Royal Enfield's brand-led category dominance is cycle-tested; community and scale reinforce a WIDE moat.

FY27 base-case growth 15-18%

Royal Enfield Mid-Size Market Share (India) — The eight-point decline over six quarters is being absorbed by Royal Enfield's own platform diversification — 450cc Guerrilla and 650cc Classic cannibalising 350cc — rather than competitor capture; Hero's Harley X440 and Bajaj's Triumph 400 have not built sustained share in the high single digits. The share line is reading as a mix story, not a moat story.