Ashok Leyland Q2 PAT rises marginally to Rs 771 cr YoY

Ashok Leyland reported a marginal rise in standalone net profit to Rs 771.06 crore in Q2 FY26, compared to Rs 770.10 crore posted in Q2 FY25.

Revenue from operations jumped 9.34% year-on-year (YoY) to Rs 9,588.18 crore for the quarter ended 30 September 2025.

The companys profit before exceptional items and tax stood at Rs 1,082.66 crore in Q2 FY26, up 23.24% from Rs 878.45 crore reported in Q2 FY25. The firm reported an exceptional loss of Rs 40 crore in the quarter.

EBITDA rose 14.25% YoY to Rs 1,162 crore in Q2 FY26, while the EBITDA margin improved to 12.1% in Q2 FY26 from 11.6% in Q2 FY25.

The company stated that both the Medium and Heavy Commercial Vehicle (MHCV) and Light Commercial Vehicle (LCV) segments witnessed positive growth in Q2. Ashok Leylands MHCV volumes rose 3% (from 25,542 to 26,307 units), while LCV volumes increased 6% (from 16,629 to 17,697 units) on a YoY basis. The bus segment continued its strong performance, growing for the 18th consecutive quarter.

Ashok Leylands domestic MHCV market share remained above 30% and the company maintained its market leadership in the bus segment. Its LCV domestic market share in addressable segments also improved.

Export volumes for the quarter stood at 4,784 units, marking a robust 45% YoY growth. The Defence, Power Solutions, and Aftermarket businesses continued to perform well and are expected to post healthy growth in the current fiscal. The company also expanded its product portfolio in Q2 by launching new offerings in the tipper, bus, haulage, and LCV segments. Expansion of the distribution network is progressing ahead of plan.

Dheeraj Hinduja, chairman, Ashok Leyland, said, We continue to deliver profitable growth, driven by continuing demand. Our robust all-round performance symbolizes the competitiveness of our products and strong customer focus. In the International business we are intensifying our expansion strategy in our focus markets of Middle East, Africa and SAARC. Switch Mobility is performing well with an order book of nearly 1500 vehicles.

Shenu Agarwal, Managing Director & CEO, Ashok Leyland, added, We continue to see stable demand in all segments of trucks and buses. The industry has posted growth, albeit modest, and we are anticipating to witness better growth in the second half. Ashok Leyland has achieved its eleventh consecutive quarter of double-digit EBITDA. Our focus on profitability is reflected in record PAT for Q2 FY26 and higher EBITDA margins, both sequentially and year-on-year. Margin expansion is being driven by product premiumization, network growth, operational efficiency, cost optimization, and digital enablement. We believe we are well positioned to achieve our mid-teen EBITDA goal in the medium term. We remain cash positive."

Meanwhile, the companys board has declared an interim dividend of Rs 1 per equity share for the financial year ending 2025-26. The dividend will be paid on or before 11 December 2025.

Ashok Leyland is engaged in the manufacture and sale of a wide range of commercial vehicles. The company also manufactures engines for industrial and marine applications, forgings, and castings.

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