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Ashok Leyland Results: Latest Quarterly Results & Analysis

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Ashok Leyland Ltd. 14 Aug 2025 15:44 PM
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Q1FY26 Quarterly Result Announced for Ashok Leyland Ltd.

Commercial Vehicles company Ashok Leyland announced Q1FY26 results

  • The Hinduja Group company reported a record Q1 with the highest-ever CV volumes of 44,238 units and the highest-ever Q1 revenue of Rs 8,725 crore.
  • EBITDA and PAT, of Rs 970 crore (Q1FY25 Rs 911 crore) & Rs 594 crore (Q1FY25 Rs 526 crore) respectively.
  • LCV domestic Q1 volume at 15,566 units was the highest ever for the quarter. The Export volume in Q1 grew 29% YoY at 3,011 units.
  • EBITDA is up at 11.1% for Q1FY26 (at Rs 970crore) as against 10.6% (at Rs 911crore) in Q1FY25.
  • The Company continues to be cash positive at the end of Q1FY26 at Rs 821 crore.

Dheeraj Hinduja, Chairman, Ashok Leyland, said: "Ashak Leyland has delivered a robust Q1 performance, exceeding 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 the Defence business. Reinforcing our product superiority and strong customer orientation, we are sharpening our focus to play a pivotal role in our industry. "

Shenu Agarwal, Managing Director & CEO, Ashok Leyland, said: "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."

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Commercial Vehicles company Ashok Leyland announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • The company reported an EBITDA of 15% for Q4FY25 (Rs 1,791 crore) compared to 14.1% (Rs 1,592 crore) for the same period last year.
  • Operating PBT for the quarter was at Rs 1,671 crore (13.6% Growth) vis-a-vis Rs 1,471 crore for the same period last year.
  • PAT was at Rs 1,246 crore (38.4% Growth) as against Rs 900 crore in Q4 last year
  • Cash generated during the quarter was Rs 3,284 crore.

FY25 Financial Highlights:

  • FY25 EBITDA was at 12.7 % (Rs 4,931 crore) as against 12.0% (Rs 4,607 crore) last year.
  • The Company ended the financial year with Net cash of Rs 4,242 crore, as against net debt of Rs 89 crore at the end of the previous year.

Dheeraj Hinduja, Chairman, Ashok Leyland said, “Achieving these record-breaking numbers is a matter of immense pride for us. It reflects the resilience of our business and the trust our customers place in us. Given Company’s strong financial performance in the last three years, the Board of Directors has approved a 1:1 bonus share issue. This is on the back of two interim dividends announced for FY25 amounting to 625%, or Rs 6.25 per share. With our unwavering focus on innovation and customer satisfaction, and thrust in international operations, we are well-positioned for sustained and profitable growth.”

Shenu Agarwal, Managing Director & CEO, Ashok Leyland said “FY25 has been another landmark year for us. We’ve set new records in revenue, EBITDA, and profitability. Our margin expansion and robust cash generation reflect the strength of our operations. It also gives us immense satisfaction to achieve our medium-term goal of mid-teen EBITDA in Q4. The company is in a very strong cash position, ending the year with a cash surplus of Rs 4,242 crore. This gives us more fuel to further augment our strengths in products and technology, and to offer best-in-class customer experience. We are continuing on our premiumization journey with high focus on delivering exceptional value to our customers We are now more confident than ever in our ability to gain market share and further improve our price realization.”

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Commercial Vehicles company Ashok Leyland announced Q3FY25 results

  • Achieved an all-time high Q3 net profit of Rs 762 crore, an increase of 31% over Q3FY24.
  • Reported all time high Q3 EBITDA of Rs 1211 crore (12.8%) vis-a-vis Rs 1114 crore (12.0%) in Q3FY24, registering double-digit percentage EBITDA for the 8th consecutive quarter.
  • Recorded all time high Q3 revenues of Rs 9,479 crore vis a vis Rs 9,273 crore in Q3FY24.
  • Achieved export volume of 4,151 units in Q3 FY2s against 3,128 units in the same period last year, registering a growth of 33%.
  • Turned cash positive at end ofthe quarter with a net cash of Rs . 958 crore as against net debt of Rs 1747 crore at end of Q3FY24.

Dheeraj Hinduja, Executive Chairman, Ashok Leyland, said: "The steady progress we are making in profitability is backed by products that deliver superior performance coupled with robust customer engagement. Sales in international markets are showing strong growth, and we expect this momentum to accelerote with the launch of new products. I compliment the management and all our team for delivering a record breaking Q3 for the second year in a row. We are also continuing to invest in battery electric and alternate fuel products to maintain our technology leadership position. Switch has a healthy order book and has plans to come out with a series of products in the next 12 months."

Shenu Agarwall Managing Director & CEDI Ashok Leyland, said: "Relative to Q2, the MHCV market has revived significantly in Q3, and is expected to improve further as we enter the last quarter. Our focus remains on profitable growth through product premiumization, cost leadership, better service reach and enhanced value-added services. Non-CV businesses have done well and offer more headroom for growth. We remain optimistic about the growth of the CV industry in the medium and long term as macroeconomic factors continue to be favorable. /I

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Commercial Vehicles company Ashok Leyland announced Q2FY25 results

  • Profit After Tax (PAT) of Rs 770 crore for the quarter, growing at 37% over Q2FY24.
  • EBITDA for the quarter was up at 11.6% (Rs 1017 crore) as against 11.2% (Rs 1080 crore) in Q2FY24.

Dheeraj Hinduja, Executive Chairman, Ashok Leyland, said: 'The Indian Economy is expected to do well in the second half which would benefit our industry. We remain optimistic about industry prospects for H2 on back of strong macroeconomic fundamentals, supported by resumption of Government spending in Capex and good monsoons. Our robust all-round performance in Q2 is backed by our technologicol and cost leadership. Internationally as well, we are intensifying our expansion strategy in our focus markets of SAARC, Middle East, Africa and Asia, aimed at posting the best performance ever during this fiscal. We continue to invest in new products with alternative fuels. Switch is doing well with an order book of nearly 2000 buses. II

Shenu Agarwal, MD & CEO, Ashok Leyland, said: "Our focus on profitability continues. We are happy that we could improve our profitability by focusing on premiumization of our products, addressing cost compression opportunities, and continuously elevating our standards of customer service. Our PAT for Q2FY25 is an all-time high. Our EBITDA margins have improved both sequentially and on YaY basis, making this the seventh consecutive quarter of double-digit EBITDA. We are well on track to achieve mid-teen EBITDA in the medium term."

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Commercial Vehicles company Ashok Leyland announced Q3FY24 results:

Financial Performance:
- Ashok Leyland reported an EBITDA of Rs 1,114 crore at a rate of 12.0% for Q3FY24, an increase from Rs 797 crore at 8.8% in Q3FY23.
- Net profit soared to Rs 580 crore, marking a 60% increase over the same quarter in the previous fiscal year.
- Revenues climbed to Rs 9,273 crore in Q3FY24, up 2.7% from Rs 9,030 crore in Q3FY23.

Sales Performance:
- Achieved a historic high in Commercial Vehicle (CV) sales volume with 1,38,416 units in the first nine months of the fiscal year.
- Export volume saw a growth of 6.5%, with 3,128 units sold in Q3FY24 compared to 2,936 units in the same period last year.

Financial Position:
- Debt levels were at Rs 1,747 crore at the end of Q3FY24, with a debt-equity ratio of 0.2 times, an improvement from 0.3 times at the end of the previous quarter.
- The company made an investment of Rs 662 crore into Optare PLC/Switch during the current quarter.

Product Highlights:
- Ashok Leyland remains the leading manufacturer of Buses in India, receiving orders for over 3,800 buses from State Transport Undertakings.
- Introduced the first Electric 55T Tractor - Trailer and the first 14T Boss Electric Truck at the Bharat Mobility Global Expo in New Delhi.

Dheeraj Hinduja, Executive Chairman, stated: "The present favourable market conditions are expected to hold in the foreseeable future. The steady progress we are making in sales volume and profitability is backed by products that deliver superior performance and customer value coupled with robust customer engagement across segments. A suite of new products in conventional and alternate propulsion technologies is slated for introduction progressively to consolidate our gains in the domestic market and facilitate our forays in overseas markets."

Shenu Agarwal, Managing Director & CEO, commented: “We have been able to achieve significant improvement in our Net Profits. The current quarter saw the confluence of good volumes, better price realization, and higher cost savings, thus helping us achieve better profitability. Other businesses such as After-market, Power Solutions, and Defence also continue to strongly contribute to our top line and margins. On the back of new differentiated products, a deeper focus on cost optimization, and continued discipline on pricing, we shall relentlessly pursue improvement in profitability. We remain confident and optimistic about the growth of the CV industry in the medium and long term as macroeconomic factors continue to be favorable."

 

 

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Commercial Vehicles company Ashok Leyland announced Q2FY24 results:

  • Revenue for Q2FY24 at Rs 9,638 crore vis a vis Rs 8,266 crore in Q2FY23 posting a 17% growth over last year.
  • Profit After Tax (PAT) of Rs 561 crore for Q2FY24 grew 181% over Q2FY23.
  • Ashok Leyland's domestic MHCV volume at 29,947 nos. grew by 18% over Q2 last year in line with Industry growth.
  • LCV volumes for Q2FY24 at 16,998 nos. is almost same as Q2FY23 (17,040 nos.).
  • Export volumes for Q2FY24 (MHCV & LCV) at 2,901 nos. was higher by 4% despite multiple sociopolitical challenges across the globe.
  • While the overall MHCV MS is moving in the right direction, there is a significant increase in bus market share making it the No.1 bus manufacturer in India.
  • EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) for the quarter was Rs 1,080 crore (11.2%). vis-a-vis Rs 537 crore (6.5%) in Q2FY23.
  • Net debt at the end of Q2FY24 stood at Rs 1,139 crore with a Debt Equity at 0.1 time.
  • All other businesses posted good growth in the current quarter.
  • The company expanded its MHCV range by launching new products in the Tipper, Tractor, and MAV categories.
  • The focus on expansion of the distribution network continued with the further addition of 47 touch points in the quarter - especially in the Northern and Eastern parts of the country.

Dheeraj Hinduja, Executive Chairman, Ashok Leyland, said, "We continue to see strong demand in all segments of trucks and passenger vehicles. The industry continues to post strong growth, on the back of strong macroeconomic factors and we are confident that FY24 will see further growth in the second half as well. Our robust all-round performance exemplifies the technological and cost leadership of Ashok Leyland. While International business globally is challenged owing to the conflicts across the globe, we are intensifying our expansion strategy in our focus markets of the Middle East, Africa, and Asia. The Company continues to build its capabilities in alternative energy and shall be soon coming up with some exciting products and solutions."

Shenu Agarwal, MD & CEO, Ashok Leyland, added, "We have grown and grown profitability. The second half of the year appears to have the twin tailwinds of demand growth and softer commodity prices which should improve the profitability of the industry. For Ashok Leyland, this is the 3rd consecutive quarter of double-digit EBITDA. There is tremendous focus on margin enhancement, network expansion, operational efficiency, cost optimization, and deployment of Digital as an enabler for growth and productivity. There is enhanced thrust to grow all non-MHCV businesses as well and we expect to see the benefits of all of this in the coming quarters".

 

 

Result PDF

Commercial Vehicles company Ashok Leyland announced Q1FY24 results:

  • Net Profits for Q1FY24 stood at Rs 576 crore as against Rs 68 crore in Q1FY23.
  • Revenue for Q1FY24 stood at Rs 8,189 crore as against Rs 7,223 crore in Q1FY23.
  • In Q1FY24 Ashok Leyland's domestic MHCV volume grew by 7% and market share grew from 30.0% to 31.2%.
  • The MHCV truck market share was at 31.7% for Q1FY24 as against 31.1% in Q1FY23.
  • The Company's domestic LCV volume in Q1FY24 was 14821 units, 3% higher than Q1FY23 (14384 units).
  • EBITDA shot up to 10.0% for Q1FY24 (Rs 821 crore) as against 4.4% (Rs 320 crore) in Q1FY23.
  • Net Debt to Equity stood at 0.2 times at the end of Q1FY24.
  • Tax expense for Q1FY24 was lower as it considers a one-time deferred tax credit of Rs 172 crore on account of the expected transition to a lower tax regime in the following financial year.

Dheeraj Hinduja, Executive Chairman, Ashok Ley/and, said "With the industry maintaining the growth in Q1FY24, we have been able to post excellent results with focused market performance while reining in costs. We are pleased that we have continued to grow our market share in Q1. We are concurrently intensifying our efforts in international expansion. Through our Electric Vehicle subsidiary, Switch Mobility, we are actively moving towards net zero carbon mobility. The EV market is growing gradually, and we are geared to participating in this growth with a clear road map."

Shenu Agarwal, MD & CEO, Ashok Leyland, added, "With the expansion in revenues and efficient cost management we have seen our bottom line improving substantially. While we continue to expand our market penetration on the back of efficient products and expanding the network, we shall remain acutely focused on achieving and sustaining double-digit profitability. This is important for us as we focus on improving our resilience and investing in technologies of the future."

 

 

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Commercial Vehicles company Ashok Leyland announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Revenue of Rs 11,626 crore in Q4FY23 compared to Rs 8,744 crore for Q4FY22; grew by 33% YoY
    • Operating PBT for Q4FY23 was at Rs 1,068 crore vs Rs 528 crore for Q4FY22
    • PAT was at Rs 751 crore as against a Rs 901 crore in Q4FY22 
    • EBITDA was at 11.0 % as against 8.9% in Q4FY22
    • Ashok Leyland's truck market share for Q4FY23 has improved to 32.7% vs 30.6% in Q4FY22
    • Bus market share for Q4FY23 has improved to 27.1% as against 26.4% for Q4FY22
    • Ashok Leyland's domestic LCV volumes grew by 18% in Q4FY23 to 18,840 no's (15,971 nos)
    • Cash generated during Q4FY23 was Rs 2,287 crore and net cash surplus was 243 crore as against a net debt of Rs 720 crore for Q4FY22
  • FY23:
    • Revenue for FY23 was at Rs 36,144 crore  vs Rs 21,688 crore in FY22
    • Operating PBT was Rs 2,026 crore as against Rs 17 crore in FY22
    • PAT was at Rs 1,380 crore as against a profit of Rs 542 crore in FY22
    • Full-year EBITDA was at 8.1% as against 4.6% in FY22
    • Despite geopolitical headwinds, on a full-year basis our export volumes are at 11289 nos. which was higher than last year (11,014 nos.) by 2%.
  • The Directors have recommended a dividend of Rs 2.60 per equity share of Re 1 each for FY23

Dheeraj Hinduja, Executive Chairman, Ashok Leyland said, "The CV industry is buoyant due to favourable macroeconomic factors and healthy demand from the end-user industries. This trend is expected to continue alongside growth in core sectors such as construction & mining, agriculture, the increased capital outlay for infrastructure projects, and pent-up replacement demand.

The focus on International Operations, Defence, Power Solutions, and Parts businesses will continue to balance the volatility of our core business.

With momentum gradually picking up in electric vehicles, Switch Mobility is well poised to complement the developments at Ashok Leyland across a spectrum of alternate propulsion systems.

At Ashok Leyland we are driven by our brand philosophy of "Koi Manzil Door Nahin" and we remain confident as ever that we will deliver sustainable and profitable growth going forward with our Newgen products and strong customer focus."

Shenu Agarwal, Managing Director & CEO, Ashok Leyland, said, "It has been a truly wholesome performance. We have been able to achieve growth in market share, across geographies and across product segments, along with significant improvement in our profitability. All this demonstrates our strong fundamentals - a competitive and wide product portfolio, a strong and widespread network, and a talented and passionate team.

While we shall continue to pursue better realisations even as we expand market share, our resolute focus shall remain on bringing deeper efficiency and cost improvement. We have generated close to INR 2287 crore of cash this quarter owing to better profits and focused management of working capital, which gives us ability to further accelerate our investment in future products and technologies."

 

 

Result PDF

Commercial vehicles firm Ashok Leyland announced Q3FY23 results:

  • Q3FY23:
    • Ashok Leyland, the Indian flagship of the Hinduja Group achieved an MHCV market share of 33 % in Q3FY23 up from 26.1% last year.
    • Revenues for the quarter stood at Rs 9,030 crore vs Rs 5,535 crore in Q3FY22. Profit After Tax (PAT) for the quarter stood at Rs 361.3 crore vs Rs 5.8 crore in the same period last year.
    • Ashok Leyland's domestic LCV volumes for Q3FY23 at 16,405 nos. is higher than Q3FY22 by 15% (14,233 nos.).
    • The company reported an EBITDA of Rs 797 crore (8.8%) in Q3FY23 vs Rs 224 crore (4%) for Q3FY22.
    • Debt was at Rs 2,043 crore in Q3FY23. Debt Equity was at 0.3 times in Q3FY23 as compared to 0.4 times in Q3FY22.

Mr. Dheeraj Hinduja, Executive Chairman, Ashok Leyland, said "We have been able to achieve growth in market share on a Pan India basis together with significant improvement in Net Profits. Our team continues to pursue better realisations even as we expand our market share. This, along with our continued focus on optimising input costs, has helped us achieve better financial performance. The softening of commodity prices has also been positive. The industry continues to grow and has seen strong volumes in Q3FY23 over the same period last year. We remain confident and optimistic about the future as macroeconomic factors continue to be favourable. With our robust product portfolio, we are intensifying our global market expansion strategy."

 

Result PDF

Commercial Vehicles company Ashok Leyland Announced Q1FY23 Result :

  • Ashok Leyland's Net increases 124% in Q1.
  • Revenue up nearly 2.5 times
  • Truck Market Share up @ 31.1%
  • Ashok Leyland, the Indian flagship of the Hinduja Group, reported a 145% increase in YoY quarter revenues in Q1 FY'23. Revenues for the quarter stood at Rs. 7223 crores as against Rs. 2951 Cr. in Q1 FY'22. In the same period Ashok Leyland's domestic MHCV volume grew at 189% and market share grew from 27.0% to 30.0%. Truck market share was at 31.1% for Q1FY23 as against 26.2% last year. 
  • The Company's domestic LCV volume in Q1 FY'23 was 14384 nos which is 66% higher than Q1 of last year (8,690 nos.) Export volume (MHCV & LCV) for Q1 FY'23 at 2527 nos. is higher than same period last year by 76% (1437 nos.)
  • EBITDA for Q1 FY23 was at Rs. 320 Cr as against a loss of Rs. 140 Cr in the previous year. The company reported a net profit of Rs. 68 Cr. for Q1 FY'23, vis-a-vis a Net Loss of Rs.282 Cr in Q1 FY'22. Net Debt to Equity was at 0.3 times compared to 0.6 times in Q1 last year.

Mr. Dheeraj Hinduja, Executive Chairman, Ashok Leylond, said "The industry has seen strong volume growth in Q1 FY'23, and we expect this trend to continue going forward. The team is focused on market performance while reining in costs this quarter. Our digital-first approach is helping Ashok Leyland customers increase their business efficiency and we are continuing to expand our offerings. We are pleased that we have continued to grow our marketshare. With our robust LHD portfolio we are intensifying our International expansion strategy.

Through our Electric Vehicle subsidiary, Switch Mobility, we are taking strategic steps to move towards net zero carbon mobility. The EV market is expanding fast and we are ready for participating in this growth. We are committed to achieve our sustainability agenda with a clear road map."

Mr. Gopol Mohodevan, Director & CFO, Ashok Leyland, added, "With expansion in revenues and efficient cost management we have seen our bottom line improving. The softening of commodity prices, in particular for steel, should impact our margins positively. The focus is on Customer, Cost and Cash."

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