Ashok Leyland, the flagship commercial vehicle company of the Hinduja Group, has reported its strongest-ever first quarter performance, driven by higher vehicle volumes and continued demand across key segments. The company sold 48,763 commercial vehicles in Q1 FY27, up from 44,238 units in the same quarter last year. Revenue also reached a record ₹9,634 crore, compared with ₹8,725 crore in Q1 FY26.
Profit after tax stood at a record ₹609 crore, compared with ₹594 crore in the year-ago quarter. EBITDA was ₹970 crore, with the margin at 10.1%, against 11.1% in Q1 FY26. The company said higher material costs affected margins during the quarter. Ashok Leyland strengthened its financial position during the period, ending Q1 FY27 with net cash of ₹2,252 crore. This represented an improvement of ₹1,432 crore compared with the corresponding period last year.
The company recorded strong performance across its commercial vehicle portfolio. Medium and heavy commercial vehicle truck volumes, excluding defence, increased 15%. Domestic light commercial vehicle volumes grew 21%, with Q1 volumes reaching a record 18,874 units. Exports stood at 2,461 units during the quarter.
The Power Solutions, Aftermarket and Defence businesses also contributed to the company’s overall performance. During Q1 FY27, Ashok Leyland introduced an industry-first air suspension technology for its multi-axle trucks. The technology is designed to provide higher payload capability and lower total cost of ownership for customers. The company also continued expanding its sales and service network, adding 33 new touchpoints during the quarter.
Dheeraj Hinduja, Chairman, Ashok Leyland, said the company had delivered another strong quarter supported by disciplined execution and cost management. He said demand across major segments remained healthy and the outlook for the commercial vehicle industry continued to be positive.
He also highlighted the potential of government initiatives such as Parivartan to accelerate fleet modernisation. Switch Mobility, Ashok Leyland’s electric mobility subsidiary, is continuing to expand its presence, while the company is also strengthening its international and defence businesses.
Shenu Agarwal, Managing Director and CEO, Ashok Leyland, said the Indian commercial vehicle industry remained strong despite global geopolitical challenges. He said the company was addressing higher material costs through improved price realisation, cost reduction measures, product and business mix improvements and careful inventory management.
Ashok Leyland, the flagship company of the Hinduja Group, is one of India’s leading commercial vehicle manufacturers and among the largest bus and truck makers in the world. The company offers a wide range of medium and heavy commercial vehicles, light commercial vehicles, buses, defence vehicles and power solutions. With a strong manufacturing footprint, an extensive sales and service network, and a growing presence in international markets, Ashok Leyland serves customers across more than 50 countries. The company continues to invest in advanced technologies, alternative fuel solutions and electric mobility to support sustainable and efficient transportation.
