Ashok Leyland, flagship company of the Hinduja Group, has reported its strongest-ever first-quarter results, achieving record commercial vehicle volumes, revenue, and profitability. The company sold 44,238 units in Q1, its highest for any first quarter, and posted revenues of Rs 8,725 crore. EBITDA reached Rs 970 crore (up from Rs 911 crore last year), while profit after tax stood at Rs 594 crore (against Rs 526 crore in the previous year).
Despite the domestic medium and heavy commercial vehicle (MHCV) industry remaining largely flat on a high base, Ashok Leyland recorded a 2% growth in MHCV truck volumes (excluding defence) and increased its market share from 28.9% to 30.7% year-on-year. In the bus segment, MHCV volumes (excluding EVs) rose 5%, allowing the company to retain its leadership position in the domestic market.
In the light commercial vehicle (LCV) segment, Ashok Leyland posted its highest-ever Q1 sales of 15,566 units, while exports grew 29% year-on-year to 3,011 units. Strong contributions also came from the Power Solutions, Aftermarket, and Defence businesses, further strengthening overall performance. EBITDA margins improved to 11.1% in Q1 FY26 compared with 10.6% in the same period last year. The company remained cash positive, reporting a surplus of Rs 821 crore at the end of the quarter.
Commenting on the performance, Dheeraj Hinduja, Chairman, said: “Ashok Leyland has delivered a robust Q1 performance by executing effectively in the market while keeping tight control over costs. Our electric mobility arm, Switch Mobility, has achieved positive EBITDA and continues to gain momentum. We are strengthening our presence in international and defence markets while maintaining our focus on product superiority and customer service.”
Shenu Agarwal, Managing Director & CEO, added: “We are encouraged to see both market share and operating margins improve together. This validates our strategy of profitable growth through superior products and strong customer engagement. Expanding our non-CV portfolio has helped us deliver back-to-back record quarters, and we remain committed to achieving mid-teen EBITDA margins over the medium term while advancing future-ready technologies.”
Part of the Hinduja Group, Ashok Leyland is one of India’s top commercial vehicle manufacturers. Established in 1948 and headquartered in Chennai, the company produces a range of vehicles, including trucks, buses, light commercial vehicles, and defense systems. Serving over 50 countries, Ashok Leyland is renowned for its innovations in transportation and plays a key role in India’s public mobility and logistics infrastructure. The company’s manufacturing facilities are spread across India, and it has been a pioneer in adopting technology-driven solutions such as alternative fuels and electric mobility, in line with India’s sustainability goals.
