Two-wheeler and commercial vehicles major Eicher Motors has reported its record financial results for FY2025.

For the quarter ending 31 March 2025, Eicher Motors reported its highest-ever quarterly revenue from operations at INR 52.41 billion, marking a 23.1 percent increase over the same period last year. Quarterly EBITDA rose 11.4 percent to INR 12.58 billion, while net profit surged 27.3 percent to INR 13.62 billion.

Royal Enfield registered its highest-ever quarterly sales during Q4, with 280,801 motorcycles sold, up 23.2 percent YoY.

For fiscal 2025, Eicher Motors reported revenue of INR 188 billion, a 14.1 percent increase over FY2024, EBITDA rose 8.9 percent to INR 47.12 billion, while PAT stood at INR 47.34 billion, up 18.3 percent YoY.

The company also reported that Royal Enfield crossed the 1 million mark in annual sales for the first time in its history, clocking 1,002,893 units, up 10 percent YoY. Domestic sales grew 8.1 percent to 902,757 units, while exports surged 29.7 percent to 100,136 units.

The iconic brand launched six new motorcycles during the year, including the Guerrilla 450, Bear 650, Classic 650, Goan Classic 350, the 2024 Classic 350 (featuring a Factory Custom Programme) and the Scram 440.

Royal Enfield also made its debut in electric mobility with Flying Flea, a city+ EV brand inspired by the 1940s model of the same name. The new EV line-up is set to launch its first product by 2026, blending classic aesthetics with cutting-edge technology.

To strengthen its international footprint, Royal Enfield inaugurated its first fully owned CKD (completely knocked down) assembly plant in Thailand and announced a second CKD unit in Brazil aimed at serving the LATAM region. It also expanded operations in Bangladesh with a new manufacturing facility and flagship showroom.

Eicher Motors’ commercial vehicle arm, VECV, also posted a strong performance in a flat market. It reported annual revenue of INR 235.48 billion, up 7.7 percent from the previous year. PAT rose 57 percent to INR 12.86 billion, while EBITDA stood at INR 20.23 billion. The company sold 90,000 vehicles in FY2025, a 5.4 percent YoY growth.

VECV introduced the Eicher Pro X range – electric small commercial trucks assembled on an all-woman assembly line – as part of its push for sustainability and inclusivity. Volvo Trucks, part of the joint venture, launched India’s first FM Road Train for efficient long-haul logistics and also began deliveries of LNG-powered trucks.

Siddhartha Lal, Chairman, Eicher Motors, said, “We have had a remarkable year at EML and have reported exceptional performance across both Royal Enfield and VE Commercial Vehicles. In the motorcycle business, the middleweight segment saw a lot of action from our peers. Remaining unfazed and maintaining focus on our strategic goals and community, Royal Enfield stood head and shoulders above everyone else to sell one million motorcycles annually, for the first time in its history. With several global award winning and category defining motorcycles now sitting within the Royal Enfield portfolio, we are super excited and confident about the possibilities that lie ahead of us. At VECV also we saw record-breaking volumes and a strong performance despite the prevailing challenging market conditions. What excites me the most is that we have done it all quietly, consistently and with a sense of purpose. We balanced creativity with rigour, legacy and progress in a way that’s unique to our company and I genuinely believe we are just getting started.”

B Govindarajan, MD, Eicher Motors and CEO, Royal Enfield, said, “FY25 was an incredible year for Eicher Motors and Royal Enfield. We delivered our best-ever financial performance and despite a slow start to the year, we built strong momentum in the second half, launching six new motorcycles, achieving a record festive season and seeing healthy demand across all our products. We also strengthened our international footprint, with consolidated exports surging 29.7 percent to 100,136 units and opened new CKD operations. We also marked our entry into electric mobility with Flying Flea, our city+ EV brand that brings together timeless design and modern tech. It’s been a year of growth, resilience and execution and we are excited for what lies ahead.”

Vinod Aggarwal, MD & CEO, VE Commercial Vehicles, said, “VECV continued to outperform a nearly flat industry in FY2025, with vehicle sales growing 6 percent to 90,161 units. Our company closed the year as a market leader in the Indian 5-18.5T Light and Medium Duty truck segment and recorded its highest ever deliveries across key business verticals.”

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Automotive wholesales for May 2025 showcased a dynamic landscape for the Indian automotive industry, with OEMs experiencing distinct sales trajectories. From significant growth in the two-wheeler segment to some PV makers facing headwinds, the month provided an indicative picture of shifting consumer preferences and market conditions.

Hero MotoCorp, the world's largest manufacturer of motorcycles and scooters, dispatched 507,701 motorcycles and scooters in May 2025, showing both sequential and annual growth. The company maintained strong market momentum with 500,000 VAHAN registrations.

Hero MotoCorp's global retail performance also showed robust momentum, particularly in Bangladesh and Colombia, with exports maintaining a steady trajectory. The electric vehicle brand, VIDA, powered by Hero MotoCorp, delivered growth with dispatches of 8,361 units and 7,161 VAHAN registrations for the VIDA V2 electric scooter range, achieving a 7.2 percent VAHAN market share.

Honda Motorcycle & Scooter India (HMSI) recorded total sales of 465,115 units in May 2025. Domestic sales for HMSI stood at 417,256 units. The company's exports contributed 47,859 units to the total sales figure.

TVS Motor Company demonstrated impressive overall sales growth in May 2025, increasing by 17 percent to 431,275 units from 369,914 units in May 2024. Domestic two-wheeler sales registered growth of 14 percent, increasing from 271,140 units in May 2024 to 309,287 units in May 2025. Motorcycle sales saw a 22 percent increase to 211,505 units, scooter sales grew by 15 percent to 166,749 units and electric vehicle sales surged by 50 percent to 27,976 units. The company's international business (exports) also saw growth of 22 percent.

Royal Enfield experienced a significant surge in May 2025, posting monthly sales of 89,429 motorcycles, marking a robust 26 percent increase compared to the same month last year. The company's domestic sales contributed significantly to this performance. A key driver for this growth was the outstanding performance in exports, which soared by 82 percent to 13,609 motorcycles, up from 7,479 units in May 2024.

Maruti Suzuki India, the country’s largest passenger vehicle maker, reported total sales of 180,077 units in May 2025, demonstrating a 3.17 percent growth compared to 174,551 units sold in May 2024. Domestic sales, including Light Commercial Vehicles (LCV), stood at 138,690 units, experiencing a 5.46 percent decline from 146,694 units in May 2024. Sales to other OEMs also saw a marginal dip of 3.07 percent, reaching 10,168 units in May 2025. Conversely, exports surged by 79.76 percent YoY, totalling 31,219 units in May 2025 compared to 17,367 units in May 2024. Within passenger vehicles, while the Mini and Compact segment saw a decrease in sales, the Utility Vehicles segment demonstrated slight growth.

Tata Motors presented a contrasting picture, with total sales in the domestic and international markets for May 2025 standing at 70,187 units, a decline from 76,766 units in May 2024. Domestic sales for Tata Motors were 67,429 units, with Commercial Vehicle (CV) domestic sales at 25,872 units (a 9 percent year-on-year decrease) and Passenger Vehicle (PV) sales at 42,040 units (an 11 percent decline). In terms of international business for commercial vehicles (CV IB), Tata Motors saw a significant increase of 87 percent to 2,275 units.

Hyundai Motor India (HMIL) reported total monthly sales of 58,701 units in May 2025. Domestic sales for HMIL were 43,861 units. The company noted that the availability of some critical models was impacted due to a scheduled biannual plant maintenance shutdown during the month. Export sales for HMIL reached 14,840 units.

Mahindra & Mahindra, the SUV specialist, reported robust sales performance in May 2025, with overall auto sales reaching 84,110 vehicles, marking a significant 17 percent YoY growth. This was largely driven by the Utility Vehicles (UV) segment, which saw domestic sales rise by 21 percent to 52,431 units, contributing to a total of 54,819 UVs sold including exports. The commercial vehicles segment also performed well domestically, recording 21,392 units. Exports saw exceptional growth, surging by 37 percent to 3,652 units in May 2025.

Toyota Kirloskar Motor (TKM) continued its positive sales momentum in May 2025, reporting a total of 30,864 units sold, a 22 percent growth over May 2024. Domestic sales played a crucial role, reaching 29,280 units. The company also contributed to exports with 1,584 units.

Kia India maintained its strong growth trajectory for the fifth consecutive month in May 2025, dispatching 22,315 vehicles in the domestic market. This performance reflects a healthy 14.43 percent year-on-year growth when compared to the 19,500 units sold in May 2024.

Ashok Leyland saw a 5 percent increase in its total domestic vehicle sales in May 2025, reaching 14,534 units, up from 13,852 units in May 2024. This growth was primarily driven by its Medium and Heavy Commercial Vehicle (M&HCV) segment, with M&HCV Trucks increasing by 12 percent to 7,466 units and M&HCV Buses growing by 1 percent to 1,920 units. Light Commercial Vehicle (LCV) domestic sales experienced a slight decrease of 3 percent to 5,148 units.

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Reporting a revenue of over INR 500 billion for the first time, up 12 percent year-on-year, on the basis of automobiles are spares in FY25, Bajaj Auto Ltd has revealed that volumes rose seven percent YoY during the respective period with a strong performance in the first half and a relatively soft performance in the second half.

Observing a solid rebound (double digit volume and revenue growth) in exports, the Pune-based company earned an all-time high EBITDA of INR 101 billion, up 14 percent YoY. PAT also hit a new record at over INR 80 billion. With a revenue of around INR 55 billion from electric vehicles (20 percent of its domestic), the company, with a full PLI certified portfolio, underlined its organisation agility and adaptability with significantly improved unit economics in a journey spanning over the last three years.

With the refreshed Duke 200/250 and the new Adventure 390, the KTM portfolio of Bajaj Auto experienced strong momentum in FY25. Also the Triumph motorcycle portfolio with sales up 60 percent YoY. The KTM and Triumph motorcycles sold one lakh units domestically

The commercial vehicles portfolio of the company comprising mainly of three-wheelers saw a revenue increase of over INR 100 billion. It combined the tradition ICE vehicle business and the newly developed electric vehicle business. The launch of GoGo electric three-wheeler and a wide network of over 850 dealerships helped to increase the momentum.

Image for representative purpose only. 

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Disruptive events such as the Red Sea crisis and the Russia-Ukraine war have caused a need to have a closer look at the role of Chief Financial Officers (CFOs). A renewed approach demands that CFOs act as a change catalyst within the automotive supply chain to tackle future hurdles. To ensure stability in the Indian automotive industry filled with technological advancements, especially in alternative energy vehicles, CFOs are acting as co-pilots of transformation in the Indian automotive supply chain, opined Former Additional Secretary of the Department of Commerce, Government of India, Anand Swarup, during the ACMA CFO and Supply Chain Conference on 28 May 2025, in New Delhi.

The event brought to the forefront discussions on how the role of CFO’s has been changing over the year and saw participation from speakers from different organisations, including Maruti Suzuki India CFO Arnab Roy, among others. 

The speakers highlighted the evolution of customer demands, market dynamics and innovation due to the volatile business environment. Speaking at the event, Partner and National Auto Tax Leader at EY India, Saurabh Agarwal, said, “The CFO no longer works as an accountant, but dons multiple hats such as a risk manager and a strategic partner for resilience.”

“The leader must focus on execution and being agile in a dynamic environment to build strong relationships with other departments and ensure faster time to market. Staying agile will help an OEM to better handle changing customer demands and be able to introduce new features and variants faster,” he added.

Enumerating how flexibility helps the CFO devise strategies for optimising auto production, managing risks and adapting to supply chain disruptions, Roy said, “Real-time decisions must be made in today’s volatile world. As a result, the CFO’s role is now expanding to cover a gamut of subjects such as sustainability, location strategy and choice of appliances. Since we are within a multi-dimensional environment at present, the CFO’s role is moving from a cost controller to a continuity architect.”

Further describing the changing role of a CFO in a volatile uncertain complex and ambiguous world, it was discussed that CFOs must act as change catalyst in the automotive supply chain. While enumerating the above, Anant Swarup said, “The CFOs are not naysayers and their image of being cost-cutting agents is gradually changing. They are supply chain whisperers and co-pilots of transformation. Data-driven risk modelling helps them make accurate future decisions and turns them into participative entities.”

The current world scenario mandates a CFO’s financial expertise to assess vendor performance, identify cost-saving opportunities and process improvements, analyse costs and mitigate supply chain risks. Alluding to the same, Roy explained, “The CFO can build a resilient supply chain through cash visibility and crisis foresight. Relocation with risk-adjusted precision is necessary as it helps prepare risk-adjusted return-on-investments models for various situations. The CFO must also build redundancies and incorporate inventory industrial planning into the company’s business plan. As the world de-globalises due to geo-political scenarios, auto manufacturers are being forced to reassess their supply chains.”    

“Seventy-five percent of automotive revenue is attributable to raw materials. Supply chain management provides a competitive edge. Yet another role for the CFO would be to optimise capital for crisis situations that may include geopolitical shifts,” Roy added.  Speaker Sunil Bohra, CFO, Uno Minda Group, while describing how CFO’s act as change catalyst in automotive supply chain, said, “Every automotive plant in India produces roughly 14,000 parts.” He explained that supply chain management must account for cost control and operational efficiency, leading to effective allocation of resources, high profitability and less waste. It is the supply chain-CFO partnership that decides the future of automotive companies and manufacturers.

Though geo-political scenarios are predominantly uncertain, CFO’s have the arsenal to make calculated decisions for mitigating risks. EY India Partner, Tax, Pankaj Jain, explained, “When changes happen at the geo-political level, we must take some calls. For example, one such concept could be focusing on developing tier II and tier III vendors in India.”

The speakers also discussed on how discipline and immense hard work during the entire shift has helped China reach where it is in the auto manufacturing sector. Highlighting the Indian scenario vis-a-vis China, President- Finance and Strategy at Minda Corporation, Ajay Agrawal, said, “India must stop trying to beat China in the manufacturing industry right now since we have only been in the supply chain business for 2-3 years. The best way forward is for us to partner with China.”  

A smart supply chain-CFO partnership is possible through digitalisation. The CFO's role today has undergone a paradigm shift, making him a partner of strategic convergence across the supply chain, finance and digitalisation as the partnership is no longer just an operational topic.

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Gurgaon-headquartered BMW India Financial Services, the subsidiary of the BMW Group, which focusses on retail finance, commercial finance and insurance solutions, has appointed Andreas Modlmayer as the new Managing Director and Chief Executive Officer.

He succeeds Jaejoon Lee, who successfully led the company as a leading end-to-end automotive financial solution for the BMW brand in the country.

Modlmayer has been associated with the BMW Group since 2000 and was the CEO of BMW Austria Bank in Greece. He has extensive leadership experience for BMW Group Financial Services and has worked across geographies such as New Zealand, China and Hong Kong. He started his career with BMW Bank Munich in Sales and Marketing function.

Lisa Ng, Regional Chief Executive Officer of BMW Group Financial Services for Asia Pacific, said, “Andreas Modlmayer brings with him valuable expertise and leadership acumen, with successful development of BMW Financial Services in diverse markets for over two decades. India is an important market for us, and we are confident that he will further add to the company’s growth as he takes charge of BMW India Financial Services.”

“We thank Jaejoon Lee for his immense contribution to BMW India Financial Services in the recent years. He successfully steered the company with new initiatives in product offerings and customer centricity and strengthened the foundation for future growth. We wish him all the best as he returns to BMW Korea once again,” added Ng.

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