Ashok Leyland Q1 results: Net profit rises 20% YoY, revenue grows to ₹11,709 crore; check details

The commercial vehicle (CV) maker’s revenue from operations increased 9.4% to ₹11,709 crore for the quarter under review as against ₹10,697 crore in the year-ago period.

On the operational level, the Chennai-based company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA), also known as operating profit, gained 18% to ₹2,173 crore in Q1 FY26 as compared to ₹1,841 crore in the corresponding quarter of the previous fiscal year.

In Q1 FY26, its EBITDA margin expanded to 18.5% in contrast to 17.2% on a year-on-year (YoY) basis.

The Hinduja Group firm reported a record Q1 with the highest ever CV volumes of 44,238 units.

"We are happy to report simultaneous increases in market share and operating margins. This reinforces our strategy to deliver profitable growth through superior products and best-in-class customer service. Our focus on growing our non-CV portfolio is also helping us deliver record performances in many quarters in a row. Our priority remains achieving mid-teen EBITDA margins in the medium term, while advancing our commitment to future-ready technologies," said Shenu Agarwal, Managing Director and CEO, Ashok Leyland.

The domestic medium and heavy commercial vehicle (MHCV) industry almost remained flat on a high base of last year's Q1. Ashok Leyland MHCV truck volumes (excluding Defence) grew 2%, registering a YoY market share increase from 28.9% to 30.7%. MHCV Bus TIV (excluding EVs) grew by 5%.

Ashok Leyland maintained its domestic market leadership position in MHCV buses. Bus TIV (excluding EVs) grew by 5%. Ashok Leyland maintained its domestic market leadership position in MHCV buses, the company said.

In the Light Commercial Vehicle (LCV) segment, the domestic Q1 volume was at 15,566 units. The export volume in Q1 grew 29% YoY to 3,011 units.

The power solutions, aftermarket and defence businesses also contributed strongly to the financial performance, Ashok Leyland said.

The company continues to be cash positive at the end of Q1 FY26 at ₹821 crore.

Commenting on the earnings, Chairman Dheeraj Hinduja said, "Ashok Leyland has delivered a robust Q1 performance, exceeding the expectations through effective market execution while maintaining rigorous cost management. Our electric mobility subsidiary, Switch Mobility, continues to gain good traction and has achieved positive EBITDA. We are redoubling our efforts in the international markets and defence business. Reinforcing our product superiority and strong customer orientation, we are sharpening our focus to play a pivotal role in our industry.”

Following the earnings, shares of Ashok Leyland were trading at ₹122.45 apiece on the National Stock Exchange, rising 2.27%.