CHENNAI, NOVEMBER 15, 2026 : Commercial vehicle manufacturer Ashok Leyland has reported a record-breaking second-quarter performance, achieving its highest-ever quarterly commercial vehicle volumes, revenue and profits, supported by strong demand, market-share gains and improved operational performance.
The company’s commercial vehicle volumes increased by 32% year-on-year to 64,677 units, compared with 49,116 units in the corresponding quarter last year.
Revenue surged 39% to ₹13,364 crore, against ₹9,588 crore a year ago, reflecting strong market demand, improved price realisation and a favourable product mix.
📊 KEY FINANCIAL HIGHLIGHTS
- Revenue: ₹13,364 crore, up 39%
- Commercial vehicle volumes: 64,677 units, up 32%
- Profit Before Tax (PBT): ₹1,187 crore, up 14%
- Profit After Tax (PAT): ₹869 crore, up 13%
- EBITDA: ₹1,350 crore, with a margin of 10.1%
- Net cash: ₹3,546 crore, compared with ₹990 crore last year
The company’s Profit After Tax rose from ₹771 crore to ₹869 crore, while Profit Before Tax increased from ₹1,043 crore to ₹1,187 crore.
🚛 HEAVY COMMERCIAL VEHICLE SEGMENT DRIVES GROWTH
Ashok Leyland outperformed the industry in the Medium and Heavy Commercial Vehicle (MHCV) segment, recording 44% year-on-year volume growth to 37,958 units, compared with 26,307 units in the same quarter last year. Industry growth stood at 39%.
Domestic MHCV truck volumes climbed 48%, significantly exceeding industry growth of 41%.
In the Light Commercial Vehicle (LCV) segment, volumes grew 21% to 21,371 units from 17,697 units a year earlier.
📈 MARKET SHARE GAINS STRENGTHEN POSITION
The company reported a domestic truck market share of 31.5%, gaining 1.5 percentage points during the quarter, excluding defence vehicles.
Ashok Leyland also maintained its market share in the bus segment, excluding electric buses. In addressable LCV segments, its VAHAN-based market share improved to 13.6%, representing a year-on-year gain of 0.3 percentage points.
Export volumes increased 7% to 5,102 units, highlighting continued progress in international markets.
⚡ DEFENCE, AFTERMARKET AND ELECTRIC MOBILITY
The company’s Defence, Power Solutions and Aftermarket businesses continued to perform strongly and are positioned to maintain their growth momentum through the current financial year.
Switch Mobility, Ashok Leyland’s electric mobility business, is also progressing, with the company expressing optimism about its future prospects.
💰 STRONGER CASH POSITION AND INTERIM DIVIDEND
Ashok Leyland ended the quarter with net cash of ₹3,546 crore, compared with ₹990 crore in the corresponding period last year, strengthening its financial position and capacity to pursue future growth opportunities.
The company’s Board of Directors has also declared an interim dividend of ₹1 per share, equivalent to 100% of the ₹1 face value per share.
🗣️ CHAIRMAN DHEERAJ HINDUJA ON RECORD PERFORMANCE
Chairman Dheeraj Hinduja said the results reflected the company’s strong business fundamentals, competitive product portfolio and focus on customers.
He highlighted the strength of the company’s balance sheet, the encouraging performance of international operations and efforts to expand its presence in key export markets.
Hinduja also expressed confidence in Switch Mobility’s outlook and said positive momentum across the company’s businesses would support sustainable, profitable growth and long-term value creation for stakeholders.
🏆 OUTLOOK: PROFITABLE GROWTH AND EXPANDING MARKETS
Ashok Leyland’s latest quarterly results highlight strong demand across commercial vehicle categories, improved market share, rising exports and a stronger net-cash position.
With continued investment in its product portfolio, distribution network and electric mobility operations, the company aims to build on its momentum and strengthen its position in India’s commercial vehicle industry.
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