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livemint.com / 4 months ago
livemint.com / 4 months ago
India’s commercial vehicle boom is back—and Ashok Leyland stands to gain most
₹9,588 crore in Q2FY26 (July-September), driven by volume growth across key segments. Non-CV businesses are also expanding: aftermarket services grew 11%, power solutions 14%, and defence 25%. These non-truck segments now contribute roughly 50% of consolidated revenue, boosting margins and insulating the company from cyclical CV volatility.Ebitda jumped 14.3% to ₹1,162 crore during the September-ended quarter, with margins expanding 50 bps to 12.1%, aided by cost optimization and higher non-truck growth.
Profit before tax and exceptional items rose 23.2% to ₹1,083 crore during the same period. Net debt turned into a ₹1,000 crore net cash position from ₹500 crore in H1FY25.Volume data confirms the recovery. The MHCV industry grew 4% during Q2, followed by 7% growth in October 2025.
Ashok Leyland sold 21,647 trucks and 4,660 buses domestically in Q2FY26, while LCV volumes rose 6.4% to 17,697 units—outperforming the industry.Its popular Saathi model now accounts for 22-25% of total LCV volumes. Growth was even stronger in the 2-4 tonne category, which rose 13% in Q2 and 15% in October, aided by the GST rate cut. This lowered acquisition costs by around 10%, making new trucks and buses more affordable.
The company also gained market share during H1FY26, increasing MHCV share by 50 bps to 31% and LCV share by 90 bps to 13.2%. Exports surged 45% year-on-year to 4,784 units in Q2, driven by GCC, African, and SAARC demand.Ashok Leyland targets 18,000 exports in FY26, up from 15,000 in FY25, with a three-year goal of 25,000 units. ASEAN is the next key growth geography following recent market entry.The recovery is expected to strengthen further in H2FY26, as broad-based consumption recovers and infrastructure spending continues.
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