Ashok Leyland, the mighty workhorse of the Hinduja Group, is proving that commercial vehicles can also be commercially thrilling. The company reported a power-packed second quarter with a Profit Before Tax of ₹1,083 crore — up 23% year-on-year — while Profit After Tax raced to an all-time high of ₹771 crore. In the words of fleet operators everywhere, “Yeh toh solid mileage de raha hai!”
With an EBITDA margin rising to 12.1% (₹1,162 crore) compared to 11.6% a year ago, Ashok Leyland continues its streak of 11 straight quarters of double-digit EBITDA — or, in simpler terms, 33 months of financial horsepower without a pit stop. To celebrate, the Board has announced a 100% interim dividend of ₹1 per share, ensuring shareholders also enjoy a smooth ride.
Engines Roaring Across Segments
Both the MHCV and LCV segments accelerated nicely in Q2, with medium and heavy commercial vehicles (MHCV) volumes up 3% and light commercial vehicles (LCV) up 6% year-on-year. The bus industry — Ashok Leyland’s long-standing passenger darling — continued its marathon, growing for the 18th consecutive quarter. If buses had a loyalty program, Leyland would be platinum by now.
Exports were another bright spot, surging by an impressive 45% YoY to 4,784 units, as the company’s trucks and buses gained traction in international markets from Africa to the Middle East. The Defence, Power Solutions, and Aftermarket divisions also kept the wheels turning, contributing to the company’s well-oiled performance.
And if that wasn’t enough torque, Ashok Leyland rolled out new products across Tipper, Bus, Haulage, and LCV segments in Q2 — ensuring there’s a Leyland for every load, route, and road.
Leadership Speaks (and Smiles)
Chairman Dheeraj Hinduja credited the brand’s strong fundamentals and expanding global reach:
“We continue to deliver profitable growth, driven by continuing demand. Our robust all-round performance symbolizes the competitiveness of our products and strong customer focus. Switch Mobility is performing well with an order book of nearly 1,500 vehicles.”
In other words, the company’s electric dreams are charging up just as confidently as its diesel reality.
Shenu Agarwal, Managing Director & CEO, added with characteristic coolness:
“We continue to see stable demand in all segments. Our focus on profitability is reflected in record PAT and higher EBITDA margins, both sequentially and YoY. We believe we’re well positioned to achieve our mid-teen EBITDA goal.”
Translated: the road ahead looks smoother than the new LCV ride comfort suspension.
Ashok Leyland’s Q2FY26 performance proves that India’s second-largest commercial vehicle maker isn’t idling — it’s cruising confidently on the expressway of consistent growth, margin expansion, and electric evolution.
With profits hitting record highs, buses running for 18 straight quarters, exports up nearly half, and dividends doubling, Ashok Leyland has clearly found its sweet spot between load capacity and profit capacity.
