Mumbai, February 2026: Ashok Leyland has reported record-breaking financial performance for the third quarter (Q3 FY26), driven by strong volume growth, market share gains, and improved profitability.

The company delivered its highest-ever Q3 revenue of Rs 11,534 crore, marking a 22% increase compared to Rs 9,479 crore in Q3 FY25, reaffirming its focus on profitable growth and operational efficiency.

Record EBITDA and 12th Consecutive Double-Digit Margin Quarter

Ashok Leyland reported an all-time high Q3 EBITDA of Rs 1,535 crore, up 27% from Rs 1,211 crore in the same period last year. EBITDA margins improved to 13.3%, compared to 12.8% in Q3 FY25, marking the company’s 12th consecutive quarter of double-digit EBITDA margins.

The company posted a net profit of Rs 796 crore, a 4% year-on-year increase, despite accounting for a one-time charge of Rs 308 crore related to the new Labour Code.

Strong Volume Growth Across MHCV and LCV Segments

Ashok Leyland outperformed industry growth in both Medium & Heavy Commercial Vehicles (MHCV) and Light Commercial Vehicles (LCV) segments, gaining market share during the quarter.

• MHCV volumes: 32,929 units in Q3 FY26, up 23% from 26,692 units in Q3 FY25
• LCV volumes: 20,518 units in Q3 FY26, up 30% from 15,754 units last year
• Export volumes: 4,965 units, registering 20% growth

The company’s domestic MHCV market share remained above 30%, while it maintained leadership in the Bus segment with a 40% market share in Q3 FY26.

Strengthened Balance Sheet and Cash Position

Ashok Leyland ended the quarter with a net cash position of Rs 2,619 crore, significantly higher than Rs 958 crore at the end of Q3 FY25, reflecting strong cash generation and disciplined financial management.

New Product Launches and Business Expansion

The company recently launched its all-new HIPPO and TAURUS product range, targeting the Tipper and Tractor Trailer segments with improved performance and reliability.

Its Defence, Power Solutions, and Aftermarket businesses continued to deliver strong performance, contributing to overall growth momentum.

Leadership Commentary

Mr. Dheeraj Hinduja, Executive Chairman, Ashok Leyland, said market conditions remain favourable across MHCV, LCV, and Defence segments. He highlighted the company’s structured pipeline of new product introductions across conventional and alternative propulsion platforms, aimed at strengthening domestic leadership and expanding international presence.

He also noted that Ashok Leyland’s electric vehicle arm, Switch Mobility, has a healthy order book and has begun delivering buses in international markets, achieving positive EBITDA and PAT during the first nine months.

Mr. Shenu Agarwal, Managing Director & CEO, added that GST rationalisation has stimulated freight demand and triggered a fresh replacement cycle in the commercial vehicle industry. With supportive macroeconomic fundamentals and improving customer sentiment, the company remains confident about medium- to long-term industry growth.

He emphasised that Ashok Leyland’s strategy is centred on profitable growth, product premiumisation, structural cost competitiveness, wider service coverage, and expansion of non-commercial vehicle businesses.