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Ashok Leyland (ASHOKLEY) investor relations material

Ashok Leyland Q1 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 25/26 earnings summary14 Aug, 2025

Executive summary

  • Achieved record Q1 revenue of INR 8,725 crores, EBITDA of INR 970 crores, and PAT of INR 594 crores, with net profit up 13% year-over-year.

  • Domestic MHCV truck volumes grew 2% year-over-year, with market share rising to 31.1%; LCV domestic Q1 volume reached 15,566 units.

  • Export volumes increased 29% year-over-year to 3,011 units; Power Solutions, Aftermarket, and Defence businesses contributed strongly.

  • Maintained positive net cash position of INR 800 crores (₹821 Cr) at quarter end, a swing of INR 2,000 crores year-over-year.

  • Non-CV businesses and finance subsidiaries delivered strong growth and profitability.

Financial highlights

  • Standalone revenue from operations for Q1 FY26 was INR 8,725 crores, up 1.5% year-over-year; EBITDA margin improved to 11.1%.

  • Standalone net profit for Q1 FY26 was INR 594 crores, up from INR 526 crores in Q1 FY25.

  • Consolidated revenue from operations for Q1 FY26 was INR 11,709 crores, up from INR 10,697 crores in Q1 FY25.

  • Aftermarket revenue up 8% and Power Solutions revenue up 28.5% year-over-year.

  • Finance subsidiaries' AUM grew 25% year-over-year; consolidated GNPA at 1.63%.

Outlook and guidance

  • Expecting mid-single digit growth in MSTV and slightly higher for LCV for the full year.

  • Optimistic about volume and margin uptrend in H2, supported by new product launches and improving macro factors.

  • Defense segment expected to deliver double-digit revenue growth with a strong order pipeline.

  • Management targets mid-teen EBITDA margins in the medium term and focuses on profitable growth and future-ready technologies.

  • No major incremental funding planned for HLFL in FY26; temporary funding possible for subsidiaries as needed.

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Frequently asked questions

Ashok Leyland Limited is an automotive manufacturing company specializing in the production of commercial vehicles, including trucks, buses, light commercial vehicles, and defense mobility solutions. The company serves various industries such as logistics, construction, public transportation, and military applications. It operates manufacturing facilities across India and exports vehicles to multiple international markets. The company is headquartered in Chennai, India, and its shares are listed on the BSE.

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