Ashok Leyland reported consolidated revenue from operations of ₹17,029.87 crore for the quarter ended September 30, 2026, up 35.4% from ₹12,576.86 crore a year earlier. Consolidated profit after tax rose 8.8% to ₹891.45 crore, from ₹819.70 crore in Q2 FY26. Profit before tax grew 14.5% to ₹1,287.16 crore. The year-ago PBT was depressed by a ₹40 crore exceptional charge, and before exceptional items the growth was a more modest 10.6%.
Consolidated earnings per share stood at ₹1.43, up 10.9% from ₹1.29. Total income, including other income, grew 35.1% to ₹17,173.68 crore.
For the first half of FY27, consolidated revenue was ₹30,099.46 crore, up 23.9% year-on-year. Net profit rose 5.5% to ₹1,559.22 crore, and PBT grew 11% to ₹2,236.88 crore.
Commercial Vehicles Drive Growth, Finance Arm Lags
The commercial vehicle business drove the quarter. Revenue from the CV segment surged 39.1% to ₹14,746.97 crore, and segment profit before interest and tax rose 18.8% to ₹1,084.26 crore. The financial services segment grew more slowly: revenue was up 15.7% at ₹2,283.74 crore, while segment profit fell 28.1% to ₹153.27 crore. Impairment loss allowance and write-offs relating to financing activities rose 34.2% to ₹463.48 crore, and consolidated finance costs increased 16.6% to ₹1,343.64 crore.
Volume growth was strong. Commercial vehicle sales rose 32% to 64,677 units from 49,116 units a year earlier. Medium and heavy commercial vehicle (MHCV) volumes grew 44% to 37,958 units, ahead of industry growth of 39%. Domestic MHCV truck volumes were up 48%, against industry growth of 41%. Light commercial vehicle volumes rose 21% to 21,371 units, and exports gained 7% to 5,102 units. Domestic truck market share improved by 1.5 percentage points to 31.5%, excluding Defence. The company said it held its share in buses, excluding EV buses. In LCVs, its VAHAN market share in addressable segments improved 0.3 percentage points to 13.6%.
Standalone Performance
On a standalone basis revenue from operations rose 39.4% to ₹13,364.28 crore and profit after tax grew 12.7% to ₹869.02 crore. Standalone PBT rose 13.9% to ₹1,187.27 crore, and EPS climbed 13% to ₹1.48. EBITDA grew about 16% to ₹1,350 crore, but the margin slipped to 10.1% from 12.1%. The company attributed the revenue gain to strong demand, better price realisation and mix. Cost of materials consumed rose 46.6%, faster than revenue, and other expenses were up 35.8%. Employee costs rose a more modest 9.5%. Standalone other income fell 51.8% to ₹64.94 crore. For the half year, standalone revenue grew 25.6% and net profit rose 8.3% to ₹1,478.12 crore.
The company said it ended the quarter with net cash of ₹3,546 crore, against ₹990 crore a year ago. Chairman Dheeraj Hinduja said the record performance reflects the strength of the company's business fundamentals, competitive product portfolio and customer focus. He added that the international business and Switch Mobility, the electric mobility arm, are progressing well.
Managing Director and CEO Shenu Agarwal pointed to market share gains and fifteen consecutive quarters of double-digit EBITDA margins. He said the cash position gives the company flexibility to invest in new technologies and products. The company also said it introduced new offerings across tippers, buses, haulage and LCVs, and that its distribution expansion is running ahead of plan.
The board declared an interim dividend of ₹1 per equity share of ₹1 face value, or 100%, for FY27. The record date is Friday, November 20, 2026, and the dividend will be paid on or before December 13, 2026.
Auditors have disclaimed a conclusion on the consolidated Q2 results due to unresolved discrepancies in loan balances at material subsidiary Hinduja Leyland Finance, whose financial impact is yet to be determined. The company said the differences are unlikely to materially affect the subsidiary’s financial health or debt-servicing ability.