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Today's prices ask more of Eicher Motors than of TVS Motor.
At current prices, buyers of Eicher Motors are assuming about 22% growth against 19% in its own record; for TVS Motor it is 17% against 23%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: both on discounted cash flow.
- Size: the two are worth roughly the same on the stock market.
- Record: TVS Motor has grown revenue faster: Eicher Motors compounded at about 12% a year (FY2018–FY2026) and TVS Motor at about 16% (FY2018–FY2026).
- What to watch: royal enfield volumes at Eicher Motors; domestic share gains at TVS Motor.
| Eicher Motors | TVS Motor | |
|---|---|---|
| Price | ₹7,650 | ₹4,495 |
| Market cap | ₹2.10L Cr | ₹2.14L Cr |
| P/E | 35.1 | 55.8 |
| P/B | 8.37 | 22.33 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
Royal Enfield, and trucks with Volvo
Eicher Motors owns Royal Enfield, the motorcycle brand behind the Classic, Bullet, Hunter, Meteor and Himalayan, which dominates India's mid-size (250–750cc) segment and sells a growing number of bikes abroad, including its 650cc twins.
The fastest-growing big two-wheeler maker
TVS Motor Company, part of Chennai's TVS group, makes scooters such as the Jupiter and Ntorq, motorcycles such as the Apache and Raider, three-wheelers and the iQube electric scooter. It builds BMW's smaller motorcycles under a long-standing partnership and owns the British brand Norton.
02The records side by side
TVS Motor has grown revenue faster: Eicher Motors compounded at about 12% a year (FY2018–FY2026) and TVS Motor at about 16% (FY2018–FY2026). By revenue, TVS Motor is about 2.4 times the size of Eicher Motors. Eicher Motors kept 23.6% of revenue as net profit in FY2026; TVS Motor kept 5.7% of revenue as net profit in FY2026 — a sign of very different business models.
Full ten-year tables and charts are on each company's page: Eicher Motors · TVS Motor.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Royal Enfield volumesGrowth in the 350cc segment and exports sets the pace.
- Pricing powerRoyal Enfield's brand lets it raise prices with less impact on demand.
- Domestic share gainsScooters and premium bikes have taken share.
- EV scaleiQube profitability shapes the long-term picture.
05What could go wrong
- Competition in mid-size bikesRivals have launched models aimed directly at Royal Enfield's buyers.
- Export marketsOverseas demand and currencies can be volatile.
- EV competitionStart-ups and incumbents crowd the electric scooter market.
- Export currenciesDevaluations hit overseas sales.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Eicher Motors or TVS Motor better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Eicher Motors trades at 35.1 times earnings and 8.37 times book value, and TVS Motor at 55.8 times earnings and 22.33 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Eicher Motors and TVS Motor?
Eicher Motors owns Royal Enfield, the motorcycle brand behind the Classic, Bullet, Hunter, Meteor and Himalayan, which dominates India's mid-size (250–750cc) segment and sells a growing number of bikes abroad, including its 650cc twins. TVS Motor Company, part of Chennai's TVS group, makes scooters such as the Jupiter and Ntorq, motorcycles such as the Apache and Raider, three-wheelers and the iQube electric scooter.
Are Eicher Motors and TVS Motor valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for Eicher Motors and TVS Motor?
Worked backwards from the share price, Eicher Motors needs about 22% growth and TVS Motor about 17% growth, against 19% and 23% in their own records.