• Volume up 32%, Revenue up 39%, PBT up 14%
  • Declares 100% Interim Dividend

Chennai: Ashok Leyland, the Indian flagship of the Hinduja Group, delivered a strong performance in the second quarter, achieving all-time high in commercial vehicle volumes, revenue and profits, reflecting sustained business momentum and operational strength.

Commercial vehicle (CV) volumes surged 32% to 64,677 units, compared with 49,116 units in the corresponding quarter last year. Revenue grew by an impressive 39% to ₹13,364 crore, up from ₹9,588 crore in the previous year, driven by strong market demand and better price realisation and mix.

EBITDA stood at ₹1,350 Cr (10.1%), compared with ₹1,162 Cr (12.1%) in the corresponding period last year. PBT for the quarter reached ₹1,187 Cr, compared with ₹1,043 Cr growing at 14% over the same period last year, reflecting a significant improvement in financial performance. Profit After Tax (PAT) stood at ₹869 crore, compared with ₹771 crore in the corresponding quarter last year, registering 13% growth.

Both the Medium and Heavy Commercial Vehicle (MHCV) and Light Commercial Vehicle (LCV) industry witnessed healthy growth during Q2. Ashok Leyland outperformed the industry in the MHCV segment, registering an impressive 44% year-on-year growth in volumes to 37,958 units, compared with 26,307 units in the corresponding quarter last year, against industry growth of 39%. In the LCV segment, volumes grew by 21% to 21,371 units, up from 17,697 units in the previous year. The domestic MHCV truck volumes surged 48% significantly outpacing industry growth of 41%.

Our strong performance translated into a domestic truck market share of 31.5%, representing a gain of 1.5% during the quarter (excludes Defence). Ashok Leyland also maintained its market share in the bus segment (excludes EV buses). In the LCV business, VAHAN market share in the addressable segments improved to 13.6%, reflecting a year-on-year gain of 0.3%.

Export volumes for the quarter stood at 5,102 units, registering a 7% year-on-year increase.

The Defence, Power Solutions and Aftermarket businesses continued to deliver strong performances and are well-positioned to sustain their growth momentum through the current financial year.

Further strengthening its product portfolio, Ashok Leyland introduced new offerings across the Tipper, Bus, Haulage and LCV segments during the quarter. The Company also accelerated the expansion of its distribution network, with progress running ahead of plan, reinforcing its commitment to enhancing market reach and customer accessibility.

Overall, the Company’s strong volume growth, market share gains, expanding product portfolio and strengthening distribution footprint underscore its competitive position and continued focus on driving profitable and sustainable growth.

The company ended the quarter with Net cash of ₹3,546 Cr as against ₹990 Cr of cash in the same period last year.

The Board has declared an interim dividend of Re 1/- per share (100%) on a face value of Re 1/- per share.

Mr. Dheeraj Hinduja, Chairman, Ashok Leyland, said “Our record Q2 performance reflects the strength of Ashok Leyland’s business fundamentals, competitive product portfolio and strong customer focus. Our robust balance sheet provides a solid foundation to pursue our long-term growth ambitions. We are encouraged by the promising performance of our international business and continue to strengthen our presence in key export markets. Switch Mobility is also progressing well, with a strong outlook for the electric mobility business. With positive momentum across our businesses, we remain confident of sustaining profitable growth and creating long-term value for our stakeholders.”

Mr. Shenu Agarwal, Managing Director & CEO, Ashok Leyland, added, “Our record Q2 performance, coupled with market share gains and fifteen consecutive quarters of double-digit EBITDA margins, reflects our consistent focus on profitable growth. Our strong cash position gives us the financial flexibility to invest in future technologies, innovation and new products, further strengthening our competitiveness. We are further investing in innovative product platforms and world class service processes, which would help us in sustaining our growth momentum. ”