Eicher Motors Financial Model and Valuation
Gaureesh Vats Shukla
Eicher Motors model
The goal
A three-statement model and valuation that someone else can open, audit and change.
What I built
Revenue built from operating drivers (volume and price), not a single growth rate
Income statement, balance sheet and cash flow that link and reconcile
FCFF DCF with the WACC built up component by component
Relative valuation on EV/EBITDA
An assumption register naming the source of every input
Live Excel: every formula intact, nothing hardcoded
The finding
DCF gives Rs 4,688 per share, EV/EBITDA gives Rs 3,702: 21% apart. Terminal value is 89% of enterprise value, and that is disclosed rather than buried, so the reader can see how much of the answer rests on the long run.
What the model includes
Where the two valuations part ways.
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Posted Oct 10, 2026
Three-statement model and DCF in live Excel. DCF Rs 4,688 vs EV/EBITDA Rs 3,702: 21% apart, with terminal value at 89% of EV disclosed.
