Ashok Leyland, the flagship company of the Hinduja Group, announced strong financial results for the second quarter of FY26, with Profit Before Tax (excluding exceptional items) rising 23% year-on-year to ₹1,083 crore, compared to ₹878 crore in the same period last year. The company also reported an EBITDA margin of 12.1% (₹1,162 crore), up from 11.6% (₹1,017 crore) in Q2FY25, marking its eleventh consecutive quarter of double-digit EBITDA.
The company recorded its highest-ever Profit After Tax (PAT) at ₹771 crore, reflecting continued operational strength and disciplined financial management. Both the Medium & Heavy Commercial Vehicle (MHCV) and Light Commercial Vehicle (LCV) segments delivered positive performance during the quarter. MHCV volumes increased 3% year-on-year (from 25,542 to 26,307 units), while LCV volumes grew 6% (from 16,629 to 17,697 units).
The bus segment continued its strong recovery trend, registering growth for the 18th consecutive quarter, reinforcing Ashok Leyland’s leadership position in this category. The company also maintained a domestic MHCV market share above 30%, alongside an improvement in its LCV share in key addressable segments.
Exports rose sharply during the quarter, with volumes up 45% year-on-year to 4,784 units, driven by robust demand from international markets. Ashok Leyland’s Defence, Power Solutions, and Aftermarket businesses also recorded healthy growth and are expected to maintain positive momentum through the remainder of the fiscal year.
The company expanded its product portfolio with new launches across the Tipper, Bus, Haulage, and LCV categories, while also accelerating its distribution network expansion, which remains ahead of plan. In light of the strong performance and optimistic outlook, the Board of Directors has declared a 100% interim dividend of ₹1 per share (face value ₹1).
Commenting on the results, Dheeraj Hinduja, Chairman, Ashok Leyland, said “We continue to deliver profitable growth supported by steady demand and a strong product portfolio. Our consistent performance underscores the competitiveness of our offerings and our customer-first approach. Internationally, we are deepening our presence across the Middle East, Africa, and SAARC regions. Switch Mobility also continues to perform well, with an order book of nearly 1,500 vehicles.”
Shenu Agarwal, Managing Director & CEO, added “We are seeing steady demand across truck and bus segments, and we expect stronger growth in the second half of the year. Our record PAT and improved EBITDA margins reflect our focus on profitability through premium products, network expansion, operational efficiency, cost control, and digital initiatives. With these drivers in place, we are on track to achieve our mid-teen EBITDA target in the medium term and remain cash positive.”
Ashok Leyland’s Q2 performance reinforces its leadership in the commercial vehicle sector and highlights its commitment to sustainable, profitable growth both in India and international markets. As India’s largest bus manufacturer and the fourth largest globally, Ashok Leyland continues to play a crucial role in shaping the future of public transport, both at home and abroad. This new order from TNSTU further strengthens the company’s leadership and commitment to innovation, reliability, and customer satisfaction in the mass mobility space.
