Ashok Leyland Delivers Record Q1 FY26 Performance with Highest-Ever Volumes, Revenue, and Profit

Ashok Leyland, the Indian flagship of the Hinduja Group, has announced a record-breaking first quarter for FY26, reporting its highest-ever commercial vehicle (CV) volumes, revenue, EBITDA, and profit after tax (PAT).

For Q1 FY26, the company recorded CV volumes of 44,238 units, up from last year’s levels, along with its highest-ever Q1 revenue of ₹8,725 crore. EBITDA stood at ₹970 crore (up from ₹911 crore in Q1 FY25), with EBITDA margin improving to 11.1% from 10.6%. PAT rose to ₹594 crore, compared to ₹526 crore last year.

Key Performance Highlights:

• Domestic MHCV (Medium & Heavy Commercial Vehicles): Industry volumes remained flat on last year’s high base, but Ashok Leyland’s MHCV truck volumes (excluding Defence) grew by 2%, lifting its market share from 28.9% to 30.7%.
• MHCV Buses: Industry TIV (excluding EVs) grew 5%, with Ashok Leyland retaining its domestic market leadership.
• LCVs (Light Commercial Vehicles): Domestic volumes at 15,566 units marked the highest-ever Q1 sales.
• Exports: Q1 exports rose 29% YoY to 3,011 units.
• Other Businesses: Power Solutions, Aftermarket, and Defence segments also contributed strongly to the quarter’s robust performance.
• Cash Position: The company remained cash-positive with ₹821 crore at the end of Q1 FY26.

Management Commentary

Mr. Dheeraj Hinduja, Chairman, Ashok Leyland, said:

“Ashok Leyland has delivered a robust Q1 performance, exceeding expectations through effective market execution and rigorous cost management. Our electric mobility subsidiary, Switch Mobility, continues to gain traction and has achieved positive EBITDA. We are intensifying efforts in international markets and Defence while reinforcing our product superiority and customer focus.”

Mr. Shenu Agarwal, Managing Director & CEO, Ashok Leyland, added:

“We are pleased to report simultaneous increases in market share and operating margins, reaffirming our strategy of profitable growth. Our non-CV portfolio continues to strengthen performance, and we remain focused on achieving mid-teen EBITDA margins in the medium term while advancing future-ready technologies.”

With this record Q1 performance, Ashok Leyland continues to reinforce its leadership in India’s commercial vehicle sector, driven by strong market execution, diversification into non-CV segments, and investments in electric mobility and advanced technologies.