Ashok Leyland Q2 Results FY27: Consolidated Profit Rs 891 Crore (+8.8%), Standalone Rs 869 Crore (+12.7%) on Revenue Up 35%, With a Re 1 Dividend and an Audit Caveat

Earnings · Commercial vehicles

Looking for Ashok Leyland Q2 results FY27? The board met on Saturday 14 November 2026. This page sets out what was reported, which profit figure belongs to which basis, why margin fell while volume and revenue jumped, what the finance subsidiary and the audit disclaimer mean, and what the dividend is. It gives no rating, target or price view.

Updated: Sunday, 15 November 2026, 6:49 AM IST  |  Reading time: 20 min  |  Next update: after the first trading session and the filing review

Latest update (Sunday, 15 November 2026, 6:49 AM IST): Built from press reports of the 14 November filing (Autocar Professional, Multibagg, Investywise, NewsBytes). I did not open the exchange filing. Press reports differ on the year-ago consolidated profit (Rs 819.70 crore or Rs 820 crore) and on how margin is defined. No share price reaction, because the first trading session after the result is Monday 16 November. The earlier date page is linked at the end.

In plain words: Ashok Leyland sold far more trucks and vans, so revenue rose about 35% to 39%, but its profit grew only 9% to 13% because materials cost more. Its loan arm earned less, and the auditors could not give a clean opinion on the group figures. The company declared a Re 1 dividend.

Data note: Figures are for the quarter ended 30 September 2026, per Autocar Professional (14 November), Multibagg, Investywise and NewsBytes. I did not open the exchange filing. Derived numbers are my calculation. Consolidated and standalone figures are labelled. No consensus estimate, order book or numeric guidance was found.

1. What did Ashok Leyland report in its Q2 results FY27?

Ashok Leyland Q2 results FY27 reported consolidated revenue of Rs 17,029.87 crore (+35.4%), consolidated profit of Rs 891.45 crore (+8.8%), standalone profit of Rs 869.02 crore (+12.7%), 64,677 vehicles sold (+32%) and a Re 1 interim dividend.

Cite this table: Ashok Leyland Q2 FY27 per Autocar Professional (14 November 2026) and Multibagg; the filing was not opened; the consolidated margin definition differs from the standalone EBITDA margin.

The board approved the results on Saturday 14 November 2026. The earlier earlier Ashok Leyland date page held the date and the year-ago base. This page holds the result. For how Ashok Leyland compares with other makers, see my auto sector earnings page.

Ashok Leyland Q2 results FY27 against the year-ago base

The year-ago standalone base is revenue of Rs 9,588.18 crore and profit of Rs 771.06 crore, which matches the figures on my date page. The consolidated year-ago profit is Rs 819.70 crore in Autocar Professional and about Rs 820 crore in Multibagg, which is rounding. Press reports of last year’s results gave other profit figures, such as Rs 755.77 crore from a results table, so I use the figures quoted in this year’s reports and say which basis I used.

2. Why Ashok Leyland Q2 results FY27 show two profit figures

Ashok Leyland Q2 results FY27 give two profit figures because standalone covers the parent company and consolidated adds subsidiaries such as Hinduja Leyland Finance, so Rs 869.02 crore (+12.7%) and Rs 891.45 crore (+8.8%) are both correct on their own bases.

Cite this table: Per Autocar Professional and Multibagg; filing not opened.

Revenue growth also differs: standalone revenue rose 39.4% and consolidated revenue 35.4%, because the finance arm grew more slowly (revenue +15.7%). One press report gave the standalone profit as Rs 869 crore, up 13%, without saying which basis; another headline described the profit as Rs 891 crore. Use the basis that matches what you are comparing. The auditors’ conclusion also differs by basis, which section 5 covers.

Where the sources disagree on this result

• Consolidated profit growth: +8.8% from Rs 819.70 crore (Autocar Professional) against +8.7% from about Rs 820 crore (Multibagg), a rounding gap.
• Year-ago volume: 49,116 units in the result against 48,788 in my date page, which I summed from product lines; I use 49,116.
• Margin: standalone EBITDA margin of 10.1% against a consolidated operating margin of 6.5%, which are different measures on different bases, not a conflict.
• Volume total: MHCV 37,958, LCV 21,371 and exports 5,102 sum to 64,431, which is 246 units short of the 64,677 total; I could not identify the remaining category (my calculation).

3. Revenue and volume in Ashok Leyland Q2 results FY27

Ashok Leyland Q2 results FY27 show commercial vehicle volume up 32% to 64,677 units, with medium and heavy vehicles up 44% against an industry rise of 39%, and a domestic truck market share of 31.5%, up 1.5 percentage points.

Cite this table: Volumes and market shares per Autocar Professional and Multibagg, quoting the company; filing not opened; the year-ago exports figure is from my date page.

Volume rose faster than the industry in medium and heavy trucks, which is the company’s core segment. Standalone revenue grew faster than volume (39.4% against 32%), which suggests a richer mix or higher realisations, but I found no average realisation or mix figure to confirm it. Exports were the slowest line at 7%. September sales had been strong, as my date page recorded, so the quarter’s volume was not a surprise to anyone tracking monthly data. For the previous year’s results, see my Ashok Leyland Q3 results.

4. Margin and costs in Ashok Leyland Q2 results FY27

Ashok Leyland Q2 results FY27 show standalone EBITDA of about Rs 1,350 crore, up about 16%, but margin fell to 10.1% from 12.1% because materials cost rose 46.6% while standalone revenue rose 39.4%.

Cite this table: Cost changes per Autocar Professional; materials share of sales for Q2 not found; filing not opened.

Cite this table: Q2 FY26 and Q1 FY27 per my date page and Autocar Professional/Kotak Neo as recorded there; Q2 FY27 per Autocar Professional; filing not opened.

Compared with the previous quarter, standalone revenue rose about 38.7% and profit about 42.7% (my calculation), while the margin was flat at 10.1%. So the year-on-year margin fall had already happened in Q1 and did not widen in Q2. The company says it has recorded double-digit EBITDA margins for 15 consecutive quarters, which holds at 10.1%. Other income more than halved, which cut profit growth below the EBITDA growth. I found no company explanation of the materials cost rise and no raw-material price breakdown, so I do not say why costs moved. For the same cost pressure elsewhere in autos, see the auto sector earnings page and the Eicher Motors Q2 results FY27.

5. The finance arm and the audit caveat in Ashok Leyland Q2 results FY27

Ashok Leyland Q2 results FY27 include a finance arm whose segment profit fell 28.1% to Rs 153.27 crore, and the auditors disclaimed a conclusion on the consolidated results because of unresolved loan-balance differences at Hinduja Leyland Finance.

Cite this table: Segment and cost data per Autocar Professional; filing not opened; the effect of the exceptional charge on growth is as stated by the source.

What the auditors said about the consolidated Ashok Leyland Q2 results

Per Autocar Professional and Multibagg, the auditors gave an unmodified conclusion on the standalone results and disclaimed a conclusion on the consolidated results. The reason given is unresolved loan-balance reconciliation differences at Hinduja Leyland Finance. The financial impact is yet to be determined. The company says the differences are unlikely to materially affect the subsidiary’s financial health or its ability to service debt. That statement is the company’s, and the amounts of the differences were not in the reports I read.

This matters for how to read the page. The standalone figures, which carry the clean conclusion, are the safer basis for the vehicles business. The consolidated profit of Rs 891.45 crore includes the finance arm, and the auditors could not conclude on it. A disclaimer is not the same as saying the numbers are wrong, and I do not say they are. It means the auditors could not gather enough evidence to give a view. Read the notes in the exchange filing, which I did not open, for the size of the differences and the next steps. I also do not infer a link between the weaker finance profit and the audit matter, because no source made one.

6. Cash and the dividend in Ashok Leyland Q2 results FY27

Ashok Leyland Q2 results FY27 declared a Re 1 interim dividend per share with a record date of 20 November 2026 and payment on or before 13 December, and standalone net cash was Rs 3,546 crore against Rs 990 crore a year earlier.

Cite this table: Dividend and cash data per Autocar Professional, Investywise and my date page; the share count is inferred from EPS and is approximate; filing not opened.

The interim dividend is the same Re 1 as a year earlier. Net cash rose from Q1 (Rs 2,252 crore) to Rs 3,546 crore, but it is below the Rs 5,899 crore at March 2026, so cash has moved within a wide range. I found no explanation for the swings, so I do not give one. The record date decides who receives the dividend, and dividends are taxed in the shareholder’s hands; see my dividend tax in India guide. If you sell shares, see my capital gains tax on shares guide.

7. Half-year and quarterly view of Ashok Leyland Q2 results FY27

In the first half of FY27, Ashok Leyland standalone revenue rose 25.6% and profit 8.3% to Rs 1,478.12 crore, while consolidated revenue rose 23.9% to Rs 30,099.46 crore and profit 5.5% to Rs 1,559.22 crore.

Cite this table: Half-year data per Autocar Professional; filing not opened.

The half-year shows the same pattern as the quarter: revenue growth of about a quarter and profit growth well below it. Q2 was the stronger quarter, since Q1 profit growth was only 2.5% standalone, per my date page. The comparison year-ago base for Q2 FY26 is a stronger base than the one a year earlier.

The preview figures against the Q2 FY27 result

Cite this table: Preview figures per my earlier date page, which cited Autocar Professional, Kotak Neo and TractorJunction; result per Autocar Professional; the September figure is a single source and may not tie to the quarter; the filing was not opened.

Two points stand out. Volume and revenue rose by about a third from the previous quarter, which is a large step for a single quarter, while margin did not change. That means the extra revenue brought extra profit at the same margin. The September monthly data had already pointed to strong demand, with medium and heavy trucks up 44% in the domestic market, which matches the 44% quarterly rise in that segment. I did not find a company explanation for why the quarter stepped up so sharply, such as festive demand or pre-buying, so I do not give one.

8. What is not known about Ashok Leyland Q2 results FY27

The reports do not give a consensus estimate, an order book, numeric guidance, the size of the Hinduja Leyland Finance differences, a materials cost breakdown or any share price reaction, so those cannot be assessed from this page.

Cite this table: Gap list by PositionalCalls; nothing here is a forecast.

Per Autocar Professional, management cited market share gains, new products in tippers, buses, haulage and LCVs, and distribution expansion ahead of plan. Those are the company’s statements, not findings. For the price context before the result, see my earlier Ashok Leyland date page.

9. What are the risks around Ashok Leyland Q2 results FY27?

The main risks around Ashok Leyland Q2 results FY27 are the audit disclaimer on the consolidated results, the lower finance profit with higher impairment, a margin below last year, and the cyclical nature of commercial vehicle demand.

10. What most people miss in Ashok Leyland Q2 results FY27, and how to check

1. Choose the basis: compare standalone with standalone and consolidated with consolidated.
2. Read the audit report: open the exchange filing and read the disclaimer and its notes.
3. Check volume against revenue: revenue +39.4% on volume +32% suggests mix or price, which the reports do not break out.
4. Check the margin trend: compare Q2 FY26 (12.1%), Q1 FY27 (10.1%) and Q2 FY27 (10.1%).
5. Check the finance arm: segment profit, impairment and finance costs.
6. Check the dividend dates: record date 20 November, payment by 13 December.
7. Check the price separately: use exchange prices after the Monday session; this page has none.
8. Plan the tax: see my dividend tax in India guide and capital gains tax on shares guide.

For the wider picture see my auto sector outlook 2026 and auto sector earnings page.

Part of the Earnings series on PositionalCalls.

FAQs on Ashok Leyland Q2 results FY27

Sources

• Autocar Professional: Ashok Leyland Q2 consolidated revenue jumps 35% to Rs 17,030 crore; main source for results, segments, volumes and the audit caveat, 14 November 2026.
• Multibagg: Ashok Leyland Q2 FY27 profit rises 8.7% to Rs 891 crore; consolidated and standalone figures, operating margin.
• Investywise: Ashok Leyland announces results and interim dividend; dividend, record and payment dates.
• NewsBytes: Ashok Leyland posts Rs 869 crore Q2 FY27 profit; standalone profit and volumes.
• PositionalCalls: earlier Ashok Leyland date page (date, year-ago base, Q1 FY27 data).
• PositionalCalls: Auto sector earnings Q2 FY27 (other makers).
• BSE India: exchange filings; the filing for this result was not opened.
• NSE India: exchange announcements and corporate filings.
• I opened no BSE or NSE filing, no earnings call transcript and no analyst report for this page.