Ashok Leyland (AL) is the second largest commercial vehicle (CV) manufacturer in India. It has a strong presence in the M&HCV; (Heavy Commercial Vehicle) segment with a market share of ~34.0% as on FY17. Q3FY18 revenue grew by 20%YoY largely led by 42%YoY volume growth from M&HCV; & 45%YoY LCV segment. PAT grew by 80%YoY. EBITDA margin expanded 80bps due to cost control initiatives. We believe AL to witness numerous tailwinds like Government's road & infra spending, strategy of defense & electric vehicles....