Ashok Leyland's (ALL) Q2FY16 operational performance was lower than our estimate, primarily due to revenue miss amid lower sales from defense & spares. Company's Revenue/EBIDTA/PAT grew by 54%/160%/416% YoY and 29%/53%/82% QoQ to Rs 49.4bn/5.95bn/2.9bn as against our estimate of Rs 51.9bn/6.1bn/3.5bn in Q2FY16.