Eicher Motors Share Price: 29.1% CAGR in 3 Years as the Royal Enfield Maker Holds Its Own Against TVS Motor and Hero

Eicher Motors previous close Rs 7,629. 3-year CAGR 29.1%. Up 2.2x since 9 Nov 2023. ROE 21.97%. Market cap Rs 2,09,186 crore.

The Eicher Motors share price has more than doubled in three years, which puts Eicher Motors among the strongest large companies in the Indian auto sector. The owner of the Royal Enfield brand has built a loyal buyer base in mid-size motorcycles.

This article compares that run with TVS Motor Company and Hero MotoCorp. We calculate the three-year CAGR for all three and set the results beside market cap, valuation, return on equity and debt, using prices adjusted for corporate actions.

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How Much Has the Eicher Motors Share Price Returned in 3 Years?

The Eicher Motors stock closed at Rs 3,541.90 on 9 November 2023 and at Rs 7,629.00 on 9 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 2.15 lakh, which is a CAGR of 29.1%. This is a price return and leaves out dividends.

CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as Eicher Motors can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The Eicher Motors share price has also been supported by premium motorcycle demand, a widening range of models and growing exports to markets such as Europe, Latin America and South Asia.

Eicher Motors vs TVS Motor Company and Hero MotoCorp: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 9 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 9 November 2026.

Company	Close on 9 Nov 2023	Previous close (9 Nov 2026)	Price multiple	3-year CAGR
TVS Motor Company	Rs 1,646.90	Rs 4,505.90	2.7x	39.9%
Eicher Motors	Rs 3,541.90	Rs 7,629.00	2.2x	29.1%
Hero MotoCorp	Rs 3,173.90	Rs 5,410.50	1.7x	19.5%

The Eicher Motors stock ranks second of the three at 29.1%. It sits ahead of Hero MotoCorp (19.5%). The company ahead is TVS Motor Company (39.9%). TVS Motor finished ahead of Eicher Motors, and Hero MotoCorp trailed both. Eicher is close in size to TVS Motor by market cap, and nearly double the size of Hero.

Look at the Eicher Motors share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.

Valuation and Quality Compared

Company	Market cap	P/E	Industry P/E	ROE	Debt to equity
TVS Motor Company	Rs 2,13,362 crore	53.50	25.70	33.72%	3.48
Eicher Motors	Rs 2,09,186 crore	36.24	25.70	21.97%	0.02
Hero MotoCorp	Rs 1,08,288 crore	17.97	25.70	25.64%	0.06

By market cap, TVS Motor Company is the largest of the group at Rs 2,13,362 crore, while the Eicher Motors stock stands at Rs 2,09,186 crore, about 98% of that size. On earnings, Eicher Motors shares trade at a P/E of 36.24 against an industry P/E of 25.70, a premium of about 41%, which signals that the market expects faster earnings growth. Peer multiples are TVS Motor Company at 53.50 and Hero MotoCorp at 17.97.

Return on equity is 21.97% for the Eicher Motors stock, which ranks third among the three, and debt to equity stands at 0.02. Trailing EPS is Rs 210.28. Premium motorcycle makers are valued on pricing power and brand strength, so the multiple should be read next to return on equity and the debt position.

What Is Driving the Eicher Motors Stock?

Eicher Motors earns most of its profit from Royal Enfield, which makes classic and mid-size motorcycles in the 350cc and larger segments. The brand commands strong loyalty, which helps pricing and margins.

The company also holds a stake in a commercial vehicle joint venture with Volvo, which makes trucks and buses. This adds a second growth leg that moves with freight demand and infrastructure spending.

Followers of the Eicher Motors share price usually track monthly Royal Enfield volumes, export growth, new model launches and the margin profile of the motorcycle business.

How the Established Players Stack Up

TVS Motor Company is a Chennai-based maker of motorcycles, scooters and three-wheelers with a growing electric range. It compounded at 39.9% a year, on a market cap of Rs 2,13,362 crore and an ROE of 33.72%.

Hero MotoCorp is India's largest two-wheeler maker by volume, with strength in entry-level and commuter motorcycles. It compounded at 19.5% a year, on a market cap of Rs 1,08,288 crore and an ROE of 25.64%.

What Should Investors Track Next?

Three things are worth watching on the Eicher Motors share price. First, Royal Enfield volumes and new launches. Second, the pace of exports. Third, profit growth in the commercial vehicle venture.

At a P/E of 36, expectations are meaningful. The business carries almost no debt, with a debt to equity of 0.02, which gives it a cushion if demand softens.

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How to Compare Auto Stocks Yourself

You can repeat this exercise for any pair of stocks, including the Eicher Motors stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.

A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the Eicher Motors share price, the same four checks give a more complete picture than price alone.

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A Premium Brand With Almost No Debt

The Eicher Motors share price compounded at 29.1% a year over three years, ahead of Hero MotoCorp at 19.5% and behind TVS Motor at 39.9%. Its ROE of 21.97% and negligible debt reflect a strong financial profile.

TVS Motor brings the faster return and scooter reach, while Hero offers scale and the lowest multiple. The right pick depends on how much you value the premium motorcycle franchise.

Frequently Asked Questions

What is the Eicher Motors share price today?

Ans. Eicher Motors closed at Rs 7,629 on 9 November 2026, according to NSE data. It has a market cap of Rs 2,09,186 crore and a P/E of 36.24. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the Eicher Motors stock?

Ans. Eicher Motors delivered a price CAGR of 29.1% over three years, moving from Rs 3,541.90 on 9 November 2023 to Rs 7,629.00 on 9 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is Eicher Motors better than TVS Motor?

Ans. TVS Motor delivered a higher three-year CAGR at 39.9% than Eicher Motors at 29.1%. Eicher has a lower P/E of 36.24 against 53.50 and nearly no debt, while TVS Motor has a higher ROE at 33.72% against 21.97%. The better choice depends on your view of each business.

What does Eicher Motors do?

Ans. Eicher Motors is a Delhi-based company that owns the Royal Enfield motorcycle brand and holds a stake in a commercial vehicle joint venture with Volvo.

Is the Eicher Motors stock debt free?

Ans. The debt to equity ratio of the Eicher Motors stock is 0.02 and its return on equity is 21.97%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.

Is Eicher Motors expensive compared with the industry?

Ans. Eicher Motors trades at a P/E of 36.24 against an industry P/E of 25.70. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.

Which auto stock gave the highest return in 3 years?

Ans. Among the companies compared here, TVS Motor Company delivered the highest three-year CAGR at 39.9%, followed by Eicher Motors at 29.1%. Past returns do not guarantee future performance.

How do I calculate CAGR for a stock?

Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.