EML's foray into the heavy commercial vehicles segment has led to optimism in the stock. The national highway projects, including the Golden Quadrilateral project, are expected to further boost commercial vehicle sales in the country. During February 2003, EML launched its first heavy commercial vehicle `Eicher Jumbo 20.16' in Ahmedabad. The new indigenously designed model has better fuel efficiency as also a 10.3-tonne rated payload and a 20-feet long cargo body (two feet extra compared to others).

The stock has also taken cue from continued rise in vehicle sales. In April 2003, EML notched up a 44% surge in sales of commercial vehicles in the domestic market to 580 units as against 402 in the corresponding month of the previous year. In FY 2002-03, the company sold a total of 5,506 M&HCVs (including exports), a growth of 16%. In the LCV (passenger carrier) segment, the company sold a total of 2,036 units, a growth of 162%, and 5,174 units in the goods carrier segment, a growth of 26%.

For FY 2002-03, EML registered a 31% growth in net sales to Rs 625.92 crore while bottom line more than doubled to Rs 37.46 crore.

EML also has one of the best compressed natural gas (CNG) technologies in the world, which it utilises in its CNG buses. EML is reputed for its superior vehicles with higher fuel efficiency and lower maintenance costs.

From a market share of 11.5% in FY 1999-2000, EML's share improved to 17.5% in FY 2001-02. This growth took place even as industry sales fell by 8.6% during the period.