Ashok Leyland Q3 Results 2026: Profit at ₹796 Crore, Revenue Hits Record ₹11,534 Crore
Ashok Leyland reported record Q3 FY26 revenue with steady profit growth, supported by strong commercial vehicle volumes and market share gains.
Ashok Leyland Q3 results 2026 showed record quarterly revenue as commercial vehicle demand remained strong across medium and heavy trucks, light commercial vehicles, and exports. The company reported standalone revenue of ₹11,534 crore and net profit of ₹796 crore for the quarter ended December 31, 2025, reflecting continued strength in the CV cycle.
Ashok Leyland Q3 FY26: Key Numbers
| Metric | Q3 FY26 | Q3 FY25 | YoY Change |
|---|---|---|---|
| Revenue | ₹11,534 crore | ₹9,479 crore | +22% |
| EBITDA | ₹1,535 crore | ₹1,211 crore | +27% |
| EBITDA Margin | 13.3% | 12.8% | +50 bps |
| Net Profit | ₹796 crore | ₹762 crore | +4% |
Source: Company exchange filing
Table of Contents
- Key Highlights
- Financial Performance
- Operational Drivers
- Segment Trends
- Capital-Flow Impact
- Valuation Context
- Risks
- Outlook
Key Highlights
- Record Q3 revenue of ₹11,534 crore, up 22% YoY.
- EBITDA increased 27% to ₹1,535 crore.
- EBITDA margin expanded to 13.3%.
- Net profit stood at ₹796 crore for the quarter.
- MHCV volumes rose 23% and LCV volumes grew 30%.
- Exports increased 20% year-on-year.
Ashok Leyland Q3 Results 2026: Financial Performance
Ashok Leyland reported standalone revenue from operations of ₹11,533.85 crore in Q3 FY26, compared with ₹9,478.67 crore in the same quarter last year.
Total income for the quarter stood at ₹11,593.10 crore, while total expenses were ₹10,220.12 crore, reflecting higher input costs and operating scale.
Profit before exceptional items and tax was ₹1,372.98 crore. However, the company reported an exceptional charge of ₹308.48 crore related primarily to the impact of new labour codes.
After exceptional items, profit before tax stood at ₹1,064.50 crore. Tax expenses for the quarter were ₹268.48 crore, resulting in net profit of ₹796.02 crore.
Earnings per share for the quarter were ₹1.36.
Ashok Leyland Q3 Results 2026: Operational Drivers
The company delivered strong volume growth across segments during the quarter. Medium and heavy commercial vehicle (MHCV) volumes stood at 32,929 units, compared with 26,692 units in the same period last year, representing growth of 23%.
Light commercial vehicle (LCV) volumes rose to 20,518 units from 15,754 units, reflecting growth of 30% year-on-year.
Exports increased to 4,965 units from 4,151 units, representing a 20% rise.
The company also maintained over 30% market share in domestic MHCVs and around 40% share in the bus segment during the quarter.
Ashok Leyland Q3 Results 2026: Segment Trends
According to the segment data on page 5 of the results, the group’s business is primarily split between:
- Commercial vehicle operations
- Financial services related to vehicle financing
Commercial vehicle segment revenue for the quarter stood at ₹12,770 crore, while financial services contributed ₹2,060 crore.
The commercial vehicle segment remains the primary earnings driver, supported by replacement demand, freight activity, and infrastructure-linked logistics growth.
Capital-Flow Impact
Ashok Leyland’s results are a key indicator of the commercial vehicle cycle, which is closely linked to infrastructure spending, freight demand, and industrial activity.
The strong Q3 performance indicates:
- Healthy replacement cycle in trucks
- Improving freight demand
- Stable infrastructure and construction activity
Institutional investors track CV companies as a proxy for the industrial and capex cycle. Strong revenue growth and margin expansion typically attract capital flows into the auto and industrial sectors.
Valuation Context
Ashok Leyland is typically valued based on:
- Commercial vehicle cycle positioning
- Operating margin trends
- Market share in MHCV and buses
- Export and defence segment opportunities
The company reported an operating margin of 13.31% for the quarter, indicating strong profitability despite cost pressures.
Key Risks
- Slowdown in freight demand
- Commodity price volatility
- Regulatory and labour-related cost changes
- Export market uncertainty
The company reported an exceptional charge of ₹308.48 crore due to the impact of new labour codes during the quarter.
Outlook
Management stated that market conditions remain favourable and expects strength across MHCV, LCV, and defence businesses in the medium term.
The company expects:
- Continued freight demand support
- Replacement cycle momentum
- Growth in exports and defence segments
- New product launches across conventional and electric platforms
With strong volume growth and margin expansion, the Q3 performance reinforces the company’s positioning as a core commercial vehicle cycle proxy.
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