Demand weakness persists

11 Mar 2024
5 Min read 
  • Eicher Motors' 3QFY24 operating performance came in below estimates due to higher launch expenses.
  •  Demand weakness persists despite new product launches.
  •  The lack of demand triggers leads to a neutral rating on the stock.
  •  Valuations at 26.2x/23.1x do not reflect potential risks from rising competition and weak exports.
  •  The company expects demand to recover from key export markets after 2-3 quarters.
  •  VECV unveiled its EV SCV in the 2-3.5T segment, targeting last-mile delivery.
  •  Despite new launches, Royal Enfield has not seen a significant rise in volumes.
  •  The company faces demand headwinds in key export markets due to geopolitical crises.
  •  The stock is rated neutral with a target price of INR3,930.
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