One of India\u2019s top market experts Raamdeo Agrawal is a happy man, since his bet on Eicher Motors paid off handsomely, and then some. The automobile maker recently became India\u2019s most valuable two-wheeler company, with its market value topping that of the two-wheeler market leaders Hero MotoCorp and Bajaj Auto. Raamdeo Agrawal, MD and Co-founder of Motilal Oswal Financial Services Ltd, in an interview to ET Now on Friday explained how Eicher Motors\u2019 transformation from just being a truck maker to how the Royal Enfield premium bikes story has helped the stock become a multibagger over the last five years. Raamdeo Agrawal said he had bought Eicher Motors stock on the back of its truck sales, and believed in Royal Enfield only as backup. \u201cIn case the trucks do not sell, Royal Enfield will not allow us to sink,\u201d he said while explaining his investment rationale. He said that when he picked the stock five years back, the market cap of the company was Rs 2,000 crores, and the profit was about Rs 100 crores. Due to rise in sales of Royal Enfield, the EBITDA margin of the company has grown to above 30% from 17-18% back then, Raamdeo Agrawal said. He had estimated that in the worst case, the stock would double in five years or else it will go on to be a multibagger growing 10 times. The bet paid off for the veteran as the stock has returned much more than that, with 10 year CAGR returns of 57.81%. In comparison, the Sensex, which is at all time high levels, has \u00a0compounded annually at 8% in 10 years. Earlier this week, Royal Enfield maker Eicher Motors surpassed India\u2019s market leading two-wheeler makers Hero MotoCorp and Bajaj Auto to become the country\u2019s most valuable two-wheeler company and fourth most valuable automobiles manufacturer. Eicher Motors shares rose as much as 7.52% on Tuesday and hit an all-time high of Rs 31,600 on Wednesday. As per the BSE data, the market capitalisation of the diversified automaker stood at Rs 83,239.09 crore. About a decade ago, Eicher Motors\u2019 value was just a fraction of both the other two-wheeler giants. Eicher Motors\u2019 revenue falls short when compared to that of Hero MotoCorp and Bajaj Auto, and not too long back, its market cap too, was only a small fraction of both the giants. However, in just nine years, Eicher Motors\u2019 market cap has surpassed both. Now it is behind Maruti Suzuki India which is India\u2019s most valuable auto company with a market value of Rs 2.37 trillion, followed by Tata Motors which has a market cap of Rs 1.29 trillion and Mahindra and Mahindra whose market value is at Rs 88,620.57 crore. One of the biggest proponents on value investing in India, Raamdeo Agrawal believes that investors lose out on valuable companies by giving too much attention to price, overlooking the growth prospects. \u201cMarkets are not smart in valuing high growth companies companies,\u201d the expert observed. In conclusion, the market expert \u00a0advised investors to not try and time the market, as the bull market is underway.