Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.</li>
</ul>


The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.
Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.


A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.</li>
<li>Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.</li>
<li>Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.</li>
</ul>


The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.
Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.
Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.


EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

India

Eicher Motors Ltd. manufactures light commercial vehicles which are sold domestically and are also exported to other countries. Eicher Motors also manufactures two-wheelers and automotive gears.

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Eicher Motors (EIM IN)

Eicher Motors - Soft Q3; Guides to Sustained Volume Growth Momentum

EIM reported a marginally weaker-than-expected operating performance as its renewed growth focus slightly hurt profitability.

Emkay

Eicher Motors - Lack of Price Hike & Promotional Spend Impact Margins

EIM consolidated revenue for Q3FY25 grew by 19% YoY, 2.3% lower than PLe/BBGe. Despite the higher mix of 350cc+ motorcycle and strong exports...

Prabhudas Lilladhar

Eicher Motors Ltd - Positives Largely Factored in the CMP

Eicher Motors pursued an aggressive product launch strategy in Q3FY25, introducing five major models under the Royal Enfield (RE) brand

Axis Direct

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Eicher Motors - Soft Q3; Guides to Sustained Volume Growth Momentum

EIM reported a marginally weaker-than-expected operating performance as its renewed growth focus slightly hurt profitability.

Emkay

Eicher Motors - Lack of Price Hike & Promotional Spend Impact Margins

EIM consolidated revenue for Q3FY25 grew by 19% YoY, 2.3% lower than PLe/BBGe. Despite the higher mix of 350cc+ motorcycle and strong exports...

Prabhudas Lilladhar

Eicher Motors Ltd - Positives Largely Factored in the CMP

Eicher Motors pursued an aggressive product launch strategy in Q3FY25, introducing five major models under the Royal Enfield (RE) brand

Axis Direct

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

​The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

​Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...