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Ashok Leyland expects the commercial vehicle (CV) industry to witness steady growth in FY27

ICICIdirect Research 21 Jul 2026 DISCLAIMER

News: Ashok Leyland expects the commercial vehicle (CV) industry to witness steady growth in FY27, driven by continued government infrastructure spending, road construction, and replacement demand. The company remains optimistic about increasing its market share in medium and heavy commercial vehicles to 35% after reaching 30.7% in FY25. While it anticipates demand from infrastructure projects and improved fleet operating economics, Ashok Leyland has also cautioned that global uncertainties, including interest rate movements, commodity price fluctuations, foreign exchange volatility, and supply chain disruptions, could impact market performance.

View: Ashok Leyland's outlook reflects confidence in India's long-term economic and infrastructure growth story, where commercial vehicles are expected to benefit from sustained investments in roads, logistics, and construction. However, the company is taking a balanced approach by acknowledging global economic risks that could affect costs and exports. 

Impact: Neutral

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