Ashok Leyland reported an 8.7 per cent rise in consolidated net profit to ₹891 crore for the quarter ended September 2026, supported by higher commercial-vehicle volumes and growth in its Medium and Heavy Commercial Vehicle (MHCV) business.
The company’s consolidated revenue from operations increased 35 per cent year-on-year to ₹17,030 crore in the second quarter of FY27. However, the 45 per cent increase in the cost of materials and services consumed, which reached ₹9,899 crore, weighed on profitability during the quarter.
On a standalone basis, net profit rose 13 per cent to ₹869 crore, while revenue grew 39 per cent to ₹13,364 crore. Ashok Leyland said its commercial-vehicle volumes increased 32 per cent to 64,677 units from 49,116 units in the corresponding quarter last year.
The strongest growth came from the MHCV segment, where volumes rose 44 per cent year-on-year to 37,958 units. The company also reported a 21 per cent increase in Light Commercial Vehicle volumes to 21,371 units. Export volumes stood at 5,102 units, up 7 per cent from the year-ago period.
Ashok Leyland said it outperformed the industry in the MHCV segment and reported a 31.5 per cent share of the domestic truck market, excluding defence vehicles. This represented a gain of 150 basis points during the quarter. The company said it maintained its market share in the bus segment, excluding electric buses.
The results provide an update on demand for the commercial vehicles that support freight movement, goods distribution and passenger transport across Indian cities and industrial centres. The company’s volume growth was higher than its consolidated profit growth, reflecting the pressure from increased material and service costs.
“Our record Q2 performance reflects the strength of Ashok Leyland’s business fundamentals, competitive product portfolio and strong customer focus,” Dheeraj Hinduja, Chairman of Ashok Leyland, said in a statement. He added that the company was encouraged by the performance of its international business and continued to strengthen its presence in key export markets.
Hinduja also said Switch Mobility was progressing with a strong outlook for the electric mobility business. The company did not provide additional details on the outlook in the material supplied for the results.
Shenu Agarwal, Managing Director and Chief Executive Officer of Ashok Leyland, said the company’s record second-quarter performance, market-share gains and fifteen consecutive quarters of double-digit EBITDA margins reflected its focus on profitable growth.
The Board of Directors has declared an interim dividend of ₹1 per share. The company’s reported results and management statements mark the next disclosed milestone in its commercial-vehicle and electric-mobility operations.
