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Royal Enfield accounts for nearly 90% of Eicher Motors’ earnings and dominates over 95% of the premium motorcycle category in India (250cc and above).
To be sure, extraneous factors such as the devastating Kerala floods (Royal Enfield’s largest market with a 30% volume contribution), rising input costs, a near-month-long strike at one of Royal Enfield’s Chennai plants, and a broader stock market correction also impacted the company’s shares.
However, Royal Enfield’s volumes in the mature states of New Delhi, Maharashtra and Karnataka have been under pressure for more than a year, said Ashutosh Tiwari, head of Equirus Securities in a 13 November note, adding that booking levels softened in Uttar Pradesh (India’s largest two-wheeler market) in August and September, but picked up during the festive season.
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