Ashok Leyland (ASHOKLEY) investor relations material

Executive summary

• Achieved record Q1 volumes with 48,763 commercial vehicles sold, all-time high revenue, profit, and cash surplus, continuing historic growth from FY 2026.

• Demonstrated resilience amid geopolitical and supply chain challenges, with broad-based growth across core businesses.

• Maintained strong operational discipline and focus on premiumization, innovation, and customer-centricity.

• Net cash position improved to ₹2,252 crore, a positive swing of ₹1,432 crore year-over-year.

• EBITDA margin declined to 10.1% from 11.1% year-over-year due to rising material costs.

Financial highlights

• Q1 revenue reached INR 9,634 crore, up 10% year-over-year.

• EBITDA was flat at INR 970 crore; EBITDA margin at 10.1%, down 100 bps YoY due to higher material costs.

• PBT at INR 830 crore (+4% YoY); PAT at INR 609 crore (+3% YoY), highest ever for the quarter.

• Consolidated revenue from operations for Q1 FY27 was ₹13,069.59 crore, up from ₹11,708.54 crore in Q1 FY26.

• Net cash position improved to INR 2,252 crore, up INR 1,431 crore YoY.

Outlook and guidance

• Q2 expected to be challenging due to continued commodity cost pressures; improvement anticipated from Q3 onward.

• Industry growth momentum expected to continue through September/October, with high single-digit growth for MHCV and slightly higher for LCV for the full year.

• Ongoing focus on price realization, cost savings, and operational discipline to mitigate margin pressures.

• Management expects robust demand across key segments to continue.

• Government initiatives like Parivartan expected to support long-term industry growth.