November 13, 2025
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Ashok Leyland Q2 Results: Profit Flat at Rs. 771 Cr; Revenue Up 9% YoY, Re 1 Dividend Announced
Ashok Leyland has posted a standalone net profit of Rs. 771.06 crore for Q2 FY26, almost flat compared to Rs. 770.10 crore in the same quarter last year. The bottom line was impacted by a one-time loss of Rs. 40 crore, against a one-time gain of Rs. 117 crore in Q2 FY25.
Revenue from operations grew 9.3% YoY to Rs. 9,588.18 crore, supported by healthy volume performance across MHCV and LCV segments.
At the operating level, EBITDA rose 14.2% to Rs. 1,162 crore, up from Rs. 1,017 crore last year. EBITDA margin improved to 12% versus 11.6% YoY, aided by better product mix, network expansion, cost controls, and digital initiatives.
Volume Performance
• MHCV volumes increased 3%, from 25,542 units to 26,307 units.
• LCV volumes grew 6%, from 16,629 units to 17,697 units.
• Export volumes surged 45% YoY to 4,784 units.
The company retained its over 30% domestic MHCV market share and continues to lead in the Bus segment. LCV market share in addressable categories also improved. Ashok Leyland noted that its Defence, Power Solutions, and Aftermarket verticals performed well and are expected to deliver strong growth through FY26.
Managing Director & CEO Shenu Agarwal said demand remains stable across truck and bus categories, and the industry is expected to see better traction in the second half. He highlighted that the company has now delivered 11 consecutive quarters of double-digit EBITDA, reinforcing confidence in achieving its mid-teen EBITDA margin goal in the medium term. The company also remains cash-positive.
Dividend Announcement
The Board declared an Interim Dividend of Re 1 per share (face value Re 1) for FY 2025-26.
• Record Date: November 18, 2025
• Payout Date: On or before December 11, 2025
At 2:10 PM, Ashok Leyland shares were trading 1.27% lower at Rs. 144.20 on the BSE.
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