Eicher Motors Ltd

Governance updates

• Re-appointment of Siddhartha Vikram Lal as Director approved at the 44th AGM (Aug 20, 2026).
• Vinod Kumar Aggarwal appointed Executive Vice-Chairman (Executive Director) for 3 years from May 21, 2026.
• Voting results announced; details in AGM notice and Annual Report filed July 25, 2026, on the company site.
• Both individuals are not debarred; not related to any directors.
• Disclosures under Regulation 30 of SEBI LODR; approvals obtained; no material financial impact disclosed.
• Appointments create governance changes with no immediate revenue or capex implications disclosed.

AGM Details

• Date and time: 20 Aug 2026, 4:30 PM IST.
• Mode: VC/OAVM; deemed venue at registered office.

Key Resolutions

• Adoption of Audited Financial Statements including consolidated results; ordinary resolution; passed.
• Dividend of Rs 82 per equity share approved.
• Appointment of Siddhartha Vikram Lal as Director; ordinary resolution; passed.
• Appointment of Vinod Kumar Aggarwal as Executive Vice-Chairman (Executive Director); ordinary resolution; passed.
• Remuneration to Vinod Kumar Aggarwal as Executive Director; ordinary resolution; passed.
• Material Related Party Transactions between VE Commercial Vehicles Limited and Volvo Group India Private Limited; ordinary resolution; passed.
• Remuneration to Cost Auditor Jyothi Satish & Co. for 2025-26; ordinary resolution; passed.

Dividend

• Dividend of Rs 82 per equity share approved.

Director Changes

• Director re-appointment: Siddhartha Vikram Lal re-appointed.
• Executive Vice-Chairman appointed: Vinod Kumar Aggarwal; effective May 21, 2026.

Auditor Appointments

• Cost Auditor remuneration approved for 2025-26.

Material Related Party Transactions

• Approved material RPT between VE Commercial Vehicles Limited and Volvo Group India Private Limited.

Other Material Approvals

• No additional material approvals disclosed.

AGM Details

• AGM held via video conference on Aug 20, 2026, 4:30–6:37 PM IST.
• Remote e-voting from Aug 17–19, 2026; quorum met.
• Secretarial certificate confirms ESOP 2006 and RSU 2019 implementation on the website.

Key Resolutions

• To adopt audited financial statements for the year (ordinary).
• To declare dividend of Rs. 82 per equity share (ordinary).
• To re-appoint Siddhartha Vikram Lal by rotation (ordinary).
• To appoint Vinod Kumar Aggarwal as Executive Vice-Chairman (ordinary).
• To approve remuneration for Vinod Kumar Aggarwal as Executive Director (ordinary).
• To approve material RPT between VECV and Volvo Group India (ordinary).
• To ratify cost auditor remuneration for 2025-26 (ordinary).

Voting Status

• Resolution 1: status pending; results to be announced after scrutiny report.
• Resolution 2: status pending; results to be announced after scrutiny report.
• Resolution 3: status pending; results to be announced after scrutiny report.
• Resolution 4: status pending; results to be announced after scrutiny report.
• Resolution 5: status pending; results to be announced after scrutiny report.
• Resolution 6: status pending; results to be announced after scrutiny report.
• Resolution 7: status pending; results to be announced after scrutiny report.

Dividend

• Dividend proposal: Rs 82 per equity share.

Director Changes

• Siddhartha Vikram Lal re-appointed by rotation.
• Vinod Kumar Aggarwal appointed Executive Vice-Chairman; effective May 21, 2026.

Auditor Appointments

• Remuneration for Cost Auditor Jyothi Satish & Co. ratified for 2025-26.

Material Related Party Transactions

• Material RPT between VE Commercial Vehicles and Volvo Group India Private Limited.

Other Material Approvals

• Secretarial certificate confirms ESOP 2006 and RSU 2019 implementation.

Special Window for transfer of physical shares

• Special window open Feb 5, 2026 to Feb 4, 2027 for transfer and dematerialisation of pre-2019 physical shares.
• Eligible shareholders must submit transfer deeds and required documents to MUFG Intime India Private Limited RTA.
• Transferred shares will be dematerialised and locked for one year from registration.
• Disputed cases and IEPF-transferred securities are excluded from the facility.
• RTA contact MUFG Intime India Private Limited for assistance.
• Notice date: August 18, 2026; issued by Eicher Motors Limited.

Product launch

• Launch of Classic 350 Gorkha Edition in India; price ₹2,10,684 ex-showroom Delhi.
• Gorkha Green color with bespoke crossed Khukris insignia.
• Assist & Slipper Clutch and Type-C USB Fast Charging port.
• Gorkha apparel collection accompanies the edition.
• Bookings open today; edition pays tribute to the Gorkha Regiment.

Continental GT 650 update

• Updated Continental GT 650 launched with four colourways, available August 14, 2026.
• Key updates include black-painted instrument cowl and LED trafficators.
• USB Type-C fast charging port added for on-the-move charging.
• Rocker Red variant adds blacked-out engine, exhaust and wheels.
• 648cc parallel-twin engine: 47 hp at 7150 rpm, 52.3 Nm at 5250 rpm.
• Six-speed gearbox and steel tubular double-cradle frame developed with Harris Performance.
• Available through all Royal Enfield dealerships in India from August 14, 2026.
• Prices: Rocker Red and British Racing Green INR 3,58,427.
• Apex Grey INR 3,80,921; Mr Clean INR 3,87,667.

Product update

• Updated Continental GT 650 launched with four colour options, available from August 14, 2026.
• New features include LED trafficators, USB-C charging, sharper instrument cowl.
• Rocker Red variant gains blacked-out engine and cast alloy wheels.
• Prices (ex-showroom): Rocker Red 3,58,427; British Racing Green 3,58,427; Apex Grey 3,80,921; Mr Clean 3,87,667.
• Available at Royal Enfield dealerships in India from August 14, 2026.

Cost Auditor Appointment

• Type and subject: Appointment of Cost Auditors, M/s Jyothi Satish & Co.
• Effective date and term: July 29, 2026 for FY 2026-27.
• Reason: Audit Committee recommendation.
• Brief profile: Practising Cost Accountants firm with over 15 years' experience; Chennai & Kozhikode.

Business overview

• EML core motorcycle maker with Royal Enfield and 50:50 VECV JV with Volvo for CVs.
• Allied business covers spare parts, service, accessories and apparel.
• Flying Flea City+ EV brand; Flying Flea C6 deliveries began June 2026; Bengaluru flagship store.
• Manufacturing footprint includes Oragadam (600k), Vallam (900k) and Cheyyar brownfield start Jul 2026.
• India and international markets; 125-year heritage with Classic 650 125th Anniversary Edition.
• Rs 2,350 Cr cumulative R&D in five years; India and UK tech centers.

Key operational highlights

• Q1 FY27 VECV volumes 24,815, up 14.8% YoY.
• FY26: 106 new products launched across the portfolio.
• MoRTH PARIVARTAN MoU: Rs 9,585 Cr replacement opportunity in Delhi-NCR.
• After-sales network expanded to 430 sites servicing 23,500+ vehicles; Pro X coverage.
• Bullet 650 launched; Hunter 350 variants expanded; Himalayan 450 strongest year with 38,000+ sales.
• 125th anniversary edition Classic 650 and other heritage launches highlighted at events.
• First Royal Enfield flagship dealer opened; Flying Flea C6 deliveries began June 2026.

Financial performance

• Consolidated PAT Rs 1,466.6 Cr in FY26; up from Rs 1,286.4 Cr in FY25.
• PBT Rs 2,026.3 Cr; tax Rs 501.0 Cr; PAT after tax Rs 1,466.6 Cr.
• VECV FY26 revenue from operations Rs 23,407.6 Cr; total income Rs 24,894.1 Cr.
• EML consolidated operating cash flow Rs 4,804.8 Cr; capex Rs 1,275.3 Cr; dividend Rs 1,920 Cr.
• End-FY26 net cash Rs 207.4 Cr; net worth Rs 25,100.1 Cr; reserves Rs 25,072.7 Cr.

Capital structure & liquidity

• Share capital Rs 27.4 Cr; reserves Rs 25,072.7 Cr; net worth Rs 25,100.1 Cr.
• Borrowings - current Rs 117.4 Cr; long-term borrowings not disclosed.
• Final dividend of Rs 82 per share for FY26 recommended.

Strategic priorities & outlook

• Balance ICE and EV growth; accelerate Flying Flea and new EV platforms.
• Expand international footprint; flagship stores and CKD/assembly programs.
• Invest in R&D; India and UK tech centers with 1,000+ engineers.
• MoRTH PARIVARTAN replacement program participation; offer CNG/EV/BS6 diesel.
• Sustainability: 80% emissions intensity reduction by FY29-30; zero waste; water positivity.

Governance & leadership

• Siddhartha Lal is EML Executive Chairman; B. Govindarajan is MD & CEO.
• VECV governance is 50:50; board includes Vinod Aggarwal as Chair.
• Golden Peacock Award for Corporate Governance 2025.