Ashok Leyland Ltd — earnings calls

Ashok Leyland reported record Q1 FY27 revenue of Rs 9,634 crore, up 10% year-on-year, with EBITDA flat at Rs 970 crore and EBITDA margin at 10.1%, down 100 basis points year-on-year due to rising material costs. Domestic MHCV volumes grew 15% year-on-year while exports declined 18% year-on-year due to disruptions at the company's UAE plant, and non-CV businesses including aftermarket, Power Solutions and defense posted strong growth. Management said price increases, cost savings, and inventory management helped offset commodity cost pressure during the quarter, and subsidiaries Hinduja Leyland Finance and Hinduja Housing Finance both reported AUM and profit growth.

Ashok Leyland reported record FY'26 results with revenue of INR44,007 crores, up 13.6% year-on-year, and full-year EBITDA margin of 13%, an improvement of 30 basis points. Q4 revenue was INR14,161 crores, up 19% year-on-year, with EBITDA of INR2,066 crores. Management described continued strength in domestic MHCV and LCV volumes, record exports, growth in defense, aftermarket and Power Solutions businesses, and profitability at EV subsidiary Switch Mobility for the first time, while flagging commodity cost pressure and diesel price increases as headwinds entering FY'27.