Ashok Leyland
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Ashok Leyland (ASHOKLEY) investor relations material

Ashok Leyland Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary11 Feb, 2026

Executive summary

  • Achieved record Q3 revenue of INR 11,534 crore, up 21.7% YoY, and all-time high Q3 EBITDA of INR 1,535 crore (13.3% margin), driven by strong demand, product innovation, and new launches in heavy-duty trucks and LCVs.

  • Net profit for Q3 reached INR 796 crore, up 4% YoY after a one-time charge of INR 308 crore due to new labor codes.

  • MHCV and LCV volumes grew 23% and 30% YoY, outpacing industry growth and resulting in market share gains.

  • Exports increased 20% YoY, and net cash position improved to INR 2,619 crore, up by over INR 1,660 crore YoY.

  • GST rate rationalization triggered a new CV replacement cycle, boosting both retail and bulk demand.

Financial highlights

  • Q3 revenue reached INR 11,534 crore, up 21.7% YoY; EBITDA at INR 1,535 crore, up 26.7% YoY; EBITDA margin improved to 13.3%, up 50 bps YoY.

  • Standalone Q3 net profit: INR 796 crore vs INR 762 crore in Q3 FY25; PAT before exceptionals at INR 1,104 crore, up 45% YoY.

  • Consolidated Q3 revenue: INR 14,830 crore; consolidated Q3 net profit: INR 862 crore.

  • Net cash position at INR 2,619 crore at quarter end.

  • CapEx for Q3 was INR 187 crore; cumulative nine-month CapEx at INR 844 crore.

Outlook and guidance

  • Confident of continued strong CV volume growth, supported by favorable macroeconomic factors, GST rationalization, and robust product pipeline including electric vehicles.

  • Replacement cycle expected to drive sustained demand as fleet age remains high and scrappage policies may add further impetus.

  • No major capacity constraints anticipated for FY 2027; only minor investments needed in select areas.

Recurring cost impact from new Labour Codes?
What is the timeline for ELV Rules cost estimation?
Strategic rationale for HLFL-NDL merger?
Impact of mix shift on future margin trajectory?
OHM's external funding strategy beyond 600cr?
Non-South market share strategy and progress?
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Q4 25/2622 May, 2026
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Frequently asked questions

Ashok Leyland Limited is an automotive manufacturing company specializing in the production of commercial vehicles, including trucks, buses, light commercial vehicles, and defense mobility solutions. The company serves various industries such as logistics, construction, public transportation, and military applications. It operates manufacturing facilities across India and exports vehicles to multiple international markets. The company is headquartered in Chennai, India, and its shares are listed on the BSE.

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