Ashok Leyland sees strong Q2 FY’26 growth, record EBITDA and PBT

Ashok Leyland Limited reported Q2 FY’26 revenue of INR 9,588 crores, a 9.3% year-on-year increase. The company's EBITDA reached a record INR 1,162 crores, up 14.2% year-on-year, with an EBITDA margin of 12.1%, a 50 basis point improvement. Profit Before Tax (PBT) also hit a record INR 1,043 crores, and Profit After Tax (PAT) stood at INR 771 crores. Domestic MHCV truck volume for Q2 was 21,647 units, while bus volume reached 4,660 units. Domestic LCV volume increased 6.4% year-on-year to 17,697 units.

The company's non-CV businesses also saw robust growth, with aftermarket revenues rising 11%, power solutions business up 14%, and defense business growing 25% year-on-year. Exports volume surged 45% year-on-year to 4,784 units in Q2. Ashok Leyland maintained a positive net cash position of approximately INR 1,000 crores and reduced operating capital by nearly 50% year-on-year. The board recommended an interim dividend of INR 1 per share.

Ashok Leyland is expanding its product development to include electric trucks and buses, as well as CNG, LNG, and hydrogen technologies. The company plans to launch new heavy-duty trucks with power ratings of 320 and 360 horsepower. Additionally, its subsidiary Switch India achieved EBITDA and PAT positive results in H1 FY’26, selling close to 600 buses and 600 e-LCVs.