Ashok Leyland Q1 Results: Shares jump over 2% as Q1 earnings meets street estimates; posts record Q1 volumes and revenue
Revenue came in at ₹8,725 crore, compared to the expected ₹8,822 crore and ₹8,599 crore in Q1 FY25. EBITDA stood at ₹970 crore versus the estimated ₹974 crore, while margins were steady at 11%, matching Street projections.
Analysts had anticipated a 13% YoY rise in standalone profit, aided by improved volumes and realisations. The topline growth of 1.5% YoY, although slightly below estimates, was supported by steady demand in the commercial vehicle segment.
At 12:55 PM, Ashok Leyland's market capitalisation stood at ₹35,636 crore. The stock traded between ₹119.29 and ₹121.73 during the day, with a year's range of ₹95.93 to ₹132.32. The scrip's P/E ratio is 22.97, with a dividend yield of 2.58%.
The Indian flagship of the Hinduja Group reported its highest-ever quarterly performance in Q1 FY26, with commercial vehicle (CV) volumes hitting 44,238 units and revenue reaching Rs 8,725 crore. The company also posted record EBITDA and PAT of Rs 970 crore (up from Rs 911 crore YoY) and Rs 594 crore (up from Rs 526 crore YoY) respectively.
Domestic medium and heavy commercial vehicle (MHCV) truck volumes, excluding defence, rose 2% YoY, lifting market share from 28.9% to 30.7%. MHCV bus TIV (excluding EVs) grew 5%, reinforcing the company's leadership in the segment.
Light commercial vehicle (LCV) sales also reached an all-time high for Q1 at 15,566 units, while exports surged 29% YoY to 3,011 units. Strong performances in Power Solutions, Aftermarket, and Defence divisions further boosted results.
EBITDA margin improved to 11.1% from 10.6% YoY. The company ended the quarter with Rs 821 crore in cash and remains cash positive.
Chairman Dheeraj Hinduja credited the strong showing to efficient market execution and cost management, noting that electric mobility arm Switch Mobility has maintained positive EBITDA and continues to gain traction. Managing Director & CEO Shenu Agarwal highlighted sustained market share gains and profitability, with the company aiming for mid-teen EBITDA margins in the medium term.
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